Nippon Life has completed its $8.2 billion (approximately $12.5 billion AUD) acquisition of Bermuda-based Resolution Life, including its operations in Australia and New Zealand.
The Japanese insurer says the deal bolsters its presence in Australia, where it also owns MLC Life, which has now been rebranded as Acenda.
Under the new structure, Acenda combines the businesses of MLC Life, Resolution Life, and Asteron Life in New Zealand under a single brand.
“The combined group is now one of the largest life insurance businesses in Australia and New Zealand, supported by the global strength of Nippon Life,” the company said.
Acenda CEO Chris de Bruin described the transaction as a major milestone.
“As a combined group, we are a stronger, growth-focused business, with the scale and stability to meet the evolving needs of our customers. We are committed to delivering on our promises during the transition, with no changes to customer policies or their ability to make claims,” he said.
Acenda confirmed that integration will be phased to ensure a seamless experience for customers, advisers, and partners.
“In the meantime, the Acenda Group will continue serving policyholders in Australia under the Acenda and Resolution Life brands, and in New Zealand under the Asteron Life and Resolution Life brands,” the company added.
Japanese insurer Nippon Life has finalized its $8.2 billion (≈$12.5 billion AUD) acquisition of Bermuda-based Resolution Life, including its operations in Australia and New Zealand.
The deal strengthens Nippon Life’s presence in Australia, where it also owns MLC Life, now rebranded as Acenda. Under the new structure, Acenda merges MLC Life, Resolution Life, and New Zealand’s Asteron Life into a single brand, creating one of the largest life insurance businesses in the region.
Acenda CEO Chris de Bruin called the transaction a major milestone, emphasizing that customer policies and claims processes will remain unaffected during integration. The company confirmed that the transition will be phased to ensure a seamless experience for customers, advisers, and partners.
During the integration, the Acenda and Resolution Life brands will continue serving policyholders in Australia, while Asteron Life and Resolution Life brands will operate in New Zealand.