AS OF US$ MILLIONS, EXCEPT SHARE DATA			Note						March 31, 2025						December 31, 2024
Assets
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $12 and $27, respectively; amortized cost of $55,118 and $53,651, respectively)			3						$	55,759					$	53,802
Equity securities, at fair value			4						3,468						3,854
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $168 and $158, respectively)			5						11,901						12,426
Private loans, at amortized cost (net of allowance for credit losses of $105 and $97, respectively)			6						5,600						5,204
Investment real estate, at cost (net of accumulated depreciation of $231 and $232, respectively)			7						2,388						2,366
Real estate partnerships			7						3,458						3,438
Investment funds			8						6,235						6,111
Policy loans			11						265						276
Short-term investments, at estimated fair value			11						8,425						4,400
Other invested assets			11						1,110						1,089
Total investments									98,609						92,966
Cash and cash equivalents			11						8,261						12,243
Accrued investment income									841						860
Deferred policy acquisition costs, deferred sales inducements and value of business acquired			14						10,848						10,696
Reinsurance funds withheld			11						1,492						1,517
Premiums due and other receivables									677						647
Ceded unearned premiums									488						520
Deferred tax asset			22						777						760
Reinsurance recoverables and deposit assets			17, 19, 20						12,957						13,195
Property and equipment (net of accumulated depreciation of $389 and $377, respectively)									269						272
Intangible assets (net of accumulated amortization of $143 and $106, respectively)			15						1,705						1,690
Goodwill									783						783
Other assets			11, 19						2,652						2,461
Separate account assets			13						1,253						1,343
Total assets									141,612						139,953
Liabilities
Future policy benefits			17						14,582						14,088
Policyholders’ account balances			18						84,606						83,079
Policy and contract claims			20						7,588						7,659
Deposit liabilities									1,483						1,502
Market risk benefits			19						4,066						3,655
Unearned premium reserve									1,674						1,843
Due to related parties			26						692						684
Other policyholder funds									357						347
Notes payable			8, 11						196						189
Corporate borrowings			21						1,004						1,022
Subsidiary borrowings			21						3,332						3,329
Funds withheld for reinsurance liabilities			11						3,266						3,392
Other liabilities									4,503						4,745
Separate account liabilities			13						1,253						1,343
Total liabilities									128,602						126,877
Equity
Class A exchangeable and Class B ($33.01 and $33.10 par value, respectively; 43,473,884 and 43,460,516 issued, respectively; 41,395,860 and 41,460,516 outstanding, respectively)(1)			23						1,437						1,442
Class C ($1 par value; 201,116,647 and 201,116,647 issued and outstanding, respectively)			23						8,526						8,526
Retained earnings									1,728						2,054
Accumulated other comprehensive income			24						548						204
Non-controlling interests									771						850
Total equity									13,010						13,076
Total liabilities and equity									$	141,612					$	139,953

    

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(1)2,078,024 Class A exchangeable shares were held in treasury as of March 31, 2025 (December 31, 2024 – 2,000,000 Class A exchangeable shares).

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(1)On August 29, 2024, the Company redesignated all of its Class A-1 exchangeable shares into its Class A exchangeable shares. Amounts attributable to Class A exchangeable and Class B shareholders include amounts attributable to Class A-1 exchangeable shareholders prior to the redesignation.

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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(1)On August 29, 2024, the Company redesignated all of its Class A-1 exchangeable shares into its Class A exchangeable shares. Amounts attributable to Class A exchangeable and Class B shareholders include amounts attributable to Class A-1 exchangeable shareholders prior to the redesignation.

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(1)The Company distributed $0.09 in the form of a return of capital per each Class A exchangeable and Class B share in the first quarter of 2025.

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(1)The Company distributed $0.08 in the form of a return of capital per each Class A exchangeable, Class A-1 exchangeable and Class B share in the first quarter of 2024.

Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions”) is a Bermuda corporation incorporated on December 10, 2020 and governed by the laws of Bermuda. References in these financial statements to “we”, “our”, “us” or “the Company” refer to Brookfield Wealth Solutions and its subsidiaries, whereas references to “Brookfield” refer to Brookfield Corporation and its subsidiaries. The Company’s class A exchangeable shares are listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the symbol “BNT”. Our operations are located primarily in Bermuda, the United States (“U.S.”), Canada, the Cayman Islands and the United Kingdom (“U.K.”). The Company’s registered head office address is Ideation House, First Floor, 94 Pitts Bay Road, Pembroke, HM08, Bermuda.

