Brookfield Wealth Solutions Announces Third Quarter Results and Declares Regular Quarterly Distribution

Rhea-AI Summary

Brookfield Wealth Solutions (NYSE: BNT) reported results for the quarter ended September 30, 2025, including distributable operating earnings (DOE) of $427M for Q3 and $1.262B for the nine months. Net income was $608M for Q3 versus $65M a year earlier. The company deployed $4B into originated strategies at an average yield of 9% and originated $5B of annuity sales. Brookfield announced the acquisition of Just Group (U.K.), on track to close in H1 2026, and executed its first Japan reinsurance agreement effective October 2025. The Board declared a quarterly return of capital of $0.06 per class A and B share payable December 31, 2025.

Positive

• Distributable operating earnings +15% Q3 ($427M vs $370M)
• Net income Q3 rose to $608M (from $65M)
• Deployed $4B at a 9% average yield in Q3
• Originated $5B of annuity sales during the quarter
• Announced acquisition of Just Group, closing targeted H1 2026

Negative

• Net premiums and policy revenue down ~27% Q3 ($1,002M vs $1,382M)
• Cash and short-term investments declined ~17.8% since Dec 31, 2024 ($13.7B vs $16.6B)

Insights

Senior Financial Analyst

Strong quarter: higher earnings, rising assets, maintained distribution and clear near-term milestones for international expansion.

Brookfield Wealth Solutions reported growth in core operating metrics with total assets of $152,821 million and distributable operating earnings of $427 million for the three months ended September 30, 2025, up from $370 million a year earlier; net income also rose to $608 million. The company deployed $4,000 million at an average yield of 9%, originated $5,000 million of annuity sales, and cites stable property and casualty float near $8,000 million, which collectively explain the reported increase in net investment income and DOE.

The results depend on continued investment yield realization, asset rotation into higher-yielding strategies, and closing of announced transactions. The acquisition of Just Group plc is on track to close in the first half of 2026, and a Japan reinsurance agreement became effective in October 2025; these are concrete operational drivers disclosed. Liquidity appears ample with approximately $32,000 million in cash and short-term liquid investments plus about $25,000 million of long-term liquid investments, which supports policyholder obligations and capital deployment.

Key items to watch over the next 6–12 months include completion of the Just acquisition in H1 2026, integration metrics once closed, continued DOE trends versus the prior-year comparisons, and the announced quarterly return of capital of $0.06 per share payable on December 31, 2025 to holders of record on December 16, 2025. These milestones and reported liquidity levels provide near-term checkpoints that directly relate to the disclosed financial performance and capital allocation decisions.

BROOKFIELD, NEWS, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the quarter ended September 30, 2025.

Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our business continues to generate strong returns, benefitting from Brookfield’s investment capabilities and our operational expertise. This quarter marked significant progress in our international expansion efforts in the U.K. and Japan, positioning us for further growth from activity in these regions in the coming quarters.”

Unaudited As of and for the periods ended September 30 (US$ millions, except per share amounts)		Three Months Ended						Nine Months Ended
			2025			2024			2025			2024
Total assets		$	152,821		$	137,112		$	152,821		$	137,122
Distributable operating earnings1			427			370			1,262			947
Net income			608			65			842			671
Net income per each class A share2		$	0.06		$	0.05		$	0.18		$	0.15

^{1.   See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income on page 5.
2.   Per share amounts have been adjusted to reflect the three-for-two stock split completed on October 9, 2025.}

Third Quarter Highlights

• Deployed $4 billion into Brookfield originated strategies across our investment portfolio at an average yield of 9%.
  
  
• Originated $5 billion of annuity sales during the quarter, primarily from our retail channel.
  
  
• Our Property and Casualty float remained stable at approximately $8 billion, providing us with investment flexibility and risk diversification.
  
  
• On July 31, 2025, we announced the acquisition of Just Group plc. (“Just”) a U.K.-based retirement specialist financial services company. The transaction remains on track to close in the first half of 2026.
  
  
• On September 30, 2025, we announced our first Japan-based reinsurance agreement, which became effective in October 2025.
  
  

Operating Update

We recognized $427 million and $1.3 billion of distributable operating earnings (“DOE”) for the three and nine months ended September 30, 2025, compared to $370 million and $947 million in the prior year period. The increase in earnings for the current period reflects higher net investment income from a larger asset base and progress made repositioning assets into higher yielding investment strategies as well as the continued improvement in the operating performance of our property and casualty business following initiatives undertaken over the past year to reduce volatility. Current year DOE also includes a full nine months of ownership of American Equity Life in comparison with only approximately five months in the prior year period.

We recorded net income of $608 million and $842 million for the three and nine months ended September 30, 2025, compared to net income of $65 million and $671 million in the prior year period. The net income in the current quarter is primarily the result of our strong operating performance, along with favorable equity market movements. Net income in the prior year quarter included the impact of DOE and unrealized mark-to-market gains on equity securities, partially offset by unfavorable movements on reserves due to interest rate and equity market volatility.

Today, we are in a strong liquidity position, with approximately $32 billion of cash and short-term liquid investments across our investment portfolios, and another approximately $25 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.

