AMP Limited continues to battle for a takeover bid for AXA Asia Pacific Holdings.

A representative of AMP confirmed that its $13 billion proposal is far from complete and will seek advice from its minority shareholders and its independent directors to overcome any obstacles from the regulator.

The fund manager and superannuation provider is now the sole bidder for AXA APH after the competition regulator sacked a $14 billion merge offer from National Australia Bank because it would lessen any substantial future competition.

The Australian Competition and Consumer Commission did not oppose AMP's planned takeover for AXA APH, which is valued at $13.2 billion.

Craig Dunn, chief executive of AMP, told media on Thursday that its company has a long way to go with the bid as it will need support from AXA APH's independent directors and minority shareholders.

NAB said it will review its options on the possible takeover by AMP.

Meanwhile, AMP increased its net cash flows for 12 per cent during the March quarter due to improved market conditions and investor persuasion.

Its cash flow for three months surged up to $236 million from a $210 million in the previous quarter.

Craig Meller, managing director for financial services of AMP, said employer contributions remained resilient and its investment cash flows are still recovering.

AMP's bank deposits declined by 28 million during the March quarter.

Its mortgage book decreased from $30 million to $9.8 million in the same quarter.