MLC Life Insurance acknowledges the proceedings announced by ASIC today in relation to four historical breach events involving systems and control processes.

These events were self-reported to ASIC by MLC Life Insurance. Following our internal investigations, all impacted customers were fully compensated and the events remediated and closed.

We take our responsibility to deliver on our customer commitments seriously. Where we fall short in doing the right thing for our customers, we communicate with them and remediate our errors promptly.

In recent years, we have invested over $650 million in our technology transformation, including digital and data, infrastructure and support services. We are continuing to invest in order to better serve our employees, advisers, our superfund clients and their members.

MLC Life Insurance will carefully consider the claims by ASIC and is committed to working constructively through the legal process.

MLC Life Insurance is part of the Nippon Life Group of Companies and is not a part of the MLC Wealth or IOOF Groups of Companies.