Business
Empower Reports Base Earnings of $255M in First Quarter, up 13% Year Over Year
Workplace Solutions added 700K participants and 12K plans Wealth unit sees inflows up...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"Empower Reports Base Earnings of $255M in First Quarter, up 13% Year Over Year\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n\n\n Workplace Solutions added 700K participants and 12K plans\n \n\n\n\n\n\n Wealth unit sees inflows up 115% year over year\n \n\n\n\n\n\n Empower announced today it has achieved base earnings of $255 million for the first quarter of 2025, up 13% from the same period in 2024.\n \n\n The retirement services and wealth management provider added approximately $42 billion in assets under administration to its Workplace Solutions unit over the past 12 months ending March 31, 2025, which includes 700,000 new participants and 12,000 new plans.\n \n\n In addition, Empower Personal Wealth\n \n TM\n \n , the firm’s wealth management unit, which recognized its second anniversary this quarter, has seen net flows up 115% to $2.8 billion from this time last year, driven by retention and strong sales growth of 30% from the prior year.\n \n\n Empower released results as part of a broader quarterly announcement by its parent company, Winnipeg-based Great-West Lifeco (TSX: GWO-CA). For more information on Great-West Lifeco’s first-quarter 2025 results, please see the release on firm’s\n \n website\n \n .\n \n\n “Empower is presenting itself to a range of investors and employers who are coming to us in a greater degree because of our expanding capabilities, insights, and offerings,” said Empower President and CEO Edmund F. Murphy III. “We are making investments in our customers’ needs like never before and they are, in turn, choosing to invest with us.”\n \n\n The company serves more than 19 million individuals and administers more than $1.8 trillion in assets\n \n 2\n \n .\n \n\n In Empower’s Workplace Solutions unit, the second-largest retirement services provider in the U.S. by plan participants\n \n 1\n \n , request-for-proposal activity in the last year has been higher than any previous year across plan types, including 401(k), 457(b), and 403(b) defined contribution plans of all sizes covering corporate, government, and not-for-profit employers. The $42 billion in AUA represents funded organic sales over the last year.\n \n\n As of March 31, 2025, Empower has provided retirement serv...