Brookfield (BN) Q4 2024 earnings summary

Executive summary

• 2024 distributable earnings before realizations reached $4.9B, up 15% per share; total distributable earnings were $6.3B, up 31%.

• Asset management generated $2.6B in distributable earnings, wealth solutions $1.4B, and operating businesses $1.6B.

• Net income reached $1.9B; net income attributable to shareholders was $641M, compared with $1.13B in 2023.

• Returned $1.5B to shareholders in 2024 through dividends and buybacks; the quarterly dividend rose 13% to $0.09 per share.

Financial highlights

• Asset management fee-bearing capital rose 18% to $539B, while fee-related earnings increased 17%.

• Wealth solutions distributable operating earnings were $1.4B, nearly double the prior year; annuity sales reached $19B and insurance assets exceeded $120B.

• Operating businesses generated $1.6B in distributable earnings; renewable power, transition and infrastructure FFO rose 10%, and core real estate same-store NOI grew 4%.

• Nearly $40B of assets were sold in 2024; realized carried interest was $403M, disposition gains from principal investments were $1B, and unrealized carried interest totaled $11.5B at year-end.

• Ended 2024 with $160B in deployable capital, including $68B in cash, financial assets and undrawn credit lines.

Outlook and guidance

• Management expects continued positive momentum across business lines and increased transaction activity in 2025.

• Final closes for flagship funds and active capital deployment are expected to support further earnings growth.

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

• Growth targets include 17% annually from the existing platform and potential 25% CAGR over five years including monetizations.