Brookfield Corp. Profit Rises as AEL Deal Boosts Wealth Unit
- Investment firm’s earnings climb about 10% to $1.1 billion
- Real estate posts decline; firm buys back $800M in stock
Bruce Flatt, chief executive officer of Brookfield Corp.
Photographer: Betty Laura Zapata/BloombergThis article is for subscribers only.
Brookfield Corp.’s earnings climbed in the second quarter, lifted by strong results in its wealth and insurance business, which offset a dip in real estate profits.
The Toronto-based investment firm, which owns a majority stake in Brookfield Asset Management, reported distributable earnings of $1.1 billion, or 71 cents a share, excluding gains on asset sales. That was an increase of about 10% from the same period a year ago.