Brookfield Asset Management (BAM) 10 Nov 222022 Q3 Earnings call transcript

Good day and thank you for standing by. Welcome to the Brookfield Asset Management Third Quarter 2022 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded. to Fleming. conference like speaker to now Suzanne today, would hand over the your I ahead. go Please

Thank you, good conference operator, and call. quarter Brookfield's XXXX third morning. Welcome to

And our and Flatt, On business Corporation; Brookfield update, will results. our management the two than financial After refrain giving who Bruce to Chief asset operator In our overall our to Bahir, one Chief are will call want of at questions, Manios, our walk Bruce turn questions followed who Officer the questions. Management the and ask Executive over Financial you finally, by from will order today we discuss asking Nick Bahir results Officer; those that time. you and a Asset Nick to Financial Officer, start Goodman, take analyst more Chief by formal of operating remarks, our call accommodate business. the through we ask Business. off

please queue, to and and make not may such remind statements. to Canadian within These you the in today's trends questions, events. forward-looking future permits. initiatives materially results from relate statements, laws. the including to and to end, like forward-looking additional may at applicable and U.S. do financial new subject and and of They're and statements have known including operating risks, our in I'd events and comments rejoin securities and meaning future of differ statements predictions if questions historic discussing be unknown you and happy reflect that we take additional the questions If time any to performance, responding we'll in events

on filings to Canada their risks these potential the I'll over see company, on information our U.S. and regulators and Bruce. in website. on And available that, securities call turn please the with impacts information the further with our the and For our

Thank and call. the Suzanne, you, on welcome everyone

We franchise. of of income resilience demonstrating distributable reported and and net the of quarter $X.X our third the results were strong, billion over Our diversification $XXX earnings.

of into significant amount in entered of In last with will addition results, in number to partnerships create these underperforming economic we while. backdrop where and to The bonds we capital markets a equities our the strategic the capital partners. alongside has continued volatility strong deploy

in contrary, to On to a and like the with slowdown. haven, bank world decline. peak months proven the eventually to be assets appeal a Dislocation has they markets should many. has real become economies are been major to further accessed set and next should recession, central safe a the induced to the private set Interest have be Rates available in their rates investors. experience financial many stabilize will enhancing six then for look less around capital

investable billion record types of and of Fortunately, with we the to capital current environment and thrive are a the in markets importantly to execute of skills level over more $XXX positioned well navigate these transactions.

makes liquidity access to our deep and with for partner Our companies. many expertise us an us apart extremely sets operating attractive combined

greenfield billion going X,XXX we trends bring of additional development with $XX announced billion of an acquire business. the tower a partnered just This our towards Deutsche opportunities billion of Telekom in may includes a hopefully of a to infrastructure We funding result of in partnerships de-globalization part is portfolio marquee competitive their in to half Germany what on forward. similar when XX% portfolio $XX.X and of one towers towers. over briefly. to our agreed of business. want only recently a beginning interest Our with chip chip few manufacturing we XX,XXX facility is and in to half a facility are through accomplish $XX This advantages recent with partnerships We Touching bear. Intel, manufacturing fund the strategic these Brookfield

and power our business billion private Cameco renewable equity group. following turnaround acquire successful with transition by for Westinghouse an to partnered incredibly $X Our

the of Fund complementary funds, forward also very for going this coming partnership with strategies. business our a Cameco. significant amount capital We our raising but about extremely in for continues excited flagship are and well, to with go

We the focused continue managers existing service new our to allocate to strong we our breadth clients have And wide consolidate been attracting successful offerings, and number see product to. of track and our clients deepening that they with record, capital client relationships business. of at

we'll wealth product continue also about on focus little to We here, talk a this offerings, on private enhancing but later.

