MLC Life looks to post-Nippon growth

NAB/mlc/transaction/Nippon-Life/

4 October 2016
| By Mike |
image
image
expand image

National Australia Bank (NAB) has this week completed the transaction which sees 80 per cent of its MLC Life Insurance business acquired by Japan's Nippon Life.

Completion of the transaction was confirmed by MLC Life Insurance chief executive, David Hackett, who said the business would continue to be Australian-led and managed with over 1,100 dedicated life insurance employees.

He said the business would now be able to leverage Nippon Life's global presence in combination with the company's deep understanding of the Australian market.

"This powerful and strategic combination will set MLC Life Insurance on track to fulfil our ambition of being Australia's leading and most trusted life insurer," he said.

"With Nippon Life as our life insurance partner and its long-term views on the life insurance business, we are poised for growth."

Hackett claimed the business had a winning recipe with Nippon's global life insurance footprint, NAB's customer base, and the business's forthcoming investment in its people, technology, data analytics, digital capability, products, underwriting and claims processes.

Proceeds from the Nippon Life transaction has already seen substantial reinvestment by NAB elsewhere in its wealth management business, including the creation of Australia's largest retail superannuation fund.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND