AMP plans to merge its three British insurance units – Pearl, NPI and London Life – into one brand, AMP UK.

The company expects a fairly severe pruning of branches and the integration of the three companies’ IT systems to save it up to $230 million a year.

It’s a big step for AMP, with the company putting forward its own brand into the UK market. Under the plan, AMP London Life and AMP NPI will come on to the market this year, with AMP Pearl being introduced sometime in the future – presumably after reaction to the two smaller companies’ name changes can be gauged.