Abbey Life
Encyclopedia
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
.
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, the then Lloyds Bank
acquired a majority stake in the business which became known as Lloyds Abbey Life. The Company became wholly owned by Lloyds TSB
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
sold the Company to Deutsche Bank
.
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
also with an office in Bournemouth
Bournemouth
Bournemouth is a large coastal resort town in the ceremonial county of Dorset, England. According to the 2001 Census the town has a population of 163,444, making it the largest settlement in Dorset. It is also the largest settlement between Southampton and Plymouth...
. It was listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was once a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
The Company was founded by Mark WeinbergMark Weinberg
-Early life and education:Weinberg was born in South Africa and educated at King Edward VII School in Johannesburg. He received degrees in Commerce and Law and practised as a barrister...
in 1961 as the Abbey Life Assurance Company. ITT Corporation
ITT Corporation
ITT Corporation is a global diversified manufacturing company based in the United States. ITT participates in global markets including water and fluids management, defense and security, and motion and flow control...
bought a half interest in the Company in 1964 and in 1970 bought the rest. It was first listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1986. In 1988, the then Lloyds Bank
Lloyds Bank
Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies...
acquired a majority stake in the business which became known as Lloyds Abbey Life. The Company became wholly owned by Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
in 1996 and absorbed Hill Samuel Life Assurance Company
Hill Samuel
Hill Samuel is a wholly owned subsidiary of Lloyds TSB's Offshore Private Banking unit. It was formerly a leading British merchant bank and financial services firm before the takeover by TSB Group Plc. in 1987, which itself merged with Lloyds Bank to become Lloyds TSB in 1995.-History:In 1832,...
in 1998. It lost its sales force in 2000 when it closed to new business.
In 2007, Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
sold the Company to Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
.