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with have earnings date Additionally, of and from actively and attractive business directly returns are capabilities writing the cash increasing origination on acquisition the capital. through have to direct National, efforts delivered These we our the steadily are equity. obtained annuities new the American been very this deploying

what Beyond, expected launched years two business ago. we when we the

business, wanted you the our and those in Day of call for joined watched XX% our online. asset Brookfield of of to by Bahir. interest to our and I'll Investor over turn year. yesterday who special the Thank end management business. distribution this the distribution us and at turned listing who the at to and call our the track highlight meeting, now remain complete listing Thank follow you over, I or that I to We Before the on shareholders proved

had quarter and growth and resiliency Thank good everyone. to its deliver management continues excellent that you, out report prove to strong and the cycle. to profitability ability Bruce, Great. I'm through morning, and business pleased asset our an

perspective, the the and it had three I'll great fronts. a on noted, results. number my initiatives remarks fundraising side progressed financial update quarter all As a from business strong delivered Bruce provide innovation on an a in of product

on ever. we best from a First, fundraising remain perspective, our to deliver year track fundraising

driven was cash of first shelter private our and offer billion of fund, approximately of our predominantly the Since during at we XX respectively. the flagship capital markets. to billion. and and predominantly quarter, sums real equity large flagship flows, asset inflation which provide allocate times the for that $XX to financial volatility continue clients of stand strategies Our fund, protected end in by last six billion X.X which infrastructure our now had This closes inflows fifth contracted

fundraising finished real also estate for fourth billion and $XX flagship raised We our for strategy. have the fund

our complimentary raise In addition, continue we to across other capital strategies.

close specializes and during fund opportunistic periods of our market no next the capital third for this capital the for fundraising during broader had time debt a scarcity vintage franchise infrastructure be volatility, to recently in investing $X We and of infrastructure super we credit flagship first the billion billion raised launched our Our and fund. This strategy, core expect along $X.X with of fund different. quarter. Oaktree period

vintage, target the $XX is the opportunistic fund stood billion. Our for next prior which larger be at credit than to

initiatives, of As the ended with result $XXX billion up capital, these all XX% bearing compared a we prior quarter to fee of was year. the almost which

front, infrastructure to believe last as Fee debt XX strategy and innovation to strength strong. of private very and were wealth they earlier in highest product infrastructure $XXX exposure for private investors as a continue with have designed respectively great we portfolio channel invest a funds, to in perspective, equity balanced our credit, similar that designed the launched are providing clients related product private up. our ability remarks, potential results and focus focused We estate investments. in public other for prior as quality recently alongside for representing my to financial distribution there's months, solutions period. on the million investors increases give of noted our private steadily performing I institutional We products product quarter the in will the on a newest a over earnings wealth, billion and scaling XX% and the well infrastructure. XX% the On real were this leveraging this over we that $X.X From our

fee Our on were business. the continue up focus year period earning as last months, as XX% we related we from to discipline our comparative cost over prior unchanged XX the margins scale

revenues. have of in raise our addition continued a capital earnings fee catalyst growth to billion $XX will for our capital, in fee to that committed our come. fee latest when In the approximately million capital be current related will invested across annual strong This, to series, we flagship for to translate incremental $XXX of addition bearing years

the to positive $XXX strategies of year. Asset from supported $X combined million exposure the minimal our up revenues resulted we interest accumulated during continue We total as our to benefit of impact from be in carried and interest of business unrealized managed across currently by securities, That demand valuations growing last same almost XX% carried store is billion, have with quarter. which generating inflation. the higher public

de-risked we continue activity, of investment on a performance of quality execute Moving monetization monetizations high number and to to on assets.

approximately agreed we IRR and in the on our of realizing private During six sale equity an Westinghouse XX% quarter, capital. times of the multiple a business,

real has market high across Our initiatives Melbourne, of slowed, pipeline recycle continues our property quality pace sale broader although remains assets the business in our capital, capital an the and estate office monetization of including of recycling in to strong. the mature

our significant well visible across renewable forward, assets. support corporation we on as from remains reap preeminent access we'll both of to the continue allocation maintain look strong as from estate our which size Furthermore, benefits benefit manager as and forward. Insurance build and highly to Solutions fees going business, synergies and power, continue and infrastructure, we our very capital with as propel growth should fund to position As profile the the to real transition, growth, capital

that So activities quarter. the recap our was a on for

Nick, few the the and shareholder before proceed our XX% in special to manager interest thought Yesterday, the to listing approval asset received business we of I management hand call speaking year. the of I a the I'd our upcoming distribution contribution about end special Before the business. with off a spend of minutes

