The Great-West Lifeco Inc. broadcasted today how its subsidiary based in Colorado, the Great-West Life & Annuity Insurance Company has accomplished, by the process of reinsurance, the previously-publicized sale of most of its insurance for individual life and annuity business to Protective Life Insurance Company. It is Protective Life Corporation’schief subsidiary.
The sold business consists of single premium, corporate and bank-owned life insurance, along with individual annuities, etc. A block of participating life assurance policies are under the Great-West Life & Annuity Insurance Company and will be overseen by Protective.
The reinsurance transaction consists of Great-West Life & Annuity Insurance Company business written in the United Stated, Great-West Life & Annuity Insurance Company of New York and the branches of GWL&A’s associates in the United States, The Great-West, and the Canada Life Assurance Company.
Great-West Investments and Empower Retirement, which are the investment and the retirement managing segments of GWL&A, are unaffected by the contract.
By generating, distributing, and administrating assurance plus investment products around the United States, numerous financial facilities are delivered by Protective Life Insurance. The Protective Life Insurance Company founded in 1907, is the flagship firm that forms the base for the company, i.e. where it originated. The accomplishments of Protective, through the 110 years of its existence, are owed to its never-ending dedication toward attending to the people, and doing what is right for its workers, the suppliers and obviously, its clients. Birmingham, Alabama, houses the workplace of the company. Also, its employees, that are more than 3000 in number, are situated in various offices throughout the United States. According to a measurement by the end of March 2019, the assets of the company came up to about US$92 billion.