Media statement

05 February 2019

Royal Commission Final Report

MLC Life Insurance has engaged constructively with the Royal Commission since it was established in December 2017. While we were not called to appear, life insurance was reviewed in Round 6 and a number of issues were explored that can be characterised as misconduct or falling short of community expectations.

MLC Life Insurance has been providing life insurance for 133 years and we welcome scrutiny of us and our industry to foster understanding and drive improvements. This focus is fundamental to being trusted by our customers as we make valuable promises to them and their families.

We provide more than 1.5 million Australians with the assurance that they and their loved ones will be supported when they need it most. In 2017 alone we paid out more than $1 billion in claims to over 8,000 families. Our industry paid out more than $8 billion1.

We know that life insurance provides a significant benefit to the community. It helps Australians to manage financial risk caused by unexpected life events that may otherwise result in hardship. Australians must trust us to provide valuable life insurance protection to them and their loved ones.

The Commissioner’s report reminds us how vital it is to deliver on our promises to customers every time, with care. Since 2016, MLC Life Insurance has been a member of the Nippon Life Group of Companies, a mutual company and the world’s 8th largest life insurer. Our ambition is for MLC Life Insurance to be Australia’s leading and most trusted life insurance company.

We are now reviewing the report in detail, and will continue to engage with key stakeholders and government as the recommendations are considered.

1 Data from APRA for the year ending 30 June 2016.