Sun Life & Provincial Holdings

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.

Sun Life & Provincial Holdings
TypePublic
IndustryInsurance
FateAcquired
SuccessorAxa Group
Founded1995 (1995)
Defunct2000 (2000)
HeadquartersLondon, UK
Key people
Lord Douro, (Chairman)

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]

References

Further reading

  • Minnitt, Jack The Sun Life Story 1810-1985, Published 1985
  • Westall, Oliver Provincial Insurance Company 1903-1938


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