Nippon Life Insurance Company has announced a major step in its expansion within the Australasian life insurance market.
The Japan-based insurer is set to acquire full ownership of Resolution Life Australasia and the remaining 20% stake in MLC Life Insurance currently held by National Australia Bank (NAB).
This move will result in the merger of MLC Life Insurance and Resolution Life Australasia under a new brand, Acenda, creating one of Australia’s largest life insurers.
The merger is expected to be finalised in the latter half of 2025, subject to regulatory approvals. Once completed, the combined entity will serve approximately 2 million customers and offer a wide range of life insurance and retirement products.
The new brand, Acenda, will integrate MLC Life Insurance’s expertise in claims management and health-focused initiatives with Resolution Life’s digital capabilities and retirement product portfolio.
The combined scale is intended to improve operational efficiency and ensure the business remains competitive and open to new policies.
Hiroshi Shimizu, president of Nippon Life, highlighted the merger as part of the company’s strategic focus on growth in Australia.
“This merger demonstrates our commitment to delivering innovative products, exceptional service, and leading customer experiences in the Australian life insurance market,” he said.
He added that Nippon Life’s mutual company structure, which emphasises a customer-first philosophy, will remain central to Acenda’s operations.
“As we combine to serve around 2 million customers, we believe our customer-oriented approach will continue to deliver on the trust Australians have placed in us to protect them and their families, and deliver on our promise to be there when they need us,” he said.
Nippon Life and Resolution Life are also reaffirming their commitment to the New Zealand market.
Resolution Life Australasia is in the process of acquiring Asteron Life, Suncorp Group’s New Zealand life insurance business, which will operate as a standalone entity post-acquisition.
While Asteron Life will continue under its existing name, Resolution Life Australasia intends to rebrand as Acenda in New Zealand following the completion of the merger.
Tim Tez, CEO of Resolution Life Australasia, underscored the importance of maintaining focus on the New Zealand market during the integration process.
“New Zealand remains an important market for both Resolution Life Australasia and Nippon Life. [The] announcement will not impact our focus on completing the acquisition of Asteron Life and our support of the business’ current strategic growth agenda,” he said.
Peter Grey, chair of MLC Life Insurance, emphasised the priority of ensuring a smooth transition for policyholders and partners.
“This merger will ensure that our business’s great products and services will remain on sale and enable us to develop even better offerings to meet the future changing needs of our customers and partners,” he said.
The agreement includes a three-year provision of contingent Tier 2 capital support from NAB to Acenda following the transaction’s completion. Until regulatory approvals are secured, MLC Life Insurance and Resolution Life Australasia will continue to operate separately.
