AMP was outbid for the life insurance and wealth management assets of Aviva
AMP has backed out of bidding for Suncorp’s insurance and wealth management assets, although the company was quite interested to take part in the bidding of the financial service sector – reported in The Australian.
According to the company, there would be further mergers and acquisitions in the sector, particularly as offshore companies pared back Australian exposure to focus on local markets.
AMP was outbid for the life insurance and wealth management assets of Aviva, which were sold to National Australia Bank a fortnight ago for $925 million.
Although, there was speculation that Suncorp was about to split, it was unlikely that AMP would be a buyer because most of Suncorp’s non-banking assets were focused on life insurance.