AMP's new business levels hammered

While AMP remains the second largest life insurer, accounting for 19.53% of in force business at June 30, it accounted for only 4.49% of new business, or just $2.14 million, written in the latest quarter in term, trauma, replacement income and lump sum disablement policies. The percentage figures include the 12 Financial Services Council members and Partners Life.

AMP had accounted for 8.45%, or $3.32 million, of the industry's new business in these products in the March quarter.

AMP's lapses and surrenders soared to $9.79 million in the quarter, up from $8.12 million in the previous quarter.

The company’s only response to these results was: “The numbers are within expectations.”