AMP is about 25% into its Axa integration program after one year, according to AMP Integration Director Paul Sainsbury.

Speaking at the Macquarie Australia Conference in Sydney last week, he said 70% of the integration projects have been initiated for the three-year program.

So far AMP has created the future business model, sorted out the organisational design and aligned the two organisations’ governance models.

Initial outcomes have seen 96% of Axa and Charter financial advisers retained. Mr Sainsbury says an internal survey has found 80% of them are happy with the merger.

The merged entity has also retained 93% of the staff identified as key talent.

He says AMP is also reporting increased financial services business post-merger, with life insurance sales up 8%.

By the end of this year $55 million of synergies will have been achieved, and Mr Sainsbury says the merger will deliver 78% of original transaction savings in the first 21 months, which will equate to $120 million.