Brookfield Wealth Solutions (BNT) Q1 2026 earnings summary

Executive summary

• Reported a net loss of $602 million for Q1 2026, compared to a net loss of $282 million in Q1 2025, mainly due to unfavorable unrealized fair value movements on equity securities and public equity investments.

• Completed acquisition of Just Group plc, expanding presence in the U.K. pension risk transfer and annuity markets.

• Distributable Operating Earnings (DOE) were $438 million, nearly flat compared to $437 million in Q1 2025.

• Originated $5 billion in sales across retail annuity, pension, and funding agreement channels, including Just.

• Deployed $4 billion into proprietary investment strategies at a 10% average target yield.

Financial highlights

• Net premiums and other policy revenue fell to $872 million from $1.3 billion year-over-year, reflecting lower PRT sales and withdrawal from non-core P&C businesses.

• Net investment income rose to $1.471 billion from $1.429 billion year-over-year, driven by rotation into higher-yielding strategies.

• Investment-related losses increased to $696 million from $103 million, primarily due to unrealized losses on equity securities.

• Total assets were $156.1 billion as of March 31, 2026.

• Operating expenses decreased by $13 million to $369 million, mainly due to lower amortization and professional fees.

Outlook and guidance

• Liquidity remains strong, with $61.2 billion in total liquidity and $2.0 billion undrawn equity commitment from Brookfield.

• Proposed combination with Brookfield Corporation to enhance capital efficiency and access to balance sheet, expected to complete after July 2026 AGMs.

• Management expects sufficient liquidity to meet foreseeable requirements and continues to monitor market and regulatory developments.

• Focus remains on international growth, high-quality earnings, and durable risk-adjusted returns.