Distributable earnings rose 9 per cent to US$619-million, or 39 US cents per share, beating analysts’ estimates
reported rising third-quarter profits as its growing credit and insurance businesses brought in billions of dollars of new capital that generate fees.
Out of US$21-billion in new fundraising Brookfield brought in during the quarter, US$14-billion came from its credit group - a business underpinned by its majority stake in Oaktree Management LP. That business is being fed by assets collected through Brookfield’s burgeoning insurance arm, Brookfield Wealth Solutions, which focuses on annuities and insurance for retirees.
That underscores Brookfield’s increasing expansion into new business lines such as credit and insurance that generate steady streams of fees from the growing pool of capital Brookfield manages for its partners and investors. Brookfield’s third-quarter net income was US$544-million, or 33 US cents per share, compared with US$494-million, or 30 US cents per share, in the same quarter last year.
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