Abbey Life
 | |
| Company type | Limited company |
|---|---|
| Industry | Life assurance |
| Founded | 1961 |
| Headquarters | Bournemouth, UK |
Key people | David Woolett, 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 in 2000.
Abbey Life was formerly a public company listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.
History
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]
On 30 December 2016 Abbey Life was acquired by the Phoenix Group. Phoenix is a FTSE 250 company with a long history in life insurance.
References
- ^ 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