Business
Great-West Lifeco subsidiary, Empower Retirement, closes acquisition of retirement business of MassMutual
Great-West Lifeco subsidiary, Empower Retirement, closes acquisition of retirement busine...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Great-West Lifeco subsidiary, Empower Retirement, closes acquisition of retirement business of MassMutual\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n TSX:GWO\n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Jan. 4, 2021\n \n /CNW/ - Great-West Lifeco Inc. today announced its\n \n Colorado\n \n -based subsidiary, Empower Retirement (Empower), has completed the previously announced acquisition of the retirement services business of Massachusetts Mutual Life Insurance Company (MassMutual).\n \n \n With completion of the acquisition, Empower's reach in the U.S. is expanded to more than 12 million retirement plan participants and assets to approximately\n \n US$884 billion\n \n on behalf of approximately 67,000 workplace savings plans.\n \n 1\n \n \n \n \"This transaction is an excellent strategic fit and directly aligns with Lifeco's long-term plans for growth in the U.S. retirement market,\" said\n \n Paul Mahon\n \n , President and CEO, Great-West Lifeco. \"It increases our scale advantages and strengthens Empower's position as the second largest player in this growing segment of the U.S. market. It also positions Empower as a growth engine and significant contributor to Great-West Lifeco's value creation objectives.\"\n \n \n The MassMutual retirement services business comprises more than 26,000 plans with approximately 2.6 million participants and\n \n US$174 billion\n \n in assets.\n \n 2\n \n With strong margins and earnings profile, it includes diversified capabilities across all plan types with significant presence in the highly attractive small-medium corporate market segment.\n \n \n For additional details on the transaction, please refer to the\n \n news release dated\n \n September 8, 2020\n \n \n .\n \n \n \n About Empower Retirement\n \n \n Headquartered in metro\n \n Denver\n \n , Empower Retirement administers approximately\n \n US$710 billion\n \n in assets for more than 9.4 million retirement plan participants as of\n \n September 30, 2020\n \n .\n \n 3\n \n It is ...