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Brookfield Wealth Solutions Announces Second Quarter Results and Declares Regular Quarterly Distribution

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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.

Positive
  • 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.
Negative
  • 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 $298 million from $160 million year-over-year. The acquisition of American Equity Life has doubled the asset base, positioning the company for significant expansion. Key highlights include:

  • $5 billion originated in proprietary investment strategies at 8.5%+ returns
  • $3 billion in retail annuity sales
  • $450 million in pension risk transfer premiums

The company's liquidity position is robust, with $25 billion in cash and short-term investments. However, investors should note the decline in net income to $269 million from $360 million, partly due to transaction costs. The upcoming name change to 'Brookfield Wealth Solutions' reflects a strategic shift towards comprehensive wealth management services.

The acquisition of American Equity Life marks a significant expansion in Brookfield's insurance operations. The 87.5% increase in DOE demonstrates strong operational performance. Key insurance metrics to note:

  • 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 $80.5 billion from $24.9 billion also increases the company's liabilities. The focus on liquidity ($47 billion in liquid assets) is prudent given the potential for market stress events.

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 $0.08 per share, matching Brookfield 's distribution, reinforces the economic equivalence between the entities. However, investors should be aware that this restructuring may impact voting dynamics and potentially affect future corporate governance decisions.

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
  1. 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 of 8.5%
  • 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 $298 million and $577 million of distributable operating earnings (“DOE”) for the three and six months ended June 30, 2024, compared to $160 million and $305 million in the prior year periods. The increase in earnings for the current period reflect contributions from our recent acquisitions, notably two months of ownership of AEL and a full period of Argo Group, which closed in late 2023. Additionally, our results reflect strong annuity sales and other premium growth from underwriting actions taken over the last twelve months. Lastly, we have benefitted from higher spread earnings on our existing business, driven by higher net investment income resulting from the progress made repositioning assets into higher yielding investment strategies.

We recorded net income of $269 million and $606 million for the three and six months ended June 30, 2024, compared to net income of $360 million and $267 million in the prior year periods. Net income in the current period is the result of strong operating performance and contributions from our DOE partially offset by transaction related costs associated with the acquisition of AEL. Additionally, the prior year period included unrealized mark to market gains on our investments and insurance reserves.

Today, we are in a strong liquidity position across the portfolio, with over $25 billion of cash and short-term liquid investments across our investment portfolios, and another $22 billion of long-term liquid investments. These liquid assets will facilitate the ongoing rotation of our investment portfolio into higher yielding investment strategies, while also continuing to ensure we have sufficient liquidity coverage for our liabilities in the case of any stress events across the broader market.

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 9.9% of the class A shares, regardless of economic ownership. The third amended and restated bye-laws will become effective on August 9, 2024, with the re-designation occurring on August 29, 2024. Holders of our company’s class A-1 shares do not need to take any action with respect to the re-designation. Once the re-designation is implemented, all previously held class A-1 shares will automatically be re-designated as class A shares and your holdings will be updated accordingly.

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 $0.08 per class A shares, class A-1 shares and class B shares, payable on September 27, 2024 to shareholders of record as at the close of business on September 12, 2024. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield Class A Shares. The re-designation will have no impact on the payment of the quarterly distribution, and investors who currently hold class A-1 shares do not need to take any action in order to receive the quarterly distribution.

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
  1. Excludes amounts attributable to non-controlling interests.
  2. Consolidated basis – includes amounts attributable to non-controlling interests.
  3. 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.
  4. 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 interest848   146 
Class A, class A-1 and class B1,591   1,591 
Class C6,576  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 
  1. 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
  1. 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.


FAQ

What were Brookfield Reinsurance's total assets in Q2 2024?

Brookfield Reinsurance reported total assets of $130.5 billion in Q2 2024.

What is the new name for Brookfield Reinsurance?

Brookfield Reinsurance will be renamed 'Brookfield Wealth Solutions.'

What was the net income for Brookfield Reinsurance in Q2 2024?

Net income for Brookfield Reinsurance was $269 million in Q2 2024.

How much is the quarterly distribution declared by Brookfield Reinsurance?

Brookfield Reinsurance declared a regular quarterly distribution of $0.08 per share.

What contributed to the increase in Brookfield Reinsurance's distributable operating earnings in Q2 2024?

The increase in distributable operating earnings was due to acquisitions, notably American Equity Life, and higher sales and premiums.

Brookfield Reinsurance Ltd.

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