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.