MLC Limited

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MLC
Subsidiary
Industry Finance and Insurance
Founded 1886
Key people
Andrew Hagger, CEO
Products Superannuation, Insurance, Investments
Services Financial Planning
Number of employees
5,000
Parent Nippon Life Insurance, Japan
Divisions MLC Advice, MLC Financial Planning
Website www.mlc.com.au

MLC Limited is an Australian company providing investment, superannuation, insurance, and financial advice to corporate, institutional, and retail customers. It is a subsidiary of the National Australia Bank and its wealth management business.[1]

History[edit]

The company traces its origins to the Citizens’ Assurance Company Limited, registered on 31 December 1886 for the stated purpose “to popularise Industrial Life Assurance, and to carry it to the homes of the working classes by issuing policies for small amounts and receiving the premiums thereon each week”.[citation needed] It later became known as Mutual Life & Citizens Assurance Company Limited.

In 1982, Lend Lease acquired 50% of MLC Life Limited and in 1985 acquired the balance of the company. MLC's multi-manager, multi-style investment philosophy was introduced in 1986.

The National Australia Bank purchased MLC and related MLC entities on 30 June 2000 from Lend Lease Corporation Ltd[2] for $4.56bn, one of the biggest mergers in Australian corporate history.

In February 2015, Nippon Life Japan acquired the insurance arm of the company, with the finalisation completed in October 2016. The agreement was for co-branding with National Australia Bank for 2 years; but all other aspects of the business will be separated, and known as MLC Life Insurance. MLC Life Limited is a part of the Nippon Life Insurance Group and not part of the NAB. MLC will no longer be the sole provider of life insurance products to National Australia Bank.

Campus MLC[edit]

MLC's North Sydney head office was completely refurbished in 2002 and renamed Campus MLC. Campus MLC won the 2002 RAIA NSW Interior Architecture Award and the 2002 RAIA National Interior Architecture Award.[3]

References[edit]

External links[edit]