SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 8, 1998
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
Colorado 333-1173 84-0467907
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
8515 East Orchard Road, Englewood, Colorado 80111
(Address of principal executive offices) (Zip Code)
(303) 689-3000
(Registrant's telephone number, including area code)
- --------------------------------------------------------------
(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS.
On July 8, 1998, Great-West Life & Annuity Insurance Company ("GWL&A") completed
its purchase of all of the outstanding shares of Anthem Health & Life Insurance
Company of Piscataway, New Jersey.
On July 8, 1998, GWL&A issued a press release announcing the closing of the
transaction. A copy of the press release is filed as an exhibit hereto and is
incorporated by reference herein.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: July 23, 1998
GREAT-WEST LIFE & ANNUITY
INSURANCE COMPANY
By: /s/ M.T.G. Graye
Name: Mitchell T.G. Graye
Title: Senior Vice President,
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press release: Great-West Life & Annuity Insurance Company
finalizes Anthem Health & Life acquisition.
EXHIBIT NO. 99.1
FOR IMMEDIATE RELEASE
For more
information, contact:
Kathy Jacoby, Public Relations
(303) 689-3155
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY FINALIZES
ANTHEM HEALTH & LIFE ACQUISITION
DENVER, July 8, 1998 - Great-West Life & Annuity Insurance Company today
announced that the company has completed its acquisition of Anthem Health & Life
Insurance Company (AH&L) of Piscataway, NJ. The purchase price of $87.8 million
was based on AH&L's adjusted book value, and is subject to further minor
adjustments.
The transaction had been approved by the boards of directors of the two
companies in April, and approval by the appropriate regulatory agencies has now
been obtained.
Jim Motz, executive vice president of Great-West's employee benefits
division, said the acquisition gives Great-West an additional $975 million of
equivalent premium income. It also adds 450,000 new medical members to
Great-West's current 1.7 million membership.
Great-West will operate AH&L as a wholly-owned subsidiary with a
separate sales organization. Jim White will continue as president and will
oversee AH&L's sales and operations.
"Our customers will not experience any changes in service because we
will continue operating our local sales, claims payment and customer service
offices," said Jim White. "Our goal is to create a smooth integration as we
begin transitioning customers to a common billing and claims payment system on
the group's renewal date beginning Oct.1. We will also begin offering customers
a new choice in managed care products through One Health Plan --Great-West's
national managed care organization."
"This acquisition is an excellent opportunity for us," Motz added. "This
will strengthen our national managed care programs as we offer new and existing
AH&L customers these services. In addition, the majority of AH&L customers are
within our target market of small- to medium-sized businesses with self-funding
arrangements."
Great-West Life & Annuity Insurance Company has about 5,300 employees
and provides a full range of group life, health and financial products to more
than 2.7 million Americans. The Denver-based company also is a leader in
administering tax-qualified annuities for public/non-profit pension customers.
Great-West Life & Annuity Insurance Company is an indirect subsidiary of
Great-West Lifeco Inc., a member of the Power Financial Corporation group of
companies. In Canada, Lifeco's subsidiaries, The Great-West Life Assurance
Company and the London Life Insurance Company, serve the financial security
needs of more than 8 million Canadians. In the United States, Great-West Life &
Annuity Insurance Company is a leader in providing employee benefits for small-
to mid-sized corporations, and in meeting the retirement income needs of
employees in the public/non-profit sector.
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