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:
*MLC Limited trading as MLC Life Insurance, the original insurance company registered in 1886 as "Citizens' Assurance company Limited", is an insurance company which is part of the Nippon Life Insurance Group.
*MLC Wealth, which consists of the investment and superannuation businesses that MLC Limited expanded into in the 20th century, is part of the Insignia Financial Group, which consists of Insignia Financial Ltd and its related bodies corporate.
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
Lend-Lease, formally the Lend-Lease Act and introduced as An Act to Promote the Defense of the United States (), was a policy under which the United States supplied the United Kingdom, the Soviet Union and other Allied nations with food, oil, ...
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. for $4.56 billion, one of the biggest mergers in Australian corporate history.
In October 2016, the insurance division of MLC limited was divested by National Australia Bank, with Nippon Life Japan acquiring a majority stake (80%). 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).
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.
MLC buildings
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
25 Martin Place (formerly the MLC Centre) is a skyscraper in Sydney, Australia. Designed by architect Harry Seidler, it stands at a height of 228 metres (748 ft) with 67 storeys, and remains one of his most definitive works. The building ...
, one of
Harry Seidler
Harry Seidler (25 June 19239 March 2006) was an Austrian-born Australian architect who is considered to be one of the leading exponents of Modernism's methodology in Australia and the first architect to fully express the principles of the B ...
'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.
References
External links
{{DEFAULTSORT:Mlc
Investment companies of Australia
Lendlease
National Australia Bank
1886 establishments in Australia