Sept 8 (Reuters) – Empower Retirement, a unit of Canadian insurer Great-West Lifeco Inc, said on Tuesday it would buy the retirement services business of Massachusetts Mutual Life Insurance Company for C$4.4 billion ($3.34 billion).
The deal will widen Empower Retirement’s reach to more than 12.2 million retirement plan participants and $834 billion in assets, the company said.
It is also expected to add to the insurer’s earnings and generate $160 million in cost savings for Empower at the end of integration in 2022, Empower Retirement said.
Empower and MassMutual also plan to enter into a partnership under which digital insurance products and voluntary insurance and lifetime income products will be made available to customers of Empower and its newly acquired unit, Personal Capital.
$1 = C$1.3164
Reporting by Niket Nishant in Bengaluru; Editing by Shailesh