Brookfield Reinsurance recorded a net income of $223 million for the third quarter of 2022 compared to a net loss of $6 million from the third quarter of 2021.
The company said in a release that in the quarter they recognized $159 million of Distributable Operating Earnings (DOE) for the quarter, compared to $3 million in the prior year period.
Brookfield specified that the increase was primarily driven by contributions from its acquisition of American National, which closed at the end of May 2022, as well as higher net investment income from reinsurance treaties and PRT business closed since late 2021.
Additionally, the firm stated that it recognized $218 million of DOE for the nine month period ended September 30, 2022, compared to $9 million in the prior year period.
The current period includes approximately $200 million from the four months of contribution from their investment in American National, as well as contributions from reinsurance and PRT business, which benefited from new business and higher net investment income.
Sachin Shah, CEO of Brookfield Reinsurance, commented: “Our results for the third quarter were excellent, with strong results across our diversified business lines which benefitted from our ongoing repositioning of our investment portfolios in this higher yielding environment.
“Today, with over $23 billion in liquidity across our portfolios, we are in an optimal position to capture further opportunities arising from the current market environment, which should allow us to realize strong risk-adjusted returns within our operating businesses.”
