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Strong operating performance and strategic expansion highlighted by agreement to acquire Milliman’s retirement administration business
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GREENWOOD VILLAGE, Colo. — Empower today announced after-tax base earnings of $332 million for the second quarter of 2026, an increase of 34% from the same period in 2025.
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Growth was driven by continued strong retirement plan sales, organic client growth, expanding wealth management relationships and disciplined execution across Empower.
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Highlights for the quarter include:
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- Empower base earnings increased 6% from the first quarter of 2026, driven by organic business growth and higher equity markets.
- Empower Workplace Solutions generated net plan inflows of $5 billion during the quarter on $13 billion in retirement plan sales.
- Empower Personal WealthTM recorded net flows of $1.8 billion during the quarter, with wealth accounts up 40% year over year.
- Assets under administration are now more than $2.1 trillion.
- Empower now serves more than 20 million participants and investors across workplace retirement, wealth management, stock plan and health benefits solutions.1
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The company’s results were released alongside those of parent company Great-West Lifeco Inc. (TSX: GWO). Full
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are available at greatwestlifeco.com
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“Empower continues to deliver strong financial results while investing in the future of workplace financial services,” said Edmund F. Murphy III, President and CEO of Empower. “Our strategy is centered on helping employers and individuals navigate every stage of their financial lives — from saving and investing to healthcare, wealth accumulation and retirement income. During the quarter, we also announced one of the most significant strategic transactions in our company’s history, further strengthening our ability to serve clients with comprehensive workplace solutions.”
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Strategic growth
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Empower continued to expand its integrated workplace financial services platform during the quarter through growth across retirement, wealth management, healthcare benefits and equity compensation. The company’s workplace solutions now span retirement plans, consumer-directed healthcare, stock plan services, non-qualified plans, executive services and defined benefit administration, helping employers deliver more comprehensive financial benefits to employees.
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During the quarter, Empower announced a definitive agreement to acquire Milliman’s retirement administration business, expanding the company’s workplace solutions platform and strengthening its leadership in retirement services.
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Subject to customary regulatory approvals and closing conditions, the transaction is expected to close during the second half of 2026.
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The acquisition is expected to:
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- Expand Empower’s defined benefit administration capabilities while adding health and welfare benefits administration and growing its defined contribution retirement business.
- Add approximately 800 employees with specialized retirement and benefits administration expertise.
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At closing, Empower expects to add approximately 400 defined benefit administration clients representing roughly 790,000 participants and approximately $80 billion in assets under administration.
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The acquisition is also expected to add more than 1,100 defined contribution plans representing approximately 750,000 participants and more than $50 billion in assets, as well as approximately 100 health and welfare administration clients serving roughly 100,000 participants.
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“This acquisition represents another important milestone in Empower’s long-term strategy of building the nation’s most comprehensive workplace financial services platform,” Murphy said. “By bringing together retirement, wealth management, healthcare benefits, equity compensation and defined benefit administration, we are creating broader capabilities that help employers support employees throughout their financial lives.”
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About Empower
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Recognized as a leader in retirement services and wealth management,2 Empower administers more than $2.1 trillion in assets1 for more than 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.
- As of June 30, 2026. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.
- Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2025.
Cautionary note regarding the proposed transaction The parties have entered into a definitive agreement providing for the acquisition described in this press release. The completion of the transaction remains subject to the satisfaction or waiver of customary closing conditions and other terms set forth in the agreement. Accordingly, there can be no assurance that the transaction will be completed on the anticipated timeline or at all. Statements in this press release regarding the expected timing of the closing, anticipated benefits of the transaction, future operations, integration plans, business opportunities or other events that have not yet occurred are based on the parties’ current expectations and assumptions. Actual results and outcomes may differ materially due to a variety of factors, including the failure to satisfy closing conditions, required approvals, integration challenges, market conditions and other risks affecting the businesses.
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