Abbey Life Assurance Company Limited is a life assurance business based in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

also with an office in

Bournemouth Bournemouth ( ) is a coastal resort town in the Bournemouth, Christchurch and Poole unitary authority area, in the ceremonial county of Dorset, England. At the 2021 census, the built-up area had a population of 196,455, making it the largest ...

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

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

listed on the

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

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 the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chips listed on ...

History

The Company was founded by Mark Weinberg 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 major British retail banking, retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the "Big Four (banking)#England and Wales, Big Four" clearing house ...

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 major British retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the " Big Four" clearing banks. Established in Birmingham in 1765, Lloyds Bank e ...

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 plc 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 B ...

sold the Company to

Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...

. On 30 December 2016 Abbey Life was acquired by the

Phoenix Group Phoenix Group Holdings 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 The Pearl Loan Company an ...

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