MLC Life Insurance Celebrates Major Milestone

MLC Life Insurance celebrated 130 years of operation in Australia with a gala black-tie dinner in Sydney’s Museum of Contemporary Art on 23 July, 2017.

Hosting the guests was MLC Life Insurance Chief Executive David Hackett who was joined by a number of his predecessors and Nippon Life Managing Director of International Business, Hiroyuki Nishi.

Hackett said the dinner was a once in life time event and brought together many long-term supporters of the insurer and he felt deeply privileged and honoured to lead a company first set up by James Garvan in 1886.

During his speech Hackett said MLC Life Insurance paid out $3.6 million in claims each day and represented the insurer fulfilling promises it made in the past, including to a 92-year-old customer whose parents took out a whole of life policy for him in 1924 and which has been retained to the present.

Hackett thanked former owner, NAB, for the growth and development of the business from the time it was purchased from Lendlease in 2000 to the 80% sale to Nippon Life in 2016. He also thanked many of his colleagues at NAB and MLC Life Insurance who helped complete the transaction.

He added the life insurance sector needs to be trusted by the public to ensure its long-term sustainability and that insurers needed to respond to the changing needs and expectations of consumers.

“The better we do the more people will choose life insurance which is a virtuous outcome since Australians are materially under-insured, and when an insurable event happens without cover the burden falls to the family or the taxpayer. A viable, sustainable, trust worthy life insurance sector provides a clear public good for society,” Hackett said.