 | |
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 1832 |
| Defunct | 2018 [citation needed] |
| Headquarters | London, England, UK |
Key people | Trevor Matthews (Group Chief Executive) |
| Products | Insurance, inheritance tax products, investment management pensions |
| Revenue | £949 million (2008) |
| £(871) million (2008) | |
| £(666) million (2008) | |
| Owner | Resolution |
Number of employees | Around 6,000 worldwide |
Friends' Provident Insurance was a banking institution founded in 1832 to serve the needs of the Society of Friends (Quakers). Based in Bradford, Yorkshire, it concentrated on sickness and annuity policies until its life fund acquired Century Insurance in 1918, expanding into general insurance. The restriction to Quaker membership was an increasing constraint but the ties were substantially reduced by the Friends' Provident Institution Act 1915 (5 & 6 Geo. 5. c. xlv). Although Century's branch network enabled FPI to expand, the periodic underwriting losses strained the life fund's capital base and Century was sold in 1975. In the year 2000, Friends Provident demutualised and listed on the FT100 Index. After abortive takeover negotiations, Friends accepted a takeover bid from Resolution Limited in 2009.