NAB will complete the sale of MLC’s life business to Nippon Life in the second half of this year, according to Group CEO Andrew Thorburn.

“The long-term partnership and sale of 80% of our life insurance business… is progressing well,” he said.

“This important transaction allows us to continue to provide insurance solutions to customers while improving returns for shareholders.”

MLC’s life operation has reported a 3.2% rise in annual inforce premium to $1.8 billion for the six months to March 31.

Retail annual inforce premium grew 2.8% to $1.3 billion in the half.

Group life inforce premium was up 4.1% to $534 million.

Life insurance cash earnings soared to $111 million from $50 million in the previous corresponding period.