Quakers and insurance agents William Hargrave and Joseph Marsh had been the most successful agents of the Friends Provident Institution, which sold life policies only to Quakers. The pair eventually took life policies to a wider public.

In 1835, they established the National Provident Institution (NPI). An advertisement in The Times newspaper offered nine types of insurance and invited readers to apply. The NPI prospectus reminded readers that: "The man who daily expands upon himself more than is necessary for his proper sustenance, and takes no thought for the period of age and decrepitude which is likely sooner or later to befall him, is deficient in that prudence which is the handmaid of every virtue".

In 1842 NPI moved to new offices at 48 Gracechurch Street, London. And in 1966 NPI moved to a new head office in Tunbridge Wells.

In 1999 National Provident Life Ltd (NPLL) was established, ready to take over the existing business of NPI subsequent to its demutualisation.

In 1999, when NPI was the UK's 17th-largest life insurer, the organisation was taken over by Australian financial giant AMP.

In December 2003, Pearl, NPI and London Life were de-merged from AMP to become part of a new UK company called HHG.

Twelve months later, in December 2004, the HHG board accepted an offer of over £1 billion for Pearl, NPI and London Life and, in April 2005, the three companies became part of the newly formed Pearl Group Limited.

Pearl Group is backed by two large investment organisations, Sun Capital Partners and TDR Capital, both of which are committed, experienced and long-term investors, focused on the key areas of importance to policyholders, namely long-term investment returns, financial security and service.

On May 1, 2008, Pearl Group acquired Resolution plc.