Empower Delivers Record Earnings of $1.1 billion as Workplace and Wealth Businesses Accelerate

• Retirement and wealth units grew average AUA by 12% and 23%, respectively
• Base earnings growth of 17% in Q4 2025
• Adds 500,000 net new plan participants in retirement plan business

GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Empower today announced record financial results for the year ended December 31, 2025, achieving base earnings of $1.1 billion,¹ an increase of 11% from 2024, driven by sustained business growth, strong sales momentum, and continued operating efficiency across its workplace and wealth management businesses.

• Delivered double-digit base earnings¹ growth of 11% in 2025 and 17% for the fourth quarter, driven by strong markets, new client acquisition, strong retirement plan sales and record pre-tax base operating margins¹ in Empower Personal Wealth^TM.
• Base ROE^1,2 increased from approximately 18.1% to 20.1% over the past year
• Empower’s Workplace Solutions business generated $23 billion in net plan flows in 2025 and expects positive net plan flows in 2026 ³
• Empower Personal Wealth generated growth from net new assets of 14% in 2025, primarily from strong sales and high client retention

Empower, a leading provider of retirement and wealth management services, released results as part of a broader quarterly announcement by its parent company, Winnipeg-based Great-West Lifeco (TSX: GWO-CA). For more information on Great-West Lifeco’s fourth-quarter and full-year 2025 results, please see the release on the firm’s website.

Empower now administers $2 trillion in assets (AUA)⁴ for more than 19.5 million individuals. Empower Workplace Solutions manages approximately 89,000 employer-sponsored retirement plans on behalf of 61,000 employers and added approximately 500,000 net new plan participants in 2025, representing an increase of 3% over the prior year.

Empower’s continued focus on expense discipline and operational efficiency contributed to strong base earnings¹ growth. In 2025, average AUA⁴ growth in the company’s Workplace Solutions unit was 12%.

Empower Personal Wealth achieved 23% growth in average AUA,⁴ during the year. Positive net flows into Empower Personal Wealth were driven by continued success serving clients from defined contribution plans, as well as growing demand for personalized advice and digital-first engagement.

“At the center of Empower’s growth strategy is expanding access to financial advice and helping more people navigate increasingly complex financial decisions,” said Empower President and CEO Edmund F. Murphy III. “Our 2025 results reflect another year of strong execution by our teams and continued trust from our customers, advisors, and partners.”

“The momentum we built throughout 2025 positions Empower well for continued growth as we enter 2026,” Murphy added. “We remain focused on innovation, scale, and advice delivery to help our clients build the financial security they want and need.”

About Empower

Recognized as a leader in retirement services and wealth management,⁵ Empower administers over $2.0 trillion in assets⁴ for more than 19.5 million individuals through the provision of workplace and individual retirement plans, advice, financial planning, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

1		This is an unaudited non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures and Ratios” section in the Great-West Lifeco 2025 Annual Management Discussion and Analysis (MD&A) for additional details. Please visit Financial reports – Great-West Lifeco Inc. (greatwestlifeco.com).
2		Base return on equity is calculated using the trailing four quarters of applicable earnings and common shareholders’ equity.
3		This is a forward-looking statement. Refer to the “Cautionary Note regarding Forward-Looking Information” section in the Great-West Lifeco 2025 Annual Management Discussion and Analysis (MD&A) for additional details. Please visit Financial reports – Great-West Lifeco Inc. (greatwestlifeco.com).
4		As of December 31, 2025. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.
5		Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2024.

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.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2026 Empower Annuity Insurance Company of America. All rights reserved. RO-5214233-0226

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 at 800-719-9914.

Contacts

Media contacts:
Stephen Gawlik – [e-mail]
Mandy Cassano – [e-mail]