Brookfield Wealth Solutions Announces First Quarter Results and Corporate Simplification
Rhea-AI Summary
Brookfield Wealth Solutions (NYSE, TSX: BNT) reported Q1 2026 distributable operating earnings of $438 million, roughly unchanged year over year, and a net loss of $602 million versus a $282 million loss in Q1 2025.
Highlights include the completed acquisition of U.K. retirement provider Just Group, $5 billion of originated sales, $4 billion deployed at a 10% target yield, and liquidity of about $79 billion in cash and liquid investments. The board declared a quarterly $0.07 per-share return of capital and outlined a proposed tax-efficient combination of BN and BNT, with a single “BN” listing targeted after July 16, 2026 shareholder votes.
AI-generated analysis. Not financial advice.
Positive
- Distributable operating earnings of $438 million, slightly above Q1 2025’s $437 million
- Completed acquisition of U.K. retirement services provider Just Group
- Originated $5 billion of sales across annuity, pension and funding channels
- Deployed $4 billion into Brookfield-originated strategies at a 10% average target yield
- Strong liquidity with about $36 billion in cash and short-term and $43 billion in long-term liquid investments
- Quarterly return of capital of $0.07 per class A and B share, or $0.28 annualized
- Proposed BN–BNT combination aims to enhance capital efficiency and balance sheet access
Negative
- Net loss widened to $602 million from a $282 million loss in Q1 2025
- Total revenues declined to $1.66 billion from $2.62 billion year over year
- Net investment losses increased to $687 million from $112 million in Q1 2025
- Net premiums and other policy revenue fell to $872 million from $1.30 billion
- Interest expense rose to $94 million from $73 million in the prior-year quarter
- BN–BNT combination remains subject to board and shareholder approvals, creating execution risk
News Market Reaction – BNT
On the day this news was published, BNT gained 5.23%, reflecting a notable positive market reaction. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $805M to the company's valuation, bringing the market cap to $16.19B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BNT was down 1.55% with light volume, while peers were mixed: ACGL -0.22%, AIG -0.88%, SLF +0.8%, AEG +0.78%, L +0.15%. No broad insurance move is evident.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -7.5% | Higher DOE, major acquisition announcement, and strong deployment yields. |
| May 08 | Q1 2025 earnings | Positive | +4.1% | DOE growth, asset expansion and new distribution plus a declared distribution. |
| Nov 14 | Q3 2024 earnings | Positive | -0.2% | Strong DOE increase, higher annuity sales and maintained quarterly return. |
Earnings releases have often seen flat-to-negative price reactions, with an average move of -1.2% and two divergences where strong DOE growth did not sustain upside.
Over the past few quarters, Brookfield Wealth Solutions has consistently highlighted growth in distributable operating earnings and annuity origination, alongside expanding global insurance assets. Prior earnings in Q3 2024 and Q3 2025 featured higher DOE, strong deployment into originated strategies and a growing asset base, yet market reactions ranged from modest declines to a sharper -7.5% move. The current Q1 2026 update, with DOE of $438M and a larger net loss, fits this pattern of operational progress but uneven share-price response.
Historical Comparison
Past earnings headlines for BNT produced an average move of -1.2%. Today’s -1.55% pre-news decline sits in line with that historical pattern.
Earnings updates since late 2024 show rising distributable operating earnings, expanding total assets and sustained capital deployment, alongside Board-approved returns of capital that moved from $0.06 to $0.07 per share as the platform scaled.
Market Pulse Summary
The stock moved +5.2% in the session following this news. A strong positive reaction aligns with Brookfield Wealth Solutions’ pattern of highlighting DOE growth, expanding assets and ample liquidity, even when net income is volatile. Past earnings moves averaged -1.2%, so a large upside move would mark a break from that trend. Investors might watch how stable $438M in DOE, the $36B cash position and the maintained $0.07 distribution influence conviction once initial enthusiasm fades.
Key Terms
distributable operating earnings financial
net investment income financial
mark-to-market financial
us gaap regulatory
non-gaap financial
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
BROOKFIELD, NEWS, May 14, 2026 (GLOBE NEWSWIRE) -- Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months ended March 31, 2026.
Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “We have built a scaled and well capitalized insurance platform with a resilient portfolio of
| Unaudited As of and for the periods ended March 31 (US$ millions, except per share amounts) | Three Months Ended | ||||||
| 2026 | 2025 | ||||||
| Total assets | $ | 156,059 | $ | 141,612 | |||
| Distributable operating earnings1 | 438 | 437 | |||||
| Net loss | (602 | ) | (282 | ) | |||
| Net income per each class A share2 | $ | 0.07 | $ | 0.06 | |||
1. See Non-GAAP and Performance Measures on page 7 and a reconciliation from net income (loss) on page 6.
2. Per share amounts have been adjusted to reflect the three-for-two stock split completed on October 9, 2025.
First Quarter Highlights
- Significantly expanded our international operations, completing the acquisition of Just Group plc (“Just”), a leading provider of retirement services in the U.K. pension risk transfer and individual annuity markets.
- Originated
$5 billion of sales across our retail annuity, pension and funding agreement channels, inclusive of Just. - Deployed
$4 billion into Brookfield originated strategies across our investment portfolio at an average target yield of10% . - Continued to optimize the synergies within our recently combined Property & Casualty (“P&C”) businesses, including rebranding the holding company for our P&C operating companies as Clearbrook Group Holdings Inc.
Operating Update
We recognized
We recorded a net loss of
Today, we are in a strong liquidity position, with approximately
Regular Distribution Declaration
The Board declared a quarterly return of capital to
Combination of BN and BNT
Over the last 18 months, Brookfield Corporation (NYSE, TSX: BN) has streamlined its corporate structure. Today, Brookfield Corporation announced the next step is the combination of BN and BNT.
When Brookfield Wealth Solutions was established in 2021 it was structured in a manner that enabled it to benefit from Brookfield Corporation’s capital base and investing capabilities. Over the past five years, the asset base has grown to close to
The transaction is expected to be completed on a tax-efficient basis for most shareholders of both BN and BNT, and the combined business is expected to be listed on the TSX and NYSE and trade under the symbol “BN”.
We continue to refine the various details to implement the transaction and expect final review of the transaction by the Boards of Directors of BN and BNT to occur in the coming weeks. Subject to the approval of each Board, we intend to seek BN and BNT shareholder approvals on the transaction, as a special matter, at their respective 2026 annual general meetings, both scheduled for July 16, 2026.
Brookfield Corporation Operating Results
An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s first quarter operating results is provided below:
| Unaudited For the periods ended March 31 (US$ millions, except per share amounts) | Three Months Ended | Last Twelve Months Ended | |||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| Net income of consolidated business1 | $ | 1,042 | $ | 215 | $ | 4,062 | $ | 1,549 | |||
| Net income attributable to Brookfield shareholders2 | 102 | 73 | 1,336 | 612 | |||||||
| Distributable earnings before realizations3 | 1,393 | 1,301 | 5,478 | 5,171 | |||||||
| – Per Brookfield class A share3,4 | 0.59 | 0.55 | 2.32 | 2.18 | |||||||
| Distributable earnings3 | 1,550 | 1,549 | 6,009 | 6,607 | |||||||
| – Per Brookfield class A share3,4 | 0.66 | 0.65 | 2.54 | 2.78 | |||||||
1. Consolidated basis – includes amounts attributable to non-controlling interests.
2. Excludes amounts attributable to non-controlling interests.
3. See Reconciliation of Net Income to Distributable Earnings on page 6 and Non-IFRS and Performance Measures on page 9 of Brookfield Corporation’s press release dated May 14, 2026.
4. Per share amounts have been adjusted to reflect Brookfield Corporation’s three-for-two stock split completed on October 9, 2025.
Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.
