Abbey Life plc was a leading life assurance business based in London. It was 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. ITT Corporation bought a half interest in the Company in 1964 and in 1970 bought the rest. It was first listed on the London Stock Exchange in 1986. In 1988 Lloyds TSB acquired a majority stake in the business which became Lloyds Abbey Life. The Company became wholly-owned by Lloyds TSB in 1996. The Company absorbed Hill Samuel Life Assurance Company in 1998. It lost its sales force in 2000 when it closed to new business.

In 2007 Lloyds TSB sold the Company to Deutsche Bank.

References

1. 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