AMP CEO De Ferrari won’t get a new life insurance deal

Original article by Misa Han
The Australian Financial Review – Page: 15 : 6-Dec-18

Merlon Capital is among the AMP shareholders that oppose the sale of its life insurance business. However, AMP CEO Francesco De Ferrari says the $3.3bn deal will proceed, arguing that the wealth manager lacks the global scale to compete with much larger international rivals in the life insurance sector. De Ferrari has also expressed support for AMP’s vertically integrated business model, but says this will be unwound if the final report of the financial services commission recommends it.

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, CREDIT SUISSE AG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MERLON CAPITAL PARTNERS PTY LTD

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