The $3 billion sale of AMP’s life insurance business to Resolution Life is complete.

Bermuda-based Resolution Life says it is “delighted” with the deal, which gives it a strategic platform outside its traditional markets in Europe and North America, and positions the company strongly for future growth in Australia and New Zealand.

“We are thrilled to be part of Resolution Life,” AMP Life and Resolution Life Australia CEO Megan Beer said. “We welcome this investment, which will enable our people to focus on initiatives to enhance outcomes for AMP Life policyholders.”

As part of a revised agreement made in August, AMP receives $2.5 billion in cash and $500 million in equity interest in a new holding company that will own AMP Life. That gives AMP about a 20% stake in Resolution Life Australia, which the new owner says will ensure close alignment between the customers and advisers of the two companies.

AMP cleared a final regulatory hurdle for the sale with the New Zealand central bank last month when it agreed to the formation of a trust to hold local capital and assets to give additional protection in the event of insolvency, and other benefits.

AMP will continue to provide technology and administrative services to AMP Life for two years.

Resolution Life founder and executive chairman Clive Cowdery says the “strategic need for life insurance groups to release trapped capital and resources continues to grow globally”.

S&P has affirmed 'A-' ratings on AMP Life and Resolution Life Australia. The outlook remains negative, reflecting potential pressure if economic conditions worsen.

Resolution Life Australia’s board will be chaired by David Clarke, who was formerly CEO at MLC and Lloyds Merchant Bank in London, and a director at AMP. Resolution Life New Zealand’s board will be chaired by Anne Blackburn, the Chair of the NZ Government Superannuation Fund Authority. AMP Life will continue to be governed by an independent board of directors.

Resolution Life has spent $US16 billion ($23.22 billion) of equity so far across 28 life insurance companies.

The Australian Prudential Regulation Authority (APRA) said last week it has registered Resolution Life as a non-operating holding company of AMP Life and The National Mutual Life Association of Australasia under the Life Insurance Act 1995.