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

Great-West Lifeco Inc. subsidiary Great-West Life & Annuity Insurance Co. has completed the sale of substantially all of its individual life insurance and annuity business to Protective Life Insurance Co.

The business sold includes bank- and corporate-owned life insurance, single premium life insurance, individual annuities and closed-block life insurance and annuities. Great-West Life & Annuity kept a small block of participating life insurance policies that Protective Life Corp., the parent company of Protective Life Insurance, will administer.

Business written by Great-West Life & Annuity, Great-West Life & Annuity Insurance Co. of New York, and the U.S. branches of Great-West Life & Annuity's affiliates Canada Life Assurance Co. and Great-West Life Assurance Co. was included in the reinsurance transaction with Protective Life.