Empower Reports 11% Earnings Growth to $1.1B on Workplace and Wealth Momentum
Event summary
- Empower reported record base earnings of $1.1 billion for 2025, up 11% YoY, driven by workplace and wealth management growth.
- Workplace Solutions generated $23 billion in net plan flows, with 500,000 net new participants added in 2025.
- Empower Personal Wealth saw 14% growth in net new assets, with 23% average AUA growth.
- Base ROE increased from 18.1% to 20.1% over the past year.
The big picture
Empower's strong 2025 performance reflects broader industry trends toward digital-first wealth management and retirement plan consolidation. The company's ability to balance scale with personalized advice positions it well in a competitive market, but maintaining operational efficiency will be key as it integrates new clients and expands its service offerings.
What we're watching
- Scale Dynamics
- How Empower will leverage its $2 trillion in AUA to maintain growth momentum in 2026.
- Operational Efficiency
- Whether Empower can sustain its expense discipline amid expanding client base.
- Market Positioning
- The pace at which Empower can convert defined contribution plan clients into Personal Wealth clients.
Related topics