In January 1999, AMP acquired a majority shareholding (57.47%) in GIO Australia Holdings Limited and GIO became a listed subsidiary of AMP Limited. At that time, GIO had nearly $10 billion in assets under management, a significant customer base and a growing retail market share. By December 2000, the GIO integration was almost complete.
On 1 July 2001, Suncorp Metway Ltd acquired AMP's general insurance interests, including GIO. The acquisition doubled the number of Suncorp's general insurance customers and lifted Suncorp's ranking from seventh to second largest insurer in Australia.
flood victim, page-6
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