EOverview
Empower is a financial services provider focused on helping people save, invest and receive advice. It serves both organizations and individuals, offering tools, guidance and support to reach financial goals. Its products work by giving users access to personalized financial advice and resources, combining advisory support with digital tools to manage accounts and investments. The company differentiates itself through its large, diverse client base (over 71,000 organizations and 17 million individuals) and its emphasis on trust, integrity and personalized guidance, aiming to deliver financial well-being at scale. Its goal is to empower financial freedom for all by delivering clear advice, tailored guidance and essential support throughout the financial journey.
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About Empower
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Headquarters
Flower Mound, TX
Founded
2014
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Simplify's take
What believers are saying
- Q3 2026 base earnings rose 15% to $364 million, despite market volatility.
- Personal Wealth posted $2.5 billion inflows in Q3 2026 on stronger rollovers.
- Great-West expects double-digit Empower earnings growth into 2027 after Milliman synergies.
What critics are saying
- A 2025 ERISA class action over rollover cross-selling remains pending in New Jersey.
- Empower must integrate 800 Milliman employees while preserving margins and service quality.
- More capital entering reinsurance and participant-fee lawsuits threaten growth and valuation multiples.
What makes Empower unique
- September 2, 2026 closing gave Empower integrated retirement, DB, DC, and health administration scale.
- Empower serves 22 million participants and investors across 96,000 workplace plans.
- Q3 2026 wealth margins hit 42%, proving operating leverage from a fixed-cost platform.
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Benefits
- Health Insurance
- Dental Insurance
- Vision Insurance
- Life Insurance
- 401(k) Retirement Plan
- 401(k) Company Match
- Tuition Reimbursement
- Paid Vacation
- Paid Sick Leave
- Paid Volunteer Time
Company News
Great-West Lifeco Q3 earnings call highlights. November 8, 2026 Key points. * Great-West reported record Q3 base earnings above CAD 1.3 billion, with EPS up 11% year over year and a 19.4% base return on equity, above its medium-term target for a third straight quarter. * Empower was a major growth driver: base earnings rose 15% in constant currency, while the Milliman acquisition added CAD 134 billion in client assets and helped push Empower Retirement's customer count above 20 million. Great-West expects double-digit Empower base earnings growth into 2027. * Canadian base earnings fell 6% amid weaker disability experience, though the company expects Canadian insurance experience to be broadly neutral in 2027. Great-West also plans 2027 share repurchases at least in line with 2026 and expects dividends and buybacks to put its payout ratio above 75%. * MarketBeat previews top five stocks to own in December. Great-West Lifeco TSE: GWO reported record base earnings of more than CAD 1.3 billion for the third quarter of 2026, as growth in its U.S. retirement and wealth businesses and demand for reinsurance products offset weaker Canadian insurance experience. Base earnings per share rose 11% from a year earlier, while base return on equity reached 19.4%, above the company's medium-term objective of at least 19% for a third consecutive quarter. President and CEO David Harney said the combined retirement and wealth businesses now account for more than half of the operating segments' combined base earnings. The company also outlined plans for continued shareholder returns, with Harney saying Great-West expects to repurchase at least as many shares in 2027 as it does this year. Empower growth and Milliman acquisition. Empower's base earnings rose 15% in constant currency, supported by growth in retirement and wealth. The U.S. business completed its acquisition of Milliman's retirement and benefits administration business during the quarter, adding $134 billion in client assets and bringing Empower Retirement's customer count above 20 million. Chief Financial Officer Jon Nielsen said retirement results included approximately $21 million after tax in one-time administrative service fees, offset by credit losses above the expected quarterly run rate. Retirement operating margins improved by 370 basis points from a year earlier. Empower Wealth's base earnings increased 28% in constant currency, and its operating margin reached a record 42%. Net sales rose approximately 40% from the previous quarter. Nielsen said Great-West expects double-digit base earnings growth at Empower into 2027. Empower President and CEO Ed Murphy said the business expects more than $20 billion in net plan sales, measured by contractual commitments, in the first quarter of 2027. He also expects it to add close to 950,000 participants organically in 2026, excluding Milliman. Beyond 2026, Great-West expects pretax operating margins in the mid-30% range for Empower Retirement and the high-30% range for Empower Wealth. Murphy said investment in technology, distribution and the brand would contribute to some moderation in margins, with total brand spending expected to rise roughly 20% in 2027. Canadian insurance experience moderates. Canadian base earnings fell 6% year over year as growth in retirement and wealth was outweighed by lower disability experience gains compared with record levels in 2025. Group benefits sales more than doubled, while insurance and annuity sales increased 17%, Nielsen said. Fabrice Morin, president and CEO of Great-West's Canadian operations, said long-term disability results reflected both higher claims incidence and lower claims recovery. Third-quarter trends were consistent with the second quarter, though incidence pressure increased and recovery pressure eased somewhat. Great-West is strengthening early intervention, case management and return-to-work support. Morin said pricing is also part of its toolkit, but noted that pricing actions generally take 12 to 18 months to be established, negotiated and implemented. The company expects Canadian insurance experience to be broadly neutral overall in 2027. Morin also projected Canadian wealth operating margins of 18% to 20%, with investments creating some pressure. He said recent Canadian retirement margins were relatively sustainable under normal market conditions, although they are sensitive to market levels. Reinsurance demand and capital returns. Capital and Risk Solutions base earnings rose 17% in the quarter. Strong demand for Capital Solutions drove a 38% increase in its run-rate insurance result, Nielsen said. The company expects mid-single-digit-plus growth going forward as new business volume and insurance experience normalize. Jeff Poulin, CEO of Reinsurance, said the pipeline remains