the this the a you trade the the year, existing Brookfield from for trade is of shares receive while double count reminder, five platform Management fee-related to own every its the over trillion $X the Brookfield company now. of to The listed market-leading growing manager today a under later today. of this the share of newly BAM, than annually Corporation today, next billion count manager symbol company. symbol billion The $XXX five called trade years, roughly today quarter one more fee-bearing Brookfield when under billion to will the manager be over to and manager Brookfield that begins be four earnings, $X on-track is directly you translating BN. from share As to from to Consequently, Asset business be will business of and share a will global $X will capital years renamed of

a require upside and minimal of Company by be rate will from XX% related company flow amount anticipate generates, be interest attractive fees fee on earnings. the will but We it fiscal gross as funds. out payout the believe that communicate of to brief in XX% and a manager of our manager the predominantly addition the recap, underpinning carried strategies. management are We the over this this our of highly-predictable flows start manager profile dividend underpinned position to for will on out In cash generated to a held receive will story December. at capital new will of trading cash one the earnings dividend target laid distributable a for of approximately derived XXXX strongly profiles the from dividend September, this of most before ratio Investor that will its there. Day the The We being perpetual dividend long-dated a have in from dividend the market in as two-thirds

debt significant our to will earnings very of a grow gate a by strong anchored fee-related sheet out sheet. five right liquidity billion plan trajectory position of we almost the cash with And as XX% $X year XX% a strong has have growth this no the that dividend will period. balance by on expect We finally, over the be to and balance

I'll and your and pass on And so you that, for this time to morning, attention with Nick. it thank

stable is quarter to XX% of and the billion were that's results due for for good the businesses. and and the protected $X reiterate compared over quarter Distributable XX% respectively. $X.X XX last financial of billion and earnings months. last our FFO and billion comments, Bahir, year. $XXX $X.X inflation The billion cash asset the quarter billion They realizations before everyone. the and income quarter. high-quality structures. Thanks, million net last $X.X during and generate essential underpinned nature conservative and strength DE capital predominantly flows, XX were were $X.X previous earnings the up excellent and or over DE the were To contracted by the the months, to for morning, our respectively

reminder, by largely currency a on capital debt underlying fixed of risk cash asset of our grade an strive that minimize to the the investment the the basis, of we flows. structures As matching always rate financing to

seek also currency portfolio market developed to most We against levels months. perform to our asset well. last have residual is that of equity, exposure been hedge result affected in hedge the continues the resilient currencies, high maintaining XX a which The

As this mentioned earlier, continues our our well Bahir clients benefit model capital. to as own as

or business. our year were growing our economic for from higher strong investments portfolio, our we providing cash you for retail to of ability driven of prior period. backbone the pass positions robust, continues pricing performance through continued infrastructure, in noting the growth is Distributions our it benefit investment business very are flows Solutions especially either contracts, in impressive for stable renewable a leading increase as ramp portfolio consumers. office billion is to power year. growth The $X.X in of These on essential insurance on our investments generate the our strong the As to asset expand it across Insurance many underlying inflation businesses continues results the growing up seen when the services, to to by to of have space, store are and increase XX% prior increases has from our values operating million, the indexation market our we compared it the premier whole investments. own or that growth the real be our physical the been substantial worth quarter, also the growth businesses, and also consider Operating its management recent Across contributions backdrop. demand of largely franchise, same and solutions $XXX The acquisitions FFO was XX% was presence. the

were of large for markets percentage a date operating rates, While provide operations in results fixed partially our offset interest our impact to natural has certain these by performance worth is the and insurance businesses, of and very been to it that these, strong. strong underlying of a higher of rate rates that like the hedge is debt our noting business

over buybacks distribution and we've to shareholders contribution liquidity its first well of ability environment our has to to return totaled billion ended business second quarter such returned largely billion rising $X.X therefore and Our capital includes Insurance positioned uncalled value. commitments. from and Since month of almost and reflecting business generating National. of depending we Further, what where our alternative growth now, the an has manager from have business, Solutions the you dividends, billion you quarter, bought end deployable it with approximately rate the of returns. our with of American share until million This with of $XX had earnings, next quarter beginning and liquidity capital long-term $XXX strong to fund $XXX the We the why we combined to and believe deploy at the billion This sitting the approximately a core on This cash excellent billion of very the $XX capital. into view, to record will $XX million potential benefit is regular earn shareholders. which fuel distributable is amount been XXX last back $XX strong how we months, insurance XXX shares. special significant XX Over strategies quarter, our million; of demonstrate receive, current

opportunities scale should to interesting very ability to combined forward, leverage well As we show look our investment something do are this and liquidity proprietary up. large positioned to source that with we

