Brookfield Wealth Solutions (BNT) is an insurance holding company focused on retirement services, wealth protection, and specialty insurance. BWS operates three core businesses: annuities (the largest), property & casualty (P&C) insurance, and life insurance. The annuity business, run through American National and AEL subsidiaries, sells fixed index annuities, fixed rate annuities, and pension risk transfer (PRT) products — where corporate pension sponsors transfer their pension obligations to BWS in exchange for a lump-sum premium. P&C insurance is underwritten through Clearbrook, a specialty commercial insurer. Life insurance is sold through American National in whole and universal life products. BWS distributes annuities through a network of over 40,000 independent agents and advisors. BWS's core profit engine is an investment spread: BWS collects premiums and policyholder deposits, then invests those funds in higher-yielding assets — private credit, infrastructure, real estate, and other alternatives — and earns the difference between asset returns and what it owes policyholders. The central differentiating factor in this model is BWS's relationship with Brookfield Asset Management, which manages the insurance portfolio and provides access to proprietary alternative investments that tend to yield more than conventional fixed income. BWS has grown primarily through acquisitions, including AEL in 2024, and has announced the acquisition of Just Group, a U.K. retirement income provider, for ~£2.4B, which would significantly expand its U.K. PRT presence.