Brookfield Wealth Solutions (BNT) Q1 2025 earnings summary

Executive summary

• Reported a net loss of $282 million for Q1 2025, compared to net income of $337 million in Q1 2024, primarily due to unfavorable fair value movements in fixed index annuity reserves and equity market performance.

• Total assets increased to $141.6 billion as of March 31, 2025, up $1.7 billion from December 31, 2024, driven by net annuity inflows and favorable unrealized fair value movements on fixed maturity investments.

• Completed the acquisition of American Equity Investment Life Holdings Company (AEL) in May 2024, significantly expanding annuities business and prompting a realignment of reporting segments.

• Achieved strong start to 2025 with entry into U.K. market and launch of new pension risk transfer business under Blumont Annuity UK.

• Deployed $3 billion into Brookfield-originated strategies at returns above 8% and completed $500 million FABN issuance.

Financial highlights

• Net premiums and other policy revenue were $1.3 billion, down from $1.6 billion year-over-year, mainly due to lower PRT sales and phased withdrawal from non-core P&C businesses.

• Net investment income rose to $1.4 billion from $574 million year-over-year, reflecting growth in the investment portfolio and higher yielding strategies.

• Distributable Operating Earnings (DOE) increased to $437 million from $279 million year-over-year, driven by AEL contributions and higher spread earnings.

• Operating expenses increased to $382 million from $233 million year-over-year, mainly due to AEL integration and business growth.

• Quarterly distribution of $0.09 per class A and B share declared, payable June 30, 2025.

Outlook and guidance

• Liquidity remains strong with $48.4 billion in total liquidity as of March 31, 2025, including $93 million of unrestricted cash at the corporate level.

• Management expects continued focus on higher yielding investment strategies, disciplined capital deployment, and active participation in the U.K. pension risk transfer market.

• No material impact anticipated from recently enacted global minimum tax regimes in Bermuda, Canada, or the UK for 2025.

• Forward-looking statements highlight plans for international expansion, capital markets initiatives, and growth in investment opportunities.