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BNT, BROOKFIELD WEALTH SOLUTIONS LTD.

Insurance — Property & Casualty financial

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Latest annual: FY2025 20-F · US listing is the ordinary share

BNT · BROOKFIELD WEALTH SOLUTIONS LTD.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$11.6B

−17.5% YoY · 87% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $11.6B 5-yr avg $9.0B

Return on equity 34% 5-yr avg 15%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested.
Is it a good business?: The underwriting result is not cleanly tagged in the filings. Book value per share, the measure Berkshire is judged on, has compounded about 288% a year across the record. The float runs about 5.0× equity, the leverage that magnifies both the underwriting and the investing. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
								Income statement
$382M	$514M	$7.2B	$5.1B	$6.9B	$14.1B	$11.6B	$11.6B	RevenueRevenue
—	—	$1.0B	$3.0B	$4.1B	$8.3B	$4.5B	$4.5B	Premiums earnedPremiums
$57M	$84M	$76M	$978M	$1.8B	$4.3B	$5.8B	$5.8B	Investment incomeInv. inc.
$6M	$1M	($44M)	$492M	$797M	$1.2B	$863M	$492M	Net incomeNet inc.
0%	50%	—	12%	2%	-3%	11%	12%	Effective tax rateTax rate
								Cash flow & returns
$309M	$399M	$1.6B	$107M	$1.5B	$4.6B	$2.6B	$107M	Operating cash flowOp. cash
—	—	$1.6B	$94M	$1.5B	$4.5B	$2.5B	$38M	Owner earningsOwner earn.
9%	1%	-3%	34%	—	—	—	34%	Return on equityROE
								Balance sheet
—	—	$1.7B	$1.8B	$7.3B	$7.7B	$7.3B	$7.3B	Float (reserves)Float
—	$1.4B	$11.5B	$43.5B	$61.6B	$140.0B	$157.2B	$43.5B	Total assetsAssets
$13M	$35M	$1.6B	$4.5B	$7.4B	$16.6B	$13.5B	$2.6B	Cash & investmentsCash+inv
$66M	$83M	$1.4B	$1.5B	—	—	—	$1.5B	Shareholders’ equityEquity
								Per share
81.6M	85.0M	19.9M	30.9M	—	—	—	30.9M	Shares out (diluted)Shares
$0.07	$0.01	$-2.21	$15.91	—	—	—	$15.91	EPS (diluted)EPS
—	—	$79.38	$3.04	—	—	—	$1.23	Owner earnings / shareOE/sh
$0.81	$0.98	$72.10	$47.12	—	—	—	$47.12	Book value / shareBVPS

The diluted share count moved ×1/4.27 into 2021 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.55 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	+227.9%/yr (3-yr)	+227.9%/yr (3-yr)
Owner earnings / share	−96.2%/yr (1-yr)	−96.2%/yr (1-yr)
EPS	+500.4%/yr (3-yr)	+500.4%/yr (3-yr)
Capital spending / share	+1444.9%/yr (1-yr)	+1444.9%/yr (1-yr)
Book value / share	+287.7%/yr (3-yr)	+287.7%/yr (3-yr)

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

31Mpeak FY2020

Revenue

$11.6Blow FY2019

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Is it a good business?

Combined ratio —

Not enough data

Industry peers: median 113%

What this means
Premiums or claims weren't found in the filing data.
Return on equity 34%

Strong

Net income $492M ÷ equity $1.5B

Industry peers: median 11%

What this means
What it earns on shareholders' capital, the underwriting result plus what the float earns invested. Durably above the ~10% cost of equity is what compounds book value.

The float

Float (reserves) $7.3B

5.0× equity

Loss and claim reserves $7.3B, 5.0× equity

What this means
Money held against future claims and invested in the meantime. Buffett's insight was that good underwriting makes this float cost less than nothing, a pool of other people's money the owners earn on. Measured here from loss and claim reserves only; it excludes unearned premiums and funds held, so the true float is somewhat larger than shown. The larger it is against equity, the more that leverage works, for better or worse.
Investment income $5.8B

earned on investments

Net investment income $5.8B

What this means
What the float and capital earned this year. This is the second engine: an insurer that breaks even on underwriting still wins if the float is large and invested well.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Peers, Insurance — Property & Casualty

The same industry, side by side on the underwriting lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Combined ratio	Loss ratio	ROE
MKLMarkel Group Inc.	$15.5B	—	59%	9%
CNACNA Financial Corporation	$15.0B	127%	76%	8%
WRBW.R. Berkley	$14.7B	—	62%	14%
UNMUnum Group	$13.1B	113%	80%	11%
AIZAssurant	$12.8B	112%	—	13%
CINFCincinnati Financial Corporation	$12.6B	98%	66%	14%
BNTBROOKFIELD WEALTH SOLUTIONS LTD.	$11.6B	—	—	5%
VOYAVoya Financial Inc.	$8.2B	—	75%	11%
Group median	—	—	—	11%

The price

What a price has to assume.

What the price implies

price / tangible book

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. BROOKFIELD WEALTH SOLUTIONS LTD.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

An insurer is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what BROOKFIELD WEALTH SOLUTIONS LTD.’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). An insurer earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for an insurer.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity5%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $1.3B on 31M shares, a 5% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the insurer keeps earning that return; an underwriting cycle, a reserve shortfall or a bad year on the float changes it, which is what the record and the 10-K are for.

Weigh BNT against another business →

Cite: Owner Scorecard, "BROOKFIELD WEALTH SOLUTIONS LTD. (BNT), the owner's record," https://ownerscorecard.com/c/BNT, data as of 2026-07-09.

Manual order: ← BNS its page in the Manual BNTX →

Industry order: ← AXS the Insurance — Property & Casualty chapter BOW →