UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

AND FOR THE THREE MONTHS ENDED

MARCH 31, 2026 AND 2025

AS OF US$ MILLIONS, EXCEPT SHARE DATA			Note						March 31, 2026						December 31, 2025
Assets
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $5 and $4, respectively; amortized cost of $66,806 and $63,157, respectively)			3						$	66,933					$	64,209
Equity securities, at fair value			4						6,979						7,972
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $108 and $113, respectively)			5						10,992						11,231
Private loans, at amortized cost (net of allowance for credit losses of $170 and $181, respectively)			6						7,742						8,415
Investment real estate, at cost (net of accumulated depreciation of $223 and $238, respectively)			7						2,980						3,000
Real estate partnerships			7						4,128						4,241
Investment funds			8						10,032						8,962
Policy loans			11						243						234
Short-term investments, at estimated fair value			11						539						475
Other invested assets			11						1,475						1,305
Total investments									112,043						110,044
Cash and cash equivalents			11						10,229						13,014
Accrued investment income									901						892
Deferred policy acquisition costs, deferred sales inducements and value of business acquired			14						11,846						11,683
Reinsurance funds withheld			11						1,593						1,435
Premiums due and other receivables									671						620
Ceded unearned premiums									331						352
Deferred tax asset			21						758						687
Reinsurance recoverables and deposit assets			16, 18, 19						11,937						12,151
Property and equipment (net of accumulated depreciation of $413 and $400, respectively)									282						290
Intangible assets (net of accumulated amortization of $263 and $237, respectively)			15						1,601						1,625
Goodwill									783						783
Other assets			11, 18						2,304						2,783
Separate account assets			13						780						822
Total assets									156,059						157,181
Liabilities
Future policy benefits			16						15,917						16,249
Policyholders’ account balances			17						94,081						92,992
Policy and contract claims			19						7,009						7,277
Deposit liabilities									1,403						1,419
Market risk benefits			18						4,501						4,536
Unearned premium reserve									1,397						1,272
Due to related parties			25						849						819
Other policyholder funds									358						360
Notes payable			8, 11						206						205
Corporate borrowings			20						789						628
Non-recourse borrowings			20						4,696						4,857
Funds withheld for reinsurance liabilities			11						3,028						3,157
Other liabilities									4,154						4,671
Separate account liabilities			13						780						822
Total liabilities									139,168						139,264
Commitments and contingencies			27
Equity
Class A exchangeable and Class B ($21.76 and $21.83 par value, respectively; 65,363,130 and 65,343,416 issued, respectively; 59,944,178 and 59,970,825 outstanding, respectively; 5,418,952 and 5,372,591 of Class A exchangeable shares held in treasury, respectively)			22						1,327						1,334
Class C ($1 par value; 272,687,160 and 272,687,160 issued and outstanding, respectively)			22						12,311						12,311
Retained earnings									2,211						2,820
Accumulated other comprehensive income			23						707						1,121
Non-controlling interests									335						331
Total equity									16,891						17,917
Total liabilities and equity									$	156,059					$	157,181

    

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(1)The Company distributed $0.07 in the form of a return of capital per each Class A exchangeable and Class B share in the first quarter of 2026.

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(1)The Company distributed $0.06 in the form of a return of capital per each Class A exchangeable and Class B share in the first quarter of 2025. Distribution per share has been adjusted to reflect a three-for-two stock split on October 9, 2025.

(2)Adjusted to present the issuance and redemption of capital to non-controlling interests separately.

__________________________

(1)Adjusted to present the issuance and redemption of capital to non-controlling interests separately.

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 BWS Holdings Ltd. (“BWS Holdings”), we hold the interest in our operating subsidiaries, which are: American National Group Inc. (“ANGI”), Clearbrook Group Holdings Inc. (“Clearbrook”), 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”). The Company’s reporting segments are Annuities, Property and Casualty (“P&C”), Life Insurance and Corporate and Other. For segment information, refer to Note 26.

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, 2025 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 26, 2026. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results for any subsequent period or the entire fiscal year ending December 31, 2026. 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 the use of estimates are fair value of certain financial assets, value of business acquired (“VOBA”), future policy benefits (“FPB”), market risk benefits (“MRB”), valuation of embedded derivatives in policyholders’ account balances (“PAB”), policy and contract claims, deferred income taxes including the recoverability of deferred tax assets. 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 by either 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, 2025 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 Standards 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, 2026 on the financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

ASU 2024-03 and ASU 2025-01 – 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. On January 6, 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which explains the effective date provisions of ASU 2024-03 for non-calendar year-end entities. ASU 2024-03 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.

ASU 2025-06 – On September 18, 2025, the FASB issued ASU 2025-06, Intangible—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU eliminate accounting consideration of software project development stages and clarifies the threshold entities should apply to begin capitalizing software costs. ASU 2025-06 will be effective for annual and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of this ASU on our financial statements.

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 $10.4 billion and $10.4 billion as of March 31, 2026 and December 31, 2025, respectively.

In accordance with various regulations, the Company has securities on deposit with regulating authorities with a carrying value of $165 million and $181 million as of March 31, 2026 and December 31, 2025, 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, 2026 and December 31, 2025 are principally related to the timing of the purchases of certain securities, which carry less yield than those available as of those dates. Approximately 96% and 93% of the fair value of fixed maturity securities shown above as of March 31, 2026 and December 31, 2025, 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, 2026 and December 31, 2025.

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, 2026 and 2025: