Empower (financial services)

Last updated
Empower Annuity Insurance Company of America
Company type Subsidiary
ISIN CA39138C1068
Industry Financial services
Founded1891;133 years ago (1891) [1]
Founder Jeffry Hall Brock [2]
Headquarters,
Number of locations
~40 (as of December 2020)
Area served
Worldwide
Key people
Edmund F. Murphy III (CEO) [3]
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
RevenueUS$60.6 bil Ytd Dec'2020
Increase2.svg65.9% [4]
US$3.1 bil Ytd Dec'2020Increase2.svg64.8% [4]
AUM US$1.0 trillion Ytd Dec'2020 [5]
Total assets US$1.0 trillion Ytd Dec'2020 [5]
Members~12.0 million individuals over 67,000 Organization (2020)
Number of employees
~245,800(~197,000 advisor relationships Employees, 40,000 advisor Employee [6] ~8,800 Core Employees and thousands of distribution partners Employees) [5]  (2020)
Parent Great-West Lifeco
Subsidiaries Personal Capital [5]
Rating Fitch: AA (2020)
Moody's: Aa3 (2020)
S&P: AA (2020)
AM Best: A+ (2020)
Website empower.com

Empower Annuity Insurance Company of America is a retirement plan recordkeeping financial holding company based in Greenwood Village, Colorado, United States. [7] It is the second-largest retirement plan provider in the United States. [8]

Contents

History

Empower was created in 1891, when parent company Great-West Lifeco was founded as an insurance provider on the Canadian prairie. [1] After serving more than a century of expansion and a profound evolution of service offerings, 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. [9] Part of Great-West Life & Annuity Insurance Company, Empower is an indirect wholly owned subsidiary of Great-West Lifeco. [7] Empower is led by President and CEO Edmund F. Murphy III. [10]

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. [11]

In June 2020, the company announced its acquisition of Personal Capital, an investment and wealth management adviser, for $825 million. [12] As of June 2020, Empower has administered more than $1.0 trillion in assets for 12.0 million individuals over 67,000 Organization retirement plan participants. [13] In September 2020, the company also acquired the retirement plan business of MassMutual for $4.4 billion. [14]

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. [15]

On September 29, 2020, Empower announced that it would acquire the retirement plan recordkeeping business of Fifth Third Bank. [16]

February 1, 2022, "Empower" replaced "Empower Retirement" as the company's public-facing brand name. [17]

April 4, 2022 Empower acquired Prudential’s full service retirement. [18]

Companies

Related Research Articles

Putnam Investments is an investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston.

<span class="mw-page-title-main">MetLife</span> Large American insurance company

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

The Transamerica Corporation is an American holding company for various life insurance companies and investment firms operating primarily in the United States, offering life and supplemental health insurance, investments, and retirement services. The company has major offices located in Baltimore, Maryland; Cedar Rapids, Iowa; Denver, Colorado; Canton, Massachusetts; Harrison, New York; Knoxville, Tennessee; Plano, Texas; St. Paul, Minnesota and St. Petersburg, Florida. Additional affiliated offices are located throughout the United States. In 1999, it became an independent subsidiary of multinational company Aegon.

<span class="mw-page-title-main">TIAA</span> Financial services organization

The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund is an American financial services organization that is a private provider of financial retirement services in the academic, research, medical, cultural and governmental fields. TIAA is listed on the Fortune 100 and serves over 5 million active and retired employees participating at more than 15,000 institutions and has $1 trillion in combined assets under management with holdings in more than 50 countries.

<span class="mw-page-title-main">Prudential plc</span> British multinational life insurance and financial services company

Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people.

<span class="mw-page-title-main">Sun Life Financial</span> Canadian insurance company

Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company.

<span class="mw-page-title-main">Franklin Templeton Investments</span> Global investment firm founded in New York City in 1947

Franklin Resources, Inc. is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is listed on the New York Stock Exchange under the ticker symbol BEN, in honor of Benjamin Franklin, for whom the company is named, and who was admired by founder Rupert Johnson Sr. In 1973, the company's headquarters moved from New York to San Mateo, California.

<span class="mw-page-title-main">Prudential Financial</span> American life insurance company

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.

Jackson National Life Insurance Company is a U.S. company that provides annuities for retail investors and fixed income products for institutional investors. Jackson subsidiaries and affiliates provide specialized asset management and retail brokerage services. Prior to being spun off in 2021, Jackson was a subsidiary of the British insurer, Prudential plc, which acquired the company for $608 million in 1986. The company is unrelated to the American insurance conglomerate, Prudential Financial.

<span class="mw-page-title-main">Lincoln National Corporation</span> American insurance and investment management company

Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.

