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BRIEF-National Australia Bank completes sale of 80 pct of Life Insurance business
October 3, 2016 / 1:02 AM / 10 months ago

BRIEF-National Australia Bank completes sale of 80 pct of Life Insurance business

1 Min Read

Oct 3 (Reuters) - National Australia Bank Ltd

* Announced completion of sale of 80% of its life insurance business to Nippon Life Insurance Company (Nippon Life) for $2.4 billion

* Goodwill for wealth business is expected to reduce by approximately $1.6 - $1.7 billion

* Also committed investment of at least $300 million over next 4 years in superannuation, platform, advice & asset management business

* Peter Grey has been appointed chairman of MLC Ltd

* Commencing a long term partnership with Nippon Life

* Partnership includes 20 year distribution agreement to provide life insurance products through nab's owned and aligned networks

* Transaction has resulted in a loss on sale, which is expected to be approximately $1.2 - $1.3 billion

* For cash earnings, in fy16 results, 80% of earnings for MLC Life Insurance will be treated as discontinued operations outside of cash earnings Source text for Eikon: Further company coverage:

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