MLC Life Insurance says it is embarking on a global search for a new CEO after David Hackett resigned.

Mr Hackett led the firm’s transition to a standalone life insurer when Nippon Life Insurance Group bought 80% of MLC from National Australia Bank in October 2016.

That task was “made even more complex by the significant commercial challenges facing the Australian life insurance sector along with major regulatory changes,” a statement from MLC says.

Sean McCormack, the Chief of Group and Retail Partners, will act as CEO while the board conducts its recruitment search.