Revenue volatility remains a primary concern, evidenced by a 32.5% contraction in 2026Q1 and a combined ratio that fluctuated from 75.7% in 2025Q3 to 138.8% in 2026Q1.
| Revenue | 10.75B | 11.84B | 14.34B | 6.95B | 4.37B | 1.03B | 514M | 382M |
| Revenue Growth % | -23.56% | -17.43% | 106.2% | 59.11% | 323.04% | 100.97% | 34.55% | - |
| Medical Costs & Claims | 6.09B | 4.57B | 11.41B | 5.87B | 3.73B | 1.12B | 506M | 0 |
| Medical Cost Ratio % | 56.67% | 38.58% | 79.56% | 84.4% | 85.47% | 108.23% | 98.44% | 0% |
| Gross Profit | 4.66B | 7.27B | 2.93B | 1.08B | 635M | -85M | 8M | 382M |
| Gross Margin % | 43.33% | 61.42% | 20.44% | 15.6% | 14.53% | -8.23% | 1.56% | 100% |
| Gross Profit Growth % | - | 148.08% | 170.14% | 70.87% | 847.06% | -1162.5% | -97.91% | - |
| Operating Expenses | 3.96B | 6.29B | 1.72B | 271M | 103M | 28M | 6M | 376M |
| OpEx / Revenue % | 36.79% | 53.11% | 11.98% | 3.9% | 2.36% | 2.71% | 1.17% | 98.43% |
| Depreciation & Amortization | 89.96M | 0 | 206M | 50M | 13M | 0 | 0 | 217K |
| Combined Ratio % | 93.47% | 91.69% | 91.54% | 88.29% | 87.83% | 110.94% | 99.61% | 98.43% |
| Operating Income | 702.46M | 983.93M | 1.21B | 814M | 532M | -113M | 2M | 6M |
| Operating Margin % | 6.53% | 8.31% | 8.46% | 11.71% | 12.17% | -10.94% | 0.39% | 1.57% |
| Operating Income Growth % | - | -18.88% | 49.02% | 53.01% | 570.8% | -5750% | -66.67% | - |
| EBITDA | 998.84M | 1.37B | 1.42B | 864M | 545M | -112M | 2M | 6.22M |
| EBITDA Margin % | 9.29% | 11.57% | 9.9% | 12.43% | 12.47% | -10.84% | 0.39% | 1.63% |
| Interest Expense | 405.33M | 385.63M | 362M | 249M | 104M | 1M | 0 | 0 |
| Non-Operating Income | -400.42M | -385.63M | -362M | -249M | -104M | -1M | 0 | 0 |
| Pretax Income | 702.46M | 983.93M | 1.21B | 814M | 532M | -113M | 2M | 6M |
| Pretax Margin % | 6.53% | 8.31% | 8.46% | 11.71% | 12.17% | -10.94% | 0.39% | 1.57% |
| Income Tax | 150.8M | 105.82M | -34M | 17M | 31M | -1M | 1M | 0 |
| Effective Tax Rate % | 21.47% | 10.75% | -2.8% | 2.09% | 5.83% | 0.88% | 50% | 0% |
| Net Income | 491.56M | 779.41M | 1.21B | 796M | 499M | -112M | 1M | 6M |
| Net Margin % | 4.57% | 6.58% | 8.47% | 11.45% | 11.42% | -10.84% | 0.19% | 1.57% |
| Net Income Growth % | -11.11% | -35.8% | 52.51% | 59.52% | 545.54% | -11300% | -83.33% | - |
| EPS (Diluted) | 1.80 | 2.50 | 7.05 | 5.47 | 13.75 | -3.25 | 0.04 | 0.22 |
| EPS Growth % | -64.52% | -64.54% | 28.88% | -60.22% | 523.08% | -9152.92% | -83.68% | - |
| EPS (Basic) | - | 2.50 | 7.05 | 5.47 | 13.75 | -3.25 | 0.04 | 0.22 |
| Diluted Shares Outstanding | 272.69M | 304.93M | 172.08M | 145.47M | 30.92M | 34.45M | 27.82M | 27.82M |
Underwriting and Investment Volatility
As reported in recent financial statements, BNT experienced a 32.5% revenue contraction in 2026Q1, highlighting significant top-line volatility that appears linked to the timing of large-scale reinsurance treaties and mark-to-market fluctuations rather than a fundamental erosion of the company's core annuity and pension risk transfer business.
The erratic revenue trajectory suggests that BNT's growth is heavily dependent on episodic, large-block transactions which create lumpy quarterly comparisons. Investors should monitor whether the recent integration of American Equity Investment Life can provide a more consistent, granular premium base to offset the inherent unpredictability of the reinsurance segment.
Based on reported figures, the combined ratio reached 138.8% in 2026Q1, indicating that underwriting costs significantly outpaced premium income during the period, a sharp reversal from the more efficient 75.7% combined ratio observed in 2025Q3, which warrants further investigation into the drivers of these periodic loss spikes.
The wide swings in the combined ratio suggest that BNT's underwriting performance is not yet stabilized, potentially reflecting the integration costs of recent acquisitions or volatility in reserve adjustments. This inconsistency implies that the company currently relies heavily on investment income to bridge the gap during periods of elevated loss ratios.
According to historical data, BNT's reliance on Brookfield-managed alternative assets creates a unique return profile, yet the lack of transparent investment yield reporting makes it difficult to confirm if these assets are consistently outperforming the cost of policyholder liabilities in the current high-rate environment.
The structural integration with Brookfield provides a proprietary funnel for capital deployment, but this strategy introduces significant sensitivity to the valuation of illiquid infrastructure and real estate assets. Analysts should remain cautious regarding whether these alternative investments can maintain their yield advantage if regulatory capital requirements for Bermuda-based insurers continue to tighten.
As noted in recent regulatory filings, the company's reliance on the paired-share structure with Brookfield Corporation may mask standalone operational weaknesses, as the potential for fee leakage to the parent entity could prioritize asset management profits over the long-term solvency and margin stability of the insurance carrier.
The complexity of inter-company treaties and the use of funds-withheld accounting may obscure the true economic risk profile of the insurance float. Investors should consider whether the current valuation adequately accounts for the potential conflict of interest inherent in a model where the insurer serves primarily as a captive funding vehicle for the parent's broader investment pipeline.
Quick answers to the most common questions about buying BNT stock.
For fiscal year 2025, Brookfield Wealth Solutions Ltd. (BNT) reported total revenue of $11.84B. This represents a 2999.1% increase compared to $382.0M in 2019.
Brookfield Wealth Solutions Ltd. (BNT) is profitable, generating $779.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Brookfield Wealth Solutions Ltd. (BNT) reported an operating income of $983.9M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Wealth Solutions Ltd. (BNT) generated $7.27B in gross profit for the year, representing a gross profit margin of 61.4%. This demonstrates the company's core pricing power and production efficiency.