Empower Achieves Record Quarterly Earnings of $211M for Q1 2024 Representing 29% Year-over-Year Growth
Summary
The company now administers over $1.6 trillion in assets for 18.6 million individuals.1 In addition, Empower is announcing the completion of its integration of the retirement business it acquired from Prudential Financial in 2022. For more information on Great-West Lifeco’s first-quarter 2024 results, please see the release on the firm’s website: Great-West Lifeco reports record base earnings in the first quarter of 2024 Empower announced that defined contribution plan assets under administration (AUA)1 increased more than 15% year-over-year, while its personal wealth unit’s AUA1 was up more than 25% over the first quarter of 2023 due to strong net inflows and positive markets. “The market for retirement services and consumer wealth management remains strong, even in the face of a macroeconomic climate presenting mixed messages,” said Empower President and CEO Edmund F. Murphy III. “This program was focused on elevating the services available to millions of retirement investors, their employers and advisors while asking them to trust us,” said Empower President and Chief Operating Officer Rich Linton. In addition, the company has seen significant market momentum in Institutional Separate Accounts, an in-plan investment offering strengthened after acquiring Prudential’s business.