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BNT, BROOKFIELD WEALTH SOLUTIONS LTD.
An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.
Certain products offer a premium bonus in which the initial annuity deposit on these policies is increased at issuance by a specified premium bonus rate.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →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. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- 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 |
| $0 | $0 | $8M | $6M | — | — | — | — | BuybacksBuybacks |
| Balance sheet | ||||||||
| — | — | $1.7B | $1.8B | $7.3B | $7.7B | $7.3B | — | Float (gross reserves)Float |
| — | $1.4B | $11.5B | $43.5B | $61.6B | $140.0B | $157.2B | $43.5B | Total assetsAssets |
| $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.
| 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) |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Loss ratio 95% · FY2022Last reported FY2022FY2022, the most recent year reported: claims incurred $2.9B ÷ premiums earned $3.0B
What this means
The latest fiscal year's premiums or claims are not yet tagged in the structured data, so this reads the most recent year that is — named, never passed off as current. The underwriting question it answers is the same: did the policies pay for themselves, or is the float being rented at a loss?
- Return on equity 34%StrongNet income $492M ÷ equity $1.5BIndustry peers: median 10%
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 (gross reserves) $7.3B5.0× equityLoss and claim reserves, gross of reinsurance: $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 gross loss and claim reserves; amounts recoverable from reinsurers are not extracted for this filer, so a heavily reinsured book is overstated here — the reinsurers' share of these reserves is their float, not this company's. The larger it is against equity, the more that leverage works, for better or worse.
- Investment income $5.8Bearned on investmentsNet 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.
The cost and the reserves
- Not enough data
What this means
Needs the full float arithmetic and a cleanly tagged underwriting total; a partial figure would mislead.
- Not enough data
What this means
Not disclosed in the filings' structured data — the absence is itself worth knowing on a business whose product is a promise.
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 column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Combined ratiomedian over the record | Loss ratiomedian over the record | Yield on floatmedian over the record | ROTCEmedian over the record |
|---|---|---|---|---|---|
| ACGLArch Capital | $19.9B | 88% | 55% | 5.1% | 14% |
| LLoews Corp. | $18.5B | 149% | 76% | 9.7% | 6% |
| MKLMarkel Group Inc. | $15.5B | — | 59% | 4.1% | 12% |
| CNACNA Financial Corporation | $15.0B | 127% | 76% | 9.1% | 8% |
| RNRRenaissanceRe | $12.8B | 94% | 60% | 8.6% | 10% |
| AIZAssurant | $12.8B | 112% | 42%1y | 13.1%1y | 23% |
| CINFCincinnati Financial Corporation | $12.6B | 98% | 66% | 10.3% | 14% |
| BNTBROOKFIELD WEALTH SOLUTIONS LTD. | $11.6B | — | 95%1y | 4.5%1y | 5% |
| Group median | — | — | 63% | 8.8% | 11% |
The price
What a price has to assume.
What the price implies
price / tangible bookEnter 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.
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.
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.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
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.
Manual order: ← BNS its page in the Manual BNTX →
Industry order: ← AXS the Insurance — Property & Casualty chapter BOW →