Company Research Report: Empower Annuity Insurance Company of America

Company Overview

• Name: Empower Annuity Insurance Company of America

• Mission: To empower financial freedom for all.

• Founded: The genesis of Empower dates back to 1891, when its parent company was founded as an insurance firm on the Canadian prairie. The modern iteration of Empower was launched in 2014.

• Key People: Edmund F. Murphy III, President and CEO.

• Headquarters: Greenwood Village, Colorado.

• Number of Employees: No information is available.

• Revenue: No information is available.

• Known For: Empower is recognized for being the second-largest retirement services provider in the United States and a comprehensive leader in wealth management services. They are known for personalized advice and innovative tools that provide a complete financial picture for clients. Empower administers more than $1.7 trillion in assets on behalf of over 19 million customers.

Products

Overview of Products

1. Empower Personal Dashboard™

• Description: A tool that allows users to gain a complete financial overview, including their personal assets and liabilities.

• Key Features: Integration with personal financial goals, real-time financial tracking, and comprehensive financial planning solutions.

2. Retirement Plan Services

• Description: Empower's core service offering includes a wide range of retirement plan services for employers and individual savers.

• Key Features: Plan design, investment management, participant communications, and financial wellness programs.

3. Empower Stock Plan Services

• Description: A new service established following the acquisition of OptionTrax, providing integrated equity compensation solutions.

• Key Features: Equity compensation management, real-time tracking, automated workflows, robust reporting capabilities, and compliance guidance.

4. Financial Advisory Services

• Description: Provided through Empower Advisory Group, LLC, offering investment strategies and advisory for individuals and organizations.

• Key Features: Personalized advice, portfolio management, risk assessment, and retirement planning.

Recent Developments

Key Updates

• New Acquisitions:

• In 2024, Empower acquired Plan Management Corporation, creators of OptionTrax®, further enhancing its equity compensation plan administration capabilities.

• Recent Partnerships:

• Empower signed new partnership agreements with the Hard Rock Stadium and the Miami Dolphins, enhancing its market presence.

• The Colorado Retirement Association renewed its long-standing partnership with Empower.

• Product Launches:

• Launched a personal wealth division in 2023 focusing on digital-first planning experiences.

• Introduced a new digital solution in 2024 to assist small employers in creating 401(k) plans.

• Recognition and Growth:

• Empower achieved record earnings growth, reporting significant year-over-year increases in its financial performance, with major accolades including top ratings from NAPA 2024 Advisors’ Choice awards.

Innovations & Features

• Enhanced Digital Integration:

• Following the acquisition of OptionTrax, Empower is further integrating digital equity platforms, providing clients with enhanced financial tools and services.

• Community and Inclusion Initiatives:

• Empower has made strides in promoting diversity, equity, inclusion, and belonging within its community impact efforts.

Conclusion

Empower continues to demonstrate robust growth, strategic expansions, and commitment to technological advancements that help individuals and organizations better manage their financial future. Its focus on personalized and comprehensive wealth solutions, alongside recent acquisitions and partnerships, positions it strongly within the financial services landscape. The company's dedication to diversity and inclusion, paired with innovative digital experiences, underlines its mission to empower financial freedom for all.