Protective Life acquires part of Great-West Life for $1B
BIRMINGHAM, Ala. (AP) — Alabama-based Protective Life Insurance Co. is buying part of the Colorado-based Great-West Life & Annuity Insurance Co. in a deal worth $1.2 billion.
Protective Life is buying nearly all of Great-West Life’s individual life insurance and annuity business. Protective Life says the purchase announced Thursday is the largest acquisition in company history.
The deal is the fourth completed since Protective became a subsidiary of Dai-ichi Life Holdings Inc. in 2015. Protective Life says the purchase marks its entry into the executive benefits market.
The Birmingham-based Protective Life has nearly 3,000 employees nationwide. It had assets of about $92 billion on Sept. 30.
Great-West Life is a subsidiary of Great-West Lifeco Inc., which has headquarters in Winnipeg, Canada. It administers about $602 billion in assets for more than 9 million customers.
This story has been corrected to show the purchase includes part of Great-West Life, not the entire company