BNH

Management Statement and Operational Highlights

• Bruce Flatt: 2025 was active with a $180,000,000,000 capital base, $112,000,000,000 capital raised, $175,000,000,000 assets financed, $91,000,000,000 asset sales, $126,000,000,000 capital deployed, and insurance asset base at $145,000,000,000. Stock generated 21% return for shareholders, with a 19% annual compound return over 30 years.
• Nick Goodman: Record distributable earnings in 2025; asset management well positioned for growth; Wealth Solutions delivered strong results; operating businesses had stable cash flows; real estate had strong leasing activity and monetizations in 2025; capital allocation included share buybacks and financings; declared 17% increase in quarterly dividend.
• Sachin Shah: Wealth Solutions had strong 2025 results; plans for 2026 include closing U.K. acquisition, growing in Asia, expanding U.S. retirement distribution, prioritizing protection franchise, and pivot to equity-oriented strategies.

Guidance

• Asset management business well positioned to deliver earnings growth with strong fundraising visibility, including new funds and Oaktree acquisition.
• Wealth Solutions expects to end 2026 with circa $200,000,000,000 insurance assets, over $2,000,000,000 of distributable earnings to Brookfield, and capital base exceeding $20,000,000,000.
• Real estate expects continued NOI growth in 2026 due to limited new supply and growing tenant demand.

Segment Performance

• Asset Management: Delivered record results in 2025 with distributable earnings of $2,800,000,000 (or $1.17 per share). Fee-bearing capital increased by 12% to over $600,000,000,000, driving a 22% increase in fee-related earnings to $3,000,000,000.
• Wealth Solutions: Generated $1,700,000,000 of distributable earnings (or $0.71 per share) in 2025, a 24% increase over prior year. Had $20,000,000,000 of annuity sales, deployed $13,000,000,000 into Brookfield-managed strategies, achieving a 15% return on equity and 2.25% gross spread.
• Operating Businesses: Generated distributable earnings of $1,600,000,000 (or $0.68 per share) for the year. Renewable power and transition and infrastructure operating funds from operations increased by 14% over prior year. Real estate saw strong leasing activity with net rents averaging 18% higher than expiring leases across super core and core plus portfolios.

Risks

• Forward-looking statements subject to known and unknown risks, future results may differ materially from such statements. Risks include market cycle fluctuations, regulatory changes, competition, and other factors that could impact financial performance.

Question and Answer

• Q: About scaling P&C business and ROE on liability side. A: Nick Goodman and Sachin Shah discussed P&C business repositioning, breakeven underwriting profit, and diversification of product type on liability side.
• Q: About merging BN and BNT. A: Nick Goodman explained the plan to combine BN and BNT for streamlined structure, benefiting from full capital base, with execution expected within next twelve months.
• Q: About dividend increase and themes for future. A: Nick Goodman stated dividend increase is not a significant strategy change, and themes like digitalization, decarbonization, and deglobalization have long runways but future themes will be anchored by core fundamentals.