Equitable Life Assurance Society

Founded in 1762, The Equitable Life Assurance Society was a pioneering UK-based life insurance company operating as a mutual society, owned by its policyholders. The company faced a severe financial crisis in the late 1990s and closed to new business in December 2000 after being unable to meet its obligations on Guaranteed Annuity Rate (GAR) policies. Following a lengthy period of managing its existing policies, the Society completed its wind-down by transferring all remaining policies to Utmost Life and Pensions on January 1, 2020. The company is now effectively a non-trading entity managing its final closure.