{"id":75136,"date":"2024-12-11T12:53:13","date_gmt":"2024-12-11T01:53:13","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=75136"},"modified":"2025-01-06T13:47:47","modified_gmt":"2025-01-06T02:47:47","slug":"resolution-life-bought-by-nippon-life","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/12\/11\/resolution-life-bought-by-nippon-life\/","title":{"rendered":"Resolution Life Bought by Nippon Life"},"content":{"rendered":"<p>Nippon Life Insurance Company (Nippon Life) is to acquire 100% of the shares of Resolution Life in an agreement valued at USD$8.2bn, subject to regulatory approval.<\/p>\n<p>On completion of the transaction, MLC Life Insurance and Resolution Life\u2019s Australasian subsidiary, Resolution Life Australasia, will merge to create one of Australia\u2019s largest life insurance businesses, to be known as Acenda.<\/p>\n<p>Serving around two million customers and partners, Acenda will focus on growth and remain open to new business.<\/p>\n<p>This will include leveraging MLC Life Insurance\u2019s Vivo health and wellness offering, alongside Resolution Life\u2019s digital solutions and retirement product suite.<\/p>\n<p>Nippon Life will also acquire the 20% share of MLC Life Insurance that National Australia Bank (NAB) has retained since 2016, when Nippon Life acquired the 80% stake in MLC Life Insurance.<\/p>\n<p>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.<\/p>\n<figure id=\"attachment_75146\" aria-describedby=\"caption-attachment-75146\" style=\"width: 473px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/12\/241211-MLC-Acenda.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-75146\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/12\/241211-MLC-Acenda.png\" alt=\"\" width=\"473\" height=\"120\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/12\/241211-MLC-Acenda.png 473w, https:\/\/riskinfo.com.au\/news\/files\/2024\/12\/241211-MLC-Acenda-300x76.png 300w\" sizes=\"auto, (max-width: 473px) 100vw, 473px\" \/><\/a><figcaption id=\"caption-attachment-75146\" class=\"wp-caption-text\">The transition from the MLC Life Insurance to the Acenda brand has already commenced&#8230;<\/figcaption><\/figure>\n<p><strong>Hiroshi Shimizu<\/strong>, Nippon Life President, says the deal aligns with the company\u2019s intentions to continue to grow in the Australian life insurance industry and emphasised the merger&#8217;s benefits for Australian consumers.<\/p>\n<p><strong>Peter Grey, <\/strong>Chair of MLC Life Insurance, says the substantial investment shows the continued commitment of Nippon Life to the Australian life insurance market.<\/p>\n<figure id=\"attachment_75142\" aria-describedby=\"caption-attachment-75142\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/12\/PeterGrey_Headshot.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-75142\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/12\/PeterGrey_Headshot.png\" alt=\"Peter Grey\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-75142\" class=\"wp-caption-text\">Peter Grey<\/figcaption><\/figure>\n<p>The transaction is expected to be completed in the second half of the 2025 calendar year.<\/p>\n<p>Resolution Life Australasia was established in 2020, following Resolution Life\u2019s acquisition of AMP Life. MLC Life Insurance will begin adopting the Acenda brand immediately, and Resolution Life Australasia will transition to Acenda after the transaction&#8217;s completion.<\/p>\n<p>Until completion, the two businesses will continue to operate separately.<\/p>\n<p>Click <a href=\"https:\/\/resolutionlife.com.au\/sites\/default\/files\/AUS_Media_Statement-Resolution_Life_Australasia.pdf\" target=\"_blank\" rel=\"noopener\">here<\/a> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nippon Life Insurance Company (Nippon Life) is to acquire 100% of the shares of Resolution Life in an agreement valued at USD$8.2bn, subject to regulatory approval. On completion of the transaction, MLC Life Insurance and Resolution Life\u2019s Australasian subsidiary, Resolution Life Australasia, will merge to create one of Australia\u2019s largest life insurance businesses, to be [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":75137,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-75136","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-company-news"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/75136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=75136"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/75136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/75137"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=75136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=75136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=75136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}