AMP Pearl and AMP London Life are closing their doors to new with-profits bond and annuity business. The product range will be plugged with new products from AMP NPI.
AMP says that the Pearl fund has been selling equities since the beginning of the year and currently has an equity exposure of 35 per cent. It says it will reinsure or securitise if required to meet regulatory requirements
AMP says current market condition mean that it is unlikely to meet its growth targets.