National Australia Bank Limited (NAB) today announced completion of the sale of 80% of its life insurance business to Nippon Life Insurance Company (Nippon Life) for $2.4 billion[1]. As previously advised, NAB will retain ownership of 20% of the new life insurance business, and retain full ownership of the existing investments business which includes superannuation, platforms, advice and asset management.

As part of the sale, NAB is also today commencing a long term partnership with Nippon Life which includes a 20 year distribution agreement to provide life insurance products through NAB’s owned and aligned distribution networks.

See ASX announcement for details.

Peter Grey was also today announced as the independent Chairman of the new MLC Life Insurance business. See New MLC Life Insurance Board announced media release for details.

Further information for life insurance customers is available from www.mlc.com.au

[1] Of the $2.4 billion, $0.2bn was received as a dividend during FY16 and $2.2bn received on completion (3 October 2016)