Our business was born from a simple purpose – to provide Australians with the enduring security and protection of life insurance. Throughout our long and storied history, it’s a purpose that’s endured, guiding us forward as we pave the way towards a bold future.
1886 – 1887: Citizens’ Life Assurance Company is founded
The Citizens’ Life Assurance Company is registered in Sydney on 31 December 1886 and opens for business on 1 January 1887. Its stated purpose is “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”.
1908: MLC is formed
The Citizens’ Life Assurance Company combines with the Mutual Life Association of Australasia to form The Mutual Life and Citizens’ Assurance Company Limited – or MLC.
1918: MLC refunds soldiers after WWI
At the end of WWI, MLC makes headlines as one of only three life insurance companies in the world to “refund to every soldier… all the war risk premiums (he has) paid since the outbreak of war”.
1962: MLC becomes a publicly listed company
In the same year Australia wins 38 gold medals at the 1962 British Empire and Commonwealth Games held in Perth, MLC becomes a publicly listed company.
1983: Lend Lease acquires MLC
Lendlease takes ownership of MLC1.
1989: Nest Egg logo is registered
Over a century after its founding, MLC registers a new logo – the iconic ‘nest egg’ – as a symbol of the growth and protection we provide to our customers.
1990: MLC and Capita Financial Group merger
MLC and Capita Financial Group merge to become the third-largest life office in Australia, with assets of more than $10 billion2.
2000: NAB acquires MLC Life Insurance
2009: MLC acquires Navigator platform
MLC acquires Aviva Australia Holdings’ wealth management business, including the Navigator4.
2016: Nippon acquires MLC Life Insurance
Nippon Life Group acquires an 80% stake in MLC Limited from NAB. MLC Limited separates from other MLC brands to create a dedicated life insurance business – MLC Life Insurance.
2020: Continued support through COVID-19
As the world grapples with the onset of the COVID-19 pandemic, we continue to provide support and service for customers, even with our offices in lockdown.
2021: We Have You Covered Campaign
Responding to some public concern about COVID-19 vaccine side effects, we release a statement providing assurance that receiving, or refusing, the vaccine won’t influence our underwriting decisions or affect a customer’s ability to obtain insurance5.
2022: MLC launches Vivo
We launch Vivo, our holistic health, wellness, and recovery program. Designed to provide care and support for our customers through life’s journey, Vivo wins its first industry award less than six months later.
2023: MLC Life Insurance wins Money Magazine 2023 Award
We’re recognised as a leader in health and wellness after taking out the top spot in Money Magazine’s 2023 Consumer Finance Awards for our award-winning Vivo health and wellness program.
2024 - MLC Life Insurance becomes Acenda
Almost a decade after becoming an independent life insurer with the support of Nippon Life Group, we announce that MLC Life Insurance will become Acenda. As our new brand, we’ll be taking our longstanding heritage of putting customers at the heart of everything we do into a new era of protection – securing more tomorrows, so people can embrace life freely today. To learn more about how we’re changing from MLC Life Insurance to Acenda, click here.
1 http://www.fundinguniverse.com/company-histories/lend-lease-corporation-limited-history
2 https://www.afr.com/politics/mlc-and-capita-merged-19901005-k44q7
3 https://www.moneymanagement.com.au/news/financial-planning/national-buys-mlc-45-billion