Business Update

Resolution Life Australasia Limited

Note: All amounts are in Australian dollars unless otherwise stated and relate to the results of Resolution Life Australasia Limited, a regulated life insurance subsidiary of Resolution Life NOHC Pty Limited. 

31 December 2024 Business Update

For the full year ended 31 December 2024, Resolution Life Australasia Limited reported an after-tax statutory net profit of A$154 million. 

As at 31 December 2024 Resolution Life Australasia Limited’s capital base of A$2,318 million was A$1,474 million in excess of the Prescribed Capital Amount of A$844 million, which represents a Capital Adequacy Multiple of 275%.
 

Key Metrics

¹ For year ending 31 December 2023 there were certain reclassifications in the Statement of Comprehensive Income and the Statement of Financial Position. Refer to page 7 & 8 of the Resolution Life Australasia Limited Financial Report for year ending 31 December 2024. 

² Capital Base has remained flat largely due to profits earned during the period being offset by distributions paid. The PCA decreased mainly due to the increase of Deferred Tax Liabilities reducing the tax write offs in the capital reserves, offset by rotation of assets into private credit on both non-participating and participating portfolios. The combination of the flat Capital base and the decrease in the PCA resulted in the capital adequacy ratio increasing from 238% to 275%. 

Other Significant Announcements 

Nippon Life Acquisition

On 11 December 2024, Resolution Life announced the acquisition of 100% of its shares by Nippon Life. 

Nippon Life will also acquire the remaining 20% of MLC Life Insurance from National Australia Bank. 

As a result of these transactions, and pending regulatory approvals, Resolution Life’s Australian and New Zealand subsidiary, Resolution Life Australasia, will combine with Nippon Life’s Australian company MLC Life Insurance to form a merged group that will create one of Australasia’s largest life insurance businesses by market share. 

Following completion, the combined group will operate as a new company called Acenda with scale and combined capabilities that will deliver market-leading customer solutions. 

Acenda will continue to foster the “customer first” philosophy of both Resolution Life and MLC Life Insurance, leveraging Resolution Life Australasia’s digital investments and MLC Life Insurance’s new business growth capabilities. It will honour existing commitments to policyholders, while pursing growth through the acquisition of in-force portfolios of life insurance policies, as well growing new business through new individual, group insurance and retirement income customers. 

Acenda will be wholly owned and part of the Nippon Life group.

Refer to our website release for further information.
 

Mr. Chris de Bruin appointed as the future Group Chief Executive Officer of Acenda Group

On 24th June 2025, Resolution Life Australasia announced the appointment of Mr. Chris de Bruin as the future Group Chief Executive Officer of Acenda. 

Acenda and Resolution Life Australasia congratulates Mr. Chris de Bruin on his appointment as the future Group Chief Executive Officer (CEO) of the Acenda Group, which will include Acenda (formerly MLC Life Insurance) and Resolution Life Australasia. 

Mr. de Bruin’s appointment follows Nippon Life’s announcement in December 2024 that it had agreed to acquire 100% of the shares of Resolution Life. On completion of this transaction, which is subject to regulatory approvals and is expected to occur in the second half of 2025, Acenda and Resolution Life Australasia will merge to form one of the largest life insurance businesses in Australia and New Zealand.

Refer to our website for further information.
 

Asteron Acquisition 

On 3 February 2025, Resolution Life Australasia announced that it had completed the NZ$410 million acquisition of Asteron Life New Zealand (Asteron Life) from Suncorp Group Limited. 

New Zealand is an important market for Resolution Life with the acquisition providing significant scale, capability and growth prospects in this market. Asteron Life will remain open to new business and continue to operate under the Asteron Life brand and as a standalone New Zealand licenced and incorporated life insurance company. 

Asteron Life will be led by Grant Willis as Chief Executive Officer – Asteron Life New Zealand and the business will be overseen by the Asteron Life Board, chaired by Simon Tyler.

Refer to our website release for further information.
 

Credit ratings

As at 31 December 2024, Resolution Life Australasia Limited’s credit ratings are as follows: 

*Note, in May 2024 the Bloomberg ticker code was changed from AMPLF to RESLAU

 

Audited Financial Report

Resolution Life Australasia Limited’s audited financial report for the year ended 31 December 2024 is available here.
 

Contact Details

For investor enquiries, please contact: 

Resolution Life Australia - Treasury 
funding_treasury@resolutionlife.com.au

For any media enquiries, please contact:

Erica Borgelt
erica.borgelt@secnewgate.com.au