Almost 700 years back marine insurance was the first step towards establishing the concept of insurance in UK. It followed up with life insurances in the 16th century as lives of sailors were endangered while traveling with goods in the sea. It followed up with fire insurances in the 17th century. In 2011, UK was considered to be the biggest hub in the European markets and the third largest in the world as far as the insurance sector was considered. The country accounted for almost 7% of the total worldwide premium income. Considering the significance of UK’s insurance companies in the world economy we will discuss the top 3 best players in this sector.
3) Legal & General:
The Company was formed in the year 1836 by a few lawyers and at present it is involved in the business of financial services with various other countries. The company was initially called the ‘New Law Life Assurance Society’ which later on was changed to ‘Legal & General Life Assurance Society’. The common belief behind the change of name was to bring the faith in people that the policies were available for them too. One of the uniqueness that the company possesses is, it has four different brand names and depending on the area it chooses its name. Some of its products include; ‘life insurance’, ‘general insurance’, ‘pensions and investments’. The current market capitalization of the company stands at a whopping ₤9.71bn.
The history of the company is a meager a decade old but in this short span of time it has garnered huge response from the people all over the world. The company was formed in the year 2000 and initially it was called CGNU, plc. The name was altered in 2002 by the voting of the company’s shareholders and it became “Aviva plc”. On a world-wise basis the company is considered to be the ‘sixth-biggest’ and in the UK it is considered to be second biggest. The company is headquartered in London but it is listed in both LSE as well as in NYSE. The main activities of this company are in the fields of ‘general and life insurance’, ‘services related to fund management’ and ‘long term savings products’. The current market capitalization of the company stands at ₤9.35bn which is no mean feat in this little time.
1) Standard Life:
1. Standard Life
‘Standard Life’ was formed in the year 1825 and was given a re-birth in the year 1925 as a mutual assurance company. The company has its presence in more than 50 countries and boasts of a clientele base of approximately 6 millions. The company is located in Edinburgh and its operations are scattered widely across the globe. In the year 2006 the company was listed in the LSE following the demutualization. The company has been in the thick of action as far as controversies were concerned and none worse than the situation which was highlighted in 2007. It announced to have a severance policy on thousands of its employees in order to save additional cots of ₤100 million per year but a month later it was observed that few top executives were rewarded with more than ₤5 million pay. In spite of all the pros and cons the company still manages to hold it’s forth and at present stands at a market capitalization of ₤8.97bn.
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