Q1 2026 · Last updated May 2026

Platform Overview

Carlyle Insurance Solutions — Annuity & Life Product Tracker
AUM Deployed
$42.8B
▲ +$3.1B QoQ · Across 6 counterparties
Wtd Avg Net Spread
1.74%
▲ +8bps YoY · After fees & reins
Platform ROE
14.2%
▲ vs. 12.8% FY2025 · Economic basis
Pipeline (Next 4Q)
$8.4B
~$5.1B committed · $3.3B probable
Counterparty Exposure
Counterparty Structure AUM ($B) Net Spread Status
Aegon / Transamerica Flow Reins 12.4 1.88% Active
Fortitude Re Coinsurance 9.7 1.61% Active
Global Atlantic Platform M&A 8.2 1.92% Active
Talcott Resolution Sidecar 6.1 1.55% Watch
Aspida Life Flow Reins 4.8 1.79% Active
Constellation (New) Sidecar 1.6 — Diligence
AUM by Product Line
Net Spread by Counterparty — Quarterly Trend
Peer Spread Benchmark
Apollo / Athene1.91%
Carlyle IS (This Platform)1.74%
KKR / GA1.68%
Blackstone / Resolution1.62%
Brookfield / AEL1.44%
Ares / Aspida1.38%

View A — IS Deployment Dashboard

Internal: How efficiently are we deploying permanent balance sheet capital?
Counterparty:
Assets Deployed
$42.8B
Platform total · Q1 2026
Wtd Crediting Rate (Liability Cost)
4.21%
Book-weighted across all products
Gross Investment Yield
5.95%
New money yield (Q1 2026)
Net Spread Captured
1.74%
After fees, DAC, admin, reins
Asset Deployment Mix — Carlyle Sourced
Carlyle credit & direct lending sourced to insurance platform. IG = investment grade private credit, RE = real estate debt, Infra = infrastructure debt.
Spread Decomposition — Platform Average
ComponentBasis Points% of Gross
Gross Investment Yield595100%
— Crediting Rate(421)(70.8%)
— DAC Amort(38)(6.4%)
— Admin + Overhead(22)(3.7%)
— Reinsurance Cost(40)(6.7%)
Net Spread (Carlyle)17429.2%
Carlyle captures net spread on assets sourced to the platform after paying all liability costs and fee leakage.
Pipeline — Next 4 Quarters
Aegon / Transamerica — FIA Block
Flow reinsurance expansion · Q2 2026 close
$1.8B
Committed
Aspida — MYGA New Business
Co-insurance · Q2-Q3 2026
$900M
Committed
Fortitude Re — Legacy Life Block
ULSG block · modco structure · Q3 2026
$2.4B
Committed
Constellation — Sidecar Launch
New PRT platform · diligence ongoing
$1.5B
Probable
New Counterparty TBD — RILA
Early conversation · Q4 2026 target
$1.8B
Exploratory
Capital Efficiency — Return on Required Capital
Economic ROE on required capital per product type. NAIC RBC C-1+C-3+C-4, plus Carlyle economic capital overlay. Target: >13%.

View B — Insurer Diligence Scorecard

Is this insurer a sound counterparty / acquisition target / sidecar partner?
Target:
Composite Diligence Score — Aegon / Transamerica
Flow Reinsurance Counterparty · FIA / MYGA focus
78 / 100
Weighted composite GREEN — Proceed
Dimension Breakdown
Key Findings & Red Flags
Detailed Scoring Rubric
Dimension Metric Actual Benchmark RAG Weight Notes

Product Intelligence

Crediting mechanics, volume, profitability, persistency, and risk — by product line
FIA
RILA
MYGA
VA + GLWB
Fixed Annuity
SPIA / DIA
ULSG
IUL
LTC
PRT
FABN / Funding Agmt
Stable Value

