Brookfield Wealth Solutions (BNT) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $516 million, up from $269 million in Q2 2024, driven by strong investment gains, favorable fair value movements, and annuity segment growth.

• Six-month net income was $234 million, down from $606 million in the prior year, mainly due to unfavorable fair value movements and the absence of a prior year tax recovery.

• Total assets grew to $148.9 billion as of June 30, 2025, reflecting annuity inflows, investment purchases, and equity gains.

• Acquisition of American Equity Investment Life Holdings Company (AEL) in May 2024 contributed significantly to investment income and segment earnings.

• Announced transformational acquisition of Just Group plc for £2.4 billion ($3.2 billion), expanding presence in the U.K. retirement market.

Financial highlights

• Q2 2025 total revenues were $3.0 billion, up from $2.9 billion in Q2 2024; six-month revenues were $5.7 billion, up from $5.4 billion year-over-year.

• Net investment income rose to $1.47 billion in Q2 2025 from $1.12 billion in Q2 2024, driven by higher yielding strategies and AEL contribution.

• Distributable Operating Earnings (DOE) for Q2 2025 were $398 million, up from $298 million in Q2 2024.

• Adjusted equity rose to $14.7 billion from $10.5 billion year-over-year.

• Deployed $3.5 billion into new investment strategies at an average yield of 8%.

Outlook and guidance

• Management expects continued growth from annuity and investment strategies, with a focus on higher yielding assets.

• On track to achieve full-year targets, supported by a strong capital base and active investment pipeline.

• Anticipates increased sales and growth in the second half of 2025.

• Just Group acquisition expected to accelerate U.K. business growth, closing anticipated in H1 2026.

• A three-for-two stock split of Class A and B shares approved, effective October 2025.