MLC Limited

MLC is an Australian company that provides investment, superannuation and financial advice to corporate, institutional, and retail customers.

MLC
IndustryFinance and Insurance
Founded1886
HeadquartersNorth Sydney
Key people
Geoff Lloyd, David Hackett
ProductsSuperannuation, Life Insurance, Investments
ServicesFinancial Planning
Number of employees
5,000
ParentNAB
DivisionsMLC Advice
MLC Financial Planning
Websitewww.mlc.com.au

In 2016, the insurance branch of MLC was divested with Nippon Life Insurance Group acquiring a majority stake. This created a new company MLC Life Insurance, which provides insurance products and services under a brand-sharing arrangement.[1]

History

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”. 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. In June 2000, MLC was sold to the National Australia Bank.[2] for $4.56 billion, one of the biggest mergers in Australian corporate history.[3]

In October 2016, Nippon Life Japan acquired an 80% interest in the insurance arm of the company.[4] 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.

In August 2020, the National Australia Bank agreed to sell MLC to IOOF subject to regulatory approval.[5][6]

Campus MLC

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.[7]

References
  1. MLCL. "About us". www.mlcinsurance.com.au. Retrieved 25 October 2018.
  2. Nab Group Announcements
  3. NAB nabs MLC financial services unit PM 10 April 2000
  4. NAB Completes sale of 80% of life insurance business National Australia Bank 3 October 2016
  5. National Australia Bank to sell MLC as another bank flees wealth management ABC 3 May 2018
  6. MLC Ownership Update MLC 31 August 2020
  7. Campus MLC at Donovan Hill (architect Bligh Voller Nield) Archived 2007-09-07 at the Wayback Machine


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.