Brookfield Wealth Solutions Announces Second Quarter Results and Declares Regular Quarterly Distribution
Brookfield Reinsurance, soon to be renamed 'Brookfield Wealth Solutions,' announced its Q2 2024 financial results, highlighting a substantial increase in total assets to $130.5 billion, up from $48 billion in the previous year.
Net income for Q2 was $269 million, down from $360 million in Q2 2023, while distributable operating earnings (DOE) rose significantly to $298 million from $160 million. The company completed its acquisition of American Equity Investment Life (AEL), which contributed to the growth in assets and sales, with $3 billion in retail annuity sales and $450 million in premiums from 25 pension risk transfer transactions.
The Board declared a regular quarterly distribution of $0.08 per share, payable on September 27, 2024. Shareholders also approved a name change to 'Brookfield Wealth Solutions' and a restructuring of share classes, effective August 29, 2024.
Brookfield Reinsurance, che presto cambierà nome in 'Brookfield Wealth Solutions', ha annunciato i risultati finanziari per il secondo trimestre del 2024, evidenziando un notevole aumento degli attivi totali a 130,5 miliardi di dollari, rispetto ai 48 miliardi dell'anno precedente.
Il reddito netto per il secondo trimestre è stato di 269 milioni di dollari, in calo rispetto ai 360 milioni del secondo trimestre del 2023, mentre gli utili operativi distribuibili (DOE) sono aumentati significativamente a 298 milioni, rispetto ai 160 milioni. L'azienda ha completato l'acquisizione di American Equity Investment Life (AEL), che ha contribuito alla crescita degli attivi e delle vendite, con 3 miliardi di dollari in vendite di rendite al dettaglio e 450 milioni di dollari in premi provenienti da 25 transazioni di trasferimento del rischio pensionistico.
Il Consiglio ha dichiarato una distribuzione trimestrale regolare di 0,08 dollari per azione, pagabile il 27 settembre 2024. Gli azionisti hanno anche approvato il cambio di nome in 'Brookfield Wealth Solutions' e una ristrutturazione delle classi di azioni, con efficacia dal 29 agosto 2024.
Brookfield Reinsurance, que pronto será renombrado como 'Brookfield Wealth Solutions', anunció sus resultados financieros del segundo trimestre de 2024, destacando un aumento sustancial en los activos totales a 130.5 mil millones de dólares, en comparación con los 48 mil millones del año anterior.
El ingreso neto para el segundo trimestre fue de 269 millones de dólares, una disminución respecto a los 360 millones en el segundo trimestre de 2023, mientras que las ganancias operativas distribuidas (DOE) aumentaron significativamente a 298 millones desde 160 millones. La compañía completó su adquisición de American Equity Investment Life (AEL), lo que contribuyó al crecimiento de activos y ventas, con 3 mil millones de dólares en ventas de anualidades al por menor y 450 millones de dólares en primas de 25 transacciones de transferencia de riesgo de pensiones.
La Junta declaró una distribución trimestral regular de 0.08 dólares por acción, pagadera el 27 de septiembre de 2024. Los accionistas también aprobaron un cambio de nombre a 'Brookfield Wealth Solutions' y una reestructuración de las clases de acciones, que será efectiva el 29 de agosto de 2024.
브룩필드 재보험(Brookfield Reinsurance)은 곧 '브룩필드 웰스 솔루션(Brookfield Wealth Solutions)'으로 이름이 변경될 예정이며, 2024년 2분기 재무 결과를 발표했습니다. 총 자산이 1,305억 달러로 증가했으며, 이는 지난해의 480억 달러에서 크게 증가한 수치입니다.
순이익은 2분기에 2억 6900만 달러로, 2023년 2분기의 3억 6000만 달러에서 감소했지만, 배당 가능한 운영 수익(DOE)은 1억 6700만 달러에서 2억 9800만 달러로 크게 증가했습니다. 이 회사는 미국 주식 투자 생명 보험(AEL)의 인수를 완료하며 자산과 판매 증가에 기여했으며, 30억 달러 규모의 소매 연금 판매 및 25건의 연금 위험 이전 거래에서 4억 5000만 달러의 보험료를 기록했습니다.