Our company is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Through our direct 100% ownership interest in BAM Re Holdings Ltd. (“BAM Re Holdings”), we hold the interest in our operating subsidiaries, which are: American National Group Inc. (“ANGI”), Argo Group International Holdings, Inc. (“Argo”), Blumont Annuity Company (“BAC Canada”), Blumont Annuity Company UK Ltd. (“BAC UK”), North End Re Ltd. (“NER Ltd.”) and North End Re (Cayman) SPC (“NER SPC”).

As a result of the Company’s acquisition of American Equity Investment Life Holdings Company (“AEL”) in May 2024, diversification in insurance offerings and overall strategic shift, the Company reorganized and changed its internal segments in a manner that caused the composition of its reporting segments to change in the second quarter of 2024. The Company’s reporting segments were realigned to Annuities, Property and Casualty (“P&C”), Life Insurance and Corporate and Other. Previously, the Company reported its operations under three segments: Direct Insurance, Reinsurance and Pension Risk Transfer (“PRT”). For segment information, refer to Note 27. The Company has restated all applicable comparative information.

The unaudited condensed consolidated financial statements (“financial statements”) and notes thereto, including all prior periods presented, have been prepared under accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars (“USD”) rounded to the nearest million unless otherwise indicated. The financial statements should be read in conjunction with the December 31, 2024 audited consolidated financial statements of the Company and accompanying notes and financial statement schedules included on the Form 20-F, filed with the SEC on March 27, 2025. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results for any subsequent period or the entire fiscal year ending December 31, 2025. These financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with GAAP.

The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are fair value of certain financial assets, derivatives, allowances for credit losses, deferred policy acquisition costs (“DAC”), value of business acquired (“VOBA”), reinsurance funds withheld, goodwill and other intangibles, market risk benefits (“MRB”), future policy benefits (“FPB”), policyholders’ account balances (“PAB”) including the fair value of embedded derivatives, policy and contract claims, income taxes including the recoverability of deferred tax assets, and the potential effects of resolving litigated matters. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

These financial statements include the accounts of the Company and its consolidated subsidiaries, which are legal entities where the Company has a controlling financial interest either by holding a majority voting interest or as the primary beneficiary of the variable interest entity (“VIE”). All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

The consolidation assessment depends on the specific facts and circumstances for each entity and requires judgment. Refer to Note 2 of the Company’s December 31, 2024 audited consolidated financial statements for a further description of the Company’s accounting policies regarding consolidation.

In the current period, the Company did not adopt any Accounting Standard Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that were material in presentation or amount.

The Company continues to assess the impacts of the following ASUs issued but not yet adopted as of March 31, 2025 on the financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

ASU 2023-09 – On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU aim to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. Among other things, it requires, on an annual basis, the disclosure of the following: (i) specific categories in the rate reconciliation; (ii) additional information for reconciling items that meet a quantitative threshold; (iii) the amount of income taxes paid disaggregated by federal, state, and foreign taxes; and (iv) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. This ASU will be effective for annual reporting periods beginning after December 15, 2024 to be applied prospectively with an option for retrospective application, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our financial statements.

ASU 2024-03 – On November 4, 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, to be applied on either a retrospective or prospective basis subject to certain exceptions, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements. However, as they apply to disclosure requirements, the adoption of this ASU is not anticipated to have a material impact on our profitability, financial position or cash flows.

The amortized cost and fair value of available-for-sale fixed maturity securities are shown below:

The amortized cost and fair value, by contractual maturity, of available-for-sale fixed maturity securities are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities and collateralized debt securities, which are not due at a single maturity, have been separately presented below.

Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below:

The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $7.4 billion and $8.9 billion as of March 31, 2025 and December 31, 2024, respectively.

In accordance with various regulations, the Company has securities on deposit with regulating authorities with a carrying value of $195 million and $213 million as of March 31, 2025 and December 31, 2024, respectively. There are no restrictions on these assets.

The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below:

The unrealized losses as of March 31, 2025 and December 31, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available as of those dates. Approximately 93% and 89% of the fair value of fixed maturity securities shown above as of March 31, 2025 and December 31, 2024, respectively, are rated investment grade.

The Company expects to recover the amortized cost on all securities except for those securities on which it recognized an allowance for credit loss. In addition, as the Company did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that the Company would be required to sell these securities prior to recovery of the amortized cost, which may be maturity, the Company did not write down these investments to fair value through the statements of operations.

Several assumptions and underlying estimates are made in the evaluation of allowance for credit loss. Examples include financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities where an allowance for credit loss was not recorded were concentrated within the financials sector as of March 31, 2025 and December 31, 2024.

The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three months ended March 31, 2025 and 2024.