Nippon Life Insurance Company, a global provider of life insurance and asset management, has announced a significant merger. The company will acquire 100% of the shares in Resolution Life Australasia, merging it with MLC Life Insurance. The newly formed entity, Acenda, will be one of Australia’s largest life insurance businesses.
Acenda to Serve Two Million Customers
Acenda will cater to around two million customers and partners. The new entity aims to focus on growth and new business. Nippon Life has committed to providing scale and stability to meet evolving Australian customer needs.
Hiroshi Shimizu, President of Nippon Life, said the deal reflects their growth aspirations in the Australian life insurance market.
“This merger demonstrates our commitment to delivering innovative products, exceptional service, and leading customer experiences in the Australian life insurance market,” Shimizu said.
Customer-Centric Approach Underpins the Merger
Nippon Life prioritises customers in its business philosophy. As a mutual company owned by policyholders, the company focuses on customer-first principles.
“As we combine to serve around two million customers, we believe our customer-oriented approach will continue to deliver on the trust Australians have placed in us,” Shimizu added.
Nippon Life will acquire the remaining 20% share of MLC Life, held by National Australia Bank (NAB) since 2016. NAB has also agreed to provide contingent Tier 2 capital support for three years following the merger.
Peter Grey Highlights Continued Commitments
Peter Grey, Chair of MLC Life Insurance, assured that the merger would continue delivering strong customer benefits.
“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,” Grey said.
MLC Life will rebrand to Acenda and operate as part of a larger group. Despite the change, Grey promised the continuation of the company’s 138-year Australian heritage.
“We look forward to a future of growth and innovation as Acenda,” Grey stated.
Seamless Transition for Customers and Partners
Grey emphasised a smooth transition for customers and partners during the integration process.
“We have commenced this work and will be communicating with our customers and partners directly,” Grey said.
Resolution Life Australasia, founded in 2020, entered the market after acquiring AMP Life. The merger will unite the strengths of both businesses under Nippon Life’s leadership.
New Opportunities for Growth
Clive Cowdery, founder and Chair of Resolution Life, described the acquisition as a pivotal opportunity.
“We have a unique opportunity to leverage the investment by Nippon Life and the capabilities of Resolution Life so we can be a top three player in the Australasian life insurance industry,” Cowdery said.
Tim Tez, Chief Executive of Resolution Life Australasia, highlighted the priority of delivering a smooth customer experience during integration.
“Our priority will be our policyholders, people, and partners,” Tez said.
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Completion Expected by 2025
MLC Life Insurance will begin adopting the Acenda brand immediately. Resolution Life Australasia will transition to Acenda after the transaction’s completion.
The merger is expected to finalise in the second half of 2025, pending regulatory approvals. Until then, both businesses will continue to operate independently.
Acenda’s formation marks a significant step in Australia’s life insurance industry, promising stability, growth, and customer-centric services.