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Australian financial services company that was acquired by National Australia Bank in June 2000 From Wikipedia, the free encyclopedia
MLC was an Australian business that provides investments, insurance and superannuation solutions to corporate, institutional, and retail customers. Due to divestments in the early 21st century, there are now two businesses, with no ownership links, that both use "MLC" in their branding:
| |
| Industry | Financial services |
|---|---|
| Founded | 1886 |
| Headquarters | Melbourne, Australia |
| Products | Superannuation, insurance, investments |
| Services | Financial planning |
Number of employees | 5,000 |
| Parent | Nippon Life |
| Website | www.mlc.com.au |
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.[3] for $4.56 billion, one of the biggest mergers in Australian corporate history.[4]
In October 2016, the insurance division of MLC limited was divested by National Australia Bank, with Nippon Life Japan acquiring a majority stake (80%).[5] This created a new and separate business, MLC Life Insurance, which provides insurance products and services.
On 31 May 2021, the National Australia Bank sold its remaining "MLC" branded wealth management businesses to Insignia Financial (then known as IOOF).[6][7][8]
MLC Limited (known as MLC Life Insurance) uses the MLC brand under licence from MLC Wealth Holdings Limited. MLC Wealth Holdings Limited is part of the Insignia Financial Group. MLC Limited is part of the Nippon Life Insurance Group and is not part of the Insignia Financial Group of companies.
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.[9]
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