Great-West Lifeco sold its US individual life insurance and annuity business to Dai-ichi Life Insurance for $1.2bn.

Great-West Lifeco, a life insurance company, agreed to sell its US individual life insurance and annuity business to Dai-ichi Life Insurance, the third-largest life insurer in Japan by revenue, for $1.2bn. “This transaction allows us to focus on the retirement and asset-management markets in the U.S.,” Great-West Lifeco Chief Executive Officer Paul Mahon said in the statement. “With the strengthened capital position resulting from this transaction, we will also consider other capital-management activities, including potential share repurchases, to mitigate the earnings impact from the sale.”