The following is a summary of the Brookfield Corporation (BN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Brookfield reported distributable earnings before realizations of $1 billion for Q1, and $4.3 billion for the last 12 months, a 10% increase year-over-year.
The company repurchased over $700 million of shares at the start of the year, leading to a 6% increase in fee-bearing capital compared to 12 months ago.
Distributable operating earnings were: $273 million for the Wealth Solutions business; $337 million for the corporation's operating businesses; and $621 million for the Asset Management business.
Over $450 million was reinvested back into the operating businesses, predominantly towards retiring corporate bonds within BPY.
Business Progress:
Key acquisitions: Brookfield achieved a significant milestone through its acquisition of American Equity Life (AEL) and an investment in Castlelake, enhancing its asset-backed lending capabilities.
The company is targeting surpassing $2 billion of annual cash earnings through the optimization and reinvestment of its asset portfolio over the next 18 to 24 months.
Partnering with Microsoft to deliver over 10.5 gigawatts of new renewable energy capacity.
The corporation has allocated a record $150 billion of capital for strategic investments and expects significant inflows in the next 12 months via pension risk transfer and international expansion.
The growth is expected in both the UK and US pension markets, with the US showing significant potential.
The company reported a strong start in the real estate market and plans to sell about $3 billion worth of renewable assets this year.
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