Great-West Life & Annuity Insurance Company




FOR IMMEDIATE RELEASE

GREAT-WEST U.S. ANNOUNCES COMPLETION OF DEFERRABLE DEBENTURE OFFERING AND NOTICE
OF REDEMPTION OF CAPITAL INCOME SECURITIES

GREENWOOD VILLAGE, Nov. 15, 2004 - GWL&A Financial Inc., the parent company of
Great-West Life & Annuity Insurance Company, today announced that an affiliated
limited partnership, Great-West Life & Annuity Insurance Capital, LP, has
completed the issuance of $175 million of 6.625% Deferrable Debentures due in
2034. The Deferrable Debentures were issued to qualified institutional investors
pursuant to Rule 144A under the Securities Act of 1933, as amended.

The Company also today announced that its affiliate, Great-West Life & Annuity
Insurance Capital I, has issued a notice of redemption to holders of the $175
million of 7.25% Subordinated Capital Income Securities it issued in 1999. The
Capital Income Securities are to be redeemed, in accordance with their terms, on
December 16, 2004.

The Deferrable Debentures subject to the private placement are not registered
under the Securities Act of 1933, as amended, or any state securities laws, and
were offered only to qualified institutional investors in reliance on Rule 144A
under the Securities Act. Unless so registered, the Deferrable Debentures may
not be offered or sold in the United States except pursuant to an exemption from
registration requirements of the Securities Act and applicable state securities
laws. This announcement is neither an offer to sell nor a solicitation of an
offer to buy any of the Deferrable Debentures.

Great-West Life & Annuity Insurance Company, headquartered in metro-Denver,
serves its customers through a full range of health care plans, life and
disability insurance, annuities, and retirement savings products and services.
It is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and a
member of the Power Financial Corporation group of companies.


For more information contact:
Lisa Gigax
(303) 737-6290
lisa.Gigax@gwl.com