healthy but includes more, smaller deals compared with last year. He also noted increased competition as more capital enters reinsurance, while saying Great-West remains well positioned in Capital Solutions. In Europe, base earnings rose 3% in the quarter and 6% in the first nine months of 2026. Nielsen said retail sales grew more than 50% across product lines, while bulk annuity sales moderated from the previous quarter. Great-West repurchased approximately CAD 1.3 billion of common shares in the first nine months of 2026, including approximately $340 million in the third quarter. Nielsen said the company expects 2026 buybacks to be similar to last year's level, which he described as roughly CAD 1.6 billion. Harney said planned buybacks and dividends would produce a total payout ratio above 75% in 2027. Nielsen said the buyback outlook does not anticipate a major acquisition, though smaller deals could be incremental. Under normal market conditions and without a significant acquisition, the company would have capacity beyond CAD 1.6 billion in repurchases, he said. Great-West ended the quarter with a LICAT capital ratio of 127% and CAD 3.6 billion in holding-company cash. Nearly CAD 800 million of that cash was earmarked for a fourth-quarter debt maturity. About Great-West Lifeco (TSE:GWO). Great West is a financial services holding company focused on building stronger, more financially secure futures. We operate in the United States, Canada and Europe under the brands Empower, Canada Life and Irish Life. Together we provide wealth, retirement, group benefits and insurance and risk solutions to our approximately 40 million customer relationships. As of June 30, 2026, Great West's total client assets were $3.7 trillion. Great West trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Great-West Lifeco, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Great-West Lifeco wasn't on the list. While Great-West Lifeco currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys. 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Empower reported after-tax base earnings of $364 million for the third quarter of 2026, up 15% from a year earlier. Earnings rose 10% from the second quarter, helped by favourable equity markets and operating leverage. Empower Personal Wealth recorded net inflows of $2.5 billion, supported by improved rollover activity. Base earnings rose 15% in Workplace Solutions and 28% in Personal Wealth. Assets under administration reached $2.3 trillion, and the company now serves more than 22 million participants and investors. During the quarter, Empower closed its acquisition of the Milliman business. "Our focus on expanding our capabilities, strengthening our technology and improving how we serve clients is producing results," said chief executive officer Edmund F. Murphy III.
ADWEEK and Empower team up to launch 'Agents of Change' award. Honoring the most impact individuals driving positive change throughout the industry. 13 hours ago ADWEEK has launched a new award: Agents of Change, presented by Empower, celebrating the people reshaping marketing, media, advertising, and tech through meaningful action. In partnership with Empower, the industry platform created by Propeller Group and WACL, this award recognizes individuals who combine commercial excellence with a commitment to creating a more responsible and forward-thinking industry. Industry professionals of any seniority level who have challenged the status quo, opened doors for others, and driven lasting positive change within their organizations and the wider industry are encouraged to enter. Entries should clearly demonstrate tangible outcomes, evidence of impact, and why the individual stands apart as an Agent of Change in the industry. Winners will be published on ADWEEK.com on and celebrated at ADWEEK House: Advertising HQ on Thursday, October 8, 2026. Final Submission Deadline: Friday, August 28, 2026 This award is free to enter using the submission form below. Contact [email protected] if you have any questions. Recommended videos
Empower announces partnership with the American Cancer Society to deliver retirement benefits. Empower will provide plan administration to roughly 7,000 employees with approximately $475 million in assets under administration GREENWOOD VILLAGE, Colo. - Empower, a leading provider of retirement and wealth management solutions,1 today announced that it has been selected by the American Cancer Society as the plan administrator for its retirement plan. The plan serves approximately...
Empower announces record second quarter 2026 base earnings of $332 million, up 34% year over year. Strong operating performance and strategic expansion highlighted by agreement to acquire Milliman's retirement administration business 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. Growth was driven by continued strong retirement plan sales, organic client... July 29, 2026 at 10:54 a.m. Strong operating performance and strategic expansion highlighted by agreement to acquire Milliman's retirement administration business 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. Growth was driven by continued strong retirement plan sales, organic client growth, expanding wealth management relationships and disciplined execution across Empower. Highlights for the quarter include: * 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 Wealth(TM) 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] The company's results were released alongside those of parent company Great-West Lifeco Inc. (TSX: GWO). Full second quarter financial results are available at greatwestlifeco.com "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." Strategic growth 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. 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. Subject to customary regulatory approvals and closing conditions, the transaction is expected to close during the second half of 2026. The acquisition is expected to: * 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. 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. 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. "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." About Empower Recognized as a leader in retirement services and wealth management,[2] Empower administers more than $2.1 trillion in assets[1] 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. Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. "EMPOWER" and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only. To learn more about how we're empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.
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About Empower
Industries
Company Size
N/A
Company Stage
N/A
Total Funding
N/A
Headquarters
Flower Mound, TX
Founded
2014
Empower is Hiring for 112 Jobs on Simplify!
Find jobs on Simplify and start your career today
Don't see your dream role? Check out thousands of other roles on Simplify.Browse all jobs