Brookfield Reinsurance has announced a second quarter net income of $2 million, up from the $1 million loss reported for the prior year quarter.
The increase in net income is attributed to additional assets under management and stronger investment returns.
At quarter end, The group held $1.1 billion in excess capital, which is expected to support the previously announced reinsurance agreement with American Equity Life (AEL), set to close in the third quarter.
During the quarter, the group’s Canadian PRT business, Brookfield Annuity Company, successfully closed on seven PRT transactions.
Subsequent to quarter end, BAC entered into an additional eight PRT transactions, increasing our assets by approximately $275 million.
“We are pleased to report our first quarterly earnings since the launch of Brookfield Reinsurance as a public company,” said Sachin Shah, CEO of Brookfield Reinsurance.
“We were established by Brookfield to own and operate a diversified insurance and reinsurance portfolio and are a paired security to BAM’s Class A Shares.
“As a result, we benefit significantly from Brookfield’s financial strength and investment capabilities.
“We are off to a strong start, with agreements to manage $40 billion of insurance assets, and we have significant capital available to deploy into a large pipeline of investment opportunities as we grow this business.”