Two leading life insurance businesses to merge
Nippon Life Insurance Company, a global life insurance and asset manager provider, has announced the acquisition of 100% of the shares of Resolution Life, which will see it merge with MLC Life Insurance.
Creating one of Australia’s largest life insurance businesses, to be known as Acenda, the combined entity will service 2 million customers and partners.
It will have a focus on growth and new business, offering scale and stability to ensure it will be able to meet the evolving needs of Aussies.
Hiroshi Shimizu, president at Nippon Life Insurance Company, said the deal aligns with the company’s intentions to continue to grow in the Australian life insurance industry.
“This merger demonstrates our commitment to delivering innovative products, exceptional service, and leading customer experiences in the Australian life insurance market,” he said.
“As a mutual company owned by our policyholders, Nippon Life has always had a culture which puts customers at the heart of everything we do. Acenda, as part of the global Nippon Group, will continue to build on the “customer first” philosophy innate to a mutual.
“As we combine to serve around 2 million customers, we believe our customer-oriented approach will continue to deliver on the trust Australians have placed in us to protect them and their families, and deliver on our promise to be there when they need us,” he said.
Nippon Life will also acquire the 20% share of MLC that National Australia Bank (NAB) has held since 2016. As a part of the transaction, NAB has agreed to provide, for a period of three years post completion, an amount of contingent Tier 2 capital support to Acenda.
“This merger will ensure that our business’s great products and services will remain on sale and enable us to develop even better offerings to meet the future changing needs of our customers and partners,” said Peter Grey, Chair of MLC Life Insurance.
“We look forward to a future of growth and innovation as Acenda. While MLC Life Insurance will have a new brand, and become part of a larger group, we will continue to build on our 138-year Australian heritage with the same commitments to our customers and partners. Together with Resolution Life Australasia we will continue to put customers at the heart of everything we do.
“In line with these commitments, our first priority is to ensure good experiences for customers and partners during the transition. We have commenced this work and will be communicating with our customers and partners directly and would like to thank them for their ongoing commitment to us.”
Keep up to date with the latest in media and marketing
Got a tip?
Lauren McNamara is the associate editor at Mumbrella, covering the agency beat. She joined in November 2022 as editorial assistant, after completing a Bachelor of Communications (Journalism) at UTS.
Linkedin
topics
Acenda
MLC Life Insurance
Nippon Life
Nippon Life Insurance Company
Resolution Life
Have your say