S&P reports on merged AMP group

Standard & Poor's has affirmed its 'AA-' counterparty credit and insurer financial strength ratings on AMP's (not rated) principal life insurance subsidiary AMP Life.

We also affirmed the ‘A/A-1' counterparty credit ratings on intermediate holding company AMP Group Holdings (AMPGH).

The affirmations follow its review of the business and financial implications of AMP acquisition of the Australian and New Zealand operations of AXA Asia Pacific Holdings.

At the same time, S&P elevated the group status of acquired life insurance subsidiary The National Mutual Life Association of Australasia Ltd. (NMLA) to core status, and raised its rating to 'AA-' from 'A+'. The outlook on all entities is stable.