MLC Life and Resolution Life Australasia will come together under a new brand, Acenda, following the acquisition of the latter by Japanese insurer Nippon Life.
The integration is a part of a broader transaction. On Wednesday, Nippon Life said it will acquire Resolution Life Group and make it a wholly owned subsidiary in an estimated US$8.2 billion ($12.7 billion) dollar deal. The deal is expected to take place in the second half of 2025.
Nippon Life acquired 80 per cent of MLC Life in 2016 from NAB and also acquired the remaining 20 per cent equity from the big four bank as part of the transaction.