Great-West buying Milliman's retirement plan and benefits administration business

Great-West Lifeco world headquarters is pictured in Winnipeg, February 19, 2013. The Canadian Press/John Woods

WINNIPEG — Great-West Lifeco Inc. has signed a deal to buy Milliman Inc.’s retirement plan and benefits administration business for US$340 million.

The business being acquired provides administration services for defined contribution and defined benefit pensions and health and welfare benefits.

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Great-West says the deal will help grow its Empower subsidiary, adding about US$130 billion in client assets and 1.5 million plan participants.

The acquisition is expected to deliver about US$20 million of cost synergies within three years, the company says.

Total integration costs are expected to be about US$50 million.

The deal is expected to close in the second half of this year, subject to customary closing conditions and regulatory approvals.

This report by The Canadian Press was first published June 30, 2026.