Empower reported record after-tax base earnings of $332 million for the second quarter of 2026, marking a 34% increase from the same period in 2025. This financial performance underscores the company's expanding market presence in workplace financial services. The growth was primarily driven by robust retirement plan sales, organic client acquisition, and expanding wealth management relationships. Additionally, Empower announced a definitive agreement to acquire Milliman’s retirement administration business, a strategic move expected to significantly broaden its defined benefit and health benefits capabilities.

The results were released alongside those of parent company Great-West Lifeco Inc. Edmund F. Murphy III, President and CEO of Empower, stated that the strategy remains centered on helping employers and individuals navigate every stage of their financial lives. He highlighted the acquisition as one of the most significant strategic transactions in the company’s history, aimed at strengthening comprehensive workplace solutions.

Operational Highlights

Empower’s operational metrics for the quarter reflect strong inflows across its key segments. Base earnings increased 6% from the first quarter of 2026, supported by organic business growth and higher equity markets. The company now serves more than 20 million participants and investors across workplace retirement, wealth management, stock plan, and health benefits solutions.

Strategic Acquisition Details

The acquisition of Milliman’s retirement administration business is expected to close during the second half of 2026, subject to customary regulatory approvals and closing conditions. This transaction will add approximately 800 employees with specialized expertise in retirement and benefits administration.

At closing, Empower expects to integrate:

• Approximately 400 defined benefit administration clients representing roughly 790,000 participants and approximately $80 billion in assets under administration.
• More than 1,100 defined contribution plans representing approximately 750,000 participants and more than $50 billion in assets.
• Approximately 100 health and welfare administration clients serving roughly 100,000 participants.

What the Numbers Show

The 34% year-over-year surge in base earnings highlights the effectiveness of Empower’s integrated platform strategy. The simultaneous growth in both Workplace Solutions net inflows ($5 billion) and Personal Wealth net flows ($1.8 billion) indicates successful cross-selling and deepening client relationships. Furthermore, the 40% year-over-year increase in wealth accounts suggests that Empower is successfully converting retirement participants into broader wealth management clients, diversifying its revenue streams beyond traditional recordkeeping fees.

Shareholders of empower have overwhelmingly approved the appointment of Rajesh Chavan as Managing Director and M/s. Nagadheep Sathyanarayana and Co. as Statutory Auditors through a postal ballot process. The voting concluded on July 24, 2026, with both ordinary resolutions passing with support exceeding 99.98% of valid votes cast. The near-unanimous approval underscores strong shareholder confidence in the company’s leadership transition and audit oversight structure.

The postal ballot was conducted in compliance with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 110 of the Companies Act, 2013. The record date for eligibility to vote was June 12, 2026, when there were 310,450 shareholders on record. The remote e-voting period commenced on June 25, 2026, at 9:00 a.m. IST and ended on July 24, 2026, at 5:00 p.m. IST. National Securities Depository Limited (NSDL) provided the e-voting facility, while M/s. Hemang Satra & Associates served as the independent scrutinizer.

The first resolution sought approval for the appointment of Mr. Rajesh Chavan (DIN: 07011994) as Managing Director of the Company. The resolution received 122,134,107 votes in favor and 22,597 votes against, representing a 99.98% approval rate among valid votes polled. A total of 122,156,704 votes were polled out of 1,163,798,560 shares held by eligible shareholders, indicating a participation rate of approximately 10.5%. No promoter or institutional investors participated in the voting for this resolution; all votes originated from public non-institutional shareholders via e-voting.

The second resolution concerned the appointment of M/s. Nagadheep Sathyanarayana and Co., Chartered Accountants (FRN: 008003S/ PRN: 018163), as Statutory Auditors of the Company. This resolution also passed with overwhelming support, securing 122,139,557 votes in favor against 23,147 votes against, resulting in a 99.98% approval rate. Similar to the first resolution, all voting activity came from public non-institutional shareholders, with no participation from promoters or institutions.

The scrutinizer’s report, issued by Hemang Satra, Proprietor of M/s. Hemang Satra & Associates, confirmed that the voting process adhered to all applicable provisions of the Companies Act, 2013, and relevant Ministry of Corporate Affairs circulars. No invalid votes were recorded, and no physical ballot forms were received during the voting period. The results were made available on the company’s website and the NSDL e-voting portal.

What the Numbers Show

The voting pattern reveals a distinct concentration of shareholder engagement among public non-institutional investors. While promoters held 174,781,787 shares and public institutions held 300,000 shares, neither group cast any votes. This suggests that active retail or small-cap investors drove the decision-making process for these critical governance appointments. The high approval rates (>99.9%) indicate minimal dissent within the participating shareholder base, facilitating smooth execution of the board’s strategic intent regarding management and audit continuity.