Abbey_Life

Abbey Life

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 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]

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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]

References

  1. [1]
    "FTSE: FTSE 100 Constituent Changes" (PDF). FTSE Russell. Retrieved 7 July 2023.
  2. [2]
    Unisys and Abbey Life strike major outsourcing deal Businesswire, 18 January 2001
  3. [3]
    Buoyant Lloyds TSB offloads insurer Abbey Life The Guardian, 1 August 2007
  4. [4]
    "Phoenix Group acquires Abbey Life for £935m". Citywire.co.uk.
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