NAB has agreed to sell 80 per cent of its life insurance business to Japanese life insurer Nippon Life.
The bank announced the sale this morning via the ASX.
The sale will see the Japanese insurer purchase the business for $2.4 billion, while NAB will retain 20 per cent of the business.
According to NAB, the economic risks and benefits of 80 per cent ownership will pass on to Nippon Life from 28 October.
NAB will retain responsibility for the management of the life insurance business until the completion of the sale.
More to follow.