AMP is putting the life insurance operations of its ailing British operation National Provident Institution into run-off, laying off another 900 staff in the process.

CEO Andrew Mohl says closing the company to new business “is in the best interests of both shareholders and customers”.

NPI had been on the market, but London’s Daily Telegraph said last week the business had not found any takers in the depressed British life market.

Mr Mohl said several options were considered for the NPI business after the decision to split the British and Australian operations. “After thorough consideration of all options”, he decided to retain the NPI book and close it to new sales.

“The decision to restructure has been a very difficult one to make, given the impact it will have on our people,” he said.

The NPI decision means that all of AMP’s British life operations are now refusing new business, and are effectively in run-off.