NAB Enters Product Talks With Nippon Life

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The National Australia Bank (NAB) has added to the speculation around the future of MLC announcing this morning that it had entered into a non-binding Memorandum of Understanding with Nippon Life Insurance Company.

In a statement released to the Australian Securities Exchange NAB stated while nothing had been decided it entered into the MOU “with a view to entering an long-term partnership in life insurance product manufacturing”.

NAB Group chief executive Andrew Thorburn said the group has been considering a number of options to boost the returns of its wealth management business and the Nippon Life discussions were ongoing with any future transactions still subject to regulatory approvals.

“We have been exploring a potential partnership with the NAB Wealth insurance manufacturing business through the formation of a strategic partnership with major global insurance company Nippon Life,”Thorburn said.

“We are committed to providing banking and wealth solutions for our customers and Nippon Life shares our passion for the customer and we are pleased to pursue how a partnership could enhance the experience for our customers.”

 



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7 COMMENTS

  1. Interesting development. Perhaps in the Japanese life-risk insurance industry (the Japanese being what they are in business) we could see some new product innovations which in turn might bring some sanity back into ours here.

  3. Step 1) Buy an awesome life insurance/platform company that puts ProtectionFirst.
    Step 2) destroy it.
    Step 3) sell the life insurance division on to someone else.
    Step 4) ???

  4. NAB, can I ask does this mean that MLC and Andrew Hagger are going to stop the push for 20% upfront life insurance comms and 3 year clawback? Just asking…

  5. Maybe they could bring the product into the 21st century…. their product is missing so many features and is priced poorly…. not to mention their admin.

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