Brookfield Corporation (TSX:BN:CA) Q3 2023 Results Conference Call November 9, 2023 8:00 AM ET

Company Participants

Angela Yulo - Vice President

Bruce Flatt - Chief Executive Officer

Nick Goodman - President, Brookfield Corporation

Conference Call Participants

Mario Saric - Scotiabank

Ken Worthington - JPMorgan

Cherilyn Radbourne - TD Cowen

Sohrab Movahedi - BMO Capital Markets

Mike Brown - KBW

Operator

Hello, and welcome to the Brookfield Corporation Third Quarter 2023 Conference Call and Webcast. [Operator Instructions]

I would now like to hand the conference call over to our first speaker, Ms. Angela Yulo, Vice President. Please go ahead.

Angela Yulo

Thank you, operator, and good morning. Welcome to Brookfield Corporation's Third Quarter 2023 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, President of Brookfield Corporation. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to take questions, we ask that you refrain from asking more than two questions.

I would 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 law. These statements reflect predictions of future events and trends and do not relate to historic events. They are 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, Angela, and welcome, everyone, on the call. Results for the third quarter were strong as our business continues to generate growing cash flows and resilient earnings. Distributable earnings before realizations were $1.1 billion in the quarter and $4.2 billion for the last 12 months, representing an increase of 11% per share year-over-year on a comparable basis. We continue to benefit from our leading position in the fastest-growing asset management classes in alternatives today.

Across both our asset management business and our scaling insurance solutions business, the franchise is capturing increasing allocations from institutions, pension plans, sovereign and individuals towards real assets and private credit. And the increasing allocation of alternatives is coinciding with our growing retail and wealth distribution channels, which today are raising approximately $800 million a month and should grow to $1.5 billion a month by mid next year from retail and wealth distribution only.