Brookfield Wealth Solutions Balance Sheet Health
Financial Health criteria checks 2/6
Brookfield Wealth Solutions has a total shareholder equity of $17.9B and total debt of $17.2B, which brings its debt-to-equity ratio to 96.1%. Its total assets and total liabilities are $205.7B and $187.9B respectively. Brookfield Wealth Solutions's EBIT is $1.2B making its interest coverage ratio 2.6. It has cash and short-term investments of $13.2B.
Key information
96.13%
Debt to equity ratio
US$17.16b
Debt
| Interest coverage ratio | 2.6x |
| Cash | US$13.22b |
| Equity | US$17.85b |
| Total liabilities | US$187.85b |
| Total assets | US$205.70b |
Recent financial health updates
No updates
Recent updates
Seeking Alpha • Aug 15
Brookfield Wealth Solutions: Trouble Under The Hood?
Summary Brookfield Wealth Solutions is rapidly expanding through acquisitions in annuities and insurance, now merging back into Brookfield Corporation via a 1-1 stock exchange. Q2 revenues surged over 60% year-on-year to $2bn, but net income dropped sharply, with a half-year net loss of $453m driven by volatile investment results. Benefits and operating expense ratios deteriorated, with the half-year benefits ratio rising to 103% and operating expenses exceeding 32%, raising sustainability concerns. Distributable Operating Earnings grew 12% to $936m, but DOE on assets fell, highlighting risk as BNT pursues higher-yield, less liability-matched investment strategies. Read the full article on Seeking AlphaAnalysis Article • Jan 16
Investors Don't See Light At End Of Brookfield Wealth Solutions Ltd.'s (NYSE:BNT) Tunnel
Brookfield Wealth Solutions Ltd.'s ( NYSE:BNT ) price-to-earnings (or "P/E") ratio of 11x might make it look like a buy...Seeking Alpha • Apr 28
Brookfield Wealth Solutions: Not Buying This Dip
Summary I last covered Brookfield Wealth Solutions in November 2024, maintaining a hold rating despite a significant run-up in the stock. Since then, BNT shares have dropped, prompting a reassessment of the stock's performance and business updates to determine future investment strategies. BNT shares are fully convertible to Brookfield parent (BN) shares, causing BNT's performance to closely track BN's fortunes. The article evaluates BNT's share price performance and business updates to provide guidance on how to approach the stock moving forward. Read the full article on Seeking AlphaSeeking Alpha • Dec 31
Brookfield: Why The Corporation Looks Better Positioned Than The Manager
Summary Both Brookfield Corporation and Brookfield Asset Management have delivered outstanding returns since my last bullish article. This article shows how BN and BAM earn money and focus on the implications going forward. Expected growth in Private Funds and BWS Capital should be in favor of BN due to the fee structure of BAM and spread earnings potential for BN. I downgrade BAM from "buy" to "hold" and BN from "strong buy" to "buy". Read the full article on Seeking AlphaSeeking Alpha • Nov 29
Brookfield Wealth Solutions: Did I Get This Wrong?
Summary My initial hold rating missed a 72.5% return; revisiting Brookfield Wealth Solutions after rebranding and significant acquisitions, including American Equity Investment Life. It is time to reassess the stock. BNT's assets under management surged to over $100bn with the AEL acquisition; net income per share rose modestly by 14% despite heavy dilution. AEL's annuity products are attractive in a high-interest environment but come with longevity, market, and guarantee risks that could impact profitability. Despite BNT's strong shareholder returns and macro positives in the insurance sector, I remain cautious due to unclear strategy and potential undervaluation of risks. Read the full article on Seeking AlphaSeeking Alpha • Jan 25
BPY Preferreds: A Backdoor Play On Brookfield Real Estate?
