Brookfield Reinsurance unveils first quarterly results

Brookfield Reinsurance has unveiled its first quarterly results, with net income of $2m in the three months to the end of June.

This has brought the business’s six-month income to $5m.

The unit was only created in June to bring together the parent company’s existing (re)insurance brands, including the Bermuda-based North End Re.

In the results a dividend of 13 cents per share has been announced, slated for a payment date of 29 September.

The new unit has $1.1bn in capital reserves as of the end of June with a return on this of 11 per cent.

In terms of coverage, Brookfield Reinsurance now has agreements in place to (re)insure over $40bn of policyholder contracts.

Brookfield Reinsurance CEO Sachin Shah said: “We are pleased to report our first quarterly earnings since the launch of Brookfield Reinsurance as a public company.

“We are off to a strong start, with agreements to manage $40bn of insurance assets, and we have significant capital available to deploy into a large pipeline of investment opportunities as we grow this business.”