Aviva buy pays off for MLC
National Australia Bank says inforce premiums in MLC’s life insurance business have increased in the first quarter of the bank’s 2011 financial year.
But the quarterly figures to September 30 last year have been tempered by an increase in higher personal disability claims, offset by lower personal lump sum settlements.
The bank has not disclosed any figures in its trading update to the Australian Securities Exchange, but says expenses were lower as synergies from the Aviva acquisition start to flow through.
MLC also maintained its market share during the quarter, retaining its number one ranking according to independent researcher Dexx&r.
NAB Group CEO Cameron Clyne says the integration of Aviva into MLC is continuing to bring benefits despite the higher disability claims.
Adviser numbers at MLC grew by about 100 during the quarter, with most coming from the acquisition of dealer group Meritum.
NAB inherited a minority stake in the Melbourne group when it acquired Aviva and took complete ownership of Meritum late last year.