MLC Life Insurance CEO Resigns


MLC Life Insurance has announced that CEO and Managing Director, David Hackett, has decided to step down from his role and will be leaving the insurer with immediate effect.

David Hackett …departing with immediate effect

A statement issued by the insurer notes that the MLC Limited board supports his decision.

“The board appreciates David’s strong commitment and contribution to MLC Life Insurance. This has included leading, as the first CEO, its establishment as a standalone life insurer whilst separating from the National Australia Bank and joining the Nippon Life Insurance Group,” the statement says.

“This has been a complex and difficult task and has required enormous personal time and energy from David.

“This task has been made even more complex by the significant commercial challenges facing the Australian life insurance sector along with major regulatory changes. The board wishes David all the very best for his future.”

The insurer says that Chief of Group and Retail Partners, Sean McCormack, will become Acting CEO and Managing Director, effective immediately, until a permanent new CEO and Managing Director is appointed.

MLC says the board has started a global search and will also consider strong internal candidates.



  1. It becomes inevitable that when Revenues decrease, Outflows increase, required funding for projects keep rising and the continued direction for revenue and profit is a downward spiral, then a Parent is going to start asking questions.

    The first question I would like to see the Parent ask is, for all the hundreds of millions of dollars spent and multi-millions you want to spend in the future, how much is focused on increasing New Business and Retention?

    We all know that the Legal and audit fraternity had a very merry Christmas at all our expense.

    The amount of money Life Companies spend each year on improving their systems is mind blowing, yet we still have clunky administration and unreadable legalistic mumbo jumbo that keeps Advisers angry and all Australians either, confused, bemused, irate or all 3 combined.

    There appears to be a vacuum that is causing the once great Life Insurance Industry to be self destructing.

    Most of the issues we face today, were brought on by the Life Companies themselves.

    Unless we start getting REAL leadership that focuses on the client and the ability for advisers to provide advice to the client quickly, efficiently and profitably for all involved, including the Life Company, then there should be more resignations.

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