Nippon Life has acquired Resolution Life and will merge Resolution’s Australasian business with MLC Life
Life insurance provider Nippon Life Insurance Company has acquired 100 per cent of the shares of Resolution Life.
The company plans to merge its existing business in Australia, MLC Life, with Resolution Life’s Australasian business to create a new company, which will be named Acenda.
Nippon Life will also acquire the 20 per cent share of MLC Life Insurance that National Australia Bank (NAB) has retained since 2016, when Nippon Life acquired the 80 per cent stake in MLC Life Insurance.
As a part of the transaction, NAB has agreed to provide an amount of contingent Tier 2 capital support to Acenda for a period of three years after the completion of the transaction.
The deal aligns with the company’s intentions to continue to grow in the Australian life insurance industry, Hiroshi Shimizu, President of Nippon Life, said.
“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,” Shimizu said.
The transaction is set to be completed in the second half of the 2025 calendar year, subject to regulatory approvals. Until completion, the two businesses will continue to operate separately.
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