Empower Achieves Record Quarterly Earnings of $211M for Q1 2024 Representing 29% Year-over-Year Growth
Company completes successful integration of Prudential retirement business
Empower released results as part of a broader quarterly announcement by its parent company,
Empower announced that defined contribution plan assets under administration (AUA)1 increased more than
“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. “The millions of individuals we serve are staying the course with strong support from their advisors, workplace retirement plans, and employers.”
Prudential Completion
Empower closed its acquisition of Prudential’s full-service retirement business in April 2022, intent on capitalizing on both firms’ expertise and scaling Empower’s technological excellence and product capabilities. A comprehensive integration program moving retirement plans from the Prudential recordkeeping system to Empower launched in early 2023 and completed in the second quarter of 2024.
Through the integration process, Empower has earned the trust of more than 2,500 Prudential clients and 3.6 million participants — a
“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. “Our long history of successfully integrating new businesses has enabled us to complete complex onboarding processes while continuing to deliver for our customers. We are proud of the work we have accomplished on their behalf and the trust that legacy Prudential clients have shown us.”
Through the Prudential acquisition, Empower is leveraging a stronger suite of financial benefits beyond defined contribution plan services, including defined benefit and non-qualified plan offerings. In addition, the company has seen significant market momentum in Institutional Separate Accounts, an in-plan investment offering strengthened after acquiring Prudential’s business. In 2023, Empower achieved approximately
A legacy of integration success
Empower has successfully integrated 48,000 plans and 6.7 million participant accounts from 10 different platforms beginning with the 2014 acquisition of J.P. Morgan’s retirement business. In subsequent years, Empower integration programs have included the acquired MassMutual business (2021), Prudential and other smaller acquisitions. In total, Empower has integrated
The combined firm will continue to serve retirement plans sponsored by a broad spectrum of employers. These include mega, large, mid-size and small corporate 401(k) plans; government plans ranging in scale from state-level plans to municipal agencies; not-for-profits such as hospitals and religious organizations’ 403(b) plans. In addition, Empower serves collectively bargained Taft-Hartley plans.
About Empower
Recognized as the second-largest retirement services provider in the
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As of March 31, 2024. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company. |
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Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as of December 31, 2023. |
Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal, or tax recommendations or advice.
Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.
©2024 Empower Retirement, LLC. All rights reserved. WF-3267103-0324 RO-DATE24
Learn more:
To 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 on 800-719-9914.
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Media contacts:
Stephen Gawlik - Stephen.Gawlik@empower.com
Mandy Cassano - Mandy.Cassano@empower.com
Source: Empower