POWERED BY MOMENTUM MEDIA
MLC Life needs system upgrade to compete in group
MLC Life may soon be positioned to have a greater presence in group life space servicing industry superannuation funds.
A Parliamentary Committee has been told that, up to now, MLC Life has not been in a position to service more than the needs of National Australia Bank (NAB) aligned superannuation entities, but this was likely to change.
Answering questions during a public hearing of the Parliamentary Joint Committee on Corporations and Financial Services, NAB chief customer officer, consumer banking and wealth management, Andrew Hagger confirmed that MLC Life had achieved little success where industry funds were concerned.
“We are proud to be the group insurer for QuickSuper, but MLC has not been in a position to pursue business in the group market for the very big industry super funds,” he said.
Hagger said Nippon Life, which had acquired 80 per cent of the MLC Life business, needed to make significant system upgrades before that could happen.
“I think we will see that over time,” he said.
Hagger noted that in his time overseeing the business, it was not an area that was pursued strongly in circumstances where 65 per cent of the business of MLC Life was through retail advice.
Recommended for you
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
