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Great-West Investments Fixed Account Great-West Life & Annuity Insurance Company

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Great-West Investments Fixed Account Great-West Life & Annuity Insurance Company 401(k), 401(a), 457(b) Great-West Investments Fixed Account Great-West Life & Annuity Insurance Company Type of fund What are general account products? The Great-West Investments Fixed Account (GWI Fixed Account) General account products within retirement plans are is a general account product of Great-West Life & Annuity offerings through which insurance companies guarantee Insurance Company (GWL&A). Because the GWI Fixed Account both principal and interest to participants invested in the is a general account product offered through a group annuity products. This affords participants the ability to both preserve contract, participant principal and interest are backed by the capital and receive a generally higher credited rate than entire general account assets of GWL&A. what is offered by money market funds in most interest rate environments. General account products tend to be less Investment strategy volatile than equities or bond funds. This product seeks to achieve consistent returns to support a competitive credited rate. Bonds invested in the general What is the ticker for this investment? account segment have an average maturity between three and Given that general account products are not securities, seven years; are investment-grade in quality; and are there would be neither a ticker symbol nor a prospectus for diversified across a range of fixed-income asset classes such as this investment. asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, commercial What is the fee for general account products? mortgages, private equity, etc. General account crediting rates are net of cost of capital and expenses covered by the fund and guarantee provisions. Underlying product facts Essentially, the nature of the product is such that GWL&A Inception date: 4/1/2019 guarantees a crediting rate in advance and attempts to Asset class: Stable value/Insurance company general account obtain a yield that exceeds it. The “spread” between the yield Manager: GWL&A obtained and the crediting rate guaranteed is retained by Interest crediting method GWL&A to pay the aforementioned expenses associated with the general account. The GWI Fixed Account contract does The GWI Fixed Account credits interest daily to the group carry an explicit Contract Series Charge which varies by contract holder on a portfolio basis. The credited interest Series Class. rate may change or stay the same each quarter. The quarterly credited rate applies to all money deposited in the group contract holder’s account regardless of when it was deposited. Participant transfer restrictions Based on GWL&A’s excessive trading policy, participant transfers may be restricted for up to 30 days in the event of excessive participant trading. If the plan sponsor chooses a book value payout for termination, participant transfer restrictions may apply until the money is paid to the next provider. GWI Fixed Account transactions are processed after the resolution of closed or disrupted financial exchanges or markets. empower-retirement.com The Great-West Investments™ Fixed Account (the Fund) is a general account group annuity contract or funding agreement issued by GWL&A. The Fund guarantees principal and credited interest for eligible participant-initiated withdrawals and transfers. Any guarantees are subject to the terms and conditions of the contract and the claims-paying ability of the insurer. Depending on the terms of the contract, there may also be investment risks associated with certain plan sponsor actions, including, but not limited to, a termination of the contract that could result in a negative market value adjustment to the proceeds paid to the plan sponsor or an extended payment period. For more information, please contact Empower Retirement or refer to the contract. Great-West Financial®, Empower Retirement and Great-West InvestmentsTM are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC. ©2019 Great-West Life & Annuity Insurance Company. All rights reserved. 80-01-FLY-25151-1904 RO802203-0419 Not a Deposit | Not FDIC Insured| Not Bank Guaranteed | Not Insured by Any Federal Government Agency GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY Effective date: 7/1/2021 General account information Total net assets:1 $45.8 billion Portfolio composition of admitted cash and invested assets2 Liabilities:1 $43.8 billion U.S. government Treasury & agency securities $1,467,743 3.89% Shareholder equity & U.S. government securities $10,967 0.03% accumulated surplus:1 $2.0 billion U.S. government agency $30,886 0.08% U.S. agency $1,423,809 3.78% Outside rating agencies have rated Foreign governments $2,081 0.01% GWLA as follows: Industrial & miscellaneous $24,167,105 64.08% Bonds $19,049,207 50.51% GWLA Financial ratings* Communications $732,384 1.94% Standard & Poor’s Ratings Services Consumer products & services $2,648,348 7.02% AA Financial strength: Very strong Financial services $5,863,826 15.55% (second highest of nine categories) Healthcare related $1,222,189 3.24% Moody’s Investors Service Industrial products & services $1,599,389 4.24% Aa3 Financial strength: Excellent Natural resources $1,811,789 4.80% (second highest of nine categories) Canadian governments $739 0.00% Fitch Ratings U.S. state & municipals $26,079 0.07% AA Financial strength: Very strong Technology $1,444,971 3.83% (second highest of nine categories) Transportation $975,914 2.59% A.M. Best Company, Inc. Utilities $2,723,579 7.22% Financial strength: Superior Securitized credit $5,117,898 13.57% A+ (highest of seven rating Asset-backed securities $3,311,463 8.78% categories and second highest Collateralized loan obligations $1,647,585 4.37% of 13 possible ratings) Mortgage-backed securities $158,850 0.42% States & political subdivisions $1,072,453 2.84% * As of June 30, 2021. Ratings are subject to change and represent the opinions of the rating U.S. states, territories & possessions $660,980 1.75% agencies regarding the financial strength of Political subdivisions of states & territories $411,473 1.09% GWLA and its ability to meet ongoing obligations Hybrid securities & parent, subsidiaries/affiliates $140,685 0.37% to its policyholders. Bank loans $377,844 1.00% Other invested assets $9,119,572 24.18% Common & preferred stock $337,941 0.90% Mortgage loans (net of allowance of $746K) $3,995,629 10.59% Real estate $42,880 0.11% Contract loans $3,936,145 10.44% Derivatives $134,654 0.36% Receivables for securities $64,845 0.17% Securities lending collateral assets $83,759 0.22% Other invested assets $523,719 1.39% Cash, cash equivalents and short-term investments $1,367,146 3.63% TOTAL CASH AND INVESTED ASSETS $37,712,550 100% empower-retirement.com Because the general account is offered through the group annuity contract, participant principal and interest are fully guaranteed by the entire general account assets of GWLA. These assets are primarily high-quality, fixed-income bonds, with an approximately 99% rated investment grade as of March 31, 2021. (as of 3/31/2021) 1 year or less 4.17% (as of 3/31/2021) 1-5 years 21.24% Maturity Invested 5-10 years 35.88% United States 85.2% distribution assets 10-20 years 9.05% Developed market debt 14.55% 20+ years 5.80% Emerging market debt 0.25% Structured securities 23.86% The book/adjusted carrying value and estimated fair The percentage distribution of the book/adjusted value of bonds and assets receiving bond treatment, carrying value of holdings categorized by Bloomberg based on estimated cash flows, are shown in the Bond Index Composite Country of Risk classifications, maturity distribution graphic above. Actual maturities will calculated as a percentage of total assets. likely differ from these projections, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. 1 Assets under management refers to general account products managed by GWLA. Insurance company AUM is as of the publicly available reporting period of March 31, 2021. AUM is a non-GAAP measure and does not reflect the financial strength of the company. 2 As of March 31, 2021. Line items are mostly carrying/book value. However, other methods of measurement (i.e., market value) may eb used per statutory financial reporting standards. Actual maturities will likely differ from these projections, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed (commercial and residential) and asset-backed securities including those issued by U.S. government and U.S. agencies. This material has been prepared for informational and educational purposes only and is not intended to provide investment, legal or tax advice. Empower Retirement refers to the products and services offered by Great-West Life & Annuity Insurance Company and its affiliates. ©2021 Empower Retirement, LLC. All rights reserved. GEN-FLY-WF-989200-0721(1209469) RO1710695-0721 Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Not Insured by Any Federal Government Agency.
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