23 Jun 2009

NAB buys insurer

6:49 am on 23 June 2009

National Australia Bank will become Australia's biggest life insurer, and boost its presence in the wealth management industry, after buying Aviva Australia for $A825 million.

NAB bought the business from Aviva in Britain, the world's fifth biggest insurer, beating three other bidders. The takeover is subject to regulatory approval.

New chief executive Cameron Clyne says the acquisition will give NAB scale in the wealth management industry.