Empower (financial services)
| Empower Annuity Insurance Company of America | |
|---|---|
 | |
 Headquarters of Empower | |
| Type | Subsidiary |
| ISIN | CA39138C1068 |
| Industry | Financial services |
| Founded | 1891 |
| Founder | Jeffry Hall Brock |
| Headquarters | , |
Number of locations | ~40 (as of December 2020[update]) |
Area served | Worldwide |
| Key people | Edmund F. Murphy III (CEO) |
| Products | Investment banking Finance Finance and insurance Asset management Wealth management Investment management Brokerage services Mutual funds Insurance Risk management Investment advisory Annuities Employee benefits Equities trading Financial advisory Retirement planning Financial literacy Underwriting |
| Services | Financial services |
| Revenue | US$60.6 bil Ytd Dec'2020 65.9% |
| US$3.1 bil Ytd Dec'202064.8% | |
| AUM | US$1.0 trillion Ytd Dec'2020 |
| Total assets | US$1.0 trillion Ytd Dec'2020 |
| Members | ~12.0 million individuals over 67,000 Organization (2020) |
Number of employees | ~245,800(~197,000 advisor relationships Employees, 40,000 advisor Employee ~8,800 Core Employees and thousands of distribution partners Employees) (2020) |
| Parent | Great-West Lifeco |
| Subsidiaries | Personal Capital |
| Rating | Fitch: AA (2020) Moody's: Aa3 (2020) S&P: AA (2020) AM Best: A+ (2020) |
| Website | empower |
Empower Annuity Insurance Company of America is a retirement plan recordkeeping financial holding company based in Greenwood Village, Colorado, United States. It is the second-largest retirement plan provider in the United States.
History
Empower was created in 1891, when parent company Great-West Lifeco was founded as an insurance provider on the Canadian prairie. The modern iteration of Empower was launched in 2014, when the retirement businesses of Great-West Life combined the record-keeping services of Great-West Financial, JPMorgan Chase, and Putnam Investments. Part of Great-West Life & Annuity Insurance Company, Empower is an indirect wholly owned subsidiary of Great-West Lifeco. As of 2019, Empower is led by President and CEO Edmund F. Murphy III.
In 2019, Empower signed a 21-season contract to the naming rights of the Denver Broncos stadium, which is named Empower Field at Mile High.
In June 2020, the company announced its acquisition of Personal Capital, an investment and wealth management adviser, for $825 million. As of June 2020, Empower has administered more than $1 trillion in assets for 12 million individuals in over 67,000 organizations. In September 2020, the company acquired the retirement plan business of MassMutual for $4.4 billion. On September 29, 2020, Empower announced that it would acquire the retirement plan recordkeeping business of Fifth Third Bank.
Empower acquired the heritage SunTrust 401(k) recordkeeping business, which includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets in January 2021.
In February 2022, the company rebranded from "Empower Retirement" to "Empower". Empower acquired Prudential Financial's full service retirement in April 2022 .
Companies
References
- 1 2 "Our History".
- ↑ "Jeffry Hall Brock (1850-1915)". Retrieved January 8, 2011.
- ↑ "Executive Leadership". Empower Retirement. Retrieved November 14, 2019.
- 1 2 "2020 4Q Report". December 31, 2020.
- 1 2 3 4 "Stats at a Glance".
- ↑ "Empower Retirement Achieves $1 Trillion AUA, Cites Client and Advisor Success as Keys to Growth" (Press release). March 9, 2021.
- 1 2 "Broncos, Empower Retirement agree to deal for stadium naming rights". Denver Post. September 4, 2019. Retrieved November 14, 2019.
- ↑ "Broncos agree to terms with Empower Retirement on 21-year deal to name stadium 'Empower Field at Mile High'". Denver Broncos. Retrieved November 14, 2019.
- ↑ "Former J.P. Morgan business takes new name: Empower Retirement". Kansas City Business Journal. Retrieved November 14, 2019.
- ↑ "Great-West Life taps Edmund Murphy to succeed Robert Reynolds as CEO". Investment News. February 7, 2019. Retrieved November 14, 2019.
- ↑ "Empower naming-rights deal includes community engagement". Pensions and Investments. September 30, 2019. Retrieved November 14, 2019.
- ↑ Jensen Werley (September 29, 2020). "Empower Retirement makes second acquisition this month". Denver Business Journal.
- ↑ Ross Snel (September 11, 2020). "Week's Best: Empower Retirement Cuts Another Deal". Barrons.
- ↑ "Great-West subsidiary buys MassMutual retirement services business in $4.4B deal". BNN Bloomberg. September 8, 2020. Retrieved March 10, 2021.
- ↑ "Empower to buy Fifth Third's record-keeping business". Pensions & Investments. September 29, 2020. Retrieved March 10, 2021.
- ↑ "Empower Retirement Acquires Truist Retirement Plan Recordkeeping Business" (Press release). January 6, 2021.
- ↑ "Empower renames to bolster engagement with customers". Empower. Retrieved August 17, 2022.
- ↑ "Empower closes acquisition of Prudential Financial retirement business". Empower. Retrieved August 17, 2022.