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The University Life Assurance Society was founded by a group of graduates of the Universities of Oxford and Cambridge in 1825 and received its Royal Charter in 1826. The Society was established to effect assurances on the lives of past and present members of these two universities only. However, by a Supplemental Charter of 1851, eligibility for membership of the Society was extended to past and present members of any university in the United Kingdom. Currently, membership is open to those educated at universities, public schools and similar educational institutions.
The Society was originally based at 24 Suffolk Street, Pall Mall East which it occupied under a Crown lease. It purchased the freehold of 25 Pall Mall in 1865 and occupied the premises from 1871 until 1941 when they were destroyed by an enemy land mine. During the Second World War the Society carried on most of its business from Russettings, Balcombe, Sussex. From 1941 until 1966 it was based at 19A Coleman Street. In 1966, the Society moved to its present head office at 4 Coleman Street. This is also the home of the Equitable Life Assurance Society which had acquired the University Life Assurance Society in 1919.