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Total assets grew 153% to $156.1B while equity only rose 91% to $16.6B, pushing the debt-to-equity ratio to 0.34 and signaling rising leverage relative to capital.
| Total Assets | 156.06B | 149.63B | 139.95B | 61.64B | 43.46B | 11.49B | 1.44B | 926.71M |
| Asset Growth % | 42.64% | 6.92% | 127.04% | 41.84% | 278.13% | 698.13% | 55.39% | - |
| Total Investment Assets | 4M | 110.04B | 92.97B | 39.84B | 30.3B | 5.43B | 1.2B | 703.88M |
| Long-Term Investments | 371.75B | 97.13B | 62.06B | 25.55B | 19.97B | 4.53B | 1.19B | 701.05M |
| Short-Term Investments | 12.68B | 12.92B | 16.76B | 21.89B | 2.89B | 146M | 0 | 0 |
| Total Current Assets | 36.74B | 13.46B | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 10.23B | 13.01B | 12.24B | 4.31B | 2.15B | 393M | 35M | 13.36M |
| Receivables | 30.34B | 618.87M | 1.17B | 1.11B | 483M | 10M | 2M | 5.53M |
| Other Current Assets | 0 | -13.09B | -30.17B | -27.31B | -5.72B | -403M | -39.87M | -21.22M |
| Goodwill & Intangibles | 32.66B | 2.4B | 2.47B | 356M | 173M | 3M | 0 | 0 |
| Goodwill | 783M | 781.58M | 783M | 121M | 121M | 0 | 0 | 0 |
| Intangible Assets | 13.45B | 1.62B | 1.69B | 235M | 52M | 3M | 0 | 0 |
| PP&E (Net) | 282M | 290M | 272M | 294M | 194M | 2M | 2M | 316K |
| Other Assets | 4.68B | 36.64B | -64.8B | -26.2B | -20.34B | -4.54B | -1.2B | -701.36M |
| Total Liabilities | 139.17B | 131.75B | 126.88B | 52.79B | 39.19B | 10.06B | 1.36B | 861.25M |
| Total Debt | 5.69B | 5.69B | 4.54B | 3.74B | 3.8B | 693M | 1.25M | 198K |
| Net Debt | -4.54B | -7.32B | -7.7B | -565M | 1.66B | 300M | -33.75M | -13.16M |
| Long-Term Debt | 4.94B | 4.78B | 3.54B | 2.47B | 1.99B | 693M | 0 | 0 |
| Short-Term Debt | 747M | 912M | 1B | 1.28B | 1.81B | 0 | 0 | 0 |
| Total Current Liabilities | 105.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 151M | 132M | 4M | 1.26M |
| Deferred Revenue | 1.4B | 1.27B | 0 | 0 | 78M | 82M | 0 | 0 |
| Other Current Liabilities | 103.01B | -2.18B | -1.69B | -1.84B | -2.31B | -681M | -9.43M | -4.03M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 29.07B | 127.41B | -3.54B | -2.47B | -1.99B | -693M | -1.25M | -198K |
| Total Equity | 16.89B | 17.88B | 13.08B | 8.85B | 4.26B | 1.44B | 83M | 65.46M |
| Equity Growth % | 131.81% | 36.77% | 47.77% | 107.48% | 197.21% | 1628.92% | 26.8% | - |
| Shareholders Equity | 16.56B | 17.55B | 12.23B | 8.7B | 4.26B | 1.44B | 83M | 65.46M |
| Minority Interest | 335M | 330.4M | 850M | 146M | 8M | 0 | 0 | 0 |
| Retained Earnings | 2.21B | 2.82B | 2.05B | 945M | 310M | 0 | 1.65M | 38K |
| Common Stock | 13.64B | 13.64B | 9.97B | 5.18B | 1.89B | 1.44B | 0 | 64.61M |
| Accumulated OCI | 707M | 1.12B | 204M | -120M | -523M | 0 | 3.54M | 806K |
| Return on Equity (ROE) | 2.91% | 5.03% | 11.07% | 12.14% | 17.51% | -14.76% | 1.35% | 9.17% |
| Return on Assets (ROA) | 0.32% | 0.54% | 1.2% | 1.51% | 1.82% | -1.73% | 0.08% | 0.65% |
| Equity / Assets | 10.82% | 11.95% | 9.34% | 14.36% | 9.81% | 12.49% | 5.76% | 7.06% |
| Debt / Equity | 0.34x | 0.32x | 0.35x | 0.42x | 0.89x | 0.48x | 0.02x | 0.00x |
| Book Value per Share | 61.94 | 58.65 | 75.99 | 60.83 | 137.94 | 41.66 | 2.98 | 2.35 |
| Tangible BV per Share | 9.76 | 50.77 | 61.62 | 58.38 | 132.34 | 41.57 | 2.98 | 2.35 |
Investment portfolio liquidity mismatch
Total assets grew 153% from $61.6B to $156.1B over ten quarters, while equity only rose 91%, according to reported balance sheet data, indicating leverage is building faster than capital.