Summary Brookfield Corporation's real estate assets, when combined with its publicly held stakes in other entities, exceed the equity value of BN/BNRE.A. The upside could be material if BN/BNRE.A's IFRS book values turn out to be accurate. We explore whether BPY preferreds could be a backdoor plays for BN/BNRE.A's real estate. Read the full article on Seeking AlphaSeeking Alpha • Dec 04
Brookfield Reinsurance: Smart Capital Raise To Fuel Growth But Skepticism Warranted
Summary Brookfield Reinsurance operates a capital solutions business providing insurance and reinsurance services with $47bn in assets under management. The company is part of the highly successful Brookfield Corporation. It is growing fast, and raising capital from its parent very efficiently. Business strategy is not clear and valuation compared to peers is not compelling. Read the full article on Seeking AlphaSeeking Alpha • Feb 13
Brookfield Asset Management Reinsurance Partners declares $0.07 dividend
Brookfield Asset Management Reinsurance Partners (NYSE:BNRE) declare $0.07/share quarterly dividend Forward yield 0.76% Payable March 31; for shareholders of record March 16; ex-div March 15. See BNRE Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Jan 13
Brookfield: Misunderstood And Extremely Attractive
Summary Brookfield Corporation is the head of the difficult-to-understand empire. BN benefits from growth across all Brookfield entities and thus offers broad-based real asset investment exposure. BN is inexpensive and has considerable upside potential. Article Thesis Brookfield Corporation (BN), the newly created "mothership" of the Brookfield investment universe, is underfollowed and misunderstood by some investors. At current prices, it offers compelling returns over the coming years, I believe, thanks to an inexpensive valuation and considerable growth tailwinds. A Very Complicated Network Of Companies There used to be several Brookfield entities investors could pick from when making "real asset" investments. This includes the infrastructure business (BIP)(BIPC), the Renewable Energy business (BEP)(BEPC), the private equity business (BBU), the reinsurance business (BNRE), and the previous head of the empire, the "old" Brookfield Asset Management, which had the ticker 'BAM'. In a recent move, that old BAM was split up, however, as Brookfield decided it wanted to create an asset-light asset manager investors could invest in directly, without owning a stake in the "mothership". This new asset-light asset manager has taken over the ticker 'BAM', while Brookfield Corporation, the "mothership" that owns stakes in all the daughter entities, has started to trade under the ticker 'BN' in late 2022. Investors that want to own a stake in the head of the alternative asset management empire thus need to invest in 'BN', whereas 'BAM' is not the same company it used to be in the past -- it's not one of the daughter entities in the Brookfield empire, albeit an attractively priced one. All these name changes and complicated constructs, where one Brookfield entity owns stakes in other Brookfield entities, make the asset management empire hard to understand. This is why many investors don't want to invest in any Brookfield companies, as they feel overwhelmed by how complicated things are -- contrast this with a company like Apple (AAPL), where it is pretty clear what you get and where there is no reason to decide between different Apple entities. That is unfortunate, however, as the Brookfield empire provides a range of attractive investment opportunities, one of them being Brookfield Corporation itself, the head of the empire. Brookfield Corporation Benefits From Growth Across The Whole Empire The daughter entities are specialized, thus they only benefit from direct growth in their area of expertise. Brookfield Corporation, on the other hand, is an allrounder that is exposed to all the growth vectors across the empire -- it benefits from growing renewable investments via its stake in BEP, it benefits from the data center and pipeline businesses via its stake in BIP, it benefits from the growing asset management business via its stake in BAM, and so on. In short, every time there is any growth in any corner of the empire, BN, the head of the empire, benefits. An investment in BN thus offers broad-based exposure to the real asset investment world, in a way that is not possible via the more specialized daughter entities. For its publicly-traded daughter entities Brookfield Renewable Partners and Brookfield Infrastructure Partners, Brookfield has forecasted annual funds from operations growth in the high single digits. On top of that, they both offer mid-single digits dividend yields. It would thus not be surprising to see BN's stake in these companies deliver a low-teens annual return, which would be quite attractive. BN's stake in BAM, the recently-created asset-light asset management business, will likely deliver a higher return. With a dividend yield in the 4%-5% range and growth likely in the double-digits thanks to ongoing strong assets under management growth, BAM could deliver total returns in the 15%-20% range for BN (and outside investors), I believe. BN Is Inexpensive BN's exposure to BAM is larger compared to the other two Brookfield entities, as BN owns around $38 billion worth of BAM today, while its stakes in BEP and BIP are