# Great-West Life & Annuity Insurance Company

Great-West Life & Annuity Insurance Company is a Pension Fund based in Greenwood Village, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Greenwood Village, United States
- **Region:** North America
- **Address:** Greenwood Village, CO, United States
- **Assets under management:** Undisclosed
- **Website:** greatwestlifeco.com

## Regulatory record

- **Reports private funds:** No

## About

Great-West Life & Annuity Insurance Company (GWLA) is a US-based subsidiary of Great-West Lifeco, which is in turn controlled by Power Corporation of Canada — the Desmarais-family holding company founded by Paul Desmarais Jr. The firm was established as a corporate pension and insurance provider, operating primarily from its Greenwood Village, Colorado headquarters. The firm's investment strategy centers on matching long-duration liabilities with yield-oriented assets. Its portfolio includes private credit exposures, mortgage loans on US real estate, and infrastructure holdings. GWLA also maintains cryptocurrency distribution exposure, a relatively unusual asset for a pension-style insurer. The firm manages its portfolio through a mix of direct allocations and external partnerships, including a long-standing relationship with Franklin Templeton following the acquisition of Putnam Investments. GWLA operates with a lean corporate team and relies on its parent's resources for investment management. The firm sold its individual life and annuity business to Protective Life Corporation in 2019, a strategic shift that refocused GWLA on institutional-scale pension risk management. A 2025 regulatory filing reported the firm as a material participant in annuity markets through group retirement plans. A structural differentiator is GWLA's integration within the Power Corporation ecosystem, which gives it access to cross-border deal flow and co-investment opportunities through related entities. This nested corporate structure — Power Corporation > Great-West Lifeco > GWLA — creates a capital stack that pairs insurance liabilities with the Desmarais family's broader industrial and financial holdings, reducing dependence on external capital markets.

## Sectors

- Private Credit
- Real Estate
- Infrastructure
- Insurance-Linked Securities

## Questions

### Who controls Great-West Life & Annuity Insurance Company?

GWLA is a subsidiary of Great-West Lifeco, which is more than 60% owned by Power Corporation of Canada, the Desmarais-family holding company. Paul Desmarais Jr. and the Desmarais family control Power Corporation, making GWLA part of a broader Canadian financial and industrial conglomerate.

### What happened to GWLA's individual life and annuity business?

In 2019, GWLA sold its individual life and annuity block to Protective Life Corporation. The sale allowed GWLA to concentrate on institutional pension risk transfer and group retirement products, reducing its retail exposure.

### How does GWLA relate to Power Corporation's other holdings?

GWLA is part of the Power Corporation ecosystem alongside investments in financial services (IGM Financial, Canada Life), asset management (Power Sustainable), and media. This structure allows for potential co-investment and cross-border capital deployment between the insurance balance sheet and the holding company's other assets.

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Last updated: 2026-07-11T06:38:03.000Z

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