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Car Insurance Industry To Vanish? Or Change?

AMP Faces A$668 Million Charge as Insurance Woes Hit Profit

Australia's third largest life insurer in Australia has said they expect to take a A$668 million charge on its wealth protection business. 'The company also announced a reinsurance deal with one of the world’s largest reinsurers, Munich Re, to cover 50 percent of A$750 million of annual premium income as it seeks to “reduce the magnitude of earnings volatility” and release an estimated A$500 million in capital. The deal is expected to cut the unit’s annual profits by A$25 million from fiscal 2017, AMP said in a statement Friday.'

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