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<\/a><\/a>\nGrowth was driven by continued strong retirement plan sales, organic client growth, expanding wealth management relationships and disciplined execution across Empower.<\/p>
\nHighlights for the quarter include:<\/b><\/p> \nThe company's results were released alongside those of parent company Great-West Lifeco Inc. (TSX: GWO). Full <\/b>second quarter financial results<\/b><\/a> are available at greatwestlifeco.com<\/b><\/p> \n\"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 \u2014 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.\"<\/p> \nStrategic growth<\/b><\/p> \nEmpower 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.<\/p> \nDuring 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.<\/p> \nSubject to customary regulatory approvals and closing conditions, the transaction is expected to close during the second half of 2026.<\/p> \nThe acquisition is expected to:<\/p> \nAt closing, Empower expects to add approximately 400 defined benefit administration clients representing roughly 790,000 participants and approximately $80 billion in assets under administration.<\/p> \nThe 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.<\/p> \n\"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.\"<\/p> \nAbout Empower<\/b><\/p> \nRecognized as a leader in retirement services and wealth management,2<\/sup> Empower administers more than $2.1 trillion in assets1<\/sup> 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<\/a>, Facebook<\/a>, X<\/a>, LinkedIn<\/a>, TikTok<\/a>, and Instagram.<\/a><\/p> \nCautionary note regarding the proposed transaction<\/b><\/p> \nThe 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\u2019 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.<\/p> \nEmpower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. \u201cEMPOWER\u201d and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.<\/p> \nThe 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.<\/p> \n\u00a92026 Empower Annuity Insurance Company of America. All rights reserved. WF-6747950-0726 RO-5790329-0726<\/p> \nLearn more:<\/b><\/p> \nTo learn more about how we\u2019re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914<\/b>.<\/p>\n
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