Subject: Wealth Management
Is BNT, the Wealth Management arm going to become increasingly important and change BN from a mostly “real asset” company to a blended real and financial asset company changing its risk ptofile.

The asset gathering has been funded through the assumption of insurance liabilities. This is very different from funding assets from investors - as it comes with complex insurance liabilities. A successful insurance company has to be as successful in underwriting as it is in investment.

There are question marks about whether reserves in the acquired P&C business is adequate. BNT increased estimates for prior year losses. Maybe this was part of the reason for decline in BN share price, even though earnings from “real asset” businesses were good.

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