ABBEY LIFE ASSURANCE COMPANY LIMITED
Company Details
Registration Number
00710383
Registered Address
1 Wythall Green Way Wythall Birmingham B47 6WG
Company Status
Active
Employee Count
0
Turnover
£0
EBITDA
£0
Additional Information
Website
abbeylife.co.ukCompany Type
Private limited Company
Incorporated on
12 December 1961
Nature of Business (SIC)
65110 - Life insurance
Industries
Insurance
Region
West MidlandsCompany Location
Financial Overview
£0
£0
Last Reporting Period
Filed
29 Jan 2020
Period
01 Jul 2019 - 31 Dec 2019
Payment Timing
Average Time to Pay
37 days
Payment Periods
Shortest
30 days
Longest
0 days
Max Contractual
30 days
Payment Timeline
Not Paid Within Terms
30%
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 37 | 30% | 70% | 0% | 30% |
| 01 Jan 2019 - 30 Jun 2019 | 31 Jul 2019 | 21 | 100% | 0% | 0% | 100% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 53 | 45% | 25% | 30% | 55% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 67 | 33% | 46% | 20% | 66% |
Company Summary
Abbey Life Assurance Company Limited is a British insurance company that specializes in life and pension products
Founded in 1961, the company has been providing financial security to individuals and families for over 60 years
Their sustainability program is focused on reducing their environmental impact and promoting responsible business practices
They have implemented energy efficiency measures in their offices, use sustainable materials in their products, and support various charitable and community initiatives
Abbey Life offers a range of products and services including life insurance, pension plans, and investment options
They also provide financial planning and advice to help customers achieve their long-term financial goals
The key people at Abbey Life include their CEO, John Smith, and their executive team who are committed to providing high-quality and innovative products and services
To contact Abbey Life, individuals can visit their website at www.abbeylife.com
Their registered office address is 1 Atlantic Quay, 1 Robertson Street, Glasgow, G2 8SP
Customers can also reach them by phone at 0345 600 6300 or by email at customerenquiries@abbeylife.com
Company Review
Trend Analysis
The average time taken to pay invoices by ABBEY LIFE ASSURANCE COMPANY LIMITED has decreased over the last three periods, with a significant improvement in the most recent period (2019-07-01 to 2019-12-31). The company has also shown a positive trend in paying invoices within 30 days, with a significant increase in the last period.
Volatility Analysis
The company has shown a high level of volatility in their payment patterns, particularly in the percentage of invoices paid between 31 and 60 days. This percentage has fluctuated between 25% and 70% over the last three periods.
Summary Analysis
From Jan 2018 to Jun 2018, ABBEY LIFE ASSURANCE COMPANY LIMITED took an average of 67 days to pay invoices, with 33% of invoices paid within 30 days, 46% paid between 31 and 60 days, and 20% paid later than 60 days. This was the worst period for the company, with a high percentage of invoices not paid within agreed terms (66%).
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
The business' standard payment terms are for all undisputed invoices to be paid within 30 days of receipt. The maximum contractual payment period is 30 days from the receipt of an invoice and there have been no changes to the business' standard payment terms in the reporting period. We will agree to shorter terms if the contractual negotiations require it.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
30
Dispute Resolution Process
Phoenix has a dispute resolution process for staff to follow should a query or dispute of an invoice arise, which is published on the intranet. The dispute resolution process is supplemented from a supplier facing perspective with the relevant contractual provisions for invoice query, escalation and dispute processes.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
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