Insurance growth helps drive MLC forward
NAB wealth management division MLC has attributed strong growth in its insurance division for a 1.5% increase in cash earnings.
MLC recorded underlying cash earnings of $408 million on the back of strong sales and insurance results, offset by negative investment earnings growth.
Gross profit climbed 3% to $576 million, while insurance income increased almost 20% to $32 million.
NAB CEO John Stewart says the bank and wealth management operations are “all profitable, well capitalised and conservatively funded”.
“MLC has performed well given the deterioration in investment market conditions.”
Parent company NAB reported a 0.9% dip in net profit to achieve a return of $4.5 billion.
MLC recorded underlying cash earnings of $408 million on the back of strong sales and insurance results, offset by negative investment earnings growth.
Gross profit climbed 3% to $576 million, while insurance income increased almost 20% to $32 million.
NAB CEO John Stewart says the bank and wealth management operations are “all profitable, well capitalised and conservatively funded”.
“MLC has performed well given the deterioration in investment market conditions.”
Parent company NAB reported a 0.9% dip in net profit to achieve a return of $4.5 billion.