Abbey Life

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This article is about the UK life assurance company. For the UK bank, Abbey, formerly the Abbey National building society, see Abbey National.
Abbey Life plc
Former type Public
Industry Life assurance
Fate Acquired
Successor(s) Deutsche Bank
Founded 1961
Defunct 2007
Headquarters London, UK
Key people Sir Mark Weinberg, (Chairman)
Website www.abbeylife.co.uk

Abbey Life plc was a leading life assurance business based in London also with an office in Bournemouth. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.

History[edit]

The Company was founded by Mark Weinberg in 1961 as the Abbey Life Assurance Company.[1] ITT Corporation bought a half interest in the Company in 1964 and in 1970 bought the rest.[1] It was first listed on the London Stock Exchange in 1986.[1] In 1988, the then Lloyds Bank acquired a majority stake in the business which became known as Lloyds Abbey Life.[1] The Company became wholly owned by Lloyds TSB in 1996[1] and absorbed Hill Samuel Life Assurance Company in 1998.[1] It lost its sales force in 2000 when it closed to new business.[1]

In 2007, Lloyds Banking Group sold the Company to Deutsche Bank.[2]

References[edit]

  1. ^ a b c d e f g Unisys and Abbey Life strike major outsourcing deal Businesswire, 18 January 2001
  2. ^ Buoyant Lloyds TSB offloads insurer Abbey Life The Guardian, 1 August 2007