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AMP downplays Old Mutual bid buzz

13 April 2012

AUSTRALIAN financial services group AMP has dismissed as 'speculative' reports that South Africa's largest insurer, Old Mutual, is considering a £1.5bn bid for its British units, insurers Pearl, NPI and London Life and fund management arm Henderson Global Investors.

'It's clearly a speculative article,' a spokesman in Sydney said. He added it was focusing on plans, announced in May, to spin off its UK operations and rebrand them Hendersons, with a possible future listing on the London Stock Exchange.

AMP, hit by capital adequacy problems in Britain due to falling equity markets, hopes to quarantine its profitable Australasian operations.

But a serious offer to buy the UK assets could derail those plans. With NPI and Pearl, which have two million policyholders, now closed to new business, Henderson Global Investors is to form the core of the new UK arm.

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