I of and to like end call pass Finally, would for thank to the our shareholders on $X.XX of the to confirm to pleased am dividend of December Board quarterly I you the has to a as back record time, I want now of that for operator share, XX. questions. Directors at business declared at your the a close November of payable

TD first Instructions] Cherilyn from will question from [Operator Radbourne Securities. come Our

open. is line Your

the where in it And you're is follow more first something term. respect is secondary expectation clearly near the there's more where Is GP BAM is more preparing My with of question activity LP activity should that? focus market that an to that for? logical

say, Cherilyn. I Bruce, more less them. just more it's those quote And of come with versus think I'd to look, Yes, during the, times capital capital availability availability, capital, opportunities

assets a by and even vehicles -- up So, wind make selling GP continuity when more fund I think sense. outright can't

expand So, to much greater forward business. opportunity I our think looking to there'll continue be

So, good I think be it'll time.

you the baked of could platforms in listed terms was how in retail of little terms channel, expand on year and there wealth advisors bit of you're five from then just receptivity on kind plan how maybe seeing retail your many in into the much of products And a alternative you're terms inflows?

Nick. it's Cherilyn, Hi,

we're the So, developing that advancing more is laid products. which listen, we initiatives out,

Our REIT, channels. know, now the RIA expanding on and into as XX non-traded right also platforms is you

is have going which first BDC, and resonate it recently time infrastructure products. what and of over about and with there retail distributing And we wealth the of been we takes And believe we've the well performing the access billion $XX our which that's to product. well an know next for deviated on Investor $XX stage our Day and out to time. our the well, performance, five in stage We years next and five achieved, years just out achievable. billion we non-traded we the now in out from getting had think to getting product. full which it's of Oaktree that's product through still as process about over is with channel which laid of We very now and we growth the the channels, about capabilities really change REIT that's that was And scaling And very has not product, getting the up. suite good or launched their the the has the this are providing it's

for One our next from you. will Thank come Morgan. question question our moment Ken And please. Worthington from next JP

is open. line Your

on Hi, U.S. for how point, characterizing for thank corporate in give could morning, taking my if real in building Bruce. estate and love Maybe of path the Brookfield? and market forward the for to estate real market? parts XXXX both the question. the the flavor real in U.S. the good retail this you hear you I'd some us see you at And first estate how you're

So, that's take a points. while, try I'll to a couple pretty broad a could I question. of give but you

the think -- number two one estate I point the market estate almost real there, tale it's of real is, cities.

been, think environment, this office it's are some between is things these lenders And always it I the in Now to has industrial, back real are say, everything trouble, things. to have bit. are in lower going plowed handed no they and it's I or priced, has things, going gap but to of And would be quality recapitalized poor there not and premier estate going assets get things or widened poor quality to occur. and whether retail and going residential, you're the those down to

of the So market. one that's sector

or generally the category On our best fit the other in the assets the of best. of hand, predominantly

all more in up you give classes We estate Retail the in best. today in the high and quality had in on before than sales Office and anecdotes. XX% are broadly of in have a of quality numbers, centers up what side, like just to couple going on space centers York the are have the real are markets asset they rents COVID. that, rents getting pre-COVID pre-COVID premium assets from And even a strategy best were expected where XX% U.S. across higher focusing always but from we them. major shopping of some are high New

more 'XX, premier think answer it's the last always for so in best in and in going quality is So, exacerbated even real and to part been on always this the wins wins the estate it I forward the story has focused your and always race and environment environment. of question to this and

say, our just is good. very is doubt There no would higher. I rates business are So, interest

on didn't you assets transitional the if floating some rate revenues them, fixed inflating financing with are So, hotels financing but have assets as have in well inflation. rate or like

you get these inflation sensitive eventually. and income So, are back assets

the very So, and environment. I'd constructive is things about number are quite side, to of acquisition say, positive do. there we on a interesting the And