Peer Comp Set

Apollo/Athene, KKR/GA, Blackstone/Resolution, Brookfield/AEL, Sixth Street/Talcott, Ares/Aspida
Net Spread Benchmarking — All Peers (Q1 2026)
AUM Scale & Product Mix
Capital Efficiency Comparison — ROE vs. Net Spread
Public Insurers — EDGAR Live Data (FY2025 10-K)
CompanyDiligence Total Assets ($B)Gen Acct ($B) Sep Acct %Gross Yield Int. CostNet Spread ROELeverage Equity ($B)AOCI ($B)Score
Source: SEC EDGAR XBRL. Net spread = (Net Inv. Income – Interest Credited) ÷ Gen Acct Assets. Negative AOCI = unrealized losses from rate environment.
Full Comp Table — Q1 2026
Platform Insurer Partner Structure AUM ($B) Gross Yield Liab Cost Net Spread ROE Lead Product Rating
Carlyle IS Aegon / Fortitude / GA Multi-structure 42.8 5.95% 4.21% 1.74% 14.2% FIA / MYGA A / A+
Apollo Athene Full ownership 280.0 6.22% 4.31% 1.91% 17.1% MYGA / FIA A
KKR Global Atlantic Full ownership 158.0 5.88% 4.20% 1.68% 15.4% FIA / RILA A
Blackstone Resolution Life Ownership + Sidecar 95.0 5.75% 4.13% 1.62% 13.8% VA / UL legacy A-
Brookfield American Equity / AEL Full ownership 65.0 5.44% 4.00% 1.44% 12.1% FIA A-
Sixth Street Talcott Resolution Ownership + Sidecar 38.0 5.62% 4.07% 1.55% 13.2% VA in-force B++
Ares Aspida Life Flow Reins 28.0 5.38% 4.00% 1.38% 11.8% MYGA A-
Net spread after all liability costs, fees, DAC amortization, and reinsurance ceded. ROE on economic capital. Sources: Public filings, earnings supplements, Carlyle IS estimates.

M&A Target Landscape

Fortitude Re / Carlyle IS — Life & Annuity Acquisition Targets · Confidential
Filter:
High Priority Targets
5
LNC, BHF, Kuvare, Aegon US, Nassau
Total Addressable Assets
~$890B
Across all 20 identified targets
Public Targets (EDGAR Data)
4
LNC · BHF · MET · PRU — live data
Most Actionable
LNC / BHF
Capital pressure · motivated management
Public Targets — Live EDGAR Data (FY 2025 10-K)
Company Priority Total Assets ($B) Sep Acct Assets ($B) Equity ($B) Net Inv. Income ($B) Interest Credited ($B) Net Spread Est. Net Income ($B) Strategic Angle
Lincoln National
NYSE: LNC · 10-K Feb 2026		 HIGH 417.2 180.1 10.9 6.08 (3.74) ~1.1% 1.18 Capital below 350% RBC. RILA (Level Advantage) strong. VA runoff. Motivated for reins/acquisition.
Brighthouse Financial
Nasdaq: BHF · 10-K Feb 2026		 HIGH 241.8 85.5 6.8 5.24 (2.19) ~1.2% 0.43 Shield RILA is top-tier product. VA in managed runoff. Clean liabilities (no LTC/ULSG). Acquirable at ~$3.6B mktcap.
MetLife
NYSE: MET · 10-K Feb 2026		 MEDIUM 745.2 151.9 28.4 22.56 (8.95) ~1.4% 3.38 Reinsurance entities (~$28B) are the target, not the whole company. PRT platform co-invest opportunity.
Prudential Financial
NYSE: PRU · 10-K Feb 2026		 WATCH 773.7 196.3 32.4 21.47 (5.07) ~1.5% 3.58 PRISMIC (internal Bermuda reins) is the relevant piece. Not a seller — but reinsurance flow agreements possible.
Source: SEC EDGAR XBRL filings. Net spread estimated as (Net Investment Income – Interest Credited) / (Total Assets – Sep Acct Assets). Sep acct assets are policyholder risk — excluded from spread calc.
Public Targets — Investment Income vs. Interest Credited
Estimated Net Spread by Target (bps)
Full Target Universe — All 20 Targets
# Target Sponsor / Owner Category Products Ins. Assets ($B) Capital ($B) Priority Strategic Angle
Category 1: Sponsor-backed with US retail + reinsurance. Category 2: Public, not alt-manager owned. Category 3: Reinsurance-only platforms. Assets from Carlyle IS deck (2025Y) and EDGAR for public companies. Private company figures are estimates.

