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]

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 Financial’s full service retirement.[18]

Companies

References

  1. ^ a b "Our History".
  2. ^ "Jeffry Hall Brock (1850-1915)". Retrieved 2011-01-08.
  3. ^ "Executive Leadership". Empower Retirement. Retrieved 14 November 2019.
  4. ^ a b "2020 4Q Report". Dec 31, 2020.
  5. ^ a b c d "Stats at a Glance".
  6. ^ "Empower Retirement Achieves $1 Trillion AUA, Cites Client and Advisor Success as Keys to Growth" (Press release). 9 March 2021.
  7. ^ a b "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" (Press release). 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.
Allikas: https://en.wikipedia.org/wiki/Empower_Retirement
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