Brookfield Wealth Solutions Announces Strong Third Quarter Results

Liquidity includes approximately $33 billion in cash and short-term liquid investments and approximately $42 billion in long-term liquid investments.

Rhea-AI Summary

Brookfield Wealth Solutions (BNT) reported third-quarter net income of $863 million, up from the comparable quarter a year earlier. Revenue rose to $3.649 billion from $2.926 billion, while distributable operating earnings, a non-GAAP operating performance measure, increased to $519 million from $427 million. Nine-month net income fell to $410 million from $842 million, despite higher distributable operating earnings of $1.445 billion versus $1.262 billion.

The company originated $4 billion in annuity sales and deployed over $8 billion into Brookfield-originated strategies at an average target yield of 8%. It expects its corporate simplification transaction with Brookfield Corporation to close on December 1, 2026, subject to closing conditions. A regular $0.07-per-share cash distribution is payable December 31 to shareholders of record December 16.

13 points · 0 major

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0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter net income increased to $863 million from $608 million a year earlier.
• Moderate pointDistributable operating earnings rose to $519 million quarterly and $1.445 billion year-to-date, versus $427 million and $1.262 billion.
• Moderate pointTotal revenue rose to $3.649 billion quarterly and $9.522 billion year-to-date, versus $2.926 billion and $8.581 billion.
• Moderate point$4 billion of annuity sales originated across retail and pension risk transfer channels during the third quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Over $8 billion deployed into Brookfield-originated strategies during the quarter carried an average target yield of 8%. 64% of market cap

8 minor points

• Minor pointNet premiums and other policy revenue reached $1.252 billion quarterly and $4.132 billion year-to-date, versus $1.002 billion and $3.532 billion.
• Minor pointNet investment income increased to $2.201 billion quarterly and $5.828 billion year-to-date, versus $1.493 billion and $4.408 billion.
• Minor pointClass A earnings per share increased to $0.07 quarterly and $0.21 year-to-date, versus $0.06 and $0.18.
• Minor point£1.3 billion deployed into Brookfield investment strategies as part of ongoing Just Group platform optimization.
• Minor pointLiquidity included approximately $33 billion in cash and short-term liquid investments and approximately $42 billion in long-term liquid investments.
• Minor pointTotal assets reached $203.851 billion at September 30, 2026, versus $157.181 billion at December 31, 2025.
• Minor pointInsurance-related derivative fair-value changes contributed $441 million quarterly versus $185 million; year-to-date contribution was $534 million versus negative $146 million.
• Minor pointMarket risk benefit fair-value changes contributed $436 million quarterly versus negative $310 million; year-to-date contribution was $189 million versus negative $625 million.

Negative

• Moderate pointNine-month net income declined to $410 million from $842 million a year earlier.
• Moderate pointCorporate borrowings increased to $2.672 billion at September 30, 2026, from $628 million at December 31, 2025.
• Moderate pointNon-recourse borrowings increased to $7.044 billion at September 30, 2026, from $4.857 billion at December 31, 2025.
• Moderate pointInsurance benefits and claims paid increased to $1.654 billion quarterly and $4.611 billion year-to-date, versus $744 million and $2.930 billion.
• Moderate pointOperating expenses rose to $488 million quarterly and $1.416 billion year-to-date, versus $274 million and $981 million.

7 minor points

• Minor pointNet investment gains fell to $196 million quarterly from $431 million; year-to-date losses were $438 million versus $641 million gains.
• Minor pointInterest-sensitive contract benefits increased to $655 million quarterly and $1.988 billion year-to-date, versus $534 million and $1.555 billion.
• Minor pointInterest expense increased to $161 million quarterly and $409 million year-to-date, versus $112 million and $267 million.
• Minor pointIncome tax expense increased to $322 million quarterly and $317 million year-to-date, versus $149 million and $153 million.
• Minor pointTransaction costs increased to $58 million quarterly and $213 million year-to-date, versus $12 million and $67 million.
• Minor pointPolicy acquisition cost amortization increased to $383 million quarterly and $1.094 billion year-to-date, versus $380 million and $1.082 billion.
• Minor pointCorporate simplification remains subject to closing conditions being satisfied or waived before the expected December 1, 2026 completion.

News Explained

Brookfield Wealth Solutions reported third-quarter results, but most of its $863 million in consolidated net income was attributable to the class C shareholder; the consolidated total is not the amount attributed to class A and B shareholders.