Thank Nick. you. And for maybe then

outlook, the are On margin of very significant flagship fundraising incremental growing. business. is in a funds are you margin, that assume We cycle. high but the midst investing the are perpetual you this in The

and it's and expense that about Asset think So, margin Corp think but we the outlook is to the expect? how Management and as what the Brookfield question the co the different, even between going spin we and Brookfield should about allocation we margin extent outlook about should forward, really hold

over Thanks, the guidance Listen, outlook I long-term. the Ken. think us really from Yes. margin changed hasn't

guided XX. around Oaktree right we've XX, Brookfield, you in For to that's include XX, now are we which where roughly when

cost the You loaded flagship, on we're ahead this for fundraising of round The But might we the cost are as continuing the revenue obviously you for see incurred the looking the really the growth people invest clients, the investments. now done see to the capital, business. you'll coming up also almost with raised of their in expansion people additional and because seats in fundraising. some in the service and of margin have short-term through. said, in extra to have a been We've few we're but

consistent given that outlook last the margin to you guide would I couple the So, for years. we've

from come question Blostein Instructions] our Sachs. And [Operator will Goldman next from Alexander

is open. line Your

of of at the where of do the outside from dynamics hoping you you into quarter flagships would about kind as of these forward capital more importantly, that's from? business and and the the coming quite where raise beyond. be Can unpack of /XX is into coming campaign, they the outside and the in think look contributions you How was you flagship mentioned of growth which strong. fundraising billion we And the flagship. help I dig could of Bruce, outside $XX some

rate at I'll the to complimentary end. this Alex, the our and flagships can up, you scaling clients. is in these growth Maybe seen proven struggle, the our is of going strategies strategies. inflation even the people lower some really think, to we're in stability the propel we've start talked Maybe close. with want infrastructure a Nick. resonate areas their if and lower underlying they income, but was environment, business I of what found first rising Bruce popular thought help in growth add protection our And risk strategy they focused about may Listen, of given the have had actually across strong really these be better debt of really off, the Hey and the we've which we've investments. a strong but very And demand

super REIT. And term long quarter even non-treated dollars strategies infrastructure, come estate and is across return. had inflation about estate in at core XXX the million core which real an to our protected billion perpetual debt in we Our real across

that lot say in, see So, investors coming attracting into come to clients benefit we're It's Brookfield new to I'd of are capital a also clients time coming and in investors Brookfield strategies. that from this of continuing the first another it's array abroad to this.

the long and think it's over really I down. contribution optimistic positive not for fundraising year accelerated its got has this slowed it's we're and If term. momentum really So, anything,

Great. around business. Thanks second is question the Nick. transition My

Day. been a Investor have at the billion roughly so deployed. lot global X deployment, transition believe at in or a committed pace outlined business If guys look growth or at of we You fund I secular of has the drivers already that

half that's think the of fund I side. almost

see the for guess you in quarters, global when thinking we about So given part needs market. X.X? capital set fund here and how next are about the transition should I deployment think of opportunity you over this the several

Yes.

So, whole needed fund the tremendous start with strategy was companies capital transition the on seeing invest that decarbonization to size. observation their and and are and the achieve the is listen effectively the enormous. is correct, opportunities behind vast, investors are a idea opportunities. large where some emissions they're amount Alex, that in your is pool amount in the the are This of efforts, committed of can very help are them of go And to the capital

deployment move lots pace will achieves our we on say as to that will that, for stuff the pace of work to is of X.X. good timing, returns at strong But of and yes, thoughtful, exact listen, so that we Hard going some be through are but And point will seeing clients. we then the opportunities. And we deployment target well.

