AMP’s tempestuous union GIO is paying its first dividends with the combined group dominating the race for win new life insurance business.

AMP’s tempestuous union GIO is paying its first dividends with the combined group dominating the race for win new life insurance business.

AMP/GIO snared almost 30 per cent of all new single premium (investment-type products) written in the year to June 30 in the life insurance industry, according to a survey by Deloitte Touche Tohmatsu. The combined group wrote $9.4 billion in new single premiums.

Second was Mercantile Mutual/ING with just 11 per cent, or $3.6 million.

In terms of annual premiums, AMP/GIO accounted for 16.9 per cent of the market with $1.16 billion, just behind Axa-National Mutual with 18.6 per cent, or $1.27 bil-lion.

Using the Deloittes New Business Index of life insurance new business, AMP/GIO enjoyed a market share of 22.16 per cent, ahead of Mercantile Mutual/ING with 12.03 per cent.

Westpac was the highest placed bank on the index, coming in third overall with 8.37 per cent market share.