Brookfield Wealth Solutions (BNT) Q2 2024 earnings summary

Executive summary

• Achieved strong operating results in Q2 2024, driven by the acquisition of American Equity Life (AEL), which doubled the asset base and boosted annuity sales.

• Completed the AEL acquisition on May 2, 2024, redeploying over $3 billion into Brookfield strategies and originating $5 billion in proprietary investments at returns above 8.5%.

• Generated $3 billion in retail annuity sales, including $1.3 billion from AEL, and closed 25 pension risk transfer transactions totaling $450 million in premiums.

Financial highlights

• Total assets reached $130.5 billion as of June 30, 2024, up from $48.0 billion a year earlier.

• Net income for Q2 2024 was $269 million, down from $360 million in Q2 2023, but six-month net income rose to $606 million from $267 million year-over-year.

• Distributable operating earnings (DOE) for Q2 2024 were $298 million, up from $160 million in Q2 2023; six-month DOE was $577 million, up from $305 million.

• Adjusted equity increased to $11.4 billion from $5.0 billion year-over-year.

• Quarterly distribution of $0.08 per share declared, payable September 27, 2024.

Outlook and guidance

• Well positioned for the next stage of growth, with a focus on redeploying capital into higher-yielding investments and leveraging the expanded asset base.

• Name change to Brookfield Wealth Solutions and share re-designation expected in September 2024.