Base earnings up 10% year over year; continued expansion across retirement and wealth units

Empower today announced after-tax base earnings of $317 million for the third quarter of 2025, a 10% increase from the same period in 2024. Empower growth was driven by new client acquisition, strong retirement plan sales, and significant momentum across Empower’s expanding wealth and benefits platforms.

• Empower Personal Wealth™ net flows improved by 43% to $3.4 billion compared to a year ago, primarily from strong sales and higher client and asset retention.
• Empower’s Workplace Solutions business generated $30 billion in net plan inflows in Q3 2025, relative to the expectation of $25 billion for the second half of 2025 announced earlier this year.

The company’s results were released alongside those of parent company Great-West Lifeco Inc. (TSX: GWO). Full Q3 financials are available at greatwestlifeco.com.

“Empower’s strong performance and expansion across our retirement and wealth management businesses demonstrate the impact of our strategy and the strength of our relationships with clients,” said Edmund F. Murphy III, President and CEO of Empower. “As we continue to grow, we’re focused on delivering measurable value, innovative solutions, and a superior experience that helps our customers achieve their financial goals.”

Business highlights from the quarter include:

• Empower Personal Wealth surpassed $100 billion in assets under administration (AUA).* The achievement highlights both the company’s rapid growth and the accelerating demand among Americans for personalized financial advice and innovative wealth management solutions. The unit was established in January 2023 and has established a compound annual growth rate of about 25% since inception.
• Empower’s Zero-Fee S&P 500® Index Separate Account has surpassed $6 billion in cumulative sales since its launch earlier this year. This milestone highlights strong demand from U.S. retirement investors seeking low-cost, transparent ways to help grow their retirement savings. The fund is on track to achieve over $9 billion in cumulative sales by year-end 2025, underscoring its sustained momentum across key markets for retirement investments.
• An Empower initiative to help expand the U.S. retirement system to include private market assets is gaining new traction. More than 200 Empower retirement plan sponsor clients have adopted private investments on their retirement platforms. The program was formally announced during the second quarter of 2025.
• The company’s surveys of stakeholder audiences including individuals, advisors, and employers shows burgeoning interests in private investing, highlighted by 96 percent of employers saying they would consider private investments following further regulatory and legal clarity.
• Empower announced the appointment of veteran marketing leader Sangita Woerner as Chief Marketing Officer in September. Woerner brings to Empower 25 years of experience advancing consumer-facing brands in the U.S. market.

About Empower

Recognized as the second-largest retirement services provider in the U.S.¹ by total participants, Empower administers approximately $2 trillion in assets for more than 19 million investors² through the provision of retirement plans, advice, wealth management, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

1. Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2024.
2. As of September 30, 2025. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America (EAICA) 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.

Separate accounts are available under group variable annuity contracts issued by Empower Annuity Insurance Company (EAIC), Hartford, CT, an affiliate of Empower Retirement, LLC. EAICA and its affiliates are not affiliated with BlackRock.

The S&P 500® Index is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by EAIC. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by EAIC. The separate account discussed in this material is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

©2025 Empower Annuity Insurance Company of America. All rights reserved. WF-5214400-1125 RO-4962826-1125

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.

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