Core Insights - Westaim Corporation reported a net loss of $11.7 million for Q3 2025, a significant increase from a net loss of $1.2 million in Q3 2024, translating to a diluted loss per share of $0.35 compared to $0.05 in the previous year [1][2][3] Financial Performance - The total revenue for Q3 2025 was $14.0 million, with $12.9 million from the Asset Management segment and $0.5 million from the Insurance segment [9] - The Adjusted EBITDA loss for the Insurance segment was $9.4 million, while the Asset Management segment reported an Adjusted EBITDA loss of $2.3 million [11][12] - Consolidated shareholders' equity attributable to controlling interests was $671.3 million, with a book value per fully diluted share of $20.11, down from $22.88 at the end of 2024 [4][5] Business Developments - Westaim's Ceres Life Insurance Company launched multi-year guaranteed annuities (MYGA) in September 2025, receiving positive feedback for its technology and service platform [2][11] - Ceres has received regulatory approval to launch fixed index annuities, expected to commence in early 2026, which is anticipated to become a key product in its portfolio [2][11] - Arena Investors has begun managing Ceres' investment portfolio, aiming for an asset/liability matched strategy with a gross spread exceeding 200 basis points [2] Strategic Initiatives - The company is undergoing restructuring, including the planned closure of its Singapore office, which is expected to yield annualized savings of approximately $4.1 million [3] - Cumulative run-rate savings from restructuring initiatives have reached $8.1 million, with an additional $0.9 million identified from the wind-down of non-core businesses [3] Segment Performance - The Asset Management segment's AUM and Programmatic Capital increased to $4.5 billion as of September 30, 2025, up from $3.4 billion at the end of 2024 [12] - Fee-paying AUM was reported at $2.7 billion, including $0.3 billion from the Insurance segment, compared to $2.4 billion at the end of 2024 [12] Regulatory and Market Position - Ceres Life has obtained product regulatory approvals in 45 states plus the District of Columbia, positioning itself for growth in the annuity market [11] - The company is focused on scaling its operations efficiently, leveraging technology to enhance its competitive position in the insurance sector [11][17]