Who bought Great West insurance?
Great-West (Great-West Lifeco) is owned by the Power Corporation of Canada, which holds roughly 70% of its common shares.
Ownership Breakdown
- Ultimate Control: The Desmarais family controls the Power Corporation of Canada, which manages Great-West Lifeco.
- Public Trading: Great-West Lifeco also trades publicly on the Toronto Stock Exchange under the ticker GWO.
Note on Great West Casualty Company
If you are looking for Great West Casualty Company (the trucking insurer), it is owned by the Old Republic Insurance Group.
What is Great West insurance called now?
Great-West Life & Annuity Insurance Company is now Empower (specifically Empower Annuity Insurance Company of America), while Great-West Life in Canada rebranded into Canada Life.
Name Changes by Division
- U.S. Life & Annuity / Retirement: Great-West Life & Annuity Insurance Company transitioned to Empower Annuity Insurance Company of America, operating under the Empower brand.
- Canadian Operations: Great-West Life, London Life, and Canada Life amalgamated and are now unified simply as Canada Life.
- Trucking / Commercial Auto: Great West Casualty Company is now known as Great West, An Old Republic Company.
- Healthcare: Great-West Healthcare was acquired by Cigna years prior.
Is Great West owned by Cigna?
Yes, Cigna owns the healthcare division of Great-West, known as Great-West Healthcare.
Acquisition Details
- Purchase Date: Cigna completed the acquisition in April 2008.
- Purchase Price: Cigna paid approximately $1.5 billion in cash, plus $400 million in capital support.
- What Was Bought: The Great-West Healthcare unit (the U.S. health care division of Great-West Life & Annuity Insurance Company).
- Integration: Operations and members from Great-West Healthcare are now fully integrated into Cigna.
(Note: Other parts of the original Great-West Lifeco, such as its financial and retirement services, operate separately or under different brands like Empower and Canada Life, rather than Cigna.)
Is Great West the same as Empower?
Empower is a U.S. subsidiary and brand of the broader financial services holding company Great-West Lifeco (Great-West).
📊 Corporate Relationship
- Parent Company: Great-West Lifeco owns Empower as a major operating subsidiary.
- U.S. Rebranding: Great-West rebranded its legacy U.S. retirement and insurance entities under the Empower name.
- Legal Entities: Former names like Great-West Life & Annuity became Empower Annuity Insurance Company.
💡 What This Means For You
- Accounts & Access: Your login, plan features, and contracts remain entirely valid under Empower.
- Global vs. U.S.: Great-West operates internationally (including Canada Life), while Empower specifically handles U.S. retirement and wealth.
What did Empower used to be called?
Empower was originally formed in 2014 as Empower Retirement, combining the retirement services of Great-West Financial, Putnam Investments, and J.P. Morgan Retirement Plan Services.
Key Name Changes and Evolution
- Great-West Financial: The core underlying business roots trace back to Great-West (founded in 1891 as Great-West Lifeco). In 2014, Great-West rebranded its retirement division as Empower Retirement.
- Empower Retirement: The company used "Empower Retirement" as its primary operating and public name for several years (and notably acquired Personal Capital in 2020).
- Drop of "Retirement": In early 2022, the firm officially dropped "Retirement" from its public-facing brand name, transitioning simply to Empower to reflect a broader focus on overall financial wellness.
- Legacy Entity Renaming: Later in 2022, underlying legal entities (such as Great-West Life & Annuity Insurance Company) were formally renamed to incorporate the Empower brand (such as Empower Annuity Insurance Company of America).
You can read more about their history and updates directly on the Empower History Page or their Name Change Information.
Leavitt Great West Insurance - Agency Overview
Who owns Great West insurance?
Great-West (Great-West Lifeco) is owned by the Power Corporation of Canada, which holds roughly 70% of its common shares.
Ownership Breakdown
- Ultimate Control: The Desmarais family controls the Power Corporation of Canada, which manages Great-West Lifeco.
