Empower Reports Record Base Earnings of $317M for Third Quarter 2025

Executive Summary

• Empower reported after‑tax base earnings of $317 million, a 10% year‑over‑year increase for Q3 2025.
• Personal Wealth net flows rose 43% to $3.4 billion, and Workplace Solutions generated $30 billion in net plan inflows, beating the prior expectation of $25 billion.
• The company highlighted key milestones: $100 billion AUA for Empower Personal Wealth, $6 billion cumulative sales of its Zero‑Fee S&P 500® Index Separate Account, and a new CMO appointment.

Key Details

• After‑tax base earnings Q3 2025: $317 million, up 10% YoY.
• Empower Personal Wealth net flows: $3.4 billion, +43% vs. prior year.
• Workplace Solutions net plan inflows Q3 2025: $30 billion (vs. $25 billion expected for H2 2025).
• Assets under administration (AUA) for Empower Personal Wealth surpassed $100 billion; compound annual growth rate ≈ 25% since Jan 2023 launch.
• Zero‑Fee S&P 500® Index Separate Account cumulative sales: $6 billion, on track for >$9 billion by year‑end 2025.
• Over 200 retirement plan sponsors have adopted private market assets on Empower platforms (program announced Q2 2025).
• Survey result: 96% of employers would consider adding private investments pending regulatory clarity.
• Executive appointment: Sangita Woerner named Chief Marketing Officer, effective September 2025.

Notable Quotes

“Empower’s strong performance and expansion across our retirement and wealth management businesses demonstrate the impact of our strategy and the strength of our relationships with clients,” – Edmund F. Murphy III, President & CEO.