이사회는 주당 0.08달러의 정기 분배를 선언하였으며, 이는 2024년 9월 27일에 지급될 예정입니다. 주주들은 '브룩필드 웰스 솔루션'으로의 이름 변경과 주식 클래스의 재구성을 승인하였으며, 2024년 8월 29일부터 시행됩니다.
Brookfield Reinsurance, qui sera bientôt renommé 'Brookfield Wealth Solutions', a annoncé ses résultats financiers pour le deuxième trimestre de 2024, mettant en évidence une augmentation substantielle des actifs totaux à 130,5 milliards de dollars, contre 48 milliards de dollars l'année précédente.
Le revenu net pour le deuxième trimestre était de 269 millions de dollars, en baisse par rapport à 360 millions de dollars au deuxième trimestre de 2023, tandis que les bénéfices d'exploitation distribuables (DOE) ont augmenté de manière significative à 298 millions de dollars, contre 160 millions de dollars. L'entreprise a terminé son acquisition de American Equity Investment Life (AEL), ce qui a contribué à la croissance des actifs et des ventes, avec 3 milliards de dollars de ventes d'annuités de détail et 450 millions de dollars de primes issues de 25 transactions de transfert de risque de retraite.
Le Conseil a déclaré une distribution trimestrielle régulière de 0,08 dollar par action, payable le 27 septembre 2024. Les actionnaires ont également approuvé un changement de nom en 'Brookfield Wealth Solutions' et une restructuration des classes d'actions, effective le 29 août 2024.
Brookfield Reinsurance, das bald in 'Brookfield Wealth Solutions' umbenannt wird, hat seine Finanzergebnisse für das 2. Quartal 2024 veröffentlicht, wobei ein erheblicher Anstieg der Gesamtvermögen auf 130,5 Milliarden US-Dollar verzeichnet wurde, verglichen mit 48 Milliarden US-Dollar im Vorjahr.
Der Nettogewinn für das 2. Quartal betrug 269 Millionen US-Dollar, ein Rückgang gegenüber 360 Millionen US-Dollar im 2. Quartal 2023, während die distributierbaren Betriebserträge (DOE) signifikant auf 298 Millionen US-Dollar von 160 Millionen US-Dollar gestiegen sind. Das Unternehmen hat die Übernahme der American Equity Investment Life (AEL) abgeschlossen, was zum Wachstum der Vermögenswerte und des Verkaufs beigetragen hat, einschließlich 3 Milliarden US-Dollar an Einzelhandel-Rentenverkäufen und 450 Millionen US-Dollar an Prämien aus 25 Pensionsrisikotransaktionen.
Der Vorstand erklärte eine reguläre vierteljährliche Ausschüttung von 0,08 US-Dollar pro Aktie, zahlbar am 27. September 2024. Die Aktionäre haben zudem die Umbenennung in 'Brookfield Wealth Solutions' und eine Umstrukturierung der Aktienklassen zum 29. August 2024 genehmigt.
- Total assets increased to $130.5 billion from $48 billion.
- Distributable operating earnings rose to $298 million from $160 million.
- Completed acquisition of American Equity Life, boosting asset base and sales.
- Board declared a regular quarterly distribution of $0.08 per share.
- Net income for Q2 2024 decreased to $269 million from $360 million.
Insights
Brookfield Reinsurance's Q2 results show strong growth, with DOE increasing to
$5 billion originated in proprietary investment strategies at8.5%+ returns$3 billion in retail annuity sales$450 million in pension risk transfer premiums
The company's liquidity position is robust, with
The acquisition of American Equity Life marks a significant expansion in Brookfield's insurance operations. The
- Annuity sales growth, including
$1.3 billion from AEL in just two months - 25 pension risk transfer transactions closed
- Increase in total assets to
$130.5 billion from$48 billion
The redeployment of assets into higher-yielding Brookfield strategies could enhance future returns. However, the increase in policyholders' account balances to
The approved capital structure simplification is a significant development. Key points:
- Re-designation of class A-1 shares to class A shares
- Implementation of a
9.9% voting cap regardless of economic ownership - Name change to 'Brookfield Wealth Solutions'
These changes aim to enhance shareholder rights and align the company's identity with its expanded wealth management focus. The maintained quarterly distribution of
BROOKFIELD, NEWS, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Brookfield Reinsurance (NYSE, TSX: BNRE, BNRE.A), soon to be renamed ‘Brookfield Wealth Solutions,’ today announced financial results for the quarter ended June 30, 2024.
