Empower Posts 34% Earnings Jump on Retirement Sales Surge
Event summary
- Empower reported $332M in Q2 2026 base earnings, up 34% YoY and 6% QoQ.
- Retirement plan sales hit $13B with $5B in net inflows for Empower Workplace Solutions.
- Empower Personal Wealth saw $1.8B in net flows, with wealth accounts growing 40% YoY.
- Assets under administration surpassed $2.1T across 20M participants.
- Acquired Milliman's retirement business for expanded defined benefit capabilities.
The big picture
Empower's earnings surge reflects a broader industry shift toward holistic workplace financial services, combining retirement, wealth management, and healthcare benefits. The Milliman acquisition positions Empower as a one-stop shop for employers, but success hinges on seamless integration of specialized talent and client bases. With $2.1T in AUM, the company's scale gives it leverage in an increasingly consolidated market.
What we're watching
- Integration Challenges
- How Empower will absorb Milliman's retirement business without operational disruption.
- Market Dependence
- Whether Empower can sustain growth amid potential equity market volatility.
- Regulatory Approval
- The pace at which the Milliman acquisition clears regulatory hurdles.
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