Combined read/write thin-film magnetic head comprising a read portion including a magneto-resistive element, a write portion including an inductive element, and a shared flux guide between the read and write portions. Improved separation of the read and write functions is achieved by providing the shared flux guide as a sandwich structure of two soft magnetic layers separated by an insulating layer, except that the soft-magnetic layers are interconnected in a magnetically conducting manner proximate to the head face.