Peter Grey

Nippon Life Insurance Company (Nippon Life), a leading global provider of life insurance and asset management, has announced the acquisition of 100% of the shares of Resolution Life.

On completion of this transaction, MLC Life Insurance and Resolution Life’s Australasian subsidiary, Resolution Life Australasia, will merge to create one of Australia’s largest life insurance businesses, to be known as Acenda.

Serving around 2 million customers and partners, Acenda will focus on growth and remain open to new business. The combined customer base will offer scale and stability to ensure Acenda will be able to meet the evolving needs of Australians.

This will include leveraging MLC Life Insurance’s ‘best in claims’ philosophy and award winning Vivo health and wellness offering, alongside Resolution Life’s advanced digital solutions and retirement product suite to continue to meet the changing needs of our customers.

Nippon Life will also acquire the 20% share of MLC Life Insurance that National Australia Bank (NAB) has retained since 2016, when Nippon Life acquired the 80% stake in MLC Life Insurance. As a part of the transaction, NAB has agreed to provide, for a period of 3 years post completion, an amount of contingent Tier 2 capital support to Acenda.

Mr Hiroshi Shimizu, Nippon Life President said the deal aligns with the company’s intentions to continue to grow in the Australian life insurance industry and emphasised the merger’s benefits for Australian consumers.

“This merger demonstrates our commitment to delivering innovative products, exceptional service, and leading customer experiences in the Australian life insurance market.

“As a mutual company owned by our policyholders, Nippon Life has always had a culture which puts customers at the heart of everything we do. Acenda, as part of the global Nippon Group, will continue to build on the “customer first” philosophy innate to a mutual.

“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,” Mr Shimizu said.

Peter Grey, Chair of MLC Life Insurance, said that the substantial investment shows the continued commitment of Nippon Life to the Australian life insurance market.

“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.

“We look forward to a future of growth and innovation as Acenda. While MLC Life Insurance will have a new brand, and become part of a larger group, we will continue to build on our 138-year Australian heritage with the same commitments to our customers and partners. Together with Resolution Life Australasia we will continue to put customers at the heart of everything we do.”

“In line with these commitments, our first priority is to ensure good experiences for customers and partners during the transition. We have commenced this work and will be communicating with our customers and partners directly and would like to thank them for their ongoing commitment to us,” Mr Grey said.

The transaction is set to be completed in the second half of the 2025 calendar year, subject to regulatory approvals. Resolution Life Australasia was established in 2020, following Resolution Life’s acquisition of AMP Life. MLC Life Insurance will begin adopting the Acenda brand immediately, and Resolution Life Australasia will transition to Acenda after the transaction’s completion. Until completion, the two businesses will continue to operate separately.

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Catherine is a professional Non-Executive Director with over 25 years’ business experience in the financial services sector. Catherine currently serves as a Non-Executive Director of Guild Group Holding and Guild Insurance Limited, and Chair of the Guild Group Audit and Risk Committees. She also serves as a Non-Executive Director and Audit Committee Chair for AssetInsure and for Challenger Retirement and Investment Services. She is also a member of the ACT Public Trustee and Guardian Investment Board.

Catherine was Chief Risk Officer at AIG from 2012 to 2019 and is a qualified Actuary with over 25 years’ experience in financial services.

MLCL Chairman, Peter Grey, said: “I’m delighted to welcome Catherine to MLCL Board. Catherine is an experienced Non-Executive Director, with a proven record in delivering sustainable business growth, managing risk and regulatory complexity and motivating organisations to deliver in a competitive landscape. Her understanding of the issues impacting our sector will be important as we execute the next phase of MLCL’s business strategy.

I want to thank Sandra for her many years of service to the MLCL Board. She has played an instrumental role in guiding our business through significant change, including the acquisition of MLCL by Nippon Life and the transformation required to become a standalone life insurer. Sandra leaves MLCL well placed for future success.”

Speaking about her appointment, Catherine said: “I’m very much looking forward to joining MLCL and making a genuine contribution to the Board and the organisation as MLCL seeks to achieve its ambition of becoming Australia’s leading and most trusted life insurer.”

Catherine has a Bachelor of Science in Mathematics from the University of Montreal, is a Fellow of the Actuaries Institute, a Fellow of the Society of Actuaries and a graduate of the Australian Institute of Company Directors.

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Kent Griffin

The Board of MLC Life Insurance would like to announce that Rodney Cook, Chief Executive Officer and Managing Director (CEO), intends to retire at the end of 2022 after two and a half successful years in the role.

Rodney has served in the position since June 2020 and has guided the business through a series of major changes including the completion of its technology transformation program (Sanagi), as well as meeting the challenges of the COVID-19 pandemic.

Following his appointment in 2020, Rodney worked closely with the Board to strengthen the leadership team to ensure the company had strong internal candidates to take his place when he was ready to retire. Subsequently, the Board has appointed Kent Griffin, Chief Finance Officer, to succeed Rodney as CEO in late October this year.

To ensure a smooth transition, Rodney will continue to lead the business over the next five months.

