National Australia Bank (NAB) has this week completed the transaction which sees 80 per cent of its MLC Life Insurance business acquired by Japan's Nippon Life.
Completion of the transaction was confirmed by MLC Life Insurance chief executive, David Hackett, who said the business would continue to be Australian-led and managed with over 1,100 dedicated life insurance employees.
He said the business would now be able to leverage Nippon Life's global presence in combination with the company's deep understanding of the Australian market.
"This powerful and strategic combination will set MLC Life Insurance on track to fulfil our ambition of being Australia's leading and most trusted life insurer," he said.
"With Nippon Life as our life insurance partner and its long-term views on the life insurance business, we are poised for growth."
Hackett claimed the business had a winning recipe with Nippon's global life insurance footprint, NAB's customer base, and the business's forthcoming investment in its people, technology, data analytics, digital capability, products, underwriting and claims processes.
Proceeds from the Nippon Life transaction has already seen substantial reinvestment by NAB elsewhere in its wealth management business, including the creation of Australia's largest retail superannuation fund.