Abbey Life Assurance Company Limited is a life assurance business based in London also with an office in Bournemouth. The company has been closed to new business since 2000. Abbey Life was formerly a public company listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.[1]
History
The company was founded by Mark Weinberg in 1961 as the Abbey Life Assurance Company.[2] ITT Corporation bought a half interest in the Company in 1964 and in 1970 bought the rest.[2] It was first listed on the London Stock Exchange in 1986.[2] In 1988, the then Lloyds Bank acquired a majority stake in the business which became known as Lloyds Abbey Life.[2] The Company became wholly owned by Lloyds TSB in 1996[2] and absorbed Hill Samuel Life Assurance Company in 1998.[2] It lost its sales force in 2000 when it closed to new business.[2]
In 2007, Lloyds Banking Group sold the company to Deutsche Bank.[3]
On 30 December 2016 Abbey Life was acquired by the Phoenix Group.[4]
External links
References
- FTSE: FTSE 100 Constituent Changes FTSE Russell, retrieved 7 July 2023^
- Unisys and Abbey Life strike major outsourcing deal Businesswire, 18 January 2001^
- Buoyant Lloyds TSB offloads insurer Abbey Life The Guardian, 1 August 2007^
- Phoenix Group acquires Abbey Life for £935m Citywire.co.uk^