The life businesses of AMP and Axa will continue to run separately for the next couple of years.

But the merged organisation – which last week unveiled a new logo nicknamed “the AMP spark” – will develop a new retail life insurance product range that will pick the best features from each company’s products.

An AMP spokesman told insuranceNEWS.com.au the merger of the life business will be more complicated than the investment product business.

“Both AMP and Axa life insurance products will continue to be looked after, but merging them will take time as they are still owned by life companies,” he said.

Any alterations to the life companies will require both regulator and court approval, which will be time-consuming.

“We don’t see any major chances for existing policies for the next couple of years,” the spokesman said.

The new retail life insurance product range will help overcome these administration problems.

AMP says the transition “will be managed in a way that safeguards the interests of existing customers and will include AMP’s current practice of refreshing the features on its back book of business”.  

Unlike investment advisers, AMP and Axa life insurance advisers have always been allowed to sell a wide range of products, including their competitors’ offerings.