Breakdown of Life Business Sale Adds to AMP’s Structural Headwinds, FVE Reduced
Our fair value estimate for narrow-moat AMP is cut to AUD 1.80 per share from AUD 2.05 on the likely breakdown of the sale of its life insurance businesses to Resolution Life. Included in the proposed sale are Australian wealth protection, Australian mature and New Zealand wealth protection, and mature businesses. The Reserve Bank of New Zealand, or RBNZ, won’t approve the sale unless assets held for the benefit of New Zealand policy holders are separated from other assets. AMP indicates the RBN...AMP is a wealth management company in Australia and New Zealand, with an international investment management business and a retail banking business in Australia. Co. provides retail customers in Australia and New Zealand with financial advice, superannuation, retirement income and investment products. Co. also provides superannuation services for businesses, administration, banking and investment services for self-managed superannuation funds, income protection, disability and life insurance, and selected banking products. As of Dec 31 2015, Co. had total assets under management of A$226.00 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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