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Great-West Lifeco completes sale of U.S. individual business

par The IJ Staff | June 05 2019 09:30AM

Photo: Freepik

Great-West Lifeco announced June 3 that its Colorado-based subsidiary, Great-West Life & Annuity Insurance Company (GWL&A), has completed the sale, through reinsurance, of substantially all of its individual life insurance and annuity business to Protective Life Insurance Company.

The previously announced sale 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.

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

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