Japan’s Nippon Life Insurance Company (Nippon Life) has completed the acquisition of 80% of MLC Limited (MLCL), the entity which operates MLC’s life insurance business, a subsidiary of National Australia Bank (NAB).

It has received the approval of the Japanese and Australian regulatory authorities for the acquisition.

Nippon Life said it has assigned several  of its employees to work in MLCL at the board and operational levels in order to manage and monitor MLCL as one of Nippon Life’s group companies.

Nippon Life said it aims to enhance MLCL’s corporate value by providing MLCL with technical assiatance and group know-how, investing in IT and expanding bancassurance,digital capability and cross-selling opportunities to existing bank customers with NAB’s continuing support as a shareholder and distribution partner.

Nippon Life said the acquisition will increase group profit and create a steady and sustainable profit base.