Empower reported record Q2 2024 earnings of $236 million, a 19% year-over-year increase. The company's success is attributed to strong organic sales, higher fee income from improved equity markets, and increased surplus income. Empower Personal Wealth saw a 23% growth in assets under administration (AUA) year-over-year, while Workplace Solutions AUA increased by 14%. The company now administers over $1.6 trillion in assets for 18.6 million individuals.
Notable achievements include a 35% year-over-year increase in sales for advisor-sold business plans and significant growth in the public plan sector. Empower serves 29 of 50 state-level plans and supports 4.1 million public workers with over $240 billion in assets. The company also completed the Prudential integration, achieving expected cost synergies of $180 million pre-tax.