Special Profiles

Deep-dive research — statutory financials, SOTP, and strategic positioning
MFC Price (TSX CAD)
$54.45
Near 52W high $54.63 · +33% from $41.08 low
Market Cap / Core ROE
$90.2B CAD
Core ROE 16.5% · Core EPS $4.21 FY2025
LICAT (MLI) / Excess Capital
136%
$24.1B excess over 100% supervisory target
Analyst Consensus
BUY
10/15 Buy+ · Mean target $54.98 CAD (+1%)
Corporate Architecture — 4 Segments, 3 Geographies
🌏 Asia
Core earnings: US$2.126B (+18%)
APE sales: US$5.25B (+18%)
NBV: US$1.832B (+20%)
NB CSM: US$1.994B (+27%)
Markets: HK, Japan, Vietnam, Indonesia, China, Singapore + 4 more
Products: WL, CI, Term, PA, Savings
🏦 Global WAM
Core earnings: C$1.932B (+14%)
AUMA: $1,107B CAD
Net flows: -$14.3B (outflows)
Core EBITDA margin: 29.7%
Sub-segments: Retirement, Retail, Institutional
Brand: Manulife John Hancock (US)
🍁 Canada
Core earnings: C$1.634B (+4%)
APE sales: C$1.593B (-6%)
NBV: C$0.674B (+7%)
NB CSM: C$0.435B (+22%)
Products: Group Benefits, Individual Life, Manulife Bank
Manulife Bank ANA: C$28.4B
🦅 U.S. — John Hancock
Core earnings: US$0.862B (−30%)
APE sales: US$561M (+24%)
CSM balance: US$2.013B
AUM: US$145.8B (−2%)
Products: Indiv Life, Annuities, Group Protection
Legacy drag: LTC + VA (9% of group earnings)
Core Earnings Contribution — FY2025 vs FY2024
Segment2025 (CAD)2024Growth% of Group
Asia$2,914M$2,467M+18%39%
Global WAM$1,932M$1,673M+14%26%
Canada$1,634M$1,568M+4%22%
U.S. / John Hancock$1,181M$1,689M−30%16%
Corporate / Other−$219M−$215M——
Total Group$7,442M$7,182M+3%100%
USD converted at avg FX 1.3974 for US segment. Asia + WAM = 65% of group earnings — structural shift accelerating.
Strategic Targets Progress (2025 vs 2027 Target)
KPI202520242027 TargetStatus
Core ROE16.5%16.2%18%+On track
Core EPS growth+8%+10%10–12%Below
Remittances$6.4B$7.0B$22B+ cum.On track
Asia contribution47%41%50%Progressing
LTC + VA contribution9%10%≤15%Beat
Highest-potential biz75%68%75%Achieved
Financial leverage23.9%24.0%<25%On track
New business CSM growth+28%+32%15%Far exceeded
John Hancock U.S. — Product Line Deconstruction
Source: MFC 40-F FY2025, JHUSA N-VPFS statutory filing, JH segment disclosures
Individual Life Insurance
APE contribution~40% of US APE
ProductsUL, VUL, Term, IUL, VL
DistributionIndependent BGA, wirehouse
2025 sales trend↑ strong growth
Vitality platformCore differentiator
HNW focusExpanding (DIFC)
Legacy ULSG exposureReserve risk
Annuities (RILA / FIA / VA)
APE contribution~35% of US APE
RILA (Level Advantage)Growing rapidly
VA in-forceManaged runoff
New VA salesMinimal — being exited
Sep acct assetsUS$56.4B seg funds
GLWB utilizationAbove priced assumptions
MRB (LDTI mark)Volatile vs. rates
Group Protection
APE contribution~25% of US APE
ProductsGroup Life, DI, Dental, Vision
Margin trendRecord margins +250bps
Employer marketMid-to-large employers
ProfitabilityHighest quality in US
LTC embeddedLegacy block still in-force
RGA deal scopeRemoved $1.9B LTC tranche
STATUTORY NET INCOME
$41M
2025 — down 93% from $591M
IFRS CORE EARNINGS (US)
US$862M
2025 — down 30% from $1,234M
US NEW BUSINESS CSM
US$396M
+42% YoY — front-book strong
The $821M gap between statutory income ($41M) and IFRS core earnings ($862M) reflects: IFRS 17 CSM release, different reserve discounting (IFRS = current rates; SAP = locked-in), and LDTI exclusion from core earnings. Statutory is the cash reality; IFRS core is the economic picture. Both show the same structural challenge.
