Great-West Lifeco completes sale of U.S. individual life insurance and annuity business

Great-West Lifeco Inc. (Great-West Lifeco) today announced its Colorado-based subsidiary, Great-West Life & Annuity Insurance Company (GWL&A), has completed the previously-announced sale, through reinsurance, of substantially all of its individual life insurance and annuity business to Protective Life Insurance Company, the primary subsidiary of Protective Life Corporation (Protective).

The business sold includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities and closed block life insurance and annuities. GWL&A retains a small block of participating life insurance policies which will be administered by Protective.

The reinsurance transaction with Protective includes business written in the U.S by GWL&A, Great-West Life & Annuity Insurance Company of New York and the U.S. branches of GWL&A’s affiliates, The Canada Life Assurance Company and The Great-West Life Assurance Company.

GWL&A’s retirement and investment management divisions, Empower Retirement and Great-West Investments, are not affected by this transaction.

For additional details on the transaction, please refer to the news release dated January 24, 2019.