Hackett departs MLC Life

MLC Life Insurance chief executive, David Hackett is to leave the company.

The company announced today that Hackett had decided to step down and his leave his roles as chief executive and managing director and that his decision had been supported by the board.

It said the search had begun for a new CEO but, until then, chief of group and retail partners, Sean McCormack would be acting in the role.

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The formal statement said: “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. 

“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.”

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Must be getting a bit too hot in the kitchen at MLC - how many class actions is it facing?!

Well I hope Sean gets the role. He believes in the value of Advisers and especially Risk Specialist Advisers. We need as many friends in our corner as we can get.

Even though the CEO denies it, FASEA has banned life insurance commissions, and it won't be easy to sell direct or via super following the RC and Protecting Super legislation. APRA's farcical attempt to bolster profits for life insurance companies will only drive more advisers and consumers away. So let's face it, life insurance is dead in this country. No self-respecting CEO wants to be part of an industry with no future.

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