General Fund Invested Assets — $459.9B CAD (Dec 31, 2025)
Asset Class2025 ($B)% of Total2024 ($B)Change
Cash & short-term$26.76%$25.8+$0.9
Fixed Income
  Government bonds$83.418%$83.9−$0.5
  Corporate bonds$128.428%$125.0+$3.4
  Mortgage ABS$2.31%$1.8+$0.5
  Private placement debt$51.811%$49.7+$2.1
  Mortgages$57.112%$54.4+$2.7
  Bank client loans$2.71%$2.3+$0.4
Public equities$41.09%$33.7+$7.3
Alternative Long-Duration Assets (ALDA)
  Real estate$12.73%$13.3−$0.6
  Infrastructure$18.64%$17.8+$0.8
  Timber & agriculture$6.01%$5.9flat
  Private equity$18.44%$18.3flat
  Energy$1.7—$1.9−$0.2
  Other ALDA$4.31%$3.9+$0.4
  Leveraged leases & other$4.81%$4.8flat
Total General Fund$459.9100%$442.5+$17.4
Portfolio Key Metrics
Fixed income total (govt + corp + PP + MBS)$265.9B (58%)
Mortgages (commercial + residential)$57.1B (12%)
ALDA total (alternatives)$65.7B (14%)
Public equities$41.0B (9%)
Investment income (2025)$23.9B CAD
Net investment yield (approx)~5.2%
⚠ AOCI Unrealized Losses (Pre-Tax)
Bond portfolio OCI−$15.8B↓ from −$17.5B
Private placements OCI−$2.7B↓ from −$3.2B
Mortgages OCI−$0.9B↓ from −$1.7B
Total AOCI pressure−$19.4BImproving
AOCI improving as rates stabilize. A rate reversal (−100bps) would deepen losses but also reduce liability discount rates — partially self-hedging under IFRS 17.
CSM Analysis — $25.0B Locked-In Future Profit
CSM Metric20252024
Total CSM (incl NCI)$24,969M$22,127M
Post-tax CSM (excl NCI)$22,165M$19,497M
Organic CSM movement+$2,257M—
Organic growth rate+10%—
Inorganic CSM movement+$585M—
New business CSM$3,775M$2,887M
NB CSM growth+28%+32%
NB CSM by Segment2025Growth
Asia$1,994M+27%
Canada$435M+22%
U.S. / JH$396M (US)+42%
Total NB CSM$3,775M+28%
CSM SOTP note: Post-tax CSM of $22.2B at 85% realization = +$11.23/share not captured in P/E-based valuation. This is the key bull case — the locked-in future earnings pipeline.
NBV Performance2025Growth
Asia NBVUS$1,832M+20%
Canada NBVC$674M+7%
U.S. NBVUS$214M+22%
Group total NBVC$4,837M+18%
NBV +18% at group level confirms new business quality is strong despite the back-book drag. JH US NBV +22% validates the new protection + RILA franchise.
Capital Structure (Dec 31, 2025 — CAD)
Component20252024
Non-controlling interests$1,531M$1,421M
Participating policyholders' equity$836M$567M
Preferred shares & other equity$6,660M$6,660M
Common shareholders' equity$43,461M$44,312M
Total equity$52,488M$52,960M
Post-tax CSM$22,165M$19,497M
Qualifying capital instruments$6,990M$7,532M
Consolidated capital$81.6B$79.9B
LICAT ratio — MLI136%137%
LICAT ratio — MFC125%124%
Excess capital (over 100% MLI)$24.1B—
Financial leverage23.9%24.0%
Capital Deployment — FY2025
ActivityAmountNotes
Dividends to shareholders−C$1.8B10.2% increase declared
Share buybacks (NCIB)−C$2.4B54.4M shares cancelled (3.1%)
Comvest acquisition (WAM)−C$~1.0B75% of $17.5B AUM private credit mgr
Capital injection to JHUSA−US$338MFirst injection in 3 years
RGA reinsurance (LTC)Capital relief$4.1B liabilities ceded
Sub-debt redemption−C$1.0BNet of $0.5B new issuance
Remittances to MFC+C$6.4BStrong operating cash generation
Capital allocation read: Manulife returned $5.4B to shareholders in 2025 while injecting capital into a deteriorating JHUSA — a high-confidence signal that management views the JH drag as contained, not systemic. The risk: if JHUSA needs another injection in 2026, the buyback program faces pressure.
