Car Insurance Online
Australia's leading Online Motor Vehicle Insurance resource
Nippon Life, based in Japan, aims to gain full ownership of Bermuda-headquartered Resolution Life. This entity, known locally as Resolution Life Australasia, found its place in the Australian market after acquiring the AMP life business in 2020. Nippon Life already has a minority share in the Bermuda operations, extending its reach into the UK and US markets.
The newly formed company, Acenda, promises to be a significant force in Australia's insurance landscape. MLC predicated in a statement, "Acenda will therefore become one of Australia’s largest life insurance corporations." This transaction anticipates completion in the latter half of the upcoming year, contingent on receiving regulatory approvals.
An additional agreement will see Nippon Life purchasing NAB’s remaining 20% stake in MLC for $500 million. NAB had initially sold the majority 80% of its shares to Nippon Life in 2016. The closure of this transaction is tied to the successful completion of Resolution Life’s acquisition deal.
"The Resolution Life acquisition creates a timely opportunity for NAB to divest its residual stake in MLC Life Insurance," the bank commented regarding its strategic realignment.
Post-acquisition, Nippon Life’s expanded Australian enterprise is projected to serve approximately two million customers. Hiroshi Shimizu, Nippon Life’s president, underscored the focus on customer satisfaction by stating, "Acenda, integrated within the global Nippon Group, will strongly adhere to its ‘customer first’ ethos."
Joining these sentiments, MLC Life Insurance’s chair, Peter Grey, highlighted the benefits of the merger, suggesting it would enable "the development of superior products to satisfy the evolving demands of our clients and collaborators. We anticipate fostering growth and innovation under the Acenda brand."
Resolution Life's chairman Clive Cowdery praised this merger as a groundbreaking advancement for Australia’s life insurance industry. “With Nippon Life’s substantial investment and Resolution Life’s expertise, we aim to position ourselves among the top three leaders in the Australasian market,” Cowdery elaborated.
The rebranding to Acenda is set to begin with MLC Life Insurance, followed by Resolution Life Australasia once the merger is finalized. Meanwhile, Resolution Life’s acquisition of New Zealand’s Asteron Life from Suncorp, announced earlier in 2024 for $372 million, will continue as planned.
Resolution Life stated, "The New Zealand market remains a strategic focus, following the agreement with Suncorp Group’s Asteron Life New Zealand acquisition. Pending regulatory consent, Asteron Life will remain open for business, retaining its established brand identity and independent operation."
These developments were originally reported by Insurance News Magazine and highlight dynamic shifts in the insurance landscape.
Published:Wednesday, 18th Dec 2024
Source: Paige Estritori
| Building Resilience: ICA Aligns Floods Inquiry Plan 19 Dec 2024: Paige Estritori The Insurance Council of Australia (ICA) is strategically addressing the recommendations from recent inquiries into flood responses and code of practice in its latest updates. Acknowledging the variety and complexity of the suggestions, ICA supports 78 out of the total recommendations presented, tackling them in a staged and structured manner. - read more |
| Major Acquisitions Shake Up the Australian Life Insurance Sector 18 Dec 2024: Paige Estritori In a significant move estimated at $13 billion, MLC Life Insurance and Resolution Life’s subsidiaries in Australia and New Zealand are set to merge. This development is part of an acquisition involving Nippon Life, a major player in the global insurance industry. - read more |
| Sure Highlights Coverage Gaps in Cyclone Zones 17 Dec 2024: Paige Estritori An alarming gap in insurance coverage has been spotlighted by Queensland underwriting agency, Sure, as it drew attention to underinsurance among cyclone-susceptible areas. Their comparison of coverage across the state reveals stark contrasts that could have dire consequences for residents. - read more |
| Term Life Insurance Fuels Customer Grievances 13 Dec 2024: Paige Estritori New insights from the Australian Securities and Investments Commission (ASIC) highlight that term life insurance sparked the most grievances among consumers last financial year. ASIC's newly released internal dispute resolution report indicates that 41% of the complaints were linked to term life policies. - read more |
| Car Theft Case: Ignition Key Slip Leads to Unexpected Payout 13 Dec 2024: Paige Estritori A recent ruling has shed light on an insurance predicament where a policyholder’s vehicle was taken directly from outside his house while the ignition key remained in the car. Despite this oversight, the couple involved managed to secure compensation for the incident. - read more |
| Tips for Finding Affordable Car Insurance Without Sacrificing Coverage in Australia Car insurance is a crucial aspect of owning a vehicle, providing financial protection in case of accidents, theft, and other unexpected events. However, finding the right balance between affordability and adequate coverage can be a challenging task. - read more
|
| Understanding Insurance Jargon: A Guide for Comparing Online Quotes Insurance jargon refers to the specialized terminology and phrases used within the insurance industry. These terms can often be confusing and complicated for those not familiar with the field. - read more
|
| Don't Get Caught: Essential Tips for Avoiding Car Insurance Mistakes When it comes to protecting your vehicle and your finances, car insurance is a crucial investment. In Australia, car insurance helps cover the costs associated with accidents, theft, and other unexpected events on the road. - read more
|
| Car Insurance Savings: Tactics Aussies Can Use for Lowering Their Premiums Car insurance is an essential aspect of vehicle ownership for Australians, providing financial protection in case of accidents, theft, and other unforeseen events. As with any form of insurance, the premiums you pay can vary widely, so understanding the factors that influence these costs is critical. - read more
|
| Car Insurance Explained: What Every Australian Needs to Know Car insurance is a critical aspect of vehicle ownership that can save you from financial distress in case of accidents, theft, or damage. For Australian consumers, understanding the ins and outs of car insurance is essential for ensuring that you're adequately protected without overpaying for your coverage. - read more
|
|
Why Customisation Matters: Tailoring Car Insurance to Fit Your Needs Car insurance customisation refers to the process of tailoring an insurance policy to fit the specific needs and circumstances of an individual driver or business. Unlike standard, one-size-fits-all policies, customised car insurance allows for the inclusion and exclusion of coverage options based on the unique requirements of the insured party. - read more
|
|
The Art of Comparing Car Insurance Quotes for Max Savings in Australia Car insurance is a critical component of responsible vehicle ownership in Australia. With roads bustling with diverse traffic, from urban highways to outback tracks, safeguarding your journey becomes indispensable. However, the complex world of car insurance can bewilder even the most astute driver. This article embarks on a quest to demystify the process of comparing car insurance quotes, aiming for not just coverage, but substantial savings too. - read more
|
|
Understanding Add-Ons: Optional Car Insurance Coverages to Enhance Your Policy Car insurance is a crucial aspect of responsible vehicle ownership. It provides financial protection against accidents, theft, and other unforeseen events. In Australia, having the right car insurance policy can give you peace of mind on the road. - read more
|
|
|
Car Insurance Explained: What Every Australian Needs to Know Car insurance is a critical aspect of vehicle ownership that can save you from financial distress in case of accidents, theft, or damage. For Australian consumers, understanding the ins and outs of car insurance is essential for ensuring that you're adequately protected without overpaying for your coverage. - read more
|
|
|
Car Insurance Savings: Tactics Aussies Can Use for Lowering Their Premiums Car insurance is an essential aspect of vehicle ownership for Australians, providing financial protection in case of accidents, theft, and other unforeseen events. As with any form of insurance, the premiums you pay can vary widely, so understanding the factors that influence these costs is critical. - read more
|