The acquisition allows Empower to bring a defined-benefit platform in-house, a move designed to sharpen its competitive edge in the retirement product market. Milliman’s administration business, which generated $120 million in revenue last year, fits into a broader strategy to scale operations and secure long-term returns, according to Great-West President and Chief Executive David Harney.

Great-West expects to see $20 million in cost synergies within three years, even after accounting for roughly $50 million in integration expenses. The firm plans to fund the purchase using existing cash reserves, maintaining enough liquidity to continue its share buyback programs and pursue future acquisitions.