AMP Ltd. received regulatory approval to transfer its NMLA life insurance business in Australia and New Zealand to AMP Life Ltd.
The company said it received approval from the Reserve Bank of New Zealand and the Federal Court of Australia. The transfer will take effect Jan. 1, 2017.
Following the completion of the transaction, NMLA's policy name will be changed to AMP Life.
NMLA is the insurance arm of AXA Asia Pacific Holdings, which merged with AMP in 2011.