Brookfield Corp Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Geoffrey Kwan - RBC Capital Markets, Research Division - Analyst : My first question is just on the real estate side. FFO was, it looks like, essentially flat quarter-over-quarter. Do you think we've seen some stabilization in the FFO in the real estate side? And then also, approximately when do you think the FFO will increase to a level that essentially kind of matches what the quarterly distribution (inaudible)? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 10, 2023 / 2:00PM, BN.N - Q2 2023 Brookfield Corp Earnings Call

Question: Geoffrey Kwan - RBC Capital Markets, Research Division - Analyst : Okay. When you kind of say medium term, is that maybe, like, a couple of years type of thing?

Question: Geoffrey Kwan - RBC Capital Markets, Research Division - Analyst : Okay. That's fine. I just wanted to make sure I understand that. And then my second question is you mentioned on last quarter's earnings call that if you were to do a substantial issuer bid, you'd most likely want to do some sort of monetization to help finance it. Given the discount to NAV still remains very wide, just wondering if you have an update on appetite to potentially do the substantial issuer bids in addition to the normal share buybacks that you've been doing, and I know that there was some insider buying that also came out post Q1 results.

Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst : Just maybe dovetailing on the last question in terms of capital allocation, Nick, when you think about allocating $100 of free cash flow at the BN level, how would you rank kind of the risk-adjusted attractiveness of real estate debt repayment, insurance growth, share buybacks, seed capital in new niche fund products or co-investments in flagship funds today? What looks better on the margin?

Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst : Okay. And just a follow-up on that last point on the real estate financing side. It sounds like 2023 things are reasonable. When you look out at 2024, are there any concerns about equity injections in the refinancing of that year?

Question: Cherilyn Radbourne - TD Securities Equity Research - Analyst : I've got a couple of questions that pick up on the deep dive that you provided on insurance. Firstly, as you articulated, the acquisition of AEL is expected to substantially increase your organic origination capabilities. So I wonder if you could speak to the expected mix of organic versus inorganic growth to get from $100 billion to $225 billion and the relative attractiveness on the inorganic side of block transactions versus pension risk transfer versus M&A, just given the current macro backdrop? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 10, 2023 / 2:00PM, BN.N - Q2 2023 Brookfield Corp Earnings Call

Question: Cherilyn Radbourne - TD Securities Equity Research - Analyst : And then just as a follow-up, does the $225 billion target contemplate international growth? Or do you think you can get there in North America alone? And maybe with that, you could speak to some of the relevant differences associated with international markets.