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| Company type | Public company |
|---|---|
| LSE: FLG | |
| Industry | Investments |
| Founded | 2008 |
| Founder | Clive Cowdery |
| Defunct | 2015 |
| Fate | Acquired byAviva |
| Headquarters | Saint Peter Port,Guernsey |
Key people | (Chairman) Andy Briggs(CEO) |
| Services | Corporatebuyouts andrestructuring |
| Revenue | £11,048 million (2014)[1] |
| £64 million (2014)[1] | |
| £(138) million (2014)[1] | |
| Website | www.friendslifegroup.com |
Friends Life Group Limited was aGuernsey-incorporated investment vehicle which had the stated intent of forcingconsolidation in the Britishlife insurance industry. It was listed on theLondon Stock Exchange and was a constituent of theFTSE 100 Index. It was acquired byAviva on 13 April 2015.
The firm was founded as Resolution Limited by entrepreneurClive Cowdery in 2008 after agreeing a deal to retain the naming rights toResolution plc, thezombie fund investor he founded which was sold toPearl Group that year.[2]
The company was established with the intention of completing theleveraged buyout and merger of at least three UK life insurance operators by 2012 andspinning out the enlarged company on the stock market.[3] 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 theLondon Stock Exchange in December 2008,[4] took the place of Friends Provident in theFTSE 100 Index.[5]
Resolution purchasedAxa Sun Life Holdings Ltd fromAxa SA in Autumn 2010.[6] In October 2010 it bought Bupa Health Assurance.[7]
In 2011 Resolution merged the UK operations of Friends Provident with the UK life assurance businesses acquired from Axa and Bupa under the name Friends Life.[8]
Resolution changed its name to Friends Life Group in May 2014.[9]
In December 2014, British insurerAviva agreed terms for a £5.6 billion all-share takeover of Friends Life. Andy Briggs, current group chief executive of Friends Life, will become CEO of Aviva UK Life, with Mark Wilson continuing as CEO of the enlarged Aviva Group.[10] The takeover was completed on 13 April 2015.[11]
Friends Life operated from seven countries around the world including: United Kingdom, Germany, Luxembourg, Dubai, Singapore, Hong Kong, and the Isle of Man. Friends Life was the 5th largest life and pensions company ranked by UK market capitalisation.[12]
Friends Life were the title sponsors of theFriends Life t20cricket league organised by theEngland and Wales Cricket Board, from 2010 to 2013 (asFriends Provident t20).[13]
Senior management were employed by the London-headquarteredlimited liability partnership through which the company is effectively run.[14]