MLC Limited

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MLC
IndustryFinance and Insurance
Founded1886
HeadquartersMLC Building, North Sydney
ProductsSuperannuation, Investments
ServicesFinancial Planning
Number of employees
5,000
ParentNippon Life Insurance Group
Websitewww.mlc.com.au

MLC is an Australian company that provides investment, superannuation and financial advice to corporate, institutional, and retail customers. It is a subsidiary of Nippon Life Insurance Group.[1]

In 2016, MLC Limited, along with the insurance branch of MLC, was divested by National Australia Bank with Nippon Life Insurance Group acquiring a majority stake. This created a new business division MLC Life Insurance, which provides insurance products and services under a brand-sharing arrangement.[2]

In 2021, NAB's remaining "MLC" branded asset management and wealth management businesses were sold to IOOF.[3]

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. In June 2000, MLC was sold to the National Australia Bank.[4] for $4.56 billion, one of the biggest mergers in Australian corporate history.[5]

In October 2016, Nippon Life Japan acquired an 80% interest in MLC Limited, being the insurance arm of the company.[6] 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 August 2020, the National Australia Bank agreed terms to sell its remaining "MLC"-branded business, MLC Wealth, to IOOF.[7][8] The transaction was completed on 31 May 2021.[9]

MLC buildings[]

Over its long history, MLC Has occupied a number of prominent buildings in Sydney. The MLC Building, built in 1936-8 for MLC as its headquarters on the corner of Martin Place and Castlereagh Street, remains a landmark in the Sydney City Centre. Across from this building, on the south side of Martin Place, is the MLC Centre, one of Harry Seidler's best known works and Sydney's tallest office building until 1992.

Elsewhere in the world, the MLC Tower in Hong Kong was built in 1998, and the MLC Building in Wellington was built in 1940.

MLC's head office in North Sydney 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.[10]

References[]

  1. ^ MLC Limited
  2. ^ MLCL. "About us". www.mlcinsurance.com.au. Retrieved 25 October 2018.
  3. ^ IOOF - MLC acquisition completes
  4. ^ Nab Group Announcements
  5. ^ NAB nabs MLC financial services unit PM 10 April 2000
  6. ^ NAB Completes sale of 80% of life insurance business National Australia Bank 3 October 2016
  7. ^ National Australia Bank to sell MLC as another bank flees wealth management ABC 3 May 2018
  8. ^ MLC Ownership Update MLC 31 August 2020
  9. ^ A New IOOF: MLC acquisition completes IOOF 31 May 2021
  10. ^ Campus MLC at Donovan Hill (architect Bligh Voller Nield) Archived 2007-09-07 at the Wayback Machine

External links[]

Media related to MLC Limited at Wikimedia Commons


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