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Brookfield Reinsurance (NYSE, TSX: BAMR) has completed a special distribution of shares from Brookfield Asset Management Ltd. to holders of its class A exchangeable and class B limited voting shares. The distribution, executed as a return of capital, reduced the par value of these shares by US$5.481. Additionally, the company announced its name change to Brookfield Reinsurance Ltd., with trading under the new symbol BNRE starting on December 14, 2022. No action is required from shareholders regarding the name change.
Brookfield Reinsurance (NYSE, TSX: BAMR) announced a record date of December 2, 2022, for a special distribution of shares from Brookfield Asset Management Ltd. to holders of its Class A and Class B shares. This distribution is tied to a transaction that will split Brookfield into two companies. Shareholders will receive one Manager share for every four shares held, with the distribution expected around December 9, 2022. Following this, the company plans to change its name to Brookfield Reinsurance Ltd. and its trading symbol to BNRE.
Brookfield Reinsurance (NYSE, TSX: BAMR) reported strong financial results for Q3 2022, with net income of $223 million compared to a loss of $6 million in the same period last year. Adjusted equity rose to $4.7 billion, while distributable operating earnings surged to $159 million from $3 million in Q3 2021. The company enjoyed a robust liquidity position, holding over $23 billion across portfolios. The board declared a quarterly distribution of $0.14 per share, to be paid on December 30, 2022. The results reflect improved investment income and contributions from its Direct Insurance business and Pension Risk Transfer segment.
Brookfield Reinsurance (NYSE, TSX: BAMR) announced a special general meeting for shareholders on November 9, 2022. This meeting is to authorize a Special Distribution of shares as part of the Brookfield Arrangement, where Brookfield will distribute a 25% interest in its asset management business. Shareholders will receive Manager Shares without exchanging their current shares. If approved, Brookfield Reinsurance will also change its name. The impact of this arrangement is expected to maintain the economic equivalence of Brookfield Reinsurance Class A Shares with Brookfield Shares.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” (Excellent) for Brookfield Annuity Company, a wholly owned subsidiary of BAMR. The stable outlook reflects strong balance sheet strength and adequate operating performance. Brookfield Annuity has demonstrated a solid execution track record, with significant capital support from its parent company. The company is expanding its market share in the Canadian pension-risk transfer market and has developed a robust reinsurance program.
Brookfield Reinsurance (NYSE, TSX: BAMR) reported strong Q2 results for 2022, following the acquisition of American National for $5.1 billion. Total assets grew to $41.0 billion, bolstered by $1.0 billion in new premiums from Pension Risk Transfer (PRT) transactions. Distributable Operating Earnings soared to $46 million compared to $3 million last year. Net income reached $1 million, while the company declared a quarterly distribution of $0.14 per share to be paid on September 29, 2022. With $1.9 billion in corporate liquidity, Brookfield aims to capitalize on rising interest rates.
BROOKFIELD, NEWS, May 12, 2022 - Brookfield Reinsurance (NYSE, TSX: BAMR) reported strong financial results for Q1 2022, achieving net income of $128 million compared to $3 million in Q1 2021. The company closed 7 transactions in its Pension Risk Transfer business generating $109 million in new premiums. Distributable Operating Earnings reached $13 million, up from $1 million year-over-year. The acquisition of American National Group is set to close soon, enhancing assets under management to $45 billion. A quarterly distribution of $0.14 per share was declared, payable on June 30, 2022.
