Empower Delivers Record Earnings of $1.1 billion as Workplace and Wealth Businesses Accelerate

Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.GREENWOOD VILLAGE, Colo. — Empower today announced record financial results for the year ended December 31, 2025, achieving base earnings of $1.1 billion,1 an increase of 11% from 2024, driven by sustained business growth, strong sales momentum, and continued operating efficiency across its workplace and wealth management businesses.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Empower, a leading provider of retirement and wealth management services, 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 fourth-quarter and full-year 2025 results, please see the release on the firm’s website. Empower now administers $2 trillion in assets (AUA)4 for more than 19.5 million individuals.

Empower Workplace Solutions manages approximately 89,000 employer-sponsored retirement plans on behalf of 61,000 employers and added approximately 500,000 net new plan participants in 2025, representing an increase of 3% over the prior year.Empower’s continued focus on expense discipline and operational efficiency contributed to strong base earnings1 growth. In 2025, average AUA4 growth in the company’s Workplace Solutions unit was 12%.Empower Personal Wealth achieved 23% growth in average AUA,4 during the year. Positive net flows into Empower Personal Wealth were driven by continued success serving clients from defined contribution plans, as well as growing demand for personalized advice and digital-first engagement.“At the center of Empower’s growth strategy is expanding access to financial advice and helping more people navigate increasingly complex financial decisions,” said Empower President and CEO Edmund F. Murphy III. “Our 2025 results reflect another year of strong execution by our teams and continued trust from our customers, advisors, and partners.”“The momentum we built throughout 2025 positions Empower well for continued growth as we enter 2026,” Murphy added. “We remain focused on innovation, scale, and advice delivery to help our clients build the financial security they want and need.”Recognized as a leader in retirement services and wealth management,5 Empower administers over $2.0 trillion in assets4 for more than 19.5 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.1This is an unaudited non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures and Ratios” section in the Great-West Lifeco 2025 Annual Management Discussion and Analysis (MD&A) for additional details. Please visit Financial reports – Great-West Lifeco Inc. (greatwestlifeco.com).2Base return on equity is calculated using the trailing four quarters of applicable earnings and common shareholders’ equity.3This is a forward-looking statement. Refer to the “Cautionary Note regarding Forward-Looking Information” section in the Great-West Lifeco 2025 Annual Management Discussion and Analysis (MD&A) for additional details. Please visit Financial reports – Great-West Lifeco Inc. (greatwestlifeco.com).4As of December 31, 2025. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.5Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2024.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.©2026 Empower Annuity Insurance Company of America. All rights reserved. RO-5214233-0226To 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. https://www.businesswire.com/news/home/20260211984673/en/ContactsStephen Gawlik –Mandy Cassano –#distroPostmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.