BROOKFIELD, NEWS, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months and year ended December 31, 2024.
Sachin Shah, CEO of Brookfield Wealth Solutions, stated, "Our strong results for 2024 underscore our growth over the past year having doubled the size of the business in that time. Our scalable North American annuity platform, coupled with our leading investment capabilities, will serve as the foundation for our business as we expand internationally in 2025.”
| Unaudited
As of and for the periods ended December 31 (US$ millions, except per share amounts) | Three Months Ended | Year Ended | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total assets | $ | 140,460 | $ | 61,643 | $ | 140,460 | $ | 61,643 | |||||||
| Adjusted equity1 | 12,872 | 8,969 | 12,872 | 8,969 | |||||||||||
| Distributable operating earnings1 | 427 | 258 | 1,374 | 745 | |||||||||||
| Net income | 576 | 453 | 1,247 | 797 | |||||||||||
| Net income per each class A share | $ | 0.08 | $ | 0.07 | $ | 0.32 | $ | 0.28 | |||||||
2024 Highlights
- Completed the acquisition of American Equity Investment Life Holding Company ("AEL”), doubling the size of our business
- Deployed more than $17 billion across our investment portfolio at strong risk-adjusted returns
- Generated $19 billion in annuity and pension risk transfer ("PRT”) sales across the business, consisting of approximately $14 billion of retail annuity sales, inclusive of a full twelve months of activity at AEL, and $5 billion of PRT deals
- We closed our first U.K. reinsurance transaction, reinsuring £1.0 billion ($1.3 billion) of pension liabilities
We recognized $427 million and $1.4 billion of distributable operating earnings ("DOE”) for the three months and year ended December 31, 2024, respectively, compared to $258 million and $745 million in the prior year periods. The increase in earnings for the current period reflects contributions from our acquisition of AEL as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies. DOE further benefitted from strong annuity sales during the year.
We recorded net income of $576 million and $1.2 billion for the three months and year ended December 31, 2024, respectively, compared to net income of $453 million and $797 million in the prior year periods. Net income in the current period is the result of strong operating performance and contributions from our DOE, as well as favorable movement on reserves due to interest rate and equity market movements.
Today, we are in a strong liquidity position, with approximately $31 billion of cash and short-term liquid investments across our investment portfolios, and another $21 billion of long-term liquid investments. These liquid assets will support the ongoing rotation of our portfolio into higher yielding investment strategies, while ensuring we have sufficient liquidity coverage for our liabilities in the case of any stress events impacting the broader market.
Regular Distribution Declaration
The Board declared a 13% increase in the Company's quarterly return of capital to $0.09 per class A share and class B share (representing $0.36 per annum), payable on March 31, 2025 to shareholders of record as at the close of business on March 14, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.
Brookfield Corporation Operating Results
An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation's fourth quarter and full year operating results is provided below:
| Unaudited For the periods ended December 31 (US$ millions, except per share amounts) | Three Months Ended | Years Ended | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income of consolidated business1 | $ | 101 | $ | 3,134 | $ | 1,853 | $ | 5,105 | |||||||
| Net income attributable to Brookfield shareholders2 | 432 | 699 | 641 | 1,130 | |||||||||||
| Distributable earnings before realizations2,3 | 1,498 | 1,209 | 4,871 | 4,223 | |||||||||||
| - Per Brookfield class A share2,3 | 0.94 | 0.76 | 3.07 | 2.66 | |||||||||||
| Distributable earnings2,3 | 1,606 | 1,312 | 6,274 | 4,806 | |||||||||||
| - Per Brookfield class A share2,3 | 1.01 | 0.83 | 3.96 | 3.03 | |||||||||||
2. Excludes amounts attributable to non-controlling interests.
3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation's press release dated February 13, 2025.
Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation's letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation's disclosure on its website under the Reports & Filings section at bn.brookfield.com.
CONSOLIDATED BALANCE SHEETS
| Unaudited | December 31 | December 31 | |||||||||||||
| (US$ millions) | 2024 | 2023 | |||||||||||||
| Assets | |||||||||||||||
| Insurance invested assets | |||||||||||||||
| Cash and cash equivalents | $ | 12,243 | $ | 4,308 | |||||||||||
| Investments | 92,966 | 39,838 | |||||||||||||
| Reinsurance funds withheld | 1,517 | 7,248 | |||||||||||||
| Accrued investment income | 860 | 107,586 | 280 | 51,674 | |||||||||||
| Reinsurance recoverables and deposit assets | 13,195 | 3,388 | |||||||||||||
| 120,781 | 55,062 | ||||||||||||||
| Deferred policy acquisition costs | 10,696 | 2,468 | |||||||||||||
| Other assets | 8,983 | 4,113 | |||||||||||||
| Total assets | 140,460 | 61,643 | |||||||||||||
| Liabilities and equity | |||||||||||||||
| Policy and contract claims | 7,659 | 7,288 | |||||||||||||
| Future policy benefits | 14,088 | 9,813 | |||||||||||||
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