Last quarter's winners and losers

AMP's new stablemate AXA's lapses also exceeded its sales which also grew below its market share, although considerably faster than AMP's.

OnePath was the stand-out performer in the quarter, its sales growing at significantly faster than its market share in all three products.

Among other companies, AIA grew its term business at more than twice its market share but lost ground in trauma and replacement income policy sales, Asteron's term and trauma policy sales were slow but Fidelity and Westpac showed good growth.

The latest Investment Savings and Insurance Association (ISI) data shows AMP's sales of new term policies at just below $1 million in the March quarter, 4.6% of total term sales, while its lapses, surrenders and cancellations stood at $2.2 million. AMP, the second largest player in term policies, held 12.1% of in force policies at the end of the March quarter.