Abbey Life Assurance Company Limited is a

life assurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

business based in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

also with an office in

Bournemouth Bournemouth () is a coastal resort town in the Bournemouth, Christchurch and Poole council area of Dorset, England. At the 2011 census, the town had a population of 183,491, making it the largest town in Dorset. It is situated on the Southern ...

. The company has been closed to new business in 2000. Abbey Life was formerly a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

and was once a constituent of the

FTSE 100 Index The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is a share index of the 100 companies listed on the London Stock Exchange with (in principle) the highest market ...

History

The Company was founded by

Mark Weinberg Sir Mark Aubrey Weinberg (born 9 August 1931) is a South African-born British financier. He is the Life President of St. James’s Place Wealth Management. Early life and education Weinberg was born in South Africa and educated at King Edw ...

in 1961 as the Abbey Life Assurance Company.Unisys and Abbey Life strike major outsourcing deal
Businesswire, 18 January 2001

ITT Corporation ITT Inc., formerly ITT Corporation, is an American worldwide manufacturing company based in Stamford, Connecticut. The company produces specialty components for the aerospace, transportation, energy and industrial markets. ITT's three businesses ...

bought a half interest in the Company in 1964 and in 1970 bought the rest. It was first listed on the

in 1986. In 1988, the then

Lloyds Bank Lloyds Bank plc is a British retail banking, retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four (banking), Big Four" clearing house (finance), clearing banks. Lloyds B ...

acquired a majority stake in the business which became known as Lloyds Abbey Life. The Company became wholly owned by

Lloyds TSB Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exten ...

in 1996 and absorbed Hill Samuel Life Assurance Company in 1998. It lost its sales force in 2000 when it closed to new business. In 2007,

Lloyds Banking Group Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank w ...

sold the Company to

Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...

. On 30 December 2016 Abbey Life was acquired by the

Phoenix Group Phoenix Group Holdings plc (formerly Pearl Group plc) is a provider of insurance services based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. History The company was founded in 1857 as ...

. Phoenix is a FTSE 250 company with a long history in life insurance.

References

External links

* {{ITT Corporation Phoenix Group Life insurance companies of the United Kingdom ITT Inc. Financial services companies established in 1961 British companies established in 1961 1996 mergers and acquisitions 2007 mergers and acquisitions 2016 mergers and acquisitions Companies formerly listed on the London Stock Exchange 1970 mergers and acquisitions