In an attempt to sharpen focus on serving the retirement market through Empower Retirement, Great-West Life & Annuity Insurance Company (GWL&A) announced that it has entered into agreements with Protective Life to sell through reinsurance 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 to be transferred, which is marketed under the Great-West Financial brand, 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 following the close of the transaction.
The transaction is expected to close in the first half of 2019, subject to regulatory approvals and customary closing conditions.Great West Financial
GWL&A’s retirement and investment management divisions, Empower Retirement and Great-West Investments, are not affected by this transaction.