Key Figures

Distributable operating earnings: $519 million Distributable operating earnings: $1,445 million Net income: $863 million +5 more

Distributable operating earnings

$519 million

Three months ended September 30, 2026; compared with $427 million in 2025

Distributable operating earnings

$1,445 million

Nine months ended September 30, 2026; compared with $1,262 million in 2025

Net income

$863 million

Three months ended September 30, 2026; compared with $608 million in 2025

Net income

$410 million

Nine months ended September 30, 2026; compared with $842 million in 2025

Annuity sales

$4 billion

Third quarter across retail and pension risk transfer channels

Capital deployed

Over $8 billion

Third quarter into Brookfield-originated investment strategies

Average target yield

8%

Brookfield-originated strategies deployed into during the third quarter

Cash distribution

$0.07 per share

Payable December 31, 2026, to shareholders of record December 16, 2026

Historical Context

2 past events · Latest: Aug 13

2 events

1. Aug 13

   2Q results

   24h Move

   +0.4%

   DOE rose year over year; quarterly net income fell and first-half results were a loss.

2. May 14

   1Q results

   24h Move

   +5.2%

   DOE was nearly flat, while quarterly net loss widened year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

mark-to-market, non-gaap, us gaap, reinsurance

4 terms

mark-to-market financial

"unrealized mark-to-market on inflation derivatives and insurance reserves"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

non-gaap financial

"See Non-GAAP and Performance Measures on page 7"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

us gaap financial

"prepared using generally accepted accounting principles in the United States of America"

U.S. GAAP is the set of official accounting rules and standards companies in the United States use to record and report their financial results. Like a common recipe book for financial statements, it makes company reports consistent and easier to compare, so investors can better judge profitability, risk and trends when deciding to buy, hold or sell shares.

reinsurance financial

"Reinsurance funds withheld"

Reinsurance is when insurance companies buy insurance for themselves to protect against very big losses. It’s like a car owner getting extra coverage from another company so that if there's a serious accident, the financial hit isn’t all on one company. This helps insurance companies stay stable and able to pay out when disasters happen.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BROOKFIELD, NEWS, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the quarter ended September 30, 2026.

Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our business continues to deliver strong results as we execute on our growth strategy and leverage Brookfield’s global investment capabilities. We are making meaningful progress optimizing our U.K. operations, expanding our distribution capabilities and repositioning our investment portfolio to generate attractive risk-adjusted returns. With a strong capital base and a growing global platform, we remain well positioned to deliver durable earnings and long-term growth.”

Unaudited As of and for the periods ended September 30 (US$ millions, except per share amounts)	Three Months Ended						Nine Months Ended
		2026			2025			2026			2025
Total assets	$	203,851		$	152,821		$	203,851		$	152,821
Distributable operating earnings1		519			427			1,445			1,262
Net income		863			608			410			842
Net income per each class A share2	$	0.07		$	0.06		$	0.21		$	0.18

1. See Non-GAAP and Performance Measures on page 7 and a reconciliation from net income on page 6.
2. Per share amounts have been adjusted to reflect the three-for-two stock split completed on October 9, 2025.

Third Quarter Highlights

• Originated $4 billion of annuity sales across our retail and pension risk transfer channels.
  
• Deployed over $8 billion into Brookfield originated strategies across our investment portfolio at an average target yield of 8%.
  
• Continued to optimize the Just Group platform, including deploying £1.3 billion into Brookfield investment strategies and advancing initiatives to improve long-term returns.
  
  

Operating Update

We recognized $519 million and $1.4 billion of distributable operating earnings (“DOE”) for the three and nine months ended September 30, 2026, compared to $427 million and $1.3 billion in the prior year periods, respectively. The current period DOE reflects a full quarter of contribution from Just Group, and higher net investment income as a result of organic growth and continued asset redeployment into our Brookfield strategies, as well as continued improvement in underwriting results within our Property and Casualty segment.

We recorded net income of $863 million and $410 million for the three and nine months ended September 30, 2026, compared to net income of $608 million and $842 million in the prior year periods, respectively. The net income includes the benefit of our strong DOE performance coupled with favorable movements related to unrealized mark-to-market on inflation derivatives and insurance reserves.

Today, we are in a strong liquidity position, with approximately $33 billion of cash and short-term liquid investments across our investment portfolios, and another approximately $42 billion of long-term liquid investments. These liquid assets position us well to meet policyholder obligations and support the ongoing rotation of our portfolio into higher yielding investment strategies.

Corporate Simplification Update

We expect to complete the previously announced corporate simplification transaction of our Company and Brookfield Corporation (the “Transaction”) on December 1, 2026, subject to all closing conditions being satisfied or waived. Class A shares of Brookfield Corporation Ltd. are expected to begin trading on the NYSE and TSX under the symbol “BN” on December 3, 2026.

Shareholders of our Company are not required to take any action.