<span class="mw-page-title-main">Ameriprise Financial</span> Financial services company

Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.

Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America, Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada, which owns 72% of Great-West Lifeco. The hyphen in the company's name was originally a typesetter's error.

<span class="mw-page-title-main">The Hartford</span> US-based insurance and investment company

The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.

Protective Life Corporation is a financial service holding company in Birmingham, Alabama. The company's primary subsidiary, Protective Life Insurance Company, was established in 1907 and now markets its products and services in all 50 states. As of December 31, 2023, the corporation has more than 3,800 employees, annual revenues of $6.6 billion and assets of $118.4 billion. In addition to Protective Life Insurance Company, Protective Life Corporation's subsidiaries include West Coast Life Insurance Company, MONY Life Insurance Company, Protective Life And Annuity Insurance Company, Concourse Financial Group, and Protective Property and Casualty Insurance Company.

Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam.

<span class="mw-page-title-main">KB Financial Group</span> Korean financial services company

KB Financial Group Inc. is a financial holding company headquartered in Seoul, South Korea. The Group and its subsidiaries provide a broad range of banking and financial services. It is one of the domestic systemically important banks (D-SIBs) identified by the Financial Services Commission.

<span class="mw-page-title-main">Northwestern Mutual</span> American financial services company

Northwestern Mutual is an American financial services mutual organization based in Milwaukee, Wisconsin. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, Financial Planning trust and private client services, estate planning and business planning. Its products include life insurance, permanent life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services. Northwestern Mutual ranked No. 90 on the 2021 Fortune 500 list of the largest United States corporations by total revenue and is in the top 30 by assets held. The firm distributes a portion of its earnings to eligible policyholders as annual dividends.

<span class="mw-page-title-main">Irish Life</span> Life assurance and pensions company

Irish Life Assurance plc, commonly known as Irish Life, is an Irish life assurance and pensions company. Irish Life has been part of the Great-West Lifeco group of companies since 2013, when the Irish Government sold the business. Prior to 2012, Irish Life was part of Permanent TSB.

Alexander Forbes Group Holdings, commonly referred to as Alexforbes is a diversified financial services organisation. The company is headquartered in Johannesburg, South Africa, with a presence in two other countries on the African continent: Namibia and Botswana and in the Channel Islands through an offshore Jersey operation.

<span class="mw-page-title-main">Corebridge Financial</span> American financial services company

Corebridge Financial is an American multinational financial services company. It provides annuities, life insurance, asset management, retirement solutions, and other services. Corebridge was formed after AIG performed a spin-off on the company via an IPO in 2022.

References

  1. 1 2 "Our History".
  2. "Jeffry Hall Brock (1850-1915)" . Retrieved 2011-01-08.
  3. "Executive Leadership". Empower Retirement. Retrieved 14 November 2019.
  4. 1 2 "2020 4Q Report". Dec 31, 2020.
  5. 1 2 3 4 "Stats at a Glance".
  6. "Empower Retirement Achieves $1 Trillion AUA, Cites Client and Advisor Success as Keys to Growth". 9 March 2021.
  7. 1 2 "Broncos, Empower Retirement agree to deal for stadium naming rights". Denver Post. 4 September 2019. Retrieved 14 November 2019.
  8. "Broncos agree to terms with Empower Retirement on 21-year deal to name stadium 'Empower Field at Mile High'". Denver Broncos. Retrieved 14 November 2019.
  9. "Former J.P. Morgan business takes new name: Empower Retirement". Kansas City Business Journal. Retrieved 14 November 2019.
  10. "Great-West Life taps Edmund Murphy to succeed Robert Reynolds as CEO". Investment News. 7 February 2019. Retrieved 14 November 2019.
  11. "Empower naming-rights deal includes community engagement". Pensions and Investments. 30 September 2019. Retrieved 14 November 2019.
  12. Jensen Werley (September 29, 2020). "Empower Retirement makes second acquisition this month". Denver Business Journal.
  13. Ross Snel (September 11, 2020). "Week's Best: Empower Retirement Cuts Another Deal". Barrons.
  14. "Great-West subsidiary buys MassMutual retirement services business in $4.4B deal". BNN Bloomberg. 2020-09-08. Retrieved 2021-03-10.
  15. "Empower Retirement Acquires Truist Retirement Plan Recordkeeping Business". 6 January 2021.
  16. "Empower to buy Fifth Third's record-keeping business". Pensions & Investments. 2020-09-29. Retrieved 2021-03-10.
  17. "Empower renames to bolster engagement with customers". Empower. Retrieved 2022-08-17.
  18. "Empower closes acquisition of Prudential Financial retirement business". Empower. Retrieved 2022-08-17.