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  September 5, 2001
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Home > Company Index > Insurance > Life Insurance > The Equitable Life Assurance Society

The Equitable Life Assurance Society
 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

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