Empower (financial services)

Empower Annuity Insurance Company of America

Company type	Subsidiary
Industry	Financial services
Founded	1891
Founder	Jeffry Hall Brock
Headquarters	Greenwood Village, Colorado , United States
Area served	Global
Key people	Edmund F. Murphy III (CEO)
Products	Investment banking, asset management, wealth management, brokerage, mutual funds, insurance, risk management, annuities, employee benefits, equities trading, financial consulting, retirement planning
Revenue	US$60.6 billion (2020)
Net income	US$3.1 billion (2020)
Owner	Great-West Lifeco
Number of employees	245,800 (2020)
Parent	Great-West Lifeco
Website	empower.com

Empower Annuity Insurance Company of America stands as a prominent financial holding firm specializing in retirement plan recordkeeping, with its headquarters located in Greenwood Village, Colorado, United States. Ranking as the second-largest provider of retirement plans in the nation, Empower supports nearly 12 million individuals and serves over 67,000 organizations globally.

Established in 1891 by entrepreneur Jeffry Hall Brock, Empower functions as a subsidiary under the umbrella of Great-West Lifeco. For the fiscal year ending December 2020, the company reported revenues amounting to US$60.6 billion alongside a net income of US$3.1 billion, representing growth percentages of 65.9% and 64.8%, respectively. By the close of 2020, its assets under management (AUM) had reached an impressive US$1.0 trillion.

Guided by CEO Edmund F. Murphy III, Empower's workforce comprises approximately 245,800 employees, including around 197,000 advisors and numerous distribution partners operating from nearly 40 locations. The firm’s business approach encompasses a broad spectrum of financial services and products such as investment banking, asset and wealth management, brokerage services, mutual funds, insurance solutions, risk management strategies, annuities, employee benefits programs, equities trading, financial consulting, and retirement planning.

Empower enjoys strong industry standing supported by robust credit ratings: Fitch AA, Moody's Aa3, S&P AA, and AM Best A+ as recorded in 2020. Its subsidiary lineup features Personal Capital, which boosts its digital wealth management offerings and extends its influence across international markets.

History

The origins of Empower trace back to 1891 with the establishment of parent company Great-West Lifeco as a Canadian insurance provider. The Empower brand itself was introduced in 2014 through the consolidation of retirement operations from Great-West Life, Great-West Financial, JPMorgan Chase, and Putnam Investments. Operating as a wholly owned indirect subsidiary of Great-West Lifeco, Empower is headed by President and CEO Edmund F. Murphy III.

In 2019, Empower secured naming rights for the Denver Broncos stadium under a 21-season agreement; the venue is now known as Empower Field at Mile High.

The company has actively expanded through acquisitions. In June 2020, Empower acquired wealth management firm Personal Capital for $825 million. At that time, it managed assets exceeding $1 trillion for approximately 12 million individuals enrolled in retirement plans involving 67,000 organizations. Later that year in September 2020, Empower purchased the retirement plan division of MassMutual for $4.4 billion.

Continuing to increase its market footprint, Empower acquired SunTrust’s legacy 401(k) recordkeeping segment—covering nearly 300 plans with $5 billion in assets and more than 73,000 participants. Additionally in September 2020, it announced the acquisition of Fifth Third Bank’s retirement plan recordkeeping operations.

On February 1, 2022, the organization simplified its brand from "Empower Retirement" to "Empower" to better connect with customers. Shortly thereafter, on April 4, 2022, Empower finalized the purchase of Prudential Financial’s comprehensive retirement services business, further strengthening its position within the retirement services sector.

Companies

• Personal Capital