Empower Achieves Record Earnings of $236M for Q2 2024 Representing 19% Year-over-Year Growth
- Company attains after tax earnings growth of 12% quarter-over-quarter
- Empower Personal WealthTM expands assets under administration (AUA) 23% over 12 months as sales from defined contribution plans see strong expansion
- Empower Workplace Solutions AUA is up 14% with strong momentum across segments, including public plan sector
The company achieved after-tax base earnings of US
The company administers more than
Empower released results as part of a broader quarterly announcement by its parent company,
“At the center of Empower’s value proposition is the delivery of advice and service to investors of all types who are coming to us in increasing numbers to provide retirement and wealth management services,” said Empower President and CEO Edmund F. Murphy III. “As the broader macroeconomic picture and the markets present challenges, we will continue to deliver what individuals need to help them on their path to greater financial security.”
During the quarter, Empower Personal Wealth, established in
In the Workplace Solutions business, Empower continues to achieve strong organic growth, with assets under administration up 14% on a year-over-year basis. Sales for Empower’s advisor-sold business (plans with under
Recent wins in the public plan sector have shown particular growth in 2024. Empower serves state-level plans for 29 of 50 states and in total supports the retirement needs of more than 4.1 million public workers who have invested more than
So far this year, Empower announced new and retained client commitments from public plan clients across the country, such as the
In addition, Prudential integration was completed in the second quarter of 2024. Retention targets exceeded and the expected
About Empower
Recognized as the second-largest retirement services provider in the
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As of
June 30, 2024 . Information refers to all retirement business ofEmpower Annuity Insurance Company of America (EAICA) and its subsidiaries, includingEmpower Retirement, LLC ;Empower Life & Annuity Insurance Company of New York (ELAINY); andEmpower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company. -
Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as ofDecember 31, 2023 .
Securities, when presented, are offered and/or distributed by
Empower refers to the products and services offered by
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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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Source: Empower