Legacy Book Analysis — LTC + Variable Annuities
LTC Block — JHUSA
Remaining reserves (est.)~$10–15B
Pre-RGA total~$17–20B est.
RGA deal ceded (2025)US$1.9B ceded
LTC benefit trend$1.1B paid (2025)
Incidence A/E trendAdverse (aging book)
Rate actionsOngoing, multi-state
Group earnings drag~4–5% of group earnings
Variable Annuity Block — JHUSA
Sep acct VA assets~$22B est.
GMxB / GLWB exposureSignificant
New VA salesMinimal (exiting)
MRB mark (LDTI)Rate-sensitive, volatile
2025 LDTI net income impact−$367M US net loss
RGA deal ceded (VA)GMxB partially addressed
Group earnings drag~4–5% of group earnings
De-Risking Trajectory
✓ Done: RGA transaction Nov 2024 ($1.9B LTC + $2.2B structured settlements)
✓ Done: Global Atlantic reinsurance transaction (closed Feb 2024)
✓ Done: RGA Canadian reinsurance (closed Apr 2024)
▶ In progress: VA runoff — managed, not sold
◯ Expected: 1–2 more LTC block reinsurances (2026–2027)
Target: LTC+VA contribution <15% of group (achieved: 9% in 2025)
Watch: Each 100bps move in rates drives ~$500M–$1B swing in GAAP net income through MRB marks. Not a capital event — but a recurring headline risk.
Sum-of-Parts Valuation (CAD)
SegmentEarningsBear (12–5x)Base (15–7x)Bull (18–8x)
AsiaC$2.91B$35.0B$43.7B$52.5B
Global WAMC$1.93B$19.3B$23.2B$29.0B
CanadaC$1.63B$16.3B$19.6B$21.2B
U.S. / JHC$1.18B$5.9B$8.3B$9.5B
Corporate−C$0.22B−$0.9B−$1.1B−$1.1B
Gross SOTP$75.7B$93.7B$111.0B
Holdco disc / Less debt−$18.3B−$16.4B−$15.9B
Equity / Share$34.18$46.11$56.74
vs. current $54.45−37%−15%+4%
+ CSM credit ($22.2B × 85%)+$9.55+$9.55+$9.55
SOTP + CSM / Share$43.73$55.66$66.29
Base + CSM = $55.66/share — essentially in line with current price. Bull + CSM = $66.29. No sell-side SOTP published; all Canadian bank coverage uses blended group P/E.
Analyst Coverage & Price Targets
AnalystFirmRatingTarget (CAD)Date
Darko MihelicRBC CapitalBUY$52Nov 2025
Mario MendoncaTD SecuritiesSTRONG BUY$40Jun 2024
Tom MacKinnonBMO CapitalBUY$35Feb 2024
John AikenBarclaysBUY$33Aug 2023
Consensus (15 analysts)BUY 67%$54.98May 2026
67%
Buy / Strong Buy
20%
Hold
13%
Strong Sell
$54.45
Current (52W high)
$54.98
Consensus target
$61.00
High target
⚠ John Hancock Life Insurance Co. (U.S.A.) — Statutory Financial Summary
Source: JHUSA N-VPFS filed April 15, 2026 · NAIC #93628 · Michigan domicile · Auditor: Ernst & Young
Balance Sheet20252024
Total invested assets$99.8B$102.5B
Separate accounts$163.9B$152.4B
Total admitted assets$271.6B$262.1B
Policy reserves$69.4B$70.3B
Funds held/coinsurance$7.1B$7.7B
AVR$3.0B$3.0B
Capital & Surplus$10.5B$11.0B
Unassigned surplus$5.9B$6.9B
Income Statement202520242023
Net premiums$14.8B$15.0B$16.4B
Net investment income$4.6B$4.6B$4.4B
Total revenues$14.1B$15.2B$17.4B
Benefits paid$19.6B$19.0B$18.3B
LTC/disability benefits$1.1B$1.0B$1.1B
Realized cap gains/losses−$531M−$487M−$326M
Statutory Net Income$41M$591M$747M
Capital Waterfall202520242023
Opening surplus$11.0B$11.4B$10.8B
Net income+$41M+$591M+$747M
Capital injection+$338M——
Dividend to parent−$500M−$425M−$500M
Reinsurance & other−$372M−$582M−$221M
Closing surplus$10.5B$11.0B$11.4B

Insurance Insight Catalogue

Primer-derived concepts, filing concept search, HTML visuals, and evidence-to-twin architecture.

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