Consolidated Balance Sheets
| Unaudited (US$ millions) | March 31 | December 31 | |||||
| 2026 | 2025 | ||||||
| Assets | |||||||
| Cash, cash equivalents and short-term investments | $ | 10,768 | $ | 13,489 | |||
| Investments | 111,504 | 109,569 | |||||
| Reinsurance funds withheld | 1,593 | 1,435 | |||||
| Accrued investment income | 901 | 892 | |||||
| Deferred policy acquisition costs | 11,846 | 11,683 | |||||
| Reinsurance recoverables and deposit assets | 11,937 | 12,151 | |||||
| Other assets | 7,510 | 7,962 | |||||
| Total assets | 156,059 | 157,181 | |||||
| Liabilities and equity | |||||||
| Policyholders’ account balances | 94,081 | 92,992 | |||||
| Future policy benefits | 15,917 | 16,249 | |||||
| Policy and contract claims | 7,009 | 7,277 | |||||
| Market risk benefits | 4,501 | 4,536 | |||||
| Deposit liabilities | 1,403 | 1,419 | |||||
| Unearned premium reserve | 1,397 | 1,272 | |||||
| Funds withheld for reinsurance liabilities | 3,028 | 3,157 | |||||
| Corporate borrowings | 789 | 628 | |||||
| Non-recourse borrowings | 4,696 | 4,857 | |||||
| Other liabilities | 6,347 | 6,877 | |||||
| Class A and class B | 1,376 | 1,378 | |||||
| Class C | 15,180 | 16,208 | |||||
| Non-controlling interest | 335 | 16,891 | 331 | 17,917 | |||
| Total liabilities and equity | $ | 156,059 | $ | 157,181 | |||
Consolidated Statements of Operations
| Unaudited For the periods ended March 31 (US$ millions) | Three Months Ended | ||||||
| 2026 | 2025 | ||||||
| Net premiums and other policy revenue | $ | 872 | $ | 1,301 | |||
| Net investment income, including funds withheld | 1,471 | 1,429 | |||||
| Net investment gains (losses), including funds withheld | (687 | ) | (112 | ) | |||
| Total revenues | 1,656 | 2,618 | |||||
| Benefits and claims paid on insurance contracts | (655 | ) | (1,107 | ) | |||
| Interest sensitive contract benefits | (556 | ) | (524 | ) | |||
| Amortization of deferred policy acquisition costs | (345 | ) | (339 | ) | |||
| Change in fair value of insurance-related derivatives and embedded derivatives | (139 | ) | (200 | ) | |||
| Change in fair value of market risk benefits | (139 | ) | (361 | ) | |||
| Other reinsurance expenses | (1 | ) | (1 | ) | |||
| Operating expenses | (369 | ) | (382 | ) | |||
| Interest expense | (94 | ) | (73 | ) | |||
| Total benefits and expenses | (2,298 | ) | (2,987 | ) | |||
| Net loss before income taxes | (642 | ) | (369 | ) | |||
| Income tax recovery | 40 | 87 | |||||
| Net loss | $ | (602 | ) | $ | (282 | ) | |
| Attributable to: | |||||||
| Class A and class B shareholders1 | $ | 5 | $ | 4 | |||
| Class C shareholder | (614 | ) | (330 | ) | |||
| Non-controlling interest | 7 | 44 | |||||
| $ | (602 | ) | $ | (282 | ) | ||
1. Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.
Summarized Financial Results
Reconciliation of Net Income (Loss) to Distributable Operating Earnings
| Unaudited For the periods ended March 31 (US$ millions) | Three Months Ended | ||||||
| 2026 | 2025 | ||||||
| Net loss | $ | (602 | ) | $ | (282 | ) | |
| Unrealized net investment losses (gains), including funds withheld | 687 | 112 | |||||
| Mark-to-market losses (gains) on insurance contracts and other net assets | 390 | 685 | |||||
| 475 | 515 | ||||||
| Deferred income tax recovery | (136 | ) | (183 | ) | |||
| Transaction costs | 46 | 41 | |||||
| Depreciation | 53 | 64 | |||||
| Distributable operating earnings1 | $ | 438 | $ | 437 | |||
1. Non-GAAP measure – see Non-GAAP and Performance Measures on page 7.
Additional Information
The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended March 31, 2026, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).
Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.
Information on our distributions can be found on our website under Stock & Distributions/Distribution History.
Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:
| Communications & Media: Kerrie McHugh Tel: (212) 618-3469 Email: kerrie.mchugh@brookfield.com | Investor Relations: Rachel Powell Tel: (416) 956-5141 Email: rachel.powell@brookfield.com |
Non-GAAP and Performance Measures
This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.
We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results.
We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.
Notice to Readers
Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.
This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, including all statements relating to the proposed combination of Brookfield Corporation and Brookfield Wealth Solutions, the Just Acquisition, investment opportunities and expected future deployment of capital and financial earnings. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).
Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.
No statements contained herein with respect to tax consequences are intended to be, or should be construed to be, legal or tax advice, and no representation is made with respect to tax consequences. Shareholders are urged to consult their legal and tax advisors with respect to their circumstances.
