Brookfield Re Sees Total Assets Increase

Brookfield Re Sees Total Assets Increase

Brookfield Re Sees Total Assets Increase

Brookfield Re Sees Total Assets Increase

According to Brookfield Reinsurance, at the conclusion of Q2 2022, its total assets increased from $2,640 million at the end of Q2 2021 to $41,019 million.

The revelation was announced a few months after the company claimed that Q1 2022 had a significant increase in its net income. It had stated at the time that Q1 2022 saw an increase in net income to $128 million from $3 million at the same time the year before.

“With the closure of American National, we now handle over $40 billion in assets, a sizable amount of which are in cash and short-dated liquid securities,” said Sachin Shah, CEO of Brookfield Reinsurance. Now that interest rates are rising, our attention is turned to investing in these assets for value.

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The firm also announced the appointments of Thomas Corbett as chief financial officer and Lorenzo Lorilla as chief investment officer.

Brookfield Re Sees Total Assets Increase

Corbett joined Brookfield in 2008 and since then has held several senior finance positions in Brookfield’s Asset Management and Renewable Power groups including chief financial officer of its Brazilian renewable power operations, holding the same position in Brookfield’s energy marketing group. He was most recently a managing director of Brookfield, responsible for the global accounting and financial reporting functions.

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Meanwhile, Lorilla joined Brookfield in 2021 and was most recently a managing partner and deputy chief investment officer responsible for asset allocation and execution of investment strategy for Brookfield Reinsurance. Prior to joining Brookfield, he was deputy chief investment officer of Kuvare Insurance Services, and previously, head of credit investments at Global Atlantic Financial Group as well as its predecessor, the Goldman Sachs Reinsurance Group.

Shah added: “We’re excited to welcome Tom and Lorenzo in their new roles. Tom and Lorenzo bring extensive financial, operational, and strategic experience and have been valuable members of the leadership team responsible for the buildout of Brookfield’s insurance platform to date. We look forward to continuing the growth of our business with their support.”

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Brookfield Re Sees Total Assets Increase

In putting out these most-recent numbers, Brookfield Reinsurance said: “During the quarter, we received over $200m of flow business under our existing reinsurance treaty with AEL, bringing total premiums reinsured to date to $5bn under our $10bn reinsurance agreement. Our Canadian PRT business continues to be active in identifying opportunities, successfully securing $1bn of new transactions in the second quarter.”

Meanwhile, the parent company, asset manager Brookfield, said it had seen inflows of $56bn since the last quarter. However, the released results indicate that net income between Q2 2021 and Q2 2022 fell from $2,429m to $1,475m.

It said that of the $56bn in inflows, $41bn was raised during the quarter.

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Nick Goodman, chief financial officer of the asset manager Brookfield, said: “We delivered strong results in the second quarter, supported by our resilient global portfolio of inflation-protected real assets and record levels of fundraising.

Brookfield Re Sees Total Assets Increase

We have a record of $111bn of cash and capital available for investment after generating $1.5bn of net income and $1.2bn of cash flow. We had asset sales of $21bn and deployed $20bn into new investments. The scale, stability and diversity of our business continues to differentiate our franchise with our investors and clients.”

He added: “We remain on track to complete the distribution to shareholders and listing of a 25% interest in our asset management business by year end.”

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