Empower today announced it broke into record earnings territory by achieving $973 million in base earnings,1,2 up 30% from 2023, through business growth and sales momentum in both its workplace and wealth management businesses in 2024. Base return-on-equity1,3 has increased from approximately 12% to 16% in the past 12 months.
Empower now administers $1.8 trillion in assets (AUA)1,2 for more than 19 million individuals. Empower Workplace Solutions manages approximately 88,000 employer-sponsored retirement plans, and in 2024 won the trust of approximately 600,000 net new plan participants, an increase of 3.4% over the last year.
Synergies from the integration of Prudential’s retirement business and Empower’s expense efficiency initiatives are reflected in Empower’s strong base earnings1 growth. For 2024, the average AUA2 growth in the company’s Workplace Solutions unit was 22%.
“At the center of Empower’s growth strategy is the delivery of financial advice to more people in new ways,” said Empower President and CEO Edmund F. Murphy III. "
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.
As of or for the year ended December 31, 2024. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower 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.
