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.