- Public Trading: Great-West Lifeco also trades publicly on the Toronto Stock Exchange under the ticker GWO.
Note on Great West Casualty Company
If you are looking for Great West Casualty Company (the trucking insurer), it is owned by the Old Republic Insurance Group.
Who are the big 3 insurance companies?
The "Big 3" insurance companies depend on the specific type of insurance and country, but in the United States auto and property market, the top three groups are State Farm, Progressive, and Berkshire Hathaway (GEICO).
Auto and Property & Casualty (U.S.)
- State Farm: The largest property and casualty insurer in the U.S., holding about 13% to 18% of the market share depending on the specific personal lines.
- Progressive: A major vehicle insurer that ranks as a close second or third in overall lines.
- Berkshire Hathaway (GEICO): A massive holding company owning GEICO, placing it firmly in the top tier for private passenger auto and property coverage.
Health Insurance (U.S.)
By market share and enrollment, the largest three health groups are:
- UnitedHealth Group (UnitedHealthcare)
- Elevance Health (formerly Anthem)
- CVS Health (including Aetna) or Centene
Life Insurance (U.S.)
Ranked by direct premiums written, the top three are:
- New York Life
- Northwestern Mutual
- Metropolitan (MetLife)
What health insurance is Great West?
Great-West Healthcare is now part of Cigna Healthcare, which acquired the division in 2008.
What is Great-West Healthcare?
- Ownership: Cigna bought Great-West Healthcare for $1.5 billion to expand its network and employer-sponsored group health plans.
- Naming: Plans that previously carried the Great-West name often appear as GWH-Cigna or Cigna Great West on insurance cards and medical billing systems.
- Network: These legacy plans use specific Cigna-managed PPO, HMO, or Open Access networks rather than standard standalone Great-West networks.
How to Check Your Coverage
- Insurance Card: Look at the front and back of your current card for Cigna or GWH-Cigna logos and specific contact numbers.
- Verification: Call the member services phone number listed on your card to confirm your exact copays, deductibles, and whether your doctor is in-network.
- Provider Search: Use the Cigna Healthcare portal to find participating local doctors, hospitals, and behavioral health specialists.
Why is Cigna falling?
Cigna Group shares have faced downward pressure following its late-September Investor Day and broader concerns regarding execution risk and sector valuations.
Key Reasons for the Pullback
- Investor Day Expectations: During its September 30 Investor Day, management introduced the "Lead to One" long-term growth strategy and a $3 billion multi-year AI-driven modernization program. However, the company merely reaffirmed rather than raised its 2026 guidance, leaving investors who hoped for a near-term earnings catalyst disappointed.
- Long-Term Execution Risks: The newly outlined 2026–2030 targets—including a 10%–14% adjusted EPS compound annual growth rate—highlighted heavy capital deployment into tech and modernization, raising short-term execution and delivery timeline concerns.
- Medical Cost Pressures: Elevated utilization trends and medical care ratio pressures across the broader managed-care sector have kept sentiment cautious despite solid underlying quarterly performance.
- Regulatory and Political Scrutiny: Heightened attention and legislative scrutiny regarding pharmacy benefit managers (PBMs) and vertical integration have also weighed on the wider healthcare sector.
Who did Cigna get bought by?
The Cigna Group was not fully acquired, but it sold its Medicare and CareAllies businesses to Health Care Service Corporation (HCSC) for $3.3 billion on March 19, 2025.
📊 Transaction Details
- Buyer: Health Care Service Corporation (HCSC), the operator of Blue Cross Blue Shield plans in several states.
- Sold Units: Cigna's Medicare Advantage, Medicare Part D, supplemental benefits, and CareAllies businesses.
- What Cigna Kept: The core Cigna Healthcare and Evernorth Health Services businesses.
- Ongoing Service: Evernorth continues to provide pharmacy benefits for the divested Medicare plans.