Brookfield Reinsurance reported a net income of $453 million in the fourth quarter of 2023, compared to a net income of $181 million for the prior year quarter.
For the full-year 2023, Brookfield posted net income of $797 million, compared to $501 million in 2022.
The firm also posted $745 million of Distributable Operating Earnings (DOE) for the year, compared to $388 million in 2022.
The increase in earnings for the current periods reflects higher spread earnings on existing business driven by higher net investment income given the significant progress made over the last year repositioning assets into higher yielding investment strategies.
DOE further benefited from over $8 billion of new annuity business written during the year, as well DOE contribution from our recently closed Argo Group transaction and a full year of contribution from American National, which was acquired in May 2022.
At the same time, the firm recognised $258 million of DOE in the quarter, compared to $170 million from the same period in 2022.
Sachin Shah, CEO of Brookfield Reinsurance, commented, “Our strong results for 2023 reflect the continued growth of our annuity sales platform, our broadening credit origination capabilities, and the repositioning of recently acquired assets that have contributed to increased investment returns.”
“As we enter 2024, we continue to focus on scaling our business in a disciplined manner, focusing on our competitive advantages to grow our core business lines and delivering strong risk-adjusted returns.”
Furthermore, Brookfield stated that it has approximately $27 billion of liquidity.