currently valued at around $9 billion and $7 billion, respectively. The more pronounced exposure to BAM, where I expect higher returns versus BEP and BIP, should juice BN's returns, all else equal. Between these three investments, BN thus owns around $54 billion worth of assets already. Of course, there are additional assets to consider. Brookfield's private equity business, BBU, does not receive a lot of attention, mainly due to the fact that its very low yield makes it uninteresting for income investors while the volatility of results makes BBU more complicated to value and understand. BN's exposure isn't very large, but at around $3 billion, it's not negligible, either. The value of BN's owned real estate portfolio is much more significant, especially since BN took its publicly-traded real estate daughter (Brookfield Property Partners or BPY) private a couple of years ago. These properties include office buildings and malls, two real estate categories that have not performed too well in recent years due to the pandemic, work-from-home trends, and so on. That being said, Brookfield's properties are generally high-quality ones (e.g. One Manhattan West in New York, Fashion Show in Las Vegas), where there is little risk that they will go unused, although rising interest rates result in rising cap rates, which depresses the value of these properties to some degree. That being said, the portfolio should still be worth many billions of dollars. Brookfield 2021 report In the 2021 Annual Report (the 2022 report isn't out yet), Brookfield stated that the common equity position of Brookfield Property Group, its fully-owned real estate business, was $32 billion. One can argue that this is too high, as the business generated just $750 million of funds from operations. We can go with the 2020 equity value to be conservative, which would mean slightly less than $20 billion in current value for Brookfield Corporation. There are also Brookfield's insurance business, assets on its balance sheet, and the carry it owns in the funds that are managed by the new BAM. All in all, this pencils out to a figure of around $100 billion. Of course, that has to be adjusted for BN's debt and preferreds, but even then, we get to around $85 billion or so. Accounting for BN's fully diluted share count of 1.61 billion (according to YCharts), we get to a per-share value of $53. Not all of these assets can be valued precisely, of course, and one can argue what cap rate to use for the real estate business, for example. But it is pretty clear that the per-share value of the assets that BN owns is significantly higher than the current share price of $35. BN is complicated, it is not a very straightforward business to invest in, and there is a small dividend yield only. A case can thus be made that it should trade at a discount compared to the value of all its holdings. But even if we round down the $53 estimate to $50 and apply another 20% discount, BN would still be undervalued today, as it trades at $35 versus a $40 "double-discounted" fair value. I thus am convinced that BN is currently a good value. That does not mean that shares will climb immediately or even in the foreseeable future, as it may take a while for the market to realize the value of BN. But for long-term-oriented investors, that should not be too much of a problem. The underlying value of the assets BN owns should climb in the long run, due to cash inflows from the daughter entities (dividends) and the real estate portfolio, while the value of these assets should climb over time as well.Seeking Alpha • Dec 13
How To Make Money Off The Brookfield Spin-Off - Part 2
Summary After the spinoff, Brookfield investors have to allocate between BAM and BN. BN is the old BAM but owes only 75% of asset management. BAM is an asset-light manager. Both stocks are currently undervalued. BAM is expected to deliver better returns vs BN with higher yield and growth. It may become one of the best dividend payers. BN is significantly undervalued on a SOTP basis and may deliver comparable returns in case of material buybacks. This is an update to Part 1. It includes fresh data and responses to some of your comments. The readers are expected to be familiar with the subject as the Brookfield structure is fairly complicated, but I will provide a short background section for convenience. Background On Dec 12, investors who owned Brookfield Asset Management ("old BAM") in their brokerage accounts received a spinoff with the same name ("new BAM"). The "old BAM," meanwhile, was renamed to Brookfield Corporation. So now, we have two Brookfield stocks of two Canadian corporations trading on both NYSE and TSE - Brookfield Corporation (BN, TSE:BN.CA) and the new Brookfield Asset Management (BAM, TSE:BAM-A.CA). BN is the old BAM but owns only 75% of its asset management. The new BAM is responsible for asset management and nothing else. Both companies are so intertwined that the business remains effectively unified despite the split of tickers. The new BAM stock is supposed to unlock the value of the asset management segment and put its growth on steroids. To better understand the following, BN also has 3 public subsidiaries that exist in both partnership and corporate forms: Brookfield Infrastructure Partners (BIP, BIPC), Brookfield Renewables Partners (BEP, BEPC), and Brookfield Business Partners (BBU, BBUC). The fourth subsidiary, Brookfield Reinsurance Partners (BAMR), exists only in the partnership form. Brookfield Corporation as SOTP BN is a pure holding company now and we will start with a table representing it as the sum of the parts ((SOTP)). Author, Company Compiling this table I used BAM's Q3 Supplementary and market quotes for Brookfield Infrastructure, Brookfield Renewables, and Brookfield Business. We will not discuss their valuations. Carry from existing funds will belong 100% to BN. Carry from new funds will be split 2:1 between BAM and BN respectively. In some remote future, BN will receive 1/3+75%*2/3 ~ 83% of carry. Practically speaking we can ascribe all carry to BN today. From 2017 to 2021, Brookfield (together with Oaktree since 2019) generated net realized carry of $74, $188, $396, $348, and $715 in millions respectively. Q3 LTM number was $509. Averaging over the last three years, Brookfield generates about ~$500M of net carry annually. Applying a 10x multiple, the value of carry is ~$5B and this is the number in the table. It is conveniently close to the ~$6B in accumulated (but unrealized) net carry in Q3 which should be still discounted to its present value. Am I sure about 10x multiple? Not at all, but the input of carry is so small today that the crudeness of calculations hardly matters. I used Brookfield data for corporate assets, other investments (including important Brookfield Residential), and working capital. Based on Bruce Flatt's comments and the value of the Oaktree investment, I expect $3-4B in cash and assets have been transferred to the new BAM. There might be some small mistakes in these numbers but it makes sense to switch to more important line items - real estate, insurance, and asset management. Brookfield Property Group (BPG) BPG, the former BPY, consists of 3 segments: core office, core retail, and LP investments representing Brookfield contributions into its private funds. BPG/BPY was formed through a spin-off from the mothership in 2013 and started growing by acquiring companies in which it owned partial stakes such as Brookfield Office Properties (BPO) and Canary Wharf in London. Everything was going smoothly but even at this time, it was trading consistently below its IFRS book value. For example, my records show that in 2015 it was trading at more than a 20% discount from its book value. But the worst was yet to come. One of the companies partially owned by BPY was General Growth Properties (GGP) which BPY, after some adventures, acquired in full in 2018. It was a contrarian bet as GGP owned malls, and the term "death of malls" was already coined. The market was not charmed. In early 2020, before the pandemic, I posted on Brookfield subs and registered a ~40% discount from the BPY book value. If we trust the market to value BIP and BEP, we should respect BPY market valuations as well. For many reasons, investors kept disliking BPY and in 2021, Brookfield had to take it back private. The pandemic may have further negatively affected BPG/BPY value and that is why I used a 25-50% discount from the IFRS book value in the table. Accounting also suggests some caution. IFRS (contrary to conservative GAAP) requires periodic revaluation of properties attempting to present their fair values. This can be done rather reliably with comps for some standard properties. For complex properties of BPG's portfolio, comps are hardly applicable. Instead, Brookfield projects rental cash flows and determines the properties' fair values using discount rates and terminal cap rates. To illustrate the process, here is a table from the Q3 BPY filing (BPY's preferreds are trading publicly and the company has to issue quarterly reports): BPY filings How confident can one be of the terminal rate in 10 years being precisely 5.3%? How confident can one be of the discount rate to remain precisely at 7.0% during 2022 despite the general rate increase? Certainly, this valuation method is approximate by its nature and we would like to test it using real-world transactions. The situation with actual sales varies across the segments. LP is supposed to be the riskiest but Brookfield sells properties in this segment regularly exiting private funds. We know that Brookfield's real estate funds are successful and the company records big disposition gains on its net income account supporting IFRS valuations. In the Office segment, Brookfield sells properties (or interests in them) occasionally and almost always at slight premiums to their IFRS values. This means that at least some properties are valued correctly but does not prove that assets are valued conservatively in general. Finally, I am not aware of significant sales in the Retail segment and valuations in this segment remain unproven. Based on the latest BPY filing, the current value of all properties is ~$62B (with ~$20B in the Retail segment) plus another ~$19B in equity-accounted investments. Due to high leverage, a 20% inaccuracy in properties' valuations may halve BN's real estate equity. Without granular market data about properties (in particular, weaker retail properties), the discount to IFRS value, in my opinion, is warranted. To be fair, a 50% discount is, most likely, overkill. But I would like to mark the lowest possible (within reason) valuation for BN. Insurance solutions The book value of BAM's insurance business - Brookfield Reinsurance (BAMR) - is ~$4B (as a reminder: BAMR stock price is linked to BN and BN analysis is equally applicable to BAMR). The management values the business at exactly twice its book value. This implies 20% ROE which is achievable in the short run as Brookfield keeps reinvesting cash and short-term securities at much higher yields. I am not sure this ROE is sustainable in the long run nor can I disprove it. Apollo's Athene (APO) (ATH) has been achieving ROE of ~15% and higher for many years while modestly leveraged and having excess capital. BAMR may use higher leverage and be less conservative since BN provides an implicit backstop. I am almost certain that the insurance business should be valued at a significant premium to its book value. However, the business is still very young and has not generated a reliable track record. This is the reason why I still use its book value on the low side. The new BAM We already have early trading data for the new BAM, but it is too fresh to rely upon. We know now that Q1 23 dividend for BAM will be $1.28 annualized. This is significantly higher than my predictions in Part 1. Q3 filings that appeared after my post cannot explain it. Perhaps, it is due to the strong Q4 performance that only Brookfield knows about for now. In Part 1, I assumed that BAM would be trading on yield since the company will be paying out 90% of its earnings and based on comps, predicted a trading range within a 3-4% yield or $32-43 using the just announced dividend. I may have found a better comp since. One can dissect alternative asset managers by two main attributes: a) asset-light or asset-heavy and b)the importance of recurring (primarily management) fees in the realized (or distributable) income. The new BAM is asset-light and recurring fees (mostly management fees) dwarf performance-based income such as carry or performance income from BBU appreciation. Out of big alternative asset managers, only Ares Management (ARES) shares the same attributes. Moreover, while Ares receives some performance income, its dividend policy is mostly linked to recurring FRE (fee-related income). Both Ares and Brookfield keep growing their FGAUM (fee-generating assets under management) at a similar clip of ~20%. Here are Ares dividend yields in 2021-22 (2020 is not representative because of the pandemic): Author BAM has several edges compared with Ares. First, it is a better-known name. Secondly, its top management is holding the same shares that are available to retail investors (Ares management owns partnership units in addition to shares). But it is the third edge that matters. Asset-heavy managers have an important advantage compared with their asset-light peers: they can contribute significant equity of their own to private funds achieving the so-called alignment of interests with clients. No doubt it helps in fundraising. At the same time, asset-light managers can grow faster and have better ROE. Brookfield's approach combines both advantages! BAM is asset-light but still enjoys the alignment of interests because of BN's contributions to the funds. I believe this unique feature goes to the very core of Brookfield's design. BAM is expected to trade at least at the same yield as Ares but not necessarily right away - it takes time for a new stock to settle at its trading range. At a 3.5% yield, it corresponds to ~$37 stock price (for your reference: my comp from Part 1 (BIPC) is currently trading at a 3.3% yield which implies a still higher price for BAM). BAM constitutes roughly half of BN's SOTP value. If we expect BAM to trade, say, 20% higher than today, it should pull BN ~10% higher as well. BN vs BAM I have received a lot of questions about it. How Brookfield shareholders are supposed to allocate between two tickers? Based on SOTP, BN seems severely undervalued today even with BAM trading at ~$33. It is also rather clear that BN's progress will depend mostly on real estate, insurance, and asset management. Values of real estate and insurance are firmly linked to their IFRS book values.Seeking Alpha • Nov 10
Brookfield Asset Management Reinsurance Partners declares $0.14 dividend
Brookfield Asset Management Reinsurance Partners (NYSE:BAMR) declares $0.14/share quarterly dividend, in line with previous. Forward yield 1.25% Payable Dec. 30; for shareholders of record Nov. 30; ex-div Nov. 29. See BAMR Dividend Scorecard, Yield Chart, & Dividend Growth.Financial Position Analysis
Short Term Liabilities: BNT's short term assets ($29.0B) exceed its short term liabilities ($14.2B).
Long Term Liabilities: BNT's short term assets ($29.0B) do not cover its long term liabilities ($173.6B).
Debt to Equity History and Analysis
Debt Level: BNT's net debt to equity ratio (22.1%) is considered satisfactory.
Reducing Debt: BNT's debt to equity ratio has increased from 0% to 96.1% over the past 5 years.
Debt Coverage: BNT's debt is not well covered by operating cash flow (19.4%).
Interest Coverage: BNT's interest payments on its debt are not well covered by EBIT (2.6x coverage).
Balance Sheet
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/17 20:56 |
| End of Day Share Price | 2026/08/14 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
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Analyst Sources
Brookfield Wealth Solutions Ltd. is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.