Empower Year-over-Year Earnings Surge 35% to New Record, up 12% From Second Quarter
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After-tax base earnings of
$264 million vs.$195 million a year ago -
Company surpasses 19 million investors served with more than
$1.8 trillion in AUA - Empower Personal WealthTM net new assets grow 46% over second quarter
- Empower Workplace Solutions earnings up 32% year-over-year; primarily due to higher fees from higher equity markets and business growth
Empower is reporting after-tax base earnings of
Empower assets under administration rose to
Empower released results as part of a broader quarterly announcement by its parent company,
“Empower is extending its appeal to a wider range of investors and employers who are making use of our expanded capabilities, insights and offerings,” said Empower President and CEO Edmund F. Murphy III, who noted that the company’s growth is the output of investing strategically in the needs of customers. “We’ve made significant investments in new services, technology and infrastructure and expanded our footprint across the financial services landscape. It’s clear that our new and existing customers are noticing the value we bring to them.”
Murphy cited the third-quarter announcement of Empower’s acquisition of
Empower’sWorkplace Solutions unit base earnings are up 32% year-over-year due to higher fees offset in part by lower margins. Retirement plan sales were
During the quarter, Empower Personal WealthTM (EPW), which was established in
EPW has total assets under administration of
About Empower
Recognized as the second-largest retirement services provider in the
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As of
September 30, 2024 . administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company. -
Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as ofDecember 31, 2023 .
Empower refers to the products and services offered by
“EMPOWER” and all associated logos and product names are trademarks of
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 on 800-719-9914.
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Source: Empower