MLC Life Insurance has begun an exciting new chapter through the creation of a landmark strategic partnership between National Australia Bank (NAB) and Nippon Life Insurance Company.

This new partnership has created a specialised life insurance business in which NAB will retain a 20% shareholding and Nippon Life will hold 80% of the shares in MLC Limited, which operates the MLC Life Insurance business. This is Nippon Life’s first such majority shareholding outside Japan. Nippon Life recognises the strength and value of the MLC brand and is licensed to use the brand for a period of 10 years. MLC Life Insurance will continue to make available to NAB customers high quality life insurance products.

MLC Life Insurance CEO, David Hackett, said, “This new ownership structure represents a major leap forward for MLC Life Insurance, which has a rich history as an Australian icon. MLC Life Insurance and Nippon Life Insurance Group have over 250 combined years and 12.4 million insured customers.

“MLC Life Insurance will continue to be Australian-led and managed with over 1,100 dedicated life insurance employees. We will now be able to leverage Nippon Life’s global presence. This, combined with our deep understanding of the Australian market, enables us to continue to provide great life insurance solutions to Australians.”

MLC Life Insurance and Nippon Life are ideal life insurance partners with closely aligned values and cultures which put the customer first:

• Nippon Life has 11 million customers worldwide and has a mission to help create a secure future for its customers.
• MLC Life Insurance has 1.4 million customers and is still fulfilling its founder, James Garvan’s, original goal: “to bring the security and protection of life assurance within the reach of every man, woman and child.”

 “Nippon Life’s global expertise, built over 127 years, combined with MLC Life Insurance’s significant experience in understanding and meeting the insurance needs of everyday Australians since 1886, means we can continue to deliver on this mission.

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

“We have a winning recipe with Nippon’s global life insurance foot-print, NAB’s customer base, and our forthcoming investment in our people, technology, data analytics, digital capability, products, underwriting and claims processes.

“We are committed to delivering affordable, accessible and innovative life insurance solutions for our customers and their advisers,” said Hackett.

About MLC Life Insurance

MLC Life Insurance is a specialised life insurance business. It represents a landmark strategic partnership between National Australia Bank (NAB) and Nippon Life Insurance under which NAB retain 20% shareholding and Nippon Life hold a majority 80% of the shares in MLC Limited, the entity which operates the MLC Life Insurance business. The Australian-led and managed business aims to leverage Nippon Life’s global presence, built over 127 years, alongside MLC Life Insurance’s significant experience in understanding and meeting the insurance needs of everyday Australians since 1886.

For more information on MLC Life Insurance, visit mlcinsurance.com.au