Great-West's Empower Closes $340-Million Acquisition of Milliman's Retirement Administration Business

09:28 AM EDT, 09/02/2026 (MT Newswires) -- Great-West Lifeco (GWO.TO) subsidiary Empower closed the $340-million acquisition of Milliman's retirement plan and benefits administration business. The deal expands Empower's presence in the defined benefit marketplace, advancing its strategy to deliver integrated workplace benefits solutions, Great-West said Wednesday. The transaction boosts Empower's footprint to over 22-million lives served, over $2.3 trillion in client assets and 96,000 workplace plans, according to Great-West. "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 assets. 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 participants," the company said. Great-West shares closed down C$0.53 to C$88.58 Tuesday on the Toronto Stock Exchange.