A majority of independent directors at AXA Asia Pacific say they support a takeover bid from its parent company AXA SA and AMP. The bid is worth more than $A13 billion.
Five of the company's six independent directors backed the proposal, while the only undecided independent director has sought more information on the offer.
The deal requires unanimous support from the independent directors before it can proceed.
Analysts say the deal itself is not in danger, as no other bids are expected.
A deal will put AMP at the top of Australia's $A1.2 trillion wealth management market.
It will also allow AXA SA to exit Australia to focus on its stated goal of growing in Asia, where it already has businesses in eight countries.
