PROFILE |
 |
The world's oldest mutual life insurance company won't be much longer. The Equitable Life Assurance Society, founded in 1762 and long resistant to the demutualization trend, has had to seek a buyer since a House of Lords ruling that it underpaid some 90,000 guaranteed annuity policyholders. The Equitable ceased writing new business after its court battle left it with at least £1.5 billion in liabilities. The company provided life insurance, annuities, pensions, and permanent health insurance to some 650,000 customers in the UK, Germany, and Ireland (as well as expatriate Britons). UK-based Halifax plc has agreed to buy the troubled mutual company.
COMPETITION |
 |
CGNU plc (CGNU)
Royal & Sun Alliance Insurance Group plc (RSA)
The Standard Life Assurance Company (dossier)
|
 |
FINANCIAL OVERVIEW |
 |
Fiscal Year-End: December
1999 Sales (mil.): 8,994.00
1-Yr. Sales Growth: (2.2)%
Employees: 2,402
Revenue per employee: $3,744,379.68
KEY PEOPLE |
 |
Charles Thomson
CEO
Julian Hearst
CFO
CONTACT INFO |
 |
City Place House, 55 Basinghall St.
London EC2V 5DR, United Kingdom
Phone: 44-20-7606-6611
Fax: 44-20-7796-4824
Online: Web Site
|