Sachin Shah, CEO, stated, “We delivered strong operating results during the second quarter. With the closing of American Equity Life our asset base has doubled, our annuity sales are growing and we are well positioned for our next stage of growth.”
Unaudited As of and for the periods ended June 30 (US$ millions, except per share amounts) | Three Months Ended | Six Months Ended | |||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Total assets | $ | 130,533 | $ | 47,994 | $ | 130,533 | $ | 47,994 | |||
Adjusted equity1 | 11,384 | 5,047 | 11,384 | 5,047 | |||||||
Distributable operating earnings1 | 298 | 160 | 577 | 305 | |||||||
Net income | 269 | 360 | 606 | 267 | |||||||
Net income per each class A and A-1 share | $ | 0.08 | $ | 0.07 | $ | 0.16 | $ | 0.14 |
- See Non-GAAP and Performance Measures on page 7 and a reconciliation from net income and reconciliation from equity on page 6.
Highlights
- Completed the acquisition of American Equity Investment Life Holding Company (“AEL”) on May 2, 2024, and have since redeployed more than
$3 billion of assets into Brookfield strategies - Across our full portfolio, originated approximately
$5 billion in proprietary investment strategies during the quarter at returns in excess of8.5% - Generated
$3 billion of retail annuity sales, including approximately$1.3 billion of sales at AEL during our two months of ownership - Closed 25 pension risk transfer transactions, representing over
$450 million in premiums in the quarter
Operating Update
We recognized
We recorded net income of
Today, we are in a strong liquidity position across the portfolio, with over
Update on Capital Structure and Name Change
At a meeting on July 22, 2024, our company’s shareholders approved bye-law amendments designed to simplify and enhance our capital structure, including a re-designation of our class A-1 exchangeable non-voting shares into class A shares of our company and related changes to the terms of the class A shares that will result in no shareholder having the power to vote more than
Shareholders also approved a resolution authorizing the change of our name from “Brookfield Reinsurance” to “Brookfield Wealth Solutions”. We expect that the name change will be effected on or about Friday, September 6, 2024 and that our class A will begin trading on the New York Stock Exchange and Toronto Stock Exchange under the symbol “BNT” at market open as of such date.
Regular Distribution Declaration
The Board declared a quarterly distribution of
Brookfield Corporation Operating Results
An investment in Class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield Class A Shares. A summary of Brookfield Corporation’s second quarter operating results is provided below:
Unaudited As of and for the periods ended June 30 (US$ millions, except per share amounts) | Three Months Ended | Last Twelve Months Ended | ||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net income attributable to Brookfield shareholders1 | $ | 43 | $ | 81 | $ | 1,074 | $ | 308 | ||||
Net income (loss) of consolidated business2 | (285 | ) | 1,512 | 3,403 | 2,696 | |||||||
Distributable earnings before realizations1,3,4 | 1,113 | 1,013 | 4,379 | 4,078 | ||||||||
– Per Brookfield share1,3,4 | 0.71 | 0.64 | 2.77 | 2.56 | ||||||||
Distributable earnings1,3 | 2,127 | 1,187 | 5,805 | 5,205 | ||||||||
– Per Brookfield share1,3 | 1.35 | 0.75 | 3.67 | 3.26 |
- Excludes amounts attributable to non-controlling interests.
- Consolidated basis – includes amounts attributable to non-controlling interests.
- See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated August 8, 2024.
- Distributable earnings before realizations, including per share amounts, for the twelve months ended June 30, 2023 were adjusted for the special distribution of
25% of Brookfield’s asset management business on December 9, 2022. Prior to the adjustment, distributable earnings before realizations were$4.3 billion for the twelve months ended June 30, 2023.
Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the Class A Shares of our company will be impacted significantly by the market price of the Brookfield Class A Shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.
CONSOLIDATED BALANCE SHEETS
Unaudited | June 30 | December 31 | ||||||
(US$ millions) | 2024 | 2023 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 14,335 | $ | 4,308 | ||||
Investments | 85,117 | 39,838 | ||||||
Reinsurance recoverables and deposit assets | 10,275 | 3,388 | ||||||
Reinsurance funds withheld | 1,573 | 7,248 | ||||||
Accrued investment income | 781 | 280 | ||||||
112,081 | 55,062 | |||||||
Premiums due and other receivables | 725 | 711 | ||||||
Deferred policy acquisition costs | 10,539 | 2,468 | ||||||
Deferred tax asset | 700 | 432 | ||||||
Other assets | 5,222 | 1,781 | ||||||
Separate account assets | 1,266 | 1,189 | ||||||
Total assets | 130,533 | 61,643 | ||||||
Liabilities and equity | ||||||||
Policy and contract claims | 7,397 | 7,288 | ||||||
Future policy benefits | 10,920 | 9,813 | ||||||
Policyholders’ account balances | 80,489 | 24,939 | ||||||
Deposit liabilities | 1,546 | 1,577 | ||||||
Market risk benefits | 3,276 | 89 | ||||||
Unearned premium reserve | 2,037 | 2,056 | ||||||
105,665 | 45,762 | |||||||
Other policyholder funds | 343 | 335 | ||||||
Due to related parties | 734 | 564 | ||||||
Notes payable | 657 | 174 | ||||||
Corporate borrowings | 1,615 | 1,706 | ||||||
Subsidiary borrowings | 2,846 | 1,863 | ||||||
Funds withheld for reinsurance liabilities | 3,526 | 83 | ||||||
Other liabilities | 2,115 | 1,118 | ||||||
Separate account liabilities | 1,266 | 1,189 | ||||||
Junior preferred shares | 2,751 | 2,694 | ||||||
Non-controlling interest | 848 | 146 | ||||||
Class A, class A-1 and class B | 1,591 | 1,591 | ||||||
Class C | 6,576 | 9,015 | 4,418 | 6,155 | ||||
Total liabilities and equity | $ | 130,533 | $ | 61,643 |
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited For the periods ended June 30 US$ millions | Three Months Ended | Six Months Ended | |||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net premiums and other policy revenue | $ | 1,716 | $ | 1,202 | $ | 3,359 | $ | 2,099 | |||||||
Net investment income, including funds withheld | 1,162 | 517 | 1,832 | 975 | |||||||||||
Net investment gains (losses), including funds withheld | 24 | 255 | 196 | 75 | |||||||||||
Total revenues | 2,902 | 1,974 | 5,387 | 3,149 | |||||||||||
Benefits and claims paid on insurance contracts | (1,515 | ) | (1,133 | ) | (2,929 | ) | (1,875 | ) | |||||||
Interest sensitive contract benefits | (422 | ) | (156 | ) | (607 | ) | (243 | ) | |||||||
Amortization of deferred policy acquisition costs | (276 | ) | (185 | ) | (501 | ) | (332 | ) | |||||||
Changes in fair value of insurance-related derivatives and embedded derivatives | 13 | 30 | 57 | (39 | ) | ||||||||||
Changes in fair value of market risk benefits | (168 | ) | 14 | (199 | ) | 8 | |||||||||
Other reinsurance expenses | (7 | ) | 30 | (14 | ) | 36 | |||||||||
Operating expenses | (461 | ) | (141 | ) | (694 | ) | (315 | ) | |||||||
Interest expense | (95 | ) | (60 | ) | (167 | ) | (120 | ) | |||||||
Total benefits and expenses | (2,931 | ) | (1,601 | ) | (5,054 | ) | (2,880 | ) | |||||||
Net income before income taxes | (29 | ) | 373 | 333 | 269 | ||||||||||
Income tax recovery (expense) | 298 | (13 | ) | 273 | (2 | ) | |||||||||
Net income for the period | $ | 269 | $ | 360 | $ | 606 | $ | 267 | |||||||
Attributable to: | |||||||||||||||
Class A, class A-1 and class B shareholders1 | $ | 3 | $ | 1 | $ | 6 | $ | 2 | |||||||
Class C shareholder | 261 | 362 | 593 | 263 | |||||||||||
Non-controlling interest | 5 | (3 | ) | 7 | 2 | ||||||||||
$ | 269 | $ | 360 | $ | 606 | $ | 267 |
- Class A and A-1 shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield Class A Share.
