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Friends' Provident Insurance was a banking institution founded in 1832 to serve the needs of the Society of Friends . Based in Bradford , Yorkshire , it concentrated on sickness and annuity policies until its life fund acquired Century Insurance in 1918, expanding into general insurance.
Friends Provident had been fined £625,000 in November 2003, and five other firms had previously been fined a total of £5.2 million for their mismanagement of such complaints. The largest fine fell to Royal Scottish Assurance , which incurred a £2m penalty.
Friends Provident International Limited. On 19 July 2017 IFGL announced it had entered into a deal to acquire FPIL from the Aviva Group, subject to regulatory approval. [17] On 16 July 2020 RL360’s parent company IFGL completed the deal to acquire Friends Provident International (FPI) from Aviva. [18]
Friends Provident, life insurance company, founded by Quakers Samuel Tuke and Joseph Rowntree; Furness Withy, British Marine Transport company, founded as Withy and Co., iron and steel shipbuilders, of West Hartlepool by Quaker brothers Henry Withy (1852–1922) and Edward Withy (1844–1927); grew to own in excess of a thousand ships
After senior staff started leaving, it was announced, in November 1997, that the business would be merged with the asset management arm of Friends Provident, the mutual life assurer, in a deal worth £132 million, thereby creating Friends Ivory & Sime. [3] Following the transaction, Friends Provident owned 67% of the combined entity. [4]
The first of these, Friends Provident, was acquired in November 2009 for £1.86 billion. [3] Upon completion of the deal Resolution, which obtained a listing on the London Stock Exchange in December 2008, [4] took the place of Friends Provident in the FTSE 100 Index. [5] Resolution purchased Axa Sun Life Holdings Ltd from Axa SA in Autumn 2010. [6]
In 2018, Aviva acquired the business of Friends' First from Dutch company Achmea. The business had earlier been part of Friends Provident until it was demutualised in 1992, rolled into Eureko and later rebranded as Friends' First in 1998.
The foundation was set up by John Stone, a self-made British entrepreneur, following the sale of Lombard International Assurance, a life assurance firm for wealthy individuals. [2] After netting £124m (€145m) from its sale to Friends Provident , John Stone and his family set up the Stone Family Foundation in 2005.