Brookfield Reinsurance has outlined its monetary outcomes for the quarter and monetary 12 months ending December 31, 2023.

Key achievements for 2023 included producing $8 billion in annuity gross sales, with vital contributions from the retail annuity platform, circulate reinsurance premiums, and pension danger switch (PRT) premiums on the North American PRT platform.

The acquisition of Argo Group for roughly $1.1 billion additionally marked a big growth of Brookfield’s US property and casualty (P&C) operations. Moreover, the upcoming acquisition of American Fairness Life is anticipated so as to add over $50 billion in insurance coverage property to the corporate’s portfolio.

Funding methods deployed all year long yielded returns above 9%, enhancing the gross yield throughout the portfolio to five.6%. The corporate additionally famous a considerable improve in its fairness base and market capitalization, achieved by way of a profitable public alternate provide that didn’t dilute the holdings of Brookfield Company or Brookfield Reinsurance.

Brookfield Reinsurance monetary outcomes

Monetary efficiency for the 12 months confirmed distributable working earnings (DOE) of $745 million, up from $388 million within the earlier 12 months, pushed by elevated web funding earnings and the impression of recent annuity enterprise. Web earnings additionally noticed development, with figures reaching $797 million for the 12 months, in comparison with $501 million within the prior 12 months, bolstered by DOE contributions and favorable market actions.

Brookfield Reinsurance additionally reported a powerful liquidity place, with roughly $27 billion obtainable throughout company and subsidiary funding portfolios. The forthcoming acquisition of American Fairness Life is anticipated to additional improve liquidity, supporting the transition to higher-yielding funding methods.

In a strategic transfer to bolster its steadiness sheet and market presence, Brookfield Reinsurance additionally accomplished a profitable alternate provide in November 2023, rising its publicly traded share base considerably. This initiative enhanced the corporate’s fairness base and market capitalization.

The board has declared a quarterly distribution of $0.08 per share throughout varied courses, aligning with the distribution schedule and quantity of Brookfield Company. This distribution is slated for March 28, 2024, to shareholders on file as of March 13, 2024.

“Our sturdy outcomes for 2023 replicate the continued development of our annuity gross sales platform, our broadening credit score origination capabilities, and the repositioning of lately acquired property which have contributed to elevated funding returns. As we enter 2024, we proceed to give attention to scaling our enterprise in a disciplined method, specializing in our aggressive benefits to develop our core enterprise traces and delivering sturdy risk-adjusted returns,” Brookfield Reinsurance CEO Sachin Shah mentioned.

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