Type Subsidiary Key people Andrew Hagger, CEO Headquarters Sydney, Australia Number of employees 5,000 | Industry Finance and Insurance Services Financial Planning Founded 1886 | |
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Products Superannuation, Insurance, Investments Divisions MLC Advice, MLC Financial Planning CEO Andrew P. Hagger (May 2013–) Parent organizations National Australia Bank, Nippon Life Subsidiaries MLC Investment Management Limited Profiles | ||
MLC is National Australia Bank's wealth management partner providing investment, superannuation, insurance, and financial advice to corporate, institutional, and retail customers.
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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 made a partial (50%) takeover of MLC Life Limited and, in 1985, MLC Life Limited became a wholly owned subsidiary of Lend Lease. MLC's multi-manager, multi-style investment philosophy was introduced in 1986.
MLC was purchased by National Australia Bank on 30 June 2000 from Lend Lease Corporation Ltd.
In February 2015, a takeover of the insurance arm by Nippon Life Japan was announced, with the finalisation to be completed October 2016. Co-branding with National Australia Bank is contracted for a further 2 years. However, all other aspects of the business will be separated. MLC will no longer be the sole provider of life insurance products to National Australia Bank.
Campus MLC
MLC's North Sydney head office 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.