Brookfield Corp Q3 2025 Earnings Call Transcript

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

Question: Michael Cyprys - Morgan Stanley - Analyst : If we think about the pillars of your success over the years, I think it's been your ability to adapt the business and innovate in recent years. You've added Wealth Solutions; you continue to grow that. But recently, you've made some partnerships around AI, humanoid, partnership with Figure as one example. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2025 / 2:00PM, BN.N - Q3 2025 Brookfield Corp Earnings Call So I was hoping you could talk about how you see humanoid and AI broadly potentially creating another leg of the stool for Brookfield over time. I remember at your Investor Day, I think, embedded in your 2030 DE guide was about $2.6 billion of DE from capital allocation. Maybe you could help unpack the components there and how you think about other different contributors over time?

Question: Michael Cyprys - Morgan Stanley - Analyst : Okay. Thanks. And then just a follow-up question on Wealth Solutions. So you signed the first reinsurance agreement in Japan, expanding your global footprint. I was hoping you could talk about that arrangement? How you see that contributing? What's the scope for others in Japan as well as elsewhere around the world? Maybe you could just update us on your global ambitions. Clearly, you have that transaction underway in the UK.

Question: Mario Saric - Scotiabank GBM - Analyst : Coming back to the Wealth Solutions business, Nick, I was wondering how long do you think it may take to get to your approximate 200-basis-point target net investment yield spread? And then secondly, how should we think about the evolution of gross versus net insurance lows? I think in this quarter, it was -- the net was about 40% of growth. So just curious on what your thoughts are on those two items.

Question: Mario Saric - Scotiabank GBM - Analyst : Got it. Okay. And then my follow-up, just with respect to the recently announced Oaktree acquisition, has the composition of the $3 billion purchase price between BAM BN shares and cash, has that been settled? And how do you see the transaction impacting the velocity of BN share repurchases going forward, if at all?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Just maybe zoning back to trajectory of the insurance business, so really good growth. So the sales are coming through nicely. On the spread, though, and I hear your comment around the ROE. But the spread, I think in annuities was 165 basis points this quarter. So maybe help us think through the near-term dynamics over the last maybe 12 to 24 months on the trajectory of that spread as you start to earn your way back towards the targets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2025 / 2:00PM, BN.N - Q3 2025 Brookfield Corp Earnings Call

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got you. Thanks for that. And then for my follow-up, we will just maybe stay with insurance. Can you spend a couple of minutes maybe on how you're progressing towards closing the Just acquisition? I know there's probably a lot of limitations to what you could say publicly. But as you were to frame the spread-related earnings contribution and then strategically, how you think this could accelerate growth of your presence outside the US and PRT markets in UK and Europe broadly, which would be helpful to understand what this deal could mean financially for the business over medium term.

Question: Kenneth Worthington - JPMorgan Chase & Co - Analyst : You've talked in the past about 2025 being a transition year for [carry]. You've talked about the improved outlook going through 2030. Given what continues to be -- continues to look like a better M&A environment and a better realization environment with better valuations, can you talk about how carry generation is shaping up for 2026? And then maybe wrapping the follow-up in the same question, as we think about realizations, how is the outlook developing for realizations on balance sheet versus realization in the Brookfield funds as you think about the intermediate term outlook? I guess, I'll be vague like that.

Question: Sohrab Movahedi - Bank of Montreal - Analyst : Okay. Thank you. I just wanted to go back to the earlier remarks about, broadly speaking, the three types of economic environments that could play out. I think Bruce was talking to that. And I understand the implications of those from an investing perspective. Is any one environment of those three better than the others from a fundraising perspective? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2025 / 2:00PM, BN.N - Q3 2025 Brookfield Corp Earnings Call

Question: Sohrab Movahedi - Bank of Montreal - Analyst : Okay. I appreciate that. I just wanted to see if there's a likelihood in a scenario, some of the targets that would have been discussed, let's say, at the Investor Day could actually get upgraded --

Question: Dean Wilkinson - CIBC World Markets Corp - Analyst : Nick, I guess, when you look at growth of the business over time, do you hit a point where you start to worry about the law of large numbers? I mean the ability for you to put out capital is seeming to exceed the rapid rate that you're growing BN and BAM, and everything together. Is there a point where that flattens out? Or do you think that those opportunity sets are going to continue to grow quicker than you can actually grow the underlying business?

Question: Jaeme Gloyn - National Bank Financial Research - Analyst : Thanks, and sorry, I jumped on late, so I apologize if this was addressed. But in the Wealth Solutions business, just looking at the annuities, distributable earnings from annuities stepped down a little bit quarter-over-quarter, year-over-year. Hoping you can talk through a little bit of the moving parts there? And as well as the -- looks like a 10-basis-point step down in the yield on investments in that portfolio.

Question: Jaeme Gloyn - National Bank Financial Research - Analyst : Okay. Thank you. And the yield --? Sorry. This is just cash (inaudible)