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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