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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