Equitable Life began in 1762 as the Society for Equitable Assurances on Lives and Survivorships.
Founded in London, the society was an important early life insurer because it used mathematical methods to calculate premiums more systematically. Its establishment is closely associated with the development of actuarial science and the use of mortality tables in life-insurance pricing.
The organization later became known as Equitable Life Assurance Society and eventually Equitable Life. It operated for centuries before experiencing severe financial problems linked to guaranteed annuity policies and legal disputes over how policy benefits were handled.
Equitable Life is not the same company as the modern insurer commonly called Legal & General or the group now known as Aviva. Its long history makes it one of the most significant names in British insurance, even though its later business difficulties led to major restrictions on new operations.