Sun Life & Provincial Holdings

Last updated
Sun Life & Provincial Holdings
Public
Industry Insurance
FateAcquired
Successor Axa Group
Founded1995;25 years ago (1995)
Defunct2000;20 years ago (2000)
Headquarters London, UK
Key people
Lord Douro, (Chairman)

Sun Life & Provincial Holdings plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. It was acquired by French insurance company Axa Group in 1996.

Contents

History

The company was established in 1995 as a holding company for the Sun Life Assurance Society and the Provincial Insurance Company in both of which Union des Assurances de Paris (UAP) of France had acquired substantial holdings. [1]

Sun Life Assurance Society

The Sun Life Assurance Society was a life insurance offshoot, founded in 1810, of the Sun Fire Office. [2] The Head Office moved to Bristol in 1976. [3] UAP acquired 50% of the Sun Life Assurance Society in 1992. [4]

Provincial Insurance Company

The Provincial Insurance Company was founded by Sir James Scott in Manchester in 1903. [5] . The company moved its head office to Kendal in 1918. UAP acquired the Provincial Insurance Company for £300m in 1994. [4]

Axa increases its shareholding

In 1997 Axa, who had acquired UAP in 1996, transferred its Equity & Law business into the company thereby increasing its holding in the company from 60% to 72%. [6] Then in May 2000 Axa acquired all shares it did not already own in the Company. [7]

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References

  1. Business.com
  2. National Archives
  3. Sun Life by Colin Marriner
  4. 1 2 UAP buys Provincial Insurance for £300m The Independent, 30 September 1994
  5. Mrs JF Trevelyan: Obituary Archived 2011-06-14 at the Wayback Machine The Westmoreland Gazette, 7 November 2008
  6. Sun Life to buy Axa for £690m The Independent, 3 July 1997
  7. Sun Life Stock soars as Axa ups bid to £24bn for remaining stake Independent, 3 May 2000

Further reading