Nippon Life has announced it will merge the Australian insurance operations of Resolution Life and MLC Life Insurance, following its move to full ownership of the global Resolution Life group and MLC Life Insurance.
The merged entity will operate under a new brand: Acenda.
The combined business will service around 2 million customers and manage $2.7 billion in-force premiums, making Acenda the third largest life insurer in Australia.
Although Resolution Life has been closed to new business since its acquisition of AMP Life in 2020, Acenda will be focused on growth.
The new company will remain open to new business and intends to expand further by acquiring additional in-force portfolios of life insurance policies.
Acenda will continue to honour all existing commitments, ensuring a seamless transition for existing policyholders.
The rebranding of MLC Life Insurance was anticipated, as Nippon Life’s license to use the MLC brand, which was granted after its 2016 acquisition of an 80% stake from National Australia Bank, was set to expire after 10 years.
MLC Life Insurance will begin transitioning to the Acenda brand straight away, while Resolution Life will remain a separate business until the merger transaction is completed.
The transaction is subject to regulatory approval, with completion expected in the second half of 2025.
If you hold a policy with either MLC or Resolution Life and would like to review your options, please use our comparator at Compare Quotes Online.