Brookfield Corporation (NYSE:BN) Q1 2024 Results Conference Call May 9, 2024 10:00 AM ET

Company Participants

Angela Yulo - VP
Bruce Flatt - CEO
Nick Goodman - President
Sachin Shah - CEO of Wealth Solutions

Conference Call Participants

Mario Saric - Scotiabank
Ken Worthington - JPMorgan
Cherilyn Radbourne - TD Cowen
Geoffrey Kwan - RBC Capital Markets

Operator

Hello, and welcome to the Brookfield Corporation First Quarter 2024 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 first quarter 2024 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, President of Brookfield Corporation; and Sachin Shah, Chief Executive Officer of our Wealth Solutions business. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. And finally, Sachin will provide an update and the outlook for our Wealth Solutions business. 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 ask questions, we ask that you refrain from asking more than two questions. 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 US 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 US, and the information available on our Web site. And with that, I'll turn the call over to Bruce.

Bruce Flatt

Thank you, Angela. And welcome to everyone on the call. We generated strong financial results in the first quarter with distributable earnings before realizations of $1 billion for the quarter, and $4.3 billion for the last 12 months. This represented an increase compared to last year of 10%. The outlook remains strong with each of our underlying businesses continuing to execute their respective business plans, driving organic earnings growth, supplemented by strategic acquisitions. Of note, our Wealth Solutions business reached a significant milestone through its recent acquisition of American Equity Life or AEL. Our Asset Management business announced an important investment in Castlelake further enhancing our asset backed lending capabilities. And our operating businesses continued to deliver resilient earnings backed by strong demand for their high quality assets. Sachin Shah, the CEO of our Wealth Solutions business, is with us today and will spend more time on the AEL transaction in his remarks.