European Insurance News & Views: Empower buys Milliman’s pension admin business

Research evidence excerpt

European Insurance News & Views: Empower buys Milliman’s pension admin business

Global Research

6 July 2026ab

European Insurance News & Views Equities

Europe including UKEmpower buys Milliman’s pension admin

business Financial

Nasib Ahmed, FIA

Analyst

nasib-za.ahmed@ubs.com

Headline: Empower buys Milliman’s pension admin business +44-20-7568 8231

Will Hardcastle, CFA

Empower, part of Great-West Lifeco has agreed to buy Milliman’s pension’s admin Analyst

business (see here). We see read-across for Aegon within our coverage, where we will.hardcastle@ubs.com

believe generating scale within its own US pension administration business is a potential +44-20-7567 9763

use of the ASR and Standard Life equity stakes over time. Qian Lu

UBS Summary: qian-za.lu@ubs.com

+44-20-7567 4657

Chloe RyanTransamerica (Aegon US) is a top 10 player in the US retirement plans business. Given

Associate Analyst

this is a scale business, we believe a potential acquisition within this space would be

chloe.ryan@ubs.com

beneficial to the equity story before the primary listing in the US. Milliman was a top 20 +44-20-7567 3505

player in the market, with rationale for an exit also the lack of scale for them. Empower is

one of the largest providers of pension admin services in the US alongside Fidelity and

Alight. The deal terms include a consideration of $340m. Milliman’s business provides

defined contribution (DC), defined benefit (DB), and health welfare (H&W)

administration services to corporate, public sector, trade labor union, multi-employer,

and non-profit clients, with approximately US$130 billion in client assets across 1.5

million participants. The business generated c.$120m in revenue in 2025. The

transaction is expected to be accretive to Empower’s earnings in the first year with an