Great-West’s Empower to buy Milliman retirement and benefits administration business for USD 340 million

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  • Empower, a Great-West Lifeco unit, agreed to buy Milliman’s retirement plan and benefits administration business for USD 340 million.
  • Deal adds about USD 130 billion of client assets, 1.5 million plan participants; lifts Empower pro forma totals to 21 million participants, USD 2 trillion assets.
  • Milliman business generated about USD 120 million of revenue in 2025; transaction expected to be accretive to core earnings in year one.
  • Targets a fully synergies-based IRR of about 15%; cost synergies of about USD 20 million over three years; integration costs estimated at USD 50 million.
  • Closing expected in the second half of 2026; Empower to fund with existing cash, including USD 244 million at closing, balance repaid over five years.


Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Great-West Lifeco Inc. published the original content used to generate this news brief on June 30, 2026, and is solely responsible for the information contained therein.

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