Insurance Acquisitions and Takeovers Act 1991

NOTICE OF UNCONDITIONAL GO AHEAD DECISION

SINCE:

1. AMP Life Limited ABN 84 079 300 379 (AMP Life) and The National Mutual Life Association of Australasia Limited ABN 72 004 020 437 (National Mutual Life) are Australian‑registered insurance companies under the Insurance Acquisitions and Takeovers Act 1991 (the Act), because they are companies authorised under the Life Insurance Act 1995;
2. Resolution Life Finance (Bermuda) Ltd. (RLF Bermuda), Resolution Life NOHC Pty Ltd ACN 633 375 069 (Resolution Life NOHC), Resolution Life Group Holdings (Australia) Pty Ltd ACN 629 567 960 (RLGH Australia), AMP Holdings Limited ABN 66 079 958 062 (AMP Holdings), AMP Life and National Mutual Life (together, IATA Applicants) have applied for approval under section 55 of the Act to carry out the following trigger proposal:

•                 RLF Bermuda, Resolution Life NOHC, RLGH Australia and AMP Holdings to enter into an agreement which will permit RLGH Australia and AMP Holdings to appoint and remove directors to the boards of AMP Life and National Mutual Life; and

•                 to amend the constitutions of AMP Life and National Mutual Life to facilitate the appointments of directors by RLGH Australia and AMP Holdings; and

C.     I have complied with the relevant decision-making principles formulated under section 65 of the Act.

I, Josh Frydenberg, Treasurer, the responsible Minister of the Commonwealth by the operation of subsection 19A(1) of the Acts Interpretation Act 1901, under subsection 55 (1) of the Act, MAKE a decision that the Commonwealth Government has no objection to the IATA Applicants carrying out the trigger proposals.

Dated:  22 June 2020

Josh Frydenberg

Treasurer