Brookfield Wealth Solutions Ltd. (BNT)

Price$40.24Cached quoteAs of 2026-09-05 19:22 UTC

AI: Fair-priced

Price checkAt this price, Brookfield looks reasonably valued rather than clearly cheap or dangerously expensive.

At the observed quote, BNT trades at about 13 times the supplied 2025 basic earnings per share of $3.35. More importantly, BNT’s class A shares are exchangeable one-for-one with Brookfield Corporation shares, and the approved simplification will convert both into new Brookfield shares one-for-one. BNT closed only about 0.3% above Brookfield Corporation on the same trading day. Brookfield reported $2.61 of last-twelve-month distributable earnings per share, its measure of cash-like earnings available to investors, implying about 16 times that figure. That looks reasonable rather than clearly cheap or excessive. GlobeNewswire+3ChartExchange+3ChartExchange+3

Big pictureCash generation remains substantial, but reported profits are unusually volatile for a supposedly steady insurance platform.

The supplied history shows 2025 revenue fell 17% to $11.6 billion, net income fell 31% to $863 million, and operating cash flow dropped to $2.6 billion from $4.6 billion. After only $69 million of capital spending, simple free cash flow—cash left after running and investing in the business—was about $2.5 billion, although insurer cash flows can swing with policy and investment movements. In 2026, management’s recurring operating earnings improved, while first-half accounting results swung to a $453 million loss because market values moved against investments that had not been sold. GlobeNewswire

Business strengthA large liquid asset base supports policy obligations, though recent growth has required heavy external financing.

The supplied 2025 balance sheet shows $157.2 billion of assets, $139.3 billion of liabilities and $17.9 billion of equity; equity rose 37% from 2024. By June 2026, assets reached $205.7 billion, with about $35 billion of cash and short-term liquid investments plus $43 billion of longer-term liquid investments. Funding has been heavy: 2025 financing inflows were $7.8 billion against $9.7 billion of investing outflows, while Just added about $3 billion of loans. At year-end, 272.7 million Class C shares dwarfed 65.3 million Class A shares. That is not ordinary public-share dilution because Class A remains exchangeable one-for-one with Brookfield. GlobeNewswire+2SEC+2

What could change the storyThe upside needs steady operating profit growth; investment losses, added debt, or merger delays could break it.

The bull case is that Just integrates smoothly, annuity growth persists, and Brookfield keeps redeploying assets at attractive returns; in the second quarter it invested more than $5 billion at a 7% average target annual return. The bear case is that investment-value swings keep overwhelming operating gains, acquisition debt rises, or the approved Brookfield combination is delayed. Sustained annual operating earnings above roughly $2 billion with fewer accounting losses would strengthen the thesis. Repeated losses, heavier debt-funded deals, or a wider gap between BNT and its one-for-one Brookfield value would weaken it. GlobeNewswire+2SEC+2

AI: News

Mixed second-quarter resultsSecond-quarter operating earnings grew, but investment swings pushed first-half accounting profit into a loss.

On August 13, Brookfield Wealth Solutions reported second-quarter distributable operating earnings of $488 million, up 23% from a year earlier, and first-half operating earnings of $926 million, up 11%. Total assets reached $205.7 billion. Yet first-half net income swung from a $234 million profit to a $453 million loss, mainly because unrealized values moved against inflation derivatives and listed stock investments. The shares finished roughly flat on release day and fell the next session, but timing alone does not prove the report caused that move. GlobeNewswire+1

Simplification wins approvalShareholders approved the one-for-one Brookfield combination, making BNT increasingly a stand-in for the parent company.

On July 16, shareholders approved the corporate simplification. BNT is expected to be delisted, while a new Brookfield Corporation parent will trade as BN; BNT class A holders will receive new Brookfield shares automatically. The underlying exchange is one-for-one, and completion is targeted by year-end subject to regulatory approvals and other customary conditions. This matters because BNT’s investment value now depends heavily on Brookfield Corporation’s earnings and market valuation, while any closing delay could temporarily widen the trading gap between the two securities. SEC+1

Just Group acquisitionThe Just Group purchase made Brookfield much larger in British retirement insurance and added acquisition debt.

On April 1, Brookfield completed its £2.4 billion, about $3.2 billion, cash purchase of Just Group. The acquired British retirement insurer brought more than 700,000 customers and about £30 billion of pension savings, lifting Brookfield Wealth Solutions’ insurance assets toward $180 billion. The expansion also added financing: subsequent SEC disclosure showed a $1 billion loan backed by investments due in April 2027 and a £1.5 billion, roughly $2 billion, term loan due in 2031. That increases earnings capacity, but also raises integration and refinancing demands. SEC+1

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Revenue

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$11.63B	$14.10B	$6.91B	$4.41B	$1.04B	$514.0M	$382.0M
Operating expenses	—	—	—	$433.0M	$35.0M	$6.0M	$6.0M
Net income	$863.0M	$1.25B	$797.0M	$501.0M	−$112.0M	$1.0M	$6.0M
Net profit margin	7.42%	8.84%	11.53%	11.35%	−10.76%	0.19%	1.57%
Basic EPSper basic share	$3.35	$8.69	$10.51	$9.17	-$3.28	$12.61	$0.05
Diluted EPSper diluted share	$2.75	$5.97	$6.12	$12.19	—	$12.61	$0.05

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BNT
Holder	Shares held
Partners Value Investments L.P.	12.32M
Brookfield Corp /ON/	1.36M
ROYAL BANK OF CANADA	859.92K
VANGUARD CAPITAL MANAGEMENT LLC	777.22K
BANK OF NOVA SCOTIA	750K
NORGES BANK	348.25K
PRINCIPAL FINANCIAL GROUP INC	347.43K
CANADA PENSION PLAN INVESTMENT BOARD	244.1K
VANGUARD FIDUCIARY TRUST CO	235.32K
MONTRUSCO BOLTON INVESTMENTS INC.	179.2K
TANDEM CAPITAL MANAGEMENT CORP /ADV	149.58K
MACKENZIE FINANCIAL CORP	106.91K
Legal & General Group Plc	106.36K
UBS Group AG	100.43K
BANK OF MONTREAL /CAN/	95.45K
SCHWARTZ INVESTMENT COUNSEL INC	90.95K
Vanguard Global Advisers, LLC	87.67K
GOLDMAN SACHS GROUP INC	81.03K
TORONTO DOMINION BANK	76.42K
CI INVESTMENTS INC.	62.3K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Brookfield Wealth Solutions Ltd. (BNT)

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