Great-West Life & Annuity Insurance Co. has reached an agreement to sell substantially all of its individual life insurance and annuity business to Protective Life Insurance Co. Great-West’s retirement and investment management divisions, Empower Retirement and Great-West Investments, are not affected by the transaction. The business to be transferred, which is marketed under the Great-West Financial brand, includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities and closed block life insurance and annuities. GWL&A will retain a small block of participating life insurance policies that will be administered by Protective following the close of the transaction. Based in Birmingham, Ala., Protective is a wholly owned U.S. subsidiary of Dai-ichi Life Holdings Inc. The transaction is expected to close in the first half of 2019, subject to regulatory approvals and customary closing conditions.