New MLC Life Insurance Board Announced
OREANDA-NEWS. Peter Grey was today announced as the independent Chairman of the new MLC Life Insurance business.
Mr Grey will be joined on the board by:
- Independent Non-Executive Director, Mr Andy Cornish; and
- Non-Executive Directors, Mr Hiroyuki Nishi and Mr Toshihiro Nakashima.
These appointments are effective immediately, following today’s announcement that National Australia Bank’s (NAB) sale of 80% of MLC Limited – the entity which operates the MLC Life Insurance business – to Nippon Life Insurance Company (Nippon Life) has been completed.
NAB will continue to own and use the MLC brand in providing super, investments, advice and life insurance to customers, and will continue to distribute MLC Life Insurance products through its network. The MLC Life Insurance business will have a 10 year license agreement to use the MLC brand for life insurance.
Current independent Non-Executive Director and Chair of the MLC Audit Committee, Sandra Birkensleigh, will continue on the Board. Ms Birkensleigh will continue to bring her extensive experience from a range of other private sector, statutory and academic boards to MLC Life Insurance. CEO of MLC Life Insurance, Mr David Hackett, will also continue as Executive Director. Andrew Hagger will also continue on the Board, but as a Non-Executive Director.
NAB Group CEO Andrew Thorburn said, “The renewed board will collectively hold a deep understanding of MLC Life Insurance’s history and the insights and leadership to guide MLC Life Insurance as it looks to grow into the future.
“Mr Grey is a former senior diplomat and official, respected by business with strong international links, particularly in Japan.”
President and CEO of Nippon Life, Yoshinobu Tsutsui said: “The newly reconfigured board is fit for purpose. It brings together senior Japanese and Australian individuals. MLC Life Insurance is poised for strong performance.”