BNT

Brookfield Wealth Solutions has scaled explosively from a tiny base: revenue went from $1.04B in FY2021 (with a net loss of $112M) to $14.1B in FY2024, before declining 17.5% to $11.6B in FY2025, while net income fell 30.8% to $863M from the FY2024 peak of $1.25B. This is an insurance/annuity carrier accumulating a large balance sheet — total assets of $157B (up 12.3%) against $139B of liabilities (up 9.8%) — with stockholders' equity including noncontrolling interests growing 37.0% to $17.9B. The capital base and cash position of $13.0B are substantial, and retained earnings rose 37.3% to $2.82B, so the franchise is building book value even as the income statement cooled.