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About Us > What we do > Our History > Our history
Our history
The beginning
On Wednesday 27th April 1881 the principal topic in The Scotsman newspaper was without doubt the death of the Earl of Beaconsfield (Disraeli). However, the first page also contained an advertisement inviting applications for a first issue of 50,000 shares of £5 each to be £1 paid up. This was the fifth and final offering for shares in The Scottish Life Assurance Company Ltd. The event was oversubscribed and Scottish Life was safely delivered.
Mr David Paulin, lately sole Superintendent of Agencies of the Scottish Provident Institution, was the new manager. John Cowan Esq., of Beeslack, Midlothian, head of Alex Cowan & Sons, papermakers, was the Chairman of the Board Of Directors. James Sorley FFA, FIA of the Life Association of Scotland, provided the actuarial expertise.
The directors were paid £300 per year and clerks were paid £30.
On the 12th April 1881, the Memorandum and Articles Of Association constituting the company were signed.
From day one, we gained a reputation for innovation that is still true today.
The war years
On Tuesday 4th August 1914 Great Britain declared war on Germany. Many head office staff answered the call and went to war. David Paulin wrote "It is a matter for congratulation that, in this time of great national emergency, the Company should be represented in the field by all ranks, from its President to its porter". The call up resulted in many vacant places and women were for the first time employed by Scottish Life.
By 1918 Scottish Life was well established with Branches stretching from Bristol to Aberdeen and rapid post-war recovery allowed it to ‘proudly claim that it had never failed to declare a bonus, even during the years of war’. The company made steady progress in the years between the wars. By 1945 business started to expand rapidly.
The 1960s onwards
In 1967 an extraordinary general meeting was held where it was agreed that the shareholders would be compensated for their shares in the company, and Scottish Life became a mutual. The business went from strength to strength and in 2001 The Scottish Life Assurance Company successfully completed the transfer of its business to The Royal London Mutual Insurance Society Limited. As a result of the transfer, Scottish Life became the brand name under which Royal London pension products are designed and distributed through independent intermediaries. As a combined group, Royal London is one of the stronger life and pension companies in the UK and has a particularly strong track record for with-profits performance.
Key Dates
| 1881 | Scottish Life founded in Edinburgh as a proprietary company |
|---|---|
| 1882 | David Paulin and James Sorley the founders were paid £300 a year |
| 1893 | Scottish Life purchased 19 St Andrew Square, Edinburgh |
| 1899 | £0.5m under management |
| 1915 | Staff were encouraged to help with the war effort whilst full pay was continued |
| 1916 | £2.3m under management |
| 1918 | David Paulin took his place on the board |
| 1920 | Company Head Office expanded into No.18 St Andrew Square for £7000 |
| 1932 | Head Office expanded again into No 20 St Andrew Square for £7750, £8m under management |
| 1949 | Memorandum and Articles of Association amended to accept wider range of client and business type |
| 1952 | Decision taken to enter the group pensions market |
| 1955 | First use of electronic machinery to compute our new bonuses & Introduction of first with profits contract |
| 1956 | £17m under management |
| 1957 | Head Office rebuilt incorporating Nos 18, 19 and 20 St Andrew Square |
| 1963 | Scottish Life starts to use computers |
| 1966 | £60m under management |
| 1968 | Scottish Life converts from proprietary to a mutual |
| 1990 | New offices at Silvermills in Edinburgh opened to house Scottish Life Customer Service staff |
| 1996 | Scottish Life International launched on the Isle of Man |
| 1997 | £6.2bn under management |
| 2001 | Scottish Life demutualised and acquired by Royal London for £1.1bn |
Source : James M. Denholm - One Hundred years of Scottish Life, A History of Scottish Life Assurance Company 1881-1981
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© Scottish Life, St Andrew House, 1 Thistle Street, Edinburgh, EH2 1DG.
Scottish Life is a division of Royal London and markets products produced by Royal London. Royal London consists of The Royal London Mutual Insurance Society Limited and its subsidiaries. The Royal London Mutual Insurance Society Limited provides life and pension products, is a member of the Association of British Insurers and is authorised and regulated by the Financial Services Authority, registration number 117672. Royal London Marketing Limited acts as an insurance intermediary for general insurance products and is authorised and regulated by the Financial Services Authority, registration number 302391.
