NRMA is looking over the numbers for AMP’s NZ operations, with a mind to making an offer.

The profitable Kiwi operations are expected to fetch more than $40 million for AMP, which is quitting the general insurance market – at least as far as manufacturing products goes.

The acquisition would be a good fit for NRMA, which took over State Insurance in NZ last February for $325 million. With up to 40% of NZ’s personal lines insurance already under its control, NRMA is understood to believe the AMP business has some excellent synergies for it.