GREAT WESTERN <GWF> SELLS INSURANCE UNIT
Great Western Financial
Corp said it agreed to sell its John Alden Life Insurance Co
and its affiliated operations for 280 mln dlrs to a
newly-formed company onwed by the John Alden Management Group.
    General Electric Credit Corp delivered a commitment letter
arranged by the GECC Capital Markets Group Inc for the
financing.
    Great Western said the pre-tax gain on the sale will be
approximately 65 mln dlrs, and after tax gain will be 
approximately 15 mln.
 Reuter
