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.

It was a similar story with trauma policies where AMP's $282,000 of new business was less than half its $615,000 of lapses, surrenders and cancellations and in replacement income policies where its new business of $304,000 was more than cancelled out by its $706,000 of lapses.

AXA's new business in term policies at just above $1 million accounted for 4.9% of total sales compared with its 8% market share but was dwarfed by its $1.7 million of lapses.

Sovereign's $4.5 million of new business in term policies accounted for only 21.1% of total sales compared with its 28.1% market share in that category and was well below its $5.3 million of lapses.

Sovereign's $1.5 million of new replacement income business was also well below its $2.5 million of surrenders but it did better with trauma policies, new business of $2.6 million comfortably exceeding its $2.2 million of lapses.

OnePath's $3.4 million of new term business accounted for 16.1% of total sales compared with its 8.6% market share in the category and was well above its $2.4 million of lapses. In trauma policies, its $1.5 million of new business accounted for 19.9% of total sales compared with its 9.7% market share and its just under $2 million in new replacement income business accounted for 28.9% of total sales compared with its 10.7% market share.