Brookfield Wealth Solutions Shareholders Back Merger to Form 'New BN'
Brookfield Wealth Solutions has secured unanimous shareholder approval for its proposed combination with Brookfield Corporation, a move CFO Thomas Corbett describes as the "next evolution" of the firm's strategy.
Shareholders of Brookfield Wealth Solutions have approved all resolutions at the company’s annual general and special meeting, including the critical transaction to merge with Brookfield Corporation. The combination will consolidate both entities into a single publicly traded company designated as "New BN". The move is intended to simplify the corporate structure, enhance capital efficiency, and potentially broaden the firm’s inclusion in global indices.
Lori Pearson, Chair of the Board, stated that the proposed combination would place both entities under Brookfield Corporation Limited. Pearson emphasised that the transaction is designed to create a more capital-efficient platform to support the firm's long-term growth and open a path to broader global index inclusion. Preliminary voting results confirmed that director nominees were elected and each motion was carried, with management receiving proxies representing a majority of Class A shares and 100% of Class B and Class C shares.
Thomas Corbett, Chief Financial Officer of Brookfield Wealth Solutions, provided a detailed overview of the company’s financial position during a post-meeting presentation. He highlighted that since its 2021 spinoff, the company has grown significantly, now holding approximately $180 billion in insurance assets and more than $2 billion in annualised distributable operating earnings. Corbett noted the firm remains "very well-capitalised," with $35 billion in cash and short-term liquid investments, providing flexibility to invest in the business while meeting policyholder commitments.
Corbett outlined three core business lines within the wealth solutions portfolio. The retail annuity business holds $127 billion of insurance assets across the United States and the United Kingdom, while the institutional annuity segment manages $42 billion across the US, Canada, and the UK. Additionally, the property and casualty business contributes $11 billion in assets, offering diversification from the company’s spread-based lending operations. The firm is also focusing on supporting the growth of its recently acquired Just Group in the UK and expanding its footprint in Asia.
The transaction is expected to close in late Q4 2026, pending final orders from the Ontario Superior Court of Justice and customary closing conditions. Corbett described the merger as optimal for supporting growth while maintaining a low-risk profile, creating a globally diversified insurance and investment organisation. He noted that the structure would give insurance operations direct access to Brookfield Corporation’s permanent capital base, which he described as an incremental $145 billion, potentially improving trading liquidity and expanding the investor base.
