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SEC filingBrookfield Wealth Solutions Ltd. (BNT) reported FY 2025 net income of $863.0M, down from $1,247M in 2024, primarily due to unfavorable fair value movements in fixed index annuity reserves from interest rate and equity market changes, partially offset by $1.6B higher net investment income from portfolio growth and higher-yielding strategies. Total revenues declined to $11.63B from $14.10B, driven by fewer jumbo PRT deals ($1.71B vs $4.80B premiums) and P&C withdrawals. Total assets grew 12% to $157.18B, with investments up $17.1B to $110.04B from annuity inflows and unrealized equity gains. DOE rose 24% to $1.70B, reflecting strong operating performance across segments. Annuities DOE increased to $1.66B (from $1.22B), P&C to $399M (from $263M) on improved loss experience, while Life Insurance dipped to $153M. Equity expanded to $17.92B, supported by $4.1B Class C issuances. Cash flows from operations were $2.61B (down from $4.57B), with investing outflows of $9.67B on deployments. The company maintains robust liquidity at $62.6B and met all regulatory capital requirements. Strategic moves included Japan reinsurance entry and pending Just Group acquisition, positioning for growth amid volatile markets.
Brookfield Wealth Solutions Ltd. delivered FY 2025 net income of $863.0M, a 31% decline from $1,247M in 2024, primarily due to $725M losses in market risk benefits and $219M in insurance-related derivatives from interest rate and equity volatility. Revenues fell 17% to $11.63B from $14.10B, driven by lower PRT premiums ($1.71B vs $4.80B) and P&C withdrawals. Net investment income rose 37% to $5.82B, supporting DOE growth of 24% to $1.70B. Total assets expanded 12% to $157.18B, with investments up 15% to $110.04B. Equity strengthened 37% to $17.92B via $4.1B Class C issuances. Operating cash flow was $2.61B, down from $4.57B due to fewer large deals.
Revenues declined 17% YoY to $11.63B. Annuities contributed $7.92B (68% of total), down from strong 2024 PRT activity. P&C revenues $2.86B (25%), reflecting phased non-core exits. Life Insurance $603M (5%). Net premiums dropped 46% to $4.49B, with Annuities at $1.71B (down 64%) and P&C $2.40B (down 19%). Geographic mix: U.S. 89% ($10.37B), Canada 5%, Bermuda 4%. Growth drivers included retail annuity sales ($15.66B deposits) and funding agreements ($2.29B).
Gross margins not directly disclosed; DOE margin improved to ~15% on $11.63B revenue vs ~10% prior year. Operating expenses stable at $1.36B (12% of revenue). Key pressures: $1.42B DAC/DSI amortization (up 15%), $725M MRB losses. Investment yield supported by portfolio rotation; net investment spread maintained via ALM. Tax rate 10.8% reflects Bermuda CIT benefits.
Operating cash $2.61B (down 43%). Investing outflows $9.67B on deployments. Financing inflows $7.81B from policy deposits ($17.65B) net of withdrawals. Liquidity $62.6B (cash $13.0B, liquid assets $48.4B). Debt $5.49B (corporate/non-recourse), net debt/EBITDA ~1.5x. Capital ratios strong: all U.S./Bermuda/Canada entities above minimums.
Pending Just Group acquisition (~$3.2B) to expand U.K. PRT. Japan reinsurance entry signals Asia growth. Robust $62.6B liquidity supports deployments. Regulatory compliance maintained; DOE focus on risk-adjusted returns amid volatility.