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BROOKFIELD, NEWS, March 23, 2022 - Brookfield Reinsurance (NYSE, TSX: BAMR) has filed its 2021 annual report, including audited financial statements for the year ending December 31, 2021, with the SEC and Canadian securities regulatory authorities. These documents are accessible on the company's website, SEC's site, and SEDAR. Shareholders can request hard copies free of charge. Brookfield Reinsurance specializes in providing capital-based and annuity solutions for insurance and reinsurance firms, along with pension risk transfer products.
BROOKFIELD, NEWS, Feb. 10, 2022 -- Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) reported financial results for the year ending December 31, 2021. The company managed approximately $45 billion in insurance assets, pursuing its goal of becoming a leading reinsurance provider. Highlights include $12 billion in large-block reinsurance agreements, a successful pension risk transfer business, and the acquisition of American National Group. Despite these advancements, Brookfield Reinsurance recorded a net loss of $44 million, impacted by unrealized losses and operational costs.
Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) announced the purchase of an additional 6,775,000 shares in American Equity Investment Life Holding Company (NYSE: AEL), increasing their stake to approximately 16%. This acquisition, completed after receiving regulatory approvals on December 29, 2021, was aligned with a prior investment agreement. The shares were purchased at $37.33 each, totaling about $253 million, based on AEL's adjusted book value as of September 30, 2021.
Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) reported significant progress in Q3 2021, increasing assets under management to $8 billion. The company closed multiple reinsurance and pension risk transfer transactions, including a $10 billion deal with American Equity Investment Life Insurance Company and $2 billion in deferred annuities. Despite a net loss of $6 million, funds from operations stood at $13 million for the quarter. In October, BAMR expanded its board with four new members to enhance strategic oversight and declared a quarterly return of capital distribution of $0.13 per share, payable on December 31, 2021.
Brookfield announced the appointment of Michael McRaith as Vice Chair of its Insurance Solutions business. In this newly created role, McRaith will oversee global operations aimed at aligning capital and investment solutions for stakeholders. Previously, he served as the first Director of the Federal Insurance Office and held leadership roles in various insurance sectors. Brookfield Reinsurance is expanding its platform, having announced an agreement to acquire American National Group for $5.1 billion, expected to close in early 2022, along with a $10 billion reinsurance arrangement with American Equity.
American Equity Investment Life Holding Company (NYSE: AEL) has finalized a reinsurance deal with North End Re (Cayman) SPC, a subsidiary of Brookfield Asset Management Reinsurance Partners Ltd. (NYSE: BAMR). The agreement involves ceding up to $10 billion in liabilities including $4 billion in statutory reserves for the 'IncomeShield' product and $6 billion in future reserves. The transaction will enable American Equity to transfer $3.8 billion in cash and release over $200 million in capital, enhancing its flexibility for future annuity growth.
Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) has completed a significant reinsurance deal with American Equity Investment Life Insurance Company, covering up to $10 billion in annuity products. This includes approximately $4 billion of in-force policies and an additional $6 billion to be reinsured on a flow basis. Brookfield Reinsurance currently holds a 9.5% equity stake in American Equity and plans to increase its ownership to between 15% and 19.9%, pending regulatory approvals. This strategic move enhances Brookfield's position in the reinsurance market.