The Acenda Group has been formally established following the completion of Nippon Life’s global acquisition of Resolution Life Group, combining the insurer the former MLC Life Insurance business.
The combined Group is now one of the largest life insurance businesses in Australia and New Zealand, the firm said, with global backing from Nippon Life.
Satoshi Asahi, president of Nippon Life, said the acquisition strengthens Nippon Life’s position in the Australasian market and builds on the company’s ambition to expand its global operations to support more customers.
“The acquisition reaffirms our enduring commitment to the Australian and New Zealand life insurance sector and our drive to deliver greater value in protection and retirement,” Asahi said.
“We will strive to make the Acenda Group a leader in the local markets, focused on long-term growth and delivering trusted protection and security to more people.”
According to Sir Clive Cowdery, chairman and CEO of Resolution Life, the combined strength of the insurers would increase its ability to serve the needs of policyholders.
“Our strong foundation of shared values, clarity of vision and breadth of capabilities will enable the Acenda Group to play a critical role in driving innovative service and solutions for our customers at this critical juncture for the industry in Australia and New Zealand,” Sir Clive said.
Chris de Bruin, who was appointed as Acenda Group CEO in June, said the completion of the merger was an important milestone.
“As a combined Group we are a stronger, growth-focused business, with the scale and stability to meet the evolving needs of our customers,” de Bruin said.
“Our proud legacy and customer-oriented approach remains our foundation. We are focused on delivering on our promises to customers during the transition with no change to customer policies or their ability to make a claim.”
Acenda said the integration process would take place over time to “ensure a seamless experience for customers, advisers, and partners”.
“In the meantime, the Acenda Group will continue to serve policyholders in Australia under the Acenda and Resolution Life brands, and policyholders in New Zealand under the Asteron Life and Resolution Life brands,” it said.
The deal, which was first announced in December 2024, saw Nippon Life acquire 100 per cent of Resolution Life Australasia, as well as 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 part of the transaction, NAB has agreed to provide, for a period of three years post-completion, an amount of contingent Tier 2 capital support to Acenda.
Earlier in October, Acenda unveiled its group leadership team that now joins de Bruin:
- Sean McCormack as group chief commercial officer to oversee product and distribution, as well as supporting the group’s expansion into longevity and retirement solutions.
- John Lucey as chief investment officer to head the group’s investment strategy and management of investment portfolios.
- Peter Histon as chief information officer to lead the group’s infrastructure transformation, modernisation and data initiatives.
- Andrew Beevors as group claims and innovation officer, taking on responsibility for the group’s claims function and driving innovation in claims and customer care.
- Lisa Hayes as group general council, taking on responsibility for the group’s legal and corporate services functions.
- Nupur Bhushan as interim group chief people officer to support the business through its initial integration phase while the firm looks for someone to take over the role on a permanent basis.
These C-suite appointments will join Grant Willis, CEO of Asteron Life in New Zealand, and Jane Murray who is chief operating officer for Acenda Life, along with group chief financial officer Yvonne Le Bas and group chief risk officer Karen Malzard, all of whom had been appointed in the last 10 months.
The more things change the more they stay the same . . .