Overview
- Brookfield reported nearly $1.4 billion of distributable earnings before realizations for the first quarter, a 7% gain from a year earlier.
- Fee-related earnings from its investment management arm rose 11% as fee-bearing capital increased 12% from new fundraising and deployments.
- Brookfield Wealth Solutions generated $4 billion in annuity sales and, after the quarter ended, closed its purchase of U.K.-based Just Group to expand in that market.
- The company repurchased more than $1 billion of stock this year, including $470 million of its own shares and $575 million of Brookfield Asset Management shares, which it majority owns.
- Management is moving to combine Brookfield Corporation with Brookfield Wealth Solutions to form an integrated insurance and investment business and is also evaluating similar simplifications in its infrastructure and renewable units.