Great-West Lifeco Inc. (TSX: GWO) (“Great West”) subsidiary Empower today announced the closing of Empower’s acquisition of Milliman’s retirement plan and benefits administration business, expanding Empower’s workplace solutions capabilities across defined benefit, defined contribution, and health and welfare benefits administration. The transaction was first announced on June 30, 2026.
The acquisition expands Empower’s capabilities in the defined benefit marketplace and advances the company’s strategy of delivering integrated workplace benefits solutions. It adds specialized defined benefit administration expertise to Empower’s existing retirement, wealth management, stock plan and consumer-directed healthcare offerings.
Approximately 800 employees are joining Empower as part of the transaction.
With the completion of the transaction, Empower has added approximately 400 defined benefit plans representing approximately 790,000 participants and US$80 billion in client assets1. Empower has also added more than 1,100 defined contribution plans representing approximately 750,000 participants and more than US$50 billion in client assets, as well as 100 health and welfare administration clients serving approximately 100,000 participants2.
In total, the transaction grows Empower’s footprint to more than 22 million lives served, more than US$2.3 trillion in client assets and 96,000 workplace plans, consisting of both defined contribution and defined benefit plans.
- This is a non-GAAP financial measure. Additional information about this measure is incorporated by reference from the “Non-GAAP Financial Measures and Ratios” section of Great West’s Q2 2026 Management’s Discussion and Analysis, available at www.sedarplus.ca.
- As of Dec. 31, 2025. The figures presented in the body of this release reflect Empower’s reporting methodology. Milliman utilizes a different reporting method, which may result in a different breakdown of the data.
ABOUT GREAT WEST
Great West is a financial services holding company focused on building stronger, more financially secure futures. We operate in the United States, Canada and Europe under the brands Empower, Canada Life and Irish Life. Together we provide wealth, retirement, group benefits and insurance and risk solutions to our approximately 40 million customer relationships. As of June 30, 2026, Great West’s total client assets were $3.7 trillion.
Great West trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit greatwestlifeco.com.
ABOUT EMPOWER
Recognized as a leader in retirement services and wealth management,3 Empower administers approximately US$2.3 trillion in assets4 for more than 22 million individuals through the provision of workplace and individual retirement plans, advice, financial planning and investments. To learn more, visit empower.com
Source : Great-West Lifeco Inc.
