Brookfield Wealth Solutions (BNT) Q3 2024 earnings summary

Executive summary

• Achieved strong returns in Q3 2024, driven by $5B of investment redeployment at accretive risk-adjusted yields and robust annuity sales totaling $4B for the quarter and $12B year-to-date.

• Reinsured a portion of the Life insurance business, releasing significant capital for future growth; entered first U.K. reinsurance transaction for £1.08B ($1.4B) of pension liabilities, pending regulatory approval.

• Maintains a strong liquidity position with $31B in cash and short-term liquid investments and $21B in long-term liquid investments.

Financial highlights

• Q3 2024 distributable operating earnings (DOE) rose to $370M from $182M in Q3 2023; nine-month DOE increased to $947M from $487M year-over-year.

• Q3 2024 net income was $65M, down from $77M in Q3 2023; nine-month net income rose to $671M from $344M year-over-year.

• Total assets grew to $137.1B as of September 30, 2024, up from $51.2B a year earlier.

• Adjusted equity increased to $11.4B from $7.3B year-over-year.

• Quarterly return of capital of $0.08 per class A and B share declared, payable December 31, 2024.

Outlook and guidance

• Management expects continued growth, leveraging strong investment capabilities and retail annuities platform.

• Ongoing rotation of investment portfolio into higher-yielding strategies supported by ample liquidity.

• Anticipates closing the U.K. reinsurance transaction in the coming weeks, subject to regulatory approval.