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Great-West Lifeco to sell U.S. individual life insurance and annuity business
Great-West Lifeco to sell U.S. individual life insurance and annuity business Cana...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco to sell U.S. individual life insurance and annuity business\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, Jan. 24, 2019\n\n\n\nCompany to increase focus on the retirement market in the U.S.\n WINNIPEG, Jan. 24, 2019 /CNW/ - Great-West Lifeco Inc. (Great-West Lifeco) today announced its Colorado-based subsidiary, Great-West Life & Annuity Insurance Company (GWL&A), has reached an agreement to sell, via 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 being sold is conducted in the United States and the transaction does not affect the life insurance businesses conducted in Canada or elsewhere by Great-West Lifeco.\nBased on the terms of the agreement, Great-West Lifeco estimates that the transaction will result in an after-tax transaction value of approximately US$1.2 billion (C$1.6 billion), excluding one-time expenses and subject to contingent post-closing adjustments. The value includes a significant positive ceding commission to our U.S. entities and a capital release of approximately US$400 million (C$530 million). \nThe 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. This business contributed approximately US$95 million (C$120 million), to Great-West Lifeco net earnings for the first three quarters of 2018. \nGWL&A will retain a small block of participating life insurance policies which ...