Operating cash flow generation is highly inconsistent, as demonstrated by the OCF/NI ratio swinging from a 4.00 peak in 2024Q4 to a negative 0.82 in 2026Q1.
| Cash from Operations | 2.6B | 2.66B | 4.57B | 1.51B | 644M | 1.69B | 399M | 309M |
| Operating CF Growth % | -163.38% | -41.79% | 203.19% | 134.01% | -61.85% | 323.06% | 29.13% | - |
| Operating CF / Revenue % | 24.2% | 22.47% | 31.87% | 21.67% | 14.74% | 163.41% | 77.63% | 80.89% |
| Net Income | 491.56M | 763.13M | 1.25B | 797M | 501M | -112M | 1M | 6M |
| Depreciation & Amortization | 164.91M | 221.82M | 206M | 50M | 13M | 0 | 0 | 217K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3M | 0 | -150M | 12M | 22M | -25M | 1M | 0 |
| Other Non-Cash Items | 620.49M | -10.18M | -9M | -915M | -388M | -108M | -81M | -36.22M |
| Working Capital Changes | 1.34B | 1.68B | 3.27B | 1.56B | 496M | 1.93B | 478M | 339M |
| Cash from Investing | -7.95B | -9.54B | 1.43B | -1.81B | -4.88B | -3.97B | -385M | -268M |
| Capital Expenditures | -74.61M | 0 | -40M | -135M | -24M | -1M | -617K | -35K |
| Acquisitions | 401.22M | 304.23M | 10.84B | -274M | -4.34B | 0 | 0 | 0 |
| Purchase of Investments | -38.38B | -44.23B | -35.37B | -24.46B | -19.35B | -5.43B | -975M | -1.01B |
| Sale/Maturity of Investments | 29.17B | 34.08B | 30.62B | 24.05B | 20.76B | 2.1B | 564M | 755M |
| Other Investing | 924.85M | 314.41M | -4.63B | -987M | -1.93B | -643M | 26.62M | -11.96M |
| Cash from Financing | 7.33B | 7.64B | 1.92B | 2.46B | 5.99B | 2.64B | 13M | -35M |
| Dividends Paid | 1.52M | 0 | 0 | -5.09M | -5.76M | -7.93M | 0 | 0 |
| Share Repurchases | -114.77M | -113.96M | -14M | -5M | -6M | -8M | 0 | 0 |
| Stock Issued | 0 | 0 | 4M | 0 | 450M | 1.41B | 13M | 5M |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | 1000K | 1000K | 0 | 0 |
| Other Financing | 6.29B | 6.55B | 2.06B | 2.65B | 501.76M | 7.93M | 0 | -40M |
| Net Change in Cash | 1.92B | 754.6M | 7.93B | 2.16B | 1.75B | 358M | 22M | 5M |
| Exchange Rate Effect | -59.49M | -10.57M | 11M | 0 | -8M | 1M | -5M | -1M |
| Cash at Beginning | 13.01B | 12.24B | 4.31B | 2.15B | 393M | 35M | 13M | 8M |
| Cash at End | 10.23B | 12.99B | 12.24B | 4.31B | 2.15B | 393M | 35M | 13M |
| Free Cash Flow | 2.53B | 2.59B | 4.53B | 1.37B | 620M | 1.69B | 398M | 309M |
| FCF Growth % | -47.73% | -42.82% | 230.1% | 121.29% | -63.25% | 323.87% | 28.8% | - |
| FCF Margin % | 23.51% | 21.87% | 31.59% | 19.73% | 14.19% | 163.31% | 77.43% | 80.89% |
| FCF per Share | 9.27 | 8.49 | 26.32 | 9.43 | 20.05 | 48.97 | 14.3 | 11.11 |
Float deployment and liquidity
As reported in quarterly financial statements, BNT's operating cash flow exhibits extreme volatility, swinging from a $2.2 billion inflow in 2024Q4 to a $491 million inflow in 2026Q1, which suggests that the timing of large-block reinsurance treaties significantly distorts the underlying cash generation capacity of the business.
The wide variance in operating cash flow relative to net income indicates that statutory accounting and cash-basis underwriting results are frequently decoupled. Investors should monitor whether these fluctuations represent genuine shifts in premium collection efficiency or merely the lumpy nature of large-scale pension risk transfer transactions.
Based on historical data, BNT maintains a high-velocity investment strategy, with quarterly purchases reaching as high as $15.7 billion in 2024Q4, reflecting a persistent effort to deploy insurance float into Brookfield-managed alternative assets rather than maintaining a static, passive fixed-income portfolio for long-term liability matching.
The consistent gap between investment purchases and sales suggests that the company is actively recycling capital to capture yield spreads. This high turnover warrants further investigation into the transaction costs associated with such frequent portfolio rebalancing and the potential impact on net investment income margins.
According to recent SEC filings, the OCF/NI ratio has fluctuated wildly, reaching a negative 0.82 in 2026Q1 compared to a 4.00 ratio in 2024Q4, which indicates that net income is a poor proxy for the actual cash-generating power of the insurance operations during periods of market stress.
The frequent disconnect between accounting profits and cash flow suggests that non-cash accruals and mark-to-market adjustments on the investment portfolio are heavily influencing the bottom line. This pattern implies that the company's reported earnings may not accurately reflect the liquidity available to meet long-term policyholder obligations.
As indicated by financial disclosures, claims and loss payments have trended upward, peaking at $4.6 billion in 2024Q4, which may suggest that the company is entering a phase of higher liability maturity that requires more consistent cash outflows than previously observed in earlier reporting periods.
The rising trend in claims payments relative to historical levels may indicate that the aging of the insurance book is beginning to exert pressure on liquidity. Analysts should evaluate whether these outflows are adequately covered by the current investment yield or if they necessitate a shift toward more liquid asset allocations.
Quick answers to the most common questions about buying BNT stock.
Brookfield Wealth Solutions Ltd. (BNT) generated $2.66B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield Wealth Solutions Ltd. (BNT) generated $2.59B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Brookfield Wealth Solutions Ltd. (BNT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Brookfield Wealth Solutions Ltd. (BNT) spent $114.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.