The asset base nearly tripled, driven by the AEL acquisition and organic float growth, but equity growth lagged, pushing the debt-to-equity ratio from 6.1x to 8.4x. This suggests the company is relying more on debt and policyholder liabilities to fund expansion, which may strain future capital flexibility if asset yields do not materialize.
Investment purchases outpaced sales by $4.1B in 2026Q1, with total invested assets reported at $1,000K, per cash flow data, indicating continued redeployment of float into Brookfield-managed alternatives.
The net investment outflow of $4.1B in the latest quarter reflects management's strategy to shift the portfolio toward higher-yielding private assets. While this could enhance spreads, it also increases illiquidity and valuation uncertainty, especially given the lack of disclosed investment yield data. Investors should monitor the proportion of Level 3 assets and the potential for mark-to-market volatility.
Combined ratios below 100% in 2025Q3 and Q4 suggest prior-year reserve releases boosted earnings, but the 138.8% combined ratio in 2026Q1 indicates such releases may not be sustainable, per reported figures.
The favorable reserve development in mid-2025 appears to have temporarily masked underlying underwriting strain, as evidenced by the sharp deterioration in 2026Q1. This pattern suggests that the company may be relying on one-time items to support profitability, and the elevated loss ratio of 96.4% in 2025Q1 points to potential inflation pressures in long-tail lines. The sustainability of reserve adequacy warrants close monitoring.
Total liabilities grew to $139.2B in 2026Q1, up from $52.8B in 2023Q4, while equity only reached $16.6B, according to balance sheet data, implying a rising debt-to-equity ratio.
The debt-to-equity ratio has climbed from 6.1x to 8.4x over the period, indicating that the company is increasingly levered. While this is common for asset-intensive insurers, the pace of leverage growth relative to equity suggests that capital adequacy may be under pressure, especially if the Bermuda Monetary Authority tightens capital requirements for private equity-backed insurers. The modest ROE of 5.0% in 2026Q1 further highlights the challenge of generating sufficient returns on this expanded capital base.
Cash data is unavailable, but operating cash flow remained positive at $491M in 2026Q1 despite a net loss, according to cash flow statements, suggesting claims-paying ability is intact.
The positive operating cash flow, despite a net loss, indicates that premium collections and investment income are still covering claims and expenses. However, the heavy net investment outflow of $4.1B in the same quarter could strain liquidity if operating cash flow deteriorates. The lack of disclosed cash balances limits a full assessment, but the company's ability to generate positive OCF is a positive sign.
BNT uses funds withheld reinsurance treaties, meaning it may not physically hold assets backing reserves, according to company intelligence, which introduces counterparty credit risk that could impact balance sheet stability.
The reliance on funds withheld arrangements suggests that a portion of the investment portfolio is held by counterparties, exposing BNT to their creditworthiness. If a counterparty were to default, BNT could face a shortfall in assets backing policyholder liabilities. This risk is not immediately visible in the balance sheet data but warrants scrutiny, especially given the company's rapid growth through large-block reinsurance transactions.
Quick answers to the most common questions about buying BNT stock.
As of 2025, Brookfield Wealth Solutions Ltd. (BNT) had total assets of $149.63B including $13.46B in current assets.
Brookfield Wealth Solutions Ltd. (BNT) carries total debt of $5.69B, offset by $25.93B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brookfield Wealth Solutions Ltd. (BNT) has total shareholders' equity (book value) of $17.55B ($58.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.