In December, Nippon Life Insurance Company announced it had acquired MLC Life Insurance and Resolution Life Australasia, with the intention of merging the two major Australian insurers to form Acenda.
The merger itself came about following Nippon Life acquiring 100 per cent of Resolution Life Australasia and the remaining 20 per cent share of MLC Life that National Australia Bank (NAB) had retained since 2016 when Nippon initially acquired an 80 per cent stake in the insurer.
As the group prepares for the merger, which is currently subject to regulatory approvals and is expected to occur in the second half of 2025, Craig Dunn has been appointed as the future independent chair of Acenda.
Dunn is currently an independent non-executive board director for MLC Life Insurance and will chair the board integration oversight committee responsible for overseeing the integration planning program before the completion of the transaction.
In addition to his role with Acenda, Dunn is currently the chair of Telstra Group Limited, Redkite and CMiMerryck, and a non-executive director of Lion.
Nippon Life president Hiroshi Shimizu said he was pleased to welcome Dunn into his new role as the group prepares to merge.
“Mr Dunn has served as a valued member of the MLC Life Insurance board since 2023. He brings over 30 years’ experience in financial services and is highly regarded for his board expertise and knowledge of the life insurance sector,” Shimizu said.
“Under Mr Dunn’s guidance, I am confident Acenda will deliver on its commitment to provide more innovative products and services that meet the evolving needs of more Australians and New Zealanders, now and into the future.”
The current MLC Life chairman, Peter Grey, who is set to retire upon completion of the merger, said he welcomed the news of Dunn’s appointment.
“It has been an honour to serve as chairman of MLC Life Insurance for the past nine years. As we become Acenda, we enter a new era for our business, and I look forward to seeing its enduring success under Craig’s direction,” Grey said.
Dunn said he is honoured to take on this new responsibility as the group prepares to usher in the “next phase of evolution”.
“As we enter a new era for our businesses, building on our long legacy to become one of Australia and New Zealand’s largest life insurance businesses, I look forward to working with the future board and executive team to deliver on our customer commitments,” Dunn said.
“I’d like to acknowledge Peter’s significant contribution to MLC Life Insurance as chair. Over his tenure, Peter has helped guide the business with his leadership and vision, which has been instrumental in shaping our success. On behalf of the board, I thank Peter for his dedication to MLC Life over the past nine years.”
