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Report: Great-West Lifeco explores sale of $2B in insurance contracts

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Report: Great-West Lifeco explores sale of $2B in insurance contracts

Canada-based Great-West Lifeco Inc. is looking to sell a block of insurance contracts worth about $2 billion, Reuters reported, citing three people familiar with the matter.

Great-West Lifeco has put on the block a portfolio of runoff insurance business that includes structured settlements, payout annuities, corporate or bank-owned life insurance, and some group benefits policies. Other insurance firms and financial companies have shown interest in purchasing the policies, according to the report.

Great-West Lifeco has reportedly engaged Goldman Sachs Group Inc. to work on the sale.

A Great-West Lifeco spokesperson told Reuters that the company does not comment on speculation or rumors. A Goldman Sachs spokesperson declined to comment.