Brookfield Asset Management, Inc. (BAM) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 11, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Brookfield Asset Management Second Quarter 2022 Results Conference Call. Please be advised that today’s conference call is being recorded.

I would now like to hand the conference over to your speaker, Ms. Suzanne Fleming, Managing Partner. Please go ahead.

Suzanne Fleming

Thank you, operator, and good morning. Welcome to Brookfield's Second Quarter 2022 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, our Chief Financial Officer as well as Sachin Shah, CEO of our Insurance Solutions business.

Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results and finally, Sachin will give an update on our Insurance Solutions business. After our formal remarks, we'll turn the call over to the operator and take analyst questions. In order to accommodate those who want to ask questions, we ask that you refrain from asking more than two questions at one time. If you have additional questions, please rejoin the queue, and we’ll be happy to take any additional questions at the end, if time permits.

I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. securities laws.

These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

And with that, I'll turn the call over to Bruce.

Bruce Flatt

Thank you, Suzanne, and welcome everyone on the call. We had a very strong second quarter, reporting $1.5 billion of net income and $1.2 billion of distributable earnings for common shareholders, as well as record capital inflows. Earnings were underpinned by the essential and resilient nature of our underlying operations. The stability, diversity and scale of our business shows in markets like these. There was a significant amount of market volatility during the quarter, but even with the rate hikes we have seen, rates remain historically low-ish and we expect them to settle in a historically low-ish range in the fullness of time. We remained well-positioned to take advantage of potential opportunities with a record level of investable capital of $111 billion. The investing opportunities for businesses like ours continue to strengthen.