Embattled Australian wealth manager AMP has kept silent on reports that it is exploring a deal with China Life.
However, the minutes of AMP’s board meeting in October 2017 covered Project Advance, the company’s strategic review of some of its assets and mentioned â€œproposed confidential discussions with China Life Groupâ€�, according to a report in The Sydney Morning Herald.
A company spokesman confirmed that Project Advance relates to AMP’s portfolio review, but declined to comment when asked why AMP would not confirm that it is exploring a deal with China Life.
Last February, several media outlets reported that China Life was in talks to buy up to US$3 bilion of AMP’s troubled life insurance assets.
AMPâ€™s life operations disappointed investors with near-zero share price growth during the past year.
This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.