SUMMARIZED FINANCIAL RESULTS
RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS
Unaudited For the periods ended June 30 US$ millions | Three Months Ended | Six Months Ended | |||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net income | $ | 269 | $ | 360 | $ | 606 | $ | 267 | |||||||
Unrealized net investment gains, including funds withheld | (24 | ) | (255 | ) | (196 | ) | (75 | ) | |||||||
Mark-to-market on insurance contracts and other net assets | 225 | 34 | 290 | 96 | |||||||||||
470 | 139 | 700 | 288 | ||||||||||||
Deferred income tax (recovery) expense | (343 | ) | 11 | (328 | ) | (2 | ) | ||||||||
Transaction costs | 137 | 5 | 149 | 9 | |||||||||||
Depreciation | 34 | 5 | 56 | 10 | |||||||||||
Distributable operating earnings1 | $ | 298 | $ | 160 | $ | 577 | $ | 305 |
RECONCILIATION OF EQUITY TO ADJUSTED EQUITY
Unaudited As of June 30 US$ millions | 2024 | 2023 | ||||
Equity | $ | 9,015 | $ | 1,911 | ||
Add: | ||||||
Accumulated other comprehensive (income) loss | (382 | ) | 501 | |||
Junior preferred shares | 2,751 | 2,635 | ||||
Adjusted equity1 | $ | 11,384 | $ | 5,047 |
- Non-GAAP measure - see Non-GAAP and Performance Measures on page 7.
Additional Information
Brookfield Reinsurance was established on December 10, 2020 by Brookfield and on June 28, 2021 Brookfield completed the spin-off of the company, which was effected by way of a special dividend, to holders of Brookfield's Class A and B Shares. The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended June 30, 2024, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).
Brookfield Reinsurance’s Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.
Information on our distributions can be found on our website under Stock & Distributions/Distribution History.
Brookfield Reinsurance Ltd. (NYSE, TSX: BNRE, BNRE.A) is a leading wealth solutions provider, focused on securing the financial futures of individuals and institutions through a range of wealth protection and retirement services, and tailored capital solutions. Each class A exchangeable limited voting share and each class A-1 exchangeable non-voting share of Brookfield Reinsurance are exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnre.brookfield.com or contact:
Communications & Media: Kerrie McHugh Tel: (212) 618-3469 Email: kerrie.mchugh@brookfield.com | Investor Relations: Rachel Schneider Tel: (416) 369-3358 Email: rachel.schneider@brookfield.com |
Non-GAAP and Performance Measures
This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.
We make reference to Distributable operating earnings. We define distributable operating earnings as net income excluding the impact of depreciation and amortization, deferred income taxes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results. We also make reference to Adjusted equity. Adjusted equity represents the total economic equity of our Company through its Class A, A-1, B and C shares, excluding Accumulated other comprehensive income, and the Junior preferred shares issued by our Company. We use adjusted equity to assess our return on our equity.
We provide additional information on key terms and non-GAAP measures in our filings available at bnre.brookfield.com.
Notice to Readers
Brookfield Reinsurance is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.
This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements which reflect management’s expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Reinsurance, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding the AEL transaction, and benefits thereof, future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments and Brookfield Reinsurance’s balance sheet initiatives constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the future state of the economy or the securities market and expected future deployment of capital and financial earnings. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Reinsurance or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business including as a result of COVID-19 and the related global economic shutdown; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including our real estate, renewable power, infrastructure, private equity, and other alternatives, including credits; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Reinsurance undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein (because of economic conditions, the availability of investment opportunities or otherwise), that targeted returns, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved.
Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Reinsurance believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Reinsurance does not make any representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties.
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