MetLife snares Richard Nunn as new CEO

US life insurance giant MetLife has lured Statewide Super boss Richard Nunn to lead its Australian operation.

Statewide Super chief executive Richard Nunn is set to joins MetLife as its new CEO. Picture: Supplied

US life insurance giant MetLife has lured Statewide Super boss Richard Nunn to lead its Australian operations, in what promises to be another busy year for the sector.

Mr Nunn — who has led Statewide for three years and prior to that had stints at National Australia Bank, Commonwealth Bank and IOOF, starts on May 1 after a period of gardening leave. The Australian was first to report the key hire on Monday and it was later confirmed by MetLife.

He takes over at an interesting juncture for the sector as global players step up their presence. Swiss heavyweight Zurich is in the process of completing an acquisition of ANZ Bank’s life insurance business, while Asian group AIA is snapping up Commonwealth Bank’s life arms in Australia and New Zealand. Japan’s Dai-ichi Life, which owns TAL, is buying Suncorp’s life division.

MetLife was an underbidder on ANZ’s life insurance sale to Zurich, which was announced in late 2017 as a $2.85 billion agreed deal.

The ownership changes in the local market are set to inject a more competitive dynamic in the life insurance sector. MetLife has also started to push into the retail adviser side of the market.

“MetLife continues to gather momentum in Australia, recently expanding into the retail market and winning the multi-million dollar Tasplan tender,” the company’s local chairman Geoff Brunsdon, said. “I am confident Richard will continue to build on that momentum and deliver our vision of giving people the fastest, easiest and most caring life insurance experience.”

MetLife is the third largest group life insurer in Australia.

The life insurance industry, has however, copped criticism during the Hayne royal commission over pressure sales tactics, policies being foisted on unsuspecting or venerable customers, and high rates of claim rejection. The final Hayne report will be submitted to the federal government by February 1.

Mr Nunn replaces Deanne Stewart, who left MetLife late last year to replace Michael Dwyer as the CEO of First State Super.

Ms Stewart led MetLife locally for four years. Vince Watt, MetLife Australia’s finance chief, will continue as acting CEO until Mr Nunn starts in the top job.