MLC Limited Chairman, Peter Grey, said, “I am pleased the Board has chosen Kent to take over from Rodney as our new CEO. He is an outstanding leader and brings a wealth of commercial and strategic experience to the role.

“Since he joined us in early 2020, Kent has helped to strengthen our business and has overseen our return to profitability. He is a strong leader with a clear vision for the future of MLC life Insurance as we face the challenges of a fast-changing life insurance sector and ever evolving customer needs.

“On behalf of the Board, I want to extend our sincere thanks to Rodney for guiding us successfully over the last two years. During his tenure, Rodney commenced an important change to our culture and mindset to one that is relentlessly focussed on the needs of our customers. We are confident this good work will continue after his departure.”

Kent Griffin said, “I am honoured to have the opportunity to lead MLC Life insurance as we seek to achieve our ambition of becoming Australia’s leading and most trusted life insurer. With the continued backing of our shareholders Nippon Life and NAB, I am confident in the bright future for our company and its customers, partners and people.”

Kent has over thirty years’ experience in financial services, both in Australia and internationally. Prior to joining MLC Life Insurance in February 2020, Kent was the Chief Financial Officer of TAL (2012-19). Before that, he was a partner of Ernst & Young (2010-2012) and Regional Chief Financial Officer of AXA Asia Life (2007-2009).

Kent has a Bachelor of Economics, is a Fellow of the Actuaries Institute, a Chartered Enterprise Risk Actuary, and a Graduate of the Australian Institute of Company Directors. He has served on several Boards, both in Australia and internationally, and is currently a Director of Hume Bank and a Board Member of the Country Fire Authority.

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Rodney Cook

The Board has completed its global search and is pleased to appoint Mr Rodney Cook as CEO and Managing Director of MLC Life Insurance, with effect from Monday 15 June 2020.

Rodney is a highly experienced CEO and financial services executive with strong actuarial insight and deep first-hand knowledge of UK, Australian and NZ financial services.

His first CEO role was as Managing Director of AMP New Zealand in 1996. He later became MD of Pearl Assurance and CEO of London Life and then held a number of senior roles at Zurich Financial Services, Prudential UK and was Managing Director of Life and Pensions at LV=UK. In 2010, he became CEO of the company that grew to be Just Group plc (UK). Under Rodney’s leadership the company became one of the fastest growing and most customer focused insurers in the UK. It also won the ‘Customer Focus Award – Large Enterprise’ at the 2019 Institute of Customer Service, UK Customer Satisfaction Awards.

MLC Limited Chairman, Peter Grey, said, “We are delighted that a person of the calibre and experience of Rodney Cook will lead MLC Life Insurance.”

Mr Cook said, “I am thrilled with the opportunity to lead an iconic company, which MLC Life insurance is. These are challenging times for all Australians and their life insurers. With the continued support of Nippon Life and NAB, and significant ongoing investment in our technology and processes, I aim to deliver outstanding service to our 1.3 million customers through our business partners and people.”

The Board also extends its thanks to Sean McCormack for his strong leadership as acting CEO and Managing Director during the last 5 months. Mr Grey said, “We are grateful to Sean for his leadership in very difficult circumstances. He has led with purpose and made a positive impact. We look forward to him taking on an expanded role within MLC Life Insurance in due course.”

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Jacqueline Korhonen

MLC Life Insurance has reinforced its focus on innovation and technology with the appointment of Jacqueline Korhonen to its board as an Independent Non-Executive Director.

Jacqueline has over 30 years’ experience in the technology sector, most recently as Asia Pacific Vice- President of Cognitive Process Transformation Services with IBM. Prior to that she was CEO with Infosys Australia from 2008 to 2014.

MLC Life Insurance Chairman, Peter Grey, said: “With the backing and significant investment of Nippon Life, we are committed to leading Australia’s life insurance industry in technology and innovation in order to deliver a great experience for our customers while being responsive to their changing expectations. Attracting people of Jacqueline’s calibre, with extensive experience with some of the world’s biggest IT companies, will enhance our leadership in service of our customers.

Jacqueline’s appointment follows a number of significant hires for the life insurer in 2018. Sarv Girn, former Chief Information Officer at the Reserve Bank of Australia, was appointed to the newly created role of Chief Innovation and Transformation Officer. In addition, MLC Life Insurance appointed a new Chief Information Officer, General Manager of Data and Analytics and General Manager of Sourcing and Partnerships.

The appointments will play a crucial role in driving the company’s $500 million investment into new systems and technology to better serve customers. Strong progress has been made to date, including the launch of new digital capabilities such as LifeView and our new underwriting rules engine, the Digital Underwriting Platform. Both capabilities make it easier for customers to manage their cover online, and get underwritten more quickly and effectively.

Speaking about her appointment, Ms Korhonen said: “I am thrilled to be joining the MLC Life Insurance board and believe my experience will further support the company’s investment in people, technology, innovation and processes. MLC Life Insurance has a clear vision to deliver a great experience for customers, supported by world-class technology, and I’m excited to play my part in that.”

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