Brookfield Reinsurance has recorded a $492 million net income in its full-year results, compared to a net loss of $44 million from 2021.
The firm also posted $388 million of Distributable Operating Earnings (DOE) for the year, a major increase compared to 2021’s $30 million. In a statement, the firm noted that the current period includes over $375 million from the seven months of contribution from their ownership of American National, as well as contributions from their reinsurance and PRT businesses.
Elsewhere, in Q4 Brookfield reported a net income of $140 million, compared to a net loss of $43 million from the prior year quarter.
At the same time, the firm recognised $170 million of DOE in the quarter, compared to $21 million from the same period last year.
Sachin Shah, CEO of Brookfield Reinsurance, commented: “Our results for the year were excellent and reflect the diversification and significant growth of our business over the last twelve months. Our earnings continue to grow as we reposition our investment portfolios into higher yielding opportunities and with over $20 billion of cash and highly liquid assets across our portfolios we are in a very strong liquidity position to further capitalize on accretive investment opportunities which will lead to further earnings growth in 2023.”
Furthermore, Brookfield stated that it has approximately $2 billion of corporate liquidity, with an additional $20 billion of cash and liquid assets within its insurance portfolios.
This liquidity now puts the firm in a strong position to support the redeployment of their investment portfolios, as well as fund future growth opportunities too as they arise.
Brookfield’s ongoing expansion continues to branch out as the firm recently announced its acquisition of Argo Group International Holdings, Ltd. in an all-cash transaction valued at roughly $1.1 billion.
