Earnings at the Life business just sold by AMP jumped 158% to $129 million in the first half.

AMP sold the Life operation for $3 billion to Bermuda-based Resolution Life last month.

The AMP board announced that following the sale up to $544 million in “excess” capital will be returned to shareholders.

AMP will deliver $344 million via a special dividend to be paid in the second half, and up to $200 million via an on-market share buyback over the course of the next 12 months, subject to market conditions.