The Australian Government and AXA shareholders have given their approval to the proposed merger between AMP and AXA. Both companies have a long history of providing insurance and wealth management financial services in Australia. Wayne Swann approved the merger on the basis that it will create a “fifth pillar” capable of competing with the four major banks. In terms of size the merged entity will be largest life insurance company in Australia with premium in force over $1.5 Billion. The company will trade under the AMP Life Limited banner.