Resolution Life has raised $US3 billion ($4.42 billion) over the past 14 months to use for further acquisitions or reinsurance.

It says the capital will be deployed in line with its mission as a long-term manager of legacy life insurance portfolios globally. Its buyout of AMP Life – valued at about $3 billion – is expected to close in the first half of next year. AMP will receive $2.5 billion in cash and a 20% stake in the insurer.

It has also completed a $US5.7 billion ($8.4 billion) reinsurance deal with Symetra Life Insurance.