Friends Life
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| Company type | Subsidiary |
|---|---|
| Industry | Financial Services |
| Founded | 1810 |
| Headquarters | London, UK |
Key people | Andy Briggs, (Group Chief Executive) |
| Products | Insurance, Inheritance tax products, Investment Management, Pensions |
| Owner | Resolution |
Number of employees | Around 6,000 worldwide |
| Website | www.friendslife.com |
Friends Life is a life assurance company formed in 2011, comprising the merged UK operations of Friends Provident and the life assurance businesses acquired from Bupa and AXA UK. The new company began trading in March 2011 with over 5 million customers worldwide.[1]
The head office is located at One New Change London EC4M 9EF. The registered office is at Pixham End, Dorking in Surrey. It is a member of the Association of British Insurers and is regulated by the Financial Services Authority. It was listed (as Friends Provident plc) on the London Stock Exchange and a constituent of the FTSE 100 Index until being acquired by buyout firm Resolution in November 2009.
Operations
Friends Life operates from eight countries around the world including: United Kingdom, Germany, Luxembourg, Dubai, Singapore, Hong Kong, Kuala Lumpur (AmLife) and the Isle of Man. The group manages funds of £111 billion (as at 31 December 2011) on behalf of its customers. Friends Life is the 5th largest Life and Pensions company ranked by UK market capitalisation.[2]
Other companies within the Friends Life group include: Friends Provident International Limited, Sesame Bankhall Group, financial partners business AG (fpb AG) and Lombard International Assurance SA. Friends Life group also has a 30% stake in the Malaysian Life assurance company Amlife.[citation needed]
Friends Life were the title sponsors of the Friends Life t20 cricket league organised by the England and Wales Cricket Board, but have since chosen to discontinue this sponsorship into 2013[3].
Friends Life were subject to a major online campaign in early December 2012, in the face of their decision to cancel the critical illness cover of graphic designer Nic Hughes. He died of cancer in October 2012, but his family were told that the policy was void. Within 24 hours of an online petition being started, 20,000 people had signed to express their disgust at Friends Life's decision. Friends Life had cancelled the policy on a weak technicality. His doctors wrote to Friends Provident saying "I think it cruel and highly distasteful that two irrelevant details from his medical history have been used as some sort of pretext to deny him a payment on his critical illness policy."[4] In the face of huge pressure, Friends Life agreed to re-open discussions with the family. Support was given from celebrities such as Stephen Fry and Russell Brand. The campaign was hosted by Change.org: http://www.change.org/nicsfight
References