08:38 AM EST, 02/07/2025 (MT Newswires) -- Great-West Lifeco ( GWLIF ) on Friday said its subsidiary Empower reported a 30% increase in 2024 base earnings through business growth and sales.

Empower, which provides retirement and wealth management services, also reported a 42% growth in net earnings. Base return on equity increased to 16% from 12%.

The record earnings reflect synergies from the integration of Prudential's retirement business and Empower's expense efficiency initiatives, a statement added. Empower acquired Prudential in 2022.

Empower administers $1.8 trillion in assets for over 19 million individuals through retirement plans, wealth management and investments.

Parent Great-West Lifeco ( GWLIF ) reported record fourth-quarter and full year 2024 base earnings on Wednesday.