MLC Limited

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 National Australia Bank
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

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.

The National Australia Bank purchased MLC and related MLC entities on 30 June 2000 from Lend Lease.[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 May 2018, the National Australia Bank announced its intention to sell the business by the end of 2019.[5]

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.[6]

References

  1. ↑ MLC, About us
  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. ↑ Campus MLC at Donovan Hill (architect Bligh Voller Nield) Archived 2007-09-07 at the Wayback Machine.
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