Tuesday, May 22, 2018

NAB completes sale of life unit to Nippon Life

After completing the sale of 80% of its life insurance business to Nippon Life for A$2.4 billion (US$1.8 billion), National Australia Bank (NAB) expects a loss of between A$1.2 billion and A$1.3 billion on the deal.

The bank said the complete financial details of the sale will be incorporated in its full-year results due on 27 October.

NAB chief executive Andrew Thorburn said the recent transaction marks the end of NAB’s divestment of its non-core assets and it will enable the bank to focus totally on its core business in Australia and New Zealand.

NAB will maintain a 20% stake in the life insurance business, entering into a partnership with the Japanese insurer that will continue over the next 20 years at least.





Related Articles

InsuranceAsia News video

Shoaib Hussain, Milliman

Follow InsuranceAsia News

Partner Content

White Papers

Print Edition


Cat pricing unmoved