The world's oldest mutual life insurance company is attempting to age gracefully and exit with dignity. The Equitable Life Assurance Society, founded in 1762, provides life insurance, annuities, pensions, and permanent health insurance to some 400,000 customers. The company ceased writing new business in 2000 after a House of Lords ruling that it underpaid some 90,000 guaranteed-annuity policyholders. After losing a court battle over the ruling, Equitable Life sold off many assets and chose to operate in run-off, meaning it will serve its existing customers until it no longer has open policies.