The Finance Sector Union (FSU) has said that several hundred roles have been eliminated at life insurer Acenda following the merger of MLC Life and Resolution Life Australia and is contesting how the restructure is being carried out.
The union estimates that about 280 positions have been cut since late last year, when the merged business began integrating operations under the Acenda brand. The reductions have occurred in multiple rounds, which the FSU says have affected staff across most parts of the organisation.
According to the FSU, the first phase removed roughly 85 roles primarily in upper middle management, followed by a second round affecting about 150 lower middle management positions. A third wave of more than 50 redundancies has since been reported. The union says it continues to receive reports of additional job losses being communicated to employees. Union representatives say a significant share of affected employees appear to be from the former MLC Life business, prompting internal concern about how integration decisions are being applied across the combined group.
The FSU has lodged a formal dispute, arguing Acenda has not met its obligations to consult employees about “major workplace change” under enterprise agreements. It is seeking more detail on the scale and timing of the restructuring program and a commitment to consult with staff and their representatives before further changes proceed. “Acenda workers are facing round after round of job cuts with very little information about what is happening next. Workers deserve transparency and genuine consultation when major changes are happening to their jobs and their livelihoods,” FSU national president Wendy Streets said.
Streets added: “Enterprise agreements require employers to genuinely consult with workers when significant changes are proposed. The way these job cuts have been handled raises serious questions about whether Acenda is meeting those obligations. Workers deserve honesty about what the future of the business looks like and a seat at the table when decisions are being made about their jobs.” The union says employees are reporting increased uncertainty as speculation about further restructures circulates, particularly in teams that came across from MLC Life.
Acenda Group was established in October 2025 following Nippon Life’s global acquisition of Resolution Life Group. The transaction brought together three life insurance operations: the former MLC Life Insurance business (now operating as Acenda Life), Resolution Life Australasia, and Asteron Life New Zealand. At the time, Nippon Life president Satoshi Asahi said the acquisition “reaffirms our enduring commitment to the Australian and New Zealand life insurance sector and our drive to deliver greater value in protection and retirement. We will strive to make the Acenda Group a leader in the local markets, focused on long-term growth and delivering trusted protection and security to more people.”
Resolution Life chairman and CEO Sir Clive Cowdery said a “strong foundation of shared values, clarity of vision, and breadth of capabilities” would enable Acenda “to play a critical role in driving innovative service and solutions for our customers at this critical juncture for the industry in Australia and New Zealand.” Acenda Group CEO Chris de Bruin described the combined organisation as having the “scale and stability to meet the evolving needs of our customers,” and said there would be “no change to customer policies or their ability to make a claim” during the integration period. The group said consolidation of systems and operations would occur over time, while continuing to use the Acenda and Resolution Life brands in Australia and the Asteron Life and Resolution Life brands in New Zealand.
The FSU is framing the Acenda redundancies as part of a wider trend of job cuts in the insurance sector in Australia and overseas. In September 2024, IAG announced plans to remove 214 roles across its Direct Insurance Australia and Intermediated Insurance Australia divisions. The positions include roles in digital business support, direct claims, distribution, and underwriting. The union highlighted the decision against IAG’s reported 2023/24 insurance profit of $1.42 billion, a 79.1% increase on the prior year, and a 78% rise in CEO Nick Hawkins’ pay to $5.23 million.
“IAG is Australia’s largest general insurer and has no business need to cut these jobs given its record profitability. If it’s good enough for CEO Nick Hawkins to get a 78% increase in pay to $5.23m in 2023/24 then it’s good enough for IAG to continue employing its hard-working staff,” FSU national secretary Julia Angrisano said at the time. She said members were also “worried about the impact on their customers,” pointing to possible higher workloads and longer processing times for policies and claims.
Internationally, Allianz Partners plans to cut between 1,500 and 1,800 roles in its travel insurance arm over the next 12 to 18 months, mainly in call centres, as artificial intelligence tools take on functions that have relied on manual processes, according to a source cited by Reuters in 2025. Allianz Partners has said it is reviewing how technological change will affect employees and is in confidential discussions with works councils.
