Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

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

Published 03/10/2016, 12:00 pm
Updated 03/10/2016, 12:10 pm
© Reuters.  BRIEF-National Australia Bank completes sale of 80 pct of Life Insurance business
NAB
-

Oct 3 (Reuters) - National Australia Bank Ltd NAB.AX

* 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: ID:nASX8vmgBF Further company coverage: NAB.AX

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.