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Abbey Life was founded in December 1961 at St. Paul's, London. The company relocated its Head Office from London to Bournemouth in 1976. Rapid growth continued in the 1980's with the first of a whole range of innovative Life Assurance products being launched in 1982. In late 1988, a merger was agreed whereby Lloyds Bank became the major shareholder, and in 1996 the company became a wholly owned subsidiary of the bank.
Today, Abbey Life administers savings, pensions and life assurance on behalf of 1.5m people as part of the Lloyds TSB Group. However, in 2000 the company closed to new business. 1% of company profits go to Lloyds TSB Foundations, a charitable giving organisation, which provides the focus for Abbey Life's and the Groups community investment.