Brookfield’s reinsurance arm reports first quarterly results
Private markets investor Brookfield Asset Management has announced the first quarterly results for its new reinsurance arm.
Brookfield Asset Management Reinsurance Partners – known as Brookfield Reinsurance – recorded net income of $2 million in the three months to the end of June 2021, it announced late last week. This brought the business’s six-month income to $5 million.
The business also announced a dividend of 13 cents a share, to be paid on 29 September.
Brookfield Reinsurance was created in June this year to bring together the parent company’s existing insurance and reinsurance brands, including the Brookfield Annuity Company (BAC) in Canada and Bermuda-based North End Re.
BAC closed on seven pension risk transfer deals during the second quarter of 2021 and since the end of June has added a further eight transactions, meaning the company’s pension insurance assets will soon reach $40 billion.
Sachin Shah (pictured), CEO of Brookfield Reinsurance, said the results showed the new company was “off to a strong start”. He added that “we have significant capital available to deploy into a large pipeline of investment opportunities as we grow this business”.
Last week, Brookfield Reinsurance agreed to acquire American National in a deal worth more than $5 billion.
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