BNT · Brookfield Wealth Solutions Ltd.

Brookfield Wealth Solutions (BNT) reported first quarter 2026 distributable operating earnings (DOE) of $438 million, essentially flat compared to $437 million in the prior year period. The DOE growth in the Annuities segment from a larger asset base and asset repositioning, along with improved underwriting in the P&C segment, was offset by the absence of a one-time realized investment gain in the Corporate & Other segment from the prior year. Net loss widened to $602 million from $282 million, driven by unfavorable mark-to-market movements on public equity investment positions, which have since recovered. Total revenues decreased to $1,656 million from $2,618 million, primarily due to lower net premiums and other policy revenue ($872 million vs. $1,301 million) and net investment losses of $687 million versus $112 million in losses. Net investment income increased to $1,471 million from $1,429 million. The company completed the acquisition of Just Group plc, a U.K. retirement services provider, significantly expanding its international operations. Additionally, Brookfield Corporation announced a proposed combination with BNT to streamline corporate structure and enhance capital efficiency. The transaction is expected to be completed on a tax-efficient basis, with the combined entity trading under the symbol 'BN' on the NYSE and TSX. Final board review is expected in the coming weeks, with shareholder votes scheduled for July 16, 2026. A quarterly distribution of $0.07 per share was declared, payable June 30, 2026. Management highlighted a strong liquidity position with approximately $36 billion in cash and short-term liquid investments and $43 billion in long-term liquid investments, positioning the company to meet policyholder obligations and rotate into higher-yielding strategies.