A recent investor-day briefing on AMP’s growth plans focused on expanding operations in China and its adviser groups, but excluded life insurance.

An AMP spokesman told insuranceNEWS.com.au life insurance was covered in the recent results presentation.

CEO Craig Meller told the briefing the focus is on supporting higher-growth and less capital-intensive businesses, including releasing and recycling capital from lower-growth business.

The life business will be managed for capital efficiency and value, suggesting speculation about a sale may be closer to the truth than previously thought.

“Our strategy continues AMP’s shift from a product and distribution business to a customer-led organisation focused on helping our customers achieve their personal goals,” he said.

“The approach for our Australian wealth protection, New Zealand and mature businesses is to manage them for value and capital efficiency.

“These businesses have significant embedded value and we continue to look for ways to economically accelerate the realisation of this value.”

AMP sees growth in its partnership with China Life, especially offering annuity products to retail, corporate and institutional clients.

China Life recorded 377 billion yuan ($74 million) of annuity sales last year, and the pensions industry is poised for rapid growth owing to China’s ageing demographics.

AMP expects to earn about $50 million a year from its Chinese investment within five years.

Another area of focus is the adviser network, which is scheduled to expand next year.

AMP has 2839 advisers in four dealer groups.

There are a further 109 advisers self-licensed through the company’s Jigsaw dealer group.

The company will not say how many advisers it expects to add, but recruitment is to start by the middle of next year.

AMP is buying shares in advice practices to drive mutual revenue growth.

It is also working on robo-advice models.

“The strategy is focused on realising our potential while adapting to an increasingly competitive marketplace and technology-driven disruption,” Mr Meller said.