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NAB announces UK insurer alliance

Date: Thu, 14 Aug 03 Analysis

LONDON, UK - National Australia Bank Ltd has announced an alliance that will see Legal & General Group PLC's life insurance offered to customers of National's three U.K. banks.

The banks involved in the deal will be the Clydesdale, Yorkshire and Northern banks, as of September.

Under the agreement, Legal & General products will replace National's own products, which have been provided by its UK unit, National Australia Life, since 1995.

'The U.K. insurance industry is one of the most competitive and dynamic in the world, and the companies that succeed here are those that play to their strengths,' said Richard Hoskins, the National's U.K. head of insurance.

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