Great-West Lifeco Inc. of Winnipeg, Ontario, announced Thursday that its U.S. subsidiary, Great-West Life and Annuity Insurance Co., has agreed to buy U.S. Bancorp’s bundled, full-service, defined-contribution business.
The agreement includes the transfer of nearly 1,900 daily valuation and balance-forward plans, with 195,000 participants and more than $9 billion of retirement assets.
Great-West Life and Annuity, of Denver, said it has established a “preferred provider relationship” with U.S. Bancorp to continue offering 401(k) services to the Minneapolis company’s customers.
In October the unit bought Metropolitan Life Insurance Co.’s bundled, full-service, small and midsize 401(k) business as well as some defined-benefit plan assets.
Great-West said that after closing the U.S. Bancorp deal its U.S. unit will provide products and services for about 21,000 401(k), 401(a), 403(b), and 457 retirement plans with nearly 3.5 million participants in the United States and more than $104 billion of assets.
The price of the deal was not disclosed. It is scheduled to close at the end of the year.
