Great-West closes sale of insurance and annuity business

Jun 3, 2019
Press Release

Great-West Life & Annuity Insurance Company (GWL&A) is announcing that it has completed the 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 sale was previously announced on January 24, 2019. The closing was effective June 1, 2019.

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

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

GWL&A is an indirect, wholly owned subsidiary of Canada-based Great-West Lifeco Inc. (Great-West Lifeco).The business sold is in the United States and the transaction does not affect the life insurance businesses conducted in Canada or elsewhere by Great-West Lifeco.

Headquartered in Birmingham, Ala., Protective is a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750).

The reinsurance transaction with Protective includes business written 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. The business written in New York will be reinsured by Protective Life and Annuity Insurance Company.

Goldman, Sachs & Co. LLC acted as financial advisor to GWL&A for the transaction and Eversheds Sutherland (US), LLP acted as legal counsel.

 

About Protective Life Corporation

Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. The company traces its roots to the corporation’s flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. The company’s home office is located in Birmingham, Alabama, and its 3,000+ employees are located in offices across the United States. As of March 31, 2019, the Company had assets of approximately $92 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.

About Great-West Life & Annuity Insurance Company

Established 125 years ago, Great-West Life & Annuity Insurance Company administers a total of $638 billion in assets for approximately 9.5 million retirement, insurance and annuity customers, as of March 31, 20191. The company’s offerings range from investments, life insurance, annuities and executive benefits products marketed under the Great-West Financial brand to retirement savings products and services provided by Empower Retirement, the nation’s second-largest retirement plan record keeper by participants2.

Great-West Financial® is a registered mark of Great-West Life & Annuity Insurance Company. GWL&A is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and “A Member of the Power Financial Corporation Group of Companies”®.

Media Contact:

Great-West: Stephen Gawlik | Office: 303-737-0899 | Cell: 617-417-4408 | stephen.gawlik@greatwest.com

Protective: Brittnie Bordonaro | Office: 205-268-8611 | Cell: 256-339-8303 | brittnie.bordonaro@protective.com

Great-West Financial®, Empower Retirement and Great-West InvestmentsTM are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC.

Great-West Financial® refers to investment, life insurance, annuities and executive benefits products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO, and its subsidiaries and affiliates. Data on insurance and recordkeeping reflects consolidated information from GWL&A and its subsidiaries. The trademarks, logos, and registered marks used are owned by GWL&A. “A Member of the Power Financial Corporation Group of Companies” is the registered mark of Power Corporation of Canada.

1 As of March 31, 2019, includes accounts of Great-West Life & Annuity Insurance Company and its subsidiaries
2 Pensions & Investments April, 2019

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