Great-West Lifeco closes sale of US individual life insurance, annuity businesses

Great-West Lifeco has announced that its Colorado-based subsidiary - Great-West Life & Annuity Insurance Company (GWL&A) - has completed the sale (via reinsurance) of all its individual life insurance and annuity business to Protective Life Insurance Company, itself a subsidiary of Protective Life Corporation.The sale included bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities and closed block life insurance and annuities. However, GWL&A retains a small block of participating life insurance policies, which will be administered by Protective.