Regular Distribution Declaration

The Board declared a quarterly return of capital of $0.06 per class A share and class B share payable on December 31, 2025 to shareholders of record as at the close of business on December 16, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares. On a post-split basis, the quarterly dividend is consistent with the previous quarter’s dividend.

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
			2025			2024			2025			2024
Net income of consolidated business1		$	284		$	1,518		$	1,655		$	4,886
Net income attributable to Brookfield shareholders2			219			64			996			908
Distributable earnings before realizations3			1,333			1,259			5,385			4,582
– Per Brookfield class A share3, 4			0.56			0.53			2.27			1.93
Distributable earnings3			1,487			1,325			6,027			5,980
–Per Brookfield class A share3, 4			0.63			0.56			2.54			2.52

^{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 13, 2025.
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		September 30				December 31
(US$ millions)			2025				2024
Assets
Cash, cash equivalents and short-term investments		$	13,678			$	16,643
Investments			104,693				88,566
Reinsurance funds withheld			1,462				1,517
Accrued investment income			868				860
Deferred policy acquisition costs			11,461				10,696
Reinsurance recoverables and deposit assets			12,438				13,195
Other assets			8,221				8,476
Total assets			152,821				139,953
Liabilities and equity
Policyholders’ account balances			89,469				83,079
Future policy benefits			15,371				14,088
Policy and contract claims			7,453				7,659
Market risk benefits			4,505				3,655
Deposit liabilities			1,445				1,502
Unearned premium reserve			1,421				1,843
Funds withheld for reinsurance liabilities			3,208				3,392
Corporate borrowings			572				1,022
Subsidiary borrowings			3,993				3,329
Other liabilities			8,469				7,308
Class A and class B	1,378				1,470
Class C	14,909				10,756
Non-controlling interest	628		16,915		850		13,076
Total liabilities and equity		$	152,821			$	139,953

Consolidated Statements of Operations

Unaudited For the periods ended September 30 US$ millions	Three Months Ended								Nine Months Ended
		2025				2024				2025				2024
Net premiums and other policy revenue	$	1,002			$	1,382			$	3,532			$	4,741
Net investment income, including funds withheld		1,493				1,283				4,408				3,115
Net investment gains (losses), including funds withheld		431				304				641				500
Total revenues		2,926				2,969				8,581				8,356
Benefits and claims paid on insurance contracts		(744)				(1,230)				(2,930)				(4,159)
Interest sensitive contract benefits		(534)				(557)				(1,555)				(1,164)
Amortization of deferred policy acquisition costs		(380)				(366)				(1,082)				(867)
embedded derivatives		185				(219)				(146)				(162)
Change in fair value of market risk benefits		(310)				(207)				(625)				(406)
Other reinsurance expenses		(2)				(6)				(4)				(20)
Operating expenses		(272)				(330)				(977)				(1,024)
Interest expense		(112)				(99)				(267)				(266)
Total benefits and expenses		(2,169)				(3,014)				(7,586)				(8,068)
Net income (loss) before income taxes		757				(45)				995				288
Income tax recovery (expense)		(149)				110				(153)				383
Net income	$	608			$	65			$	842			$	671
Attributable to:
Class A and class B shareholders1	$	4			$	4			$	12			$	10
Class C shareholder		579				48				746				641
Non-controlling interest		25				13				84				20
	$	608			$	65			$	842			$	671

^{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 endedSeptember 30 US$ millions	Three Months Ended								Nine Months Ended
		2025				2024				2025				2024
Net income	$	608			$	65			$	842			$	671
Unrealized net investment losses (gains), including funds
withheld		(431)				(304)				(641)				(500)
Mark-to-market losses (gains) on insurance contracts and
other net assets		132				666				951				956
		309				427				1,152				1,127
Deferred income tax expense (recovery)		55				(127)				(124)				(455)
Transaction costs		12				32				67				181
Depreciation		51				38				167				94
Distributable operating earnings1	$	427			$	370			$	1,262			$	947

^{1.   Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.}

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, 2025, 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 Schneider Tel: (416) 369-3358 Email: rachel.schneider@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 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.

FAQ

What did Brookfield Wealth Solutions (BNT) report for distributable operating earnings in Q3 2025?

Brookfield Wealth Solutions reported $427M of distributable operating earnings for Q3 2025.

How much was Brookfield Wealth Solutions' net income for the quarter ended Sept. 30, 2025 (BNT)?

Net income for the quarter was $608M.

What distribution did Brookfield Wealth Solutions (BNT) declare for December 2025 and the record date?

The Board declared a quarterly return of capital of $0.06 per class A and B share payable Dec 31, 2025 to holders of record at close of business on Dec 16, 2025.

What material transactions did Brookfield Wealth Solutions (BNT) announce in Q3 2025?

The company deployed $4B into originated strategies, originated $5B of annuity sales, and announced the Just Group acquisition targeting close in H1 2026.

Did Brookfield Wealth Solutions (BNT) expand internationally in 2025?

Yes; the release notes progress in the U.K. and Japan, including a Japan-based reinsurance agreement effective October 2025.

How strong is BNT's liquidity after Q3 2025?

The company reports approximately $32B of cash and short-term liquid investments across portfolios and about $25B of long-term liquid investments.