Regular Distribution Declaration

Shareholders of record as of the close of business on December 16, 2026 (the “Record Date”) will receive a cash distribution of $0.07 per share on December 31, 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 third quarter operating results is provided below:

Unaudited For the periods ended September 30 (US$ millions, except per share amounts)	Three Months Ended						Last Twelve Months Ended
		2026			2025			2026			2025
Net income of consolidated business1	$	1,914		$	284		$	5,340		$	1,655
Net income attributable to Brookfield shareholders2		1,305			219			2,514			996
Distributable earnings before realizations3		1,496			1,333			5,815			5,385
– Per Brookfield class A share3,4		0.64			0.56			2.47			2.27
Distributable earnings3		1,718			1,487			6,403			6,027
– Per Brookfield class A share3,4		0.73			0.63			2.72			2.54

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 November 12, 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)		September 30				December 31
			2026				2025
Assets
Cash, cash equivalents and short-term investments		$	12,795			$	13,489
Investments			156,352				109,569
Reinsurance funds withheld			1,549				1,435
Accrued investment income			1,615				892
Deferred policy acquisition costs			11,905				11,683
Reinsurance recoverables and deposit assets			11,038				12,151
Other assets			8,597				7,962
Total assets			203,851				157,181
Liabilities and equity
Policyholders’ account balances			98,140				94,411
Future policy benefits			50,509				16,249
Policy and contract claims			6,693				7,277
Market risk benefits			4,242				4,536
Unearned premium reserve			1,354				1,272
Funds withheld for reinsurance liabilities			2,809				3,157
Corporate borrowings			2,672				628
Non-recourse borrowings			7,044				4,857
Other liabilities			13,052				6,877
Class A and class B	1,369				1,378
Class C	15,626				16,208
Non-controlling interest	341		17,336		331		17,917
Total liabilities and equity		$	203,851			$	157,181

Consolidated Statements of Operations

Unaudited For the periods ended September 30 (US$ millions)	Three Months Ended								Nine Months Ended
		2026				2025				2026				2025
Net premiums and other policy revenue	$	1,252			$	1,002			$	4,132			$	3,532
Net investment income, including funds withheld		2,201				1,493				5,828				4,408
Net investment gains (losses), including funds withheld		196				431				(438	)			641
Total revenues		3,649				2,926				9,522				8,581
Benefits and claims paid on insurance contracts		(1,654	)			(744	)			(4,611	)			(2,930	)
Interest sensitive contract benefits		(655	)			(534	)			(1,988	)			(1,555	)
Amortization of deferred policy acquisition costs		(383	)			(380	)			(1,094	)			(1,082	)
Change in fair value of insurance-related derivatives and embedded derivatives		441				185				534				(146	)
Change in fair value of market risk benefits		436				(310	)			189				(625	)
Operating expenses		(488	)			(274	)			(1,416	)			(981	)
Interest expense		(161	)			(112	)			(409	)			(267	)
Total benefits and expenses		(2,464	)			(2,169	)			(8,795	)			(7,586	)
Net income before income taxes		1,185				757				727				995
Income tax expense		(322	)			(149	)			(317	)			(153	)
Net income	$	863			$	608			$	410			$	842
Attributable to:
Class A and class B shareholders1	$	5			$	4			$	15			$	12
Class C shareholder		850				579				374				746
Non-controlling interest		8				25				21				84
	$	863			$	608			$	410			$	842

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 to Distributable Operating Earnings

Unaudited For the periods ended September 30 (US$ millions)	Three Months Ended								Nine Months Ended
		2026				2025				2026			2025
Net income	$	863			$	608			$	410		$	842
Unrealized net investment losses (gains), including funds withheld		(196	)			(431	)			438			(641	)
Mark-to-market losses (gains) on insurance contracts and other net assets		(490	)			132				171			951
		177				309				1,019			1,152
Deferred income tax expense (recovery)		239				55				65			(124	)
Transaction costs		58				12				213			67
Depreciation		45				51				148			167
Distributable operating earnings1	$	519			$	427			$	1,445		$	1,262

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 September 30, 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: Ben Sassi Tel: (416) 369-5722 Email: ben.sassi@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 circumstances 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, investment opportunities, expected future deployment of capital and financial earnings and all statements relating to the proposed Transaction and its expected impact on our business. 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; and 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 our 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 of or 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Brookfield Wealth Solutions' third-quarter 2026 earnings?

Brookfield Wealth Solutions reported $863 million in net income, compared with $608 million in the prior-year quarter. Distributable operating earnings, a non-GAAP operating performance measure, were $519 million versus $427 million. Net income per Class A share was $0.07 versus $0.06.

When does BNT expect its corporate simplification transaction to close?

Brookfield Wealth Solutions expects the transaction with Brookfield Corporation to close on December 1, 2026, subject to all closing conditions being satisfied or waived.

Do BNT shareholders need to take action for the corporate simplification transaction?

Brookfield Wealth Solutions shareholders are not required to take any action for the corporate simplification transaction. Class A shares of Brookfield Corporation Ltd. are expected to begin trading on the NYSE and TSX under BN on December 3, 2026.

What contributed to BNT's higher third-quarter distributable operating earnings?

Higher distributable operating earnings reflected a full quarter of Just Group contributions, higher net investment income from organic growth and continued asset redeployment into Brookfield strategies, and improved underwriting results in the Property and Casualty segment.