Brookfield Wealth Solutions Announces Year End 2025 Results and Declares Quarterly Distribution Increase

Executive Summary

• Brookfield Wealth Solutions reported unaudited Q4 and full‑year 2025 results, showing a rise in distributable operating earnings (DOE) to $437 M for the quarter and $1.7 B for the year versus prior‑period levels.
• Net income turned positive for the quarter at $21 M (vs. $576 M loss YoY) and reached $863 M for the full year, reflecting stronger investment performance and the inclusion of American Equity Life ownership.
• The Board declared a 17% increase in quarterly return of capital to $0.07 per share (annualized $0.28), and highlighted the pending acquisition of Just Group plc expected in H1‑2026.

Key Details

• Total assets: $157.2 B (2025) vs. $140.0 B (2024).
• Distributable operating earnings (DOE): $437 M Q3 2025 vs. $427 M YoY; $1,699 M FY 2025 vs. $1,374 M FY 2024.
• Net income: $21 M Q3 2025 vs. $576 M loss YoY; $863 M FY 2025 vs. $1,247 M FY 2024.
• Net income per Class A share: $0.06 (Q3) and $0.24 (FY).
• Capital deployment: $13 B invested in Brookfield‑originated strategies at an average yield of 8.5%.
• Annuity sales: $20 B originated across retail, pension, and funding agreement channels.
• Liquidity position: ~$35 B cash & short‑term liquid investments + ~$26 B long‑term liquid investments.
• Distribution declaration: Quarterly return of capital increased 17% to $0.07 per Class A/B share (annualized $0.28), payable March 31, 2026 to shareholders of record March 17, 2026.
• Acquisition update: Acquisition of Just Group plc remains on track to close in the first half of 2026; first Japan‑based reinsurance agreement effective Oct 2025.
• Property & Casualty float: Stable at ~ $8 B.

Brookfield Corporation Results (referenced)

• Net income of consolidated business FY 2025: $3,235 M vs. $1,853 M FY 2024.
• Distributable earnings per Brookfield Class A share FY 2025: $2.27 vs. $2.05 FY 2024.

Selected Balance Sheet Highlights (12/31/2025)

• Cash & short‑term investments: $13.5 B (down from $16.6 B).
• Investments: $109.6 B (up from $88.6 B).
• Policyholders’ account balances: $93.0 B (up from $83.1 B).

Selected Income Statement Highlights (12/31/2025)

• Net premiums & other policy revenue: $1,745 M (down from $4,307 M YoY).
• Net investment income: $1,484 M (up from $1,325 M YoY).
• Total revenues FY 2025: $3,054 M vs. $5,747 M FY 2024.

Reconciliation of Net Income to DOE (FY 2025)

• Net income: $863 M
• Adjustments (unrealized investment losses, mark‑to‑market, tax, transaction costs, depreciation): net add $1,631 M
• Resulting DOE: $1,699 M

Notable Quotes

“2025 was another strong year for our business… With the closing of the Just Group plc acquisition expected in the first half of 2026… we look forward to continued success.” – Sachin Shah, CEO, Brookfield Wealth Solutions.