In a statement, MLC Life Insurance said it had appointed Rodney Cook, a former chief executive of UK financial services firm Just Group, to the role.
Mr Cook is also former managing director of AMP New Zealand and has held senior roles at Prudential UK and Zurich Financial Services.
"We are delighted that a person of the calibre and experience of Rodney Cook will lead MLC Life Insurance," MLC chairman Peter Grey said.
Mr Cook added that he was thrilled with the opportunity to lead an "iconic company".
"These are challenging times for all Australians and their life insurers," he said.
"With the continued support of Nippon Life and NAB, and significant ongoing investment in our technology and processes, I aim to deliver outstanding service to our 1.3 million customers through our business partners and people."
Mr Grey added that the MLC board was grateful for the services of Sean McCormack, who had acted as the insurer's chief executive for the last five months.
