AMP closes UK life arm
AMP has closed its UK life insurance arm National Provident Institution to new business and sacked a further 900 staff, confirming it hasn't been able to find a buyer. AMP was looking to sell NPI as part of the proposed demerger from AMP's Australasian operations. Although NPI's book will be closed to new business, it will continue to accept contributions from existing policyholders. Analysts are disappointed that AMP has not found a buyer for NPI and said it had missed out on an opportunity to raise much-needed capital. One analyst stated that UK life businesses are not in a position currently to make acquisitions.