The brand is owned by Resolution Limited. It is a Guernsey-incorporated investment vehicle which has the stated intent of forcing consolidation in the British life insurance industry. The resolution group goes back as far as 1708 as a branch of the Sun Fire Office. In 1810 it became the Sun Life Assurance Society.
The Friends Life group was originally founded by Quakers in Yorkshire 1832. Its purpose was to provide life assurance and was called the Society of Friends. It came into force when a group of miners (many were Quakers) and two famous Quaker businessmen Samuel Tuke and Joseph Rowntree (the world famous chocolatier) became concerned about the family of Henry Brady who died aged 30.
The group decided to form a company where they paid a sub every month to provide money should the worse happen to one of the group. This was called Friends Provident. In March 2011 Friends Life was formed comprising the merged UK operations of Friends Provident and the life assurance businesses acquired from Bupa and AXA UK. The company now has over 5 million customers worldwide. Friends Life is currently the sponsors of the Friends Life t20 cricket league.
- Best Doctors
- 140 million paid out on death claims
- 122 million paid on critical illness
- 1 million paid out every working day
- 19 claims a day on life or critical illness