Q3 2024 Brookfield Corp Earnings Call Transcript
Key Points
- Brookfield Corp (BN) reported a 19% increase in distributable earnings before realizations, reaching a record $1.3 billion for the quarter.
- The company has committed approximately $20 billion towards new investments, indicating a robust pipeline and growth potential.
- Brookfield Corp (BN) has successfully expanded its wealth solutions business, with earnings doubling compared to the prior-year quarter.
- The company has seen strong fundraising momentum, with total inflows of $21 billion in the quarter and $135 billion over the last 12 months.
- Brookfield Corp (BN) has executed over $30 billion of financings across the business, demonstrating strong liquidity and access to capital markets.
- The wealth solutions business is still below its target 200-basis-point spread, indicating room for improvement in achieving desired financial metrics.
- The real estate portfolio has seen a decrease in the transition and development bucket, with some properties disposed of, which may impact future growth.
- There is uncertainty regarding the timing of realized carried interest, which could affect cash flow projections.
- The market may misunderstand the value of certain business segments, such as real estate and wealth solutions, leading to a potential undervaluation.
- The insurance business, particularly the P&C segment, faces challenges from weather-related events, although impacts have been minimized through reinsurance.
Hello, and welcome to the Brookfield Corporation third-quarter 2024 conference call and webcast. (Operator Instructions)
I would now like to hand the conference call over to our first speaker, Ms. Angela Yulo, Vice President, Investor Relations. Please go ahead.
Thank you, operator, and good morning. Welcome to Brookfield Corporation's third-quarter 2024 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, President of Brookfield Corporation. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we ask that you refrain from asking more than two questions.
I would like to remind you that in today's comments, including in responding to questions and in discussing new initiatives in our financial and operating performance, we
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