Sydney: Australian insurer AMP is exploring options for restructuring the ownership of its under-performing joint venture life insurance business in India, AMP Sanmar, the company said in a statement.

AMP Life has a 26 per cent stake in the Chennai-based joint venture, which began operations in January 2002 and is the 10th largest insurance business in India. Its joint venture partner is Sanmar, a well-known Indian conglomerate with diversified investments.

AMP chief executive Andrew Mohl said AMP had appointed a local financial advisor to review options for ownership of the business, which include an outright sale or bringing in a new partner.

Sanmar is also reviewing its stake in the joint venture. The review is expected to take several months and has no fixed time frame. "AMP Sanmar is in its fourth year of operations and, while growing from a small base, is still several years away from generating profits," Mohl said. He said AMP's focus in Asia will be centered on asset management through AMP Capital Investors.

"While we will be selective in the asset management areas and countries that we target, we see particular opportunities in property and infrastructure," he said. Mohl reaffirmed that AMP's main focus was driving shareholder value in its core wealth management businesses in Australia and New Zealand. He noted Australia was the fourth largest pension market in the world and growing strongly, presenting significant opportunities across the market.