AMP started down-grading, down-rating Life Insurance when they applied a narrow view to them, they were making profits, just not enough profits the higher-paid employees of AMP felt worth maintaining.
The Life Insurance policies were valuable as they drew many young people in to AMP, even those on lower incomes.
Then AMP slowly helped educate many of them towards other investment opportunities.
IMHO the better Life Insurance policies were those which after a few years (commissions recovered), they offered support for investing further, this drew individuals into AMP's larger interest investing.
AMP managed this well, until it moved away from the Insurance attraction which brought so many into longer term investments.
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AMP takeover target, page-20
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