Abbey Life
 | |
| Company type | Limited company |
|---|---|
| Industry | Life assurance |
| Founded | 1961 |
| Headquarters | Bournemouth, UK |
Key people | David Woollett, Director |
| Owner | Phoenix Group |
| Website | www |
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
[edit]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]
References
[edit]- ^ "FTSE: FTSE 100 Constituent Changes" (PDF). FTSE Russell. Retrieved 7 July 2023.
- ^ a b c d e f g 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.
External links
[edit]- 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