Brookfield (BN) Q4 2024 earnings summary

Executive summary

• Distributable earnings reached $6.3B ($3.96/share) in 2024, up 31% year-over-year, with distributable earnings before realizations up 15% to $4.9B.

• Net income for 2024 was $641M, and intrinsic value per share increased to approximately $100.

• Asset Management, Wealth Solutions, and Operating Businesses all contributed to strong earnings growth, supported by robust fundraising and capital deployment.

• Repurchased $1B of shares in 2024 and over $200M in 2025 to date, with $1.5B returned to shareholders in 2024 via dividends and buybacks.

• Record deployable capital of $160B and $6.2B in corporate liquidity as of year-end.

Financial highlights

• Asset management generated $2.6B in distributable earnings, with fee-bearing capital up 18% to $539B and fee-related earnings up 17% year-over-year.

• Wealth Solutions delivered $1.4B in distributable earnings, nearly double the prior year, with insurance assets over $120B and a 5.4% average investment yield, 1.8% above cost of capital.

• Operating businesses generated $1.6B in distributable earnings, with renewable power and infrastructure FFO up 10% and real estate same-store NOI up 4%.

• Monetized nearly $40B of assets in 2024, including $570M from U.S. manufactured housing and $2.8B from renewable power, with strong IRRs and multiples of capital.

• Realized carried interest of $403M and disposition gains of $1B, mainly from the sale of BAM shares to AEL shareholders.

Outlook and guidance

• Expect continued strong earnings growth in 2025, supported by robust balance sheet, liquidity, and a constructive market backdrop.

• Anticipate active asset monetization and deployment, with $160B in deployable capital.

• Board declared a 13% increase in quarterly dividend to $0.09 per share, payable in March 2025.

• Wealth Solutions annualized earnings projected to grow from $1.6B to $2B in the near term.

• Real estate earnings and valuations expected to strengthen as markets recover.