Friends' Provident Insurance was a banking institution founded in 1832 to serve the needs of the Society of Friends (Quakers). Based in Bradford, Yorkshire, it concentrated on sickness and annuity policies until its life fund acquired Century Insurance in 1918, expanding into general insurance. The restriction to Quaker membership was an increasing constraint but the ties were substantially reduced by the Friends' Provident Institution Act 1915. Although Century's branch network enabled FPI to expand, the periodic underwriting losses strained the life fund's capital base and Century was sold in 1975. In the year 2000, Friends Provident demutualised and listed on the FT100 Index. After abortive takeover negotiations, Friends accepted a takeover bid from Resolution Limited in 2009.

Quakers are people who belong to the Religious Society of Friends, a historically Protestant Christian set of denominations. Members of these movements are generally united by a belief in each human's ability to experience the light within or "answering that of God in every one". Some profess a priesthood of all believers inspired by the First Epistle of Peter. They include those with evangelical, holiness, liberal, and traditional Quaker understandings of Christianity. There are also Nontheist Quakers, whose spiritual practice does not rely on the existence of God. To differing extents, the Friends avoid creeds and hierarchical structures. In 2017, there were an estimated 377,557 adult Quakers, 49% of them in Africa.