The story
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 became known as Mutual Life & Citizens Assurance Company Limited in 1908.
In 1982, Lend Lease 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%).
On 31 May 2021, the National Australia Bank sold its remaining "MLC" branded wealth management businesses to Insignia Financial (then known as IOOF).
From Wikipedia’s article on MLC Limited, shared under CC BY-SA 4.0.4