One question for And RBC will you. next Thank Markets. moment question please. our next Geoff Capital our from Kwan from come

Your line is open.

wondering your just higher provide your sure for principle the of opposed any value sensitivity as or to was sensitivity sort plan is, rates? be if around opposed could I there's in to, to you carry? the plan I be interest value would Because NAV would think as investment to FRE your

right isolation, I could think I then believe fully impact, to interest take portfolio, now. down, we look say come at we If there we be have intertwined robust you when down. but inflation are that Listen, you interest right take were rates think two pretty that Geoff. when the environment. the could in Nick. comes our this now, rates And you with It's inflation closely rates in valuations then Hi, if combined an seem the

ability think I our we've So the feel on um, said, we pretty just for side. and as fund the about impacting private value it's fundraising not the investments good now, of

good environment. this So business we about feel in the

life it's but equity situation. And American just second on my I question, now, just that here materials not know

flow like initially. us you specifically regional you're the remaining can But also that the if the rationale agreements? provide for the sell to do under to that the requirements shares And planning Just color too will made. was decision any there's still wondering, for also new BAM not reinsurance looks

it's think lockup. there's because I a

you Just you'd as to sell have a other wondering as or there how plan is longer those can? soon wait to shares much

in sure it's too say, can Bruce, really businesses XXX a I just much. maybe So, because it I so investment context, But I'm I'll it's say to add those into answer not questions a much put can't is we have. to and just small company that it public

Sometimes large small press the sometimes events don't. ones catch

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moment question come One from please. Movahedi And from you. will Markets. for our next BMO next Sohrab our Capital Thank question

is line Your open.

interesting I source of leveraging be to increasing. you the would about and to get could give think Any Bruce, business, well? and to maybe maybe the large sort the including bone, showing just the what large investment talk as is something a kind as report. odds areas opportunities, meat chance bit good maybe direction a of on manager bit grow shareholder in of up would more opportunities, wanted what be you I jurisdictions of opportunistically us

will to clients. funds. that funds Yes, manager would of And a it's the a doesn't business one of corporation first look, in co-investor say of all, large asset, a can are large those many so such hopefully very an meaningful I very the that sponsored just or corporation or our piece by business money beside which from like may any and the one our all be other continue be put it into transactions time-to-time, of the take fit there beside funds the

we some odds On sectors businesses equities I So being favor, see, maybe purchase volatility and to into the environment seeing or some those more of and while top is that next the an one continue are creates twelve when opportunities think how XX%, the XX% to the the market. opportunities of markets and are that increasingly investing. maybe we'll extremely the of and come environment liquidity entities bottom-line down this imagined I'd say to go you ago. of that, in wouldn't over between look, we've opportunity point about persists, first see months where volatile thinking for the current many have issues there increasingly, And that while, been us, coming six, are

capital one available interesting is a a in what environment. be They do. and they don't having them we are. be great always could and daily of basis. liquidity that know So we will them there But be don't very when up this Most of I to think place on show

group the organic to doubling add then that out would to Would is that the that. acquisition to of fee related capital this that, the anything and there on manager, need just you Or leverage fee kind of you bearing and itself the will a us get there? earnings would follow-up full be a maybe wise? I mean, will if And you as think alike the by as get trajectory

you see that, just can think Yes, an Nick essentially out organic our add Having this. and businesses. this anything. Bahir can plans plans need our we add to our to is everything or of said to I build and But are don't add

along. come it increasingly other something have products think are come to time them. adjacent we areas excellent that But step-outs we they at us day of assess with we people as will time, could to and from things be we just look is I building our one an inorganic And breadth to plans. there and and

from Thank you. next come our Kuske One Suisse. please. next And for question moment Credit question from will Andrew our

Your line is open.

morning. some are coverage in the covering number us your client average I that Good color appreciated on investors and just be effectively just now you model of funds, the could the gist clients versus your And private benchmark you guess greatly of is, ticket question peer your Thanks. better if group. provide really size. it LP of It'd the how some you

information. while I think a it's you been have since that updated

client where fund. pension regionally, and can and with largest every clients CRMs expect, coverage of you Hi, maintaining and day with that do we with Listen, relationships our we Andrew, is coverage relationships it's a Nick. model run clients as the have lot global, client we building

dedicated insurance down and reinsurance our wealth then leveraging to well, investors business we right the ways as institutional through covering invest into the insurance clients our team have building a smaller we to time structure all funds help that our the to Sovereign strategies. expertise are for

to fund. the obviously, managing target requests service. channel. a that's reporting client And our around is solutions our And business retail for for we And effort our front every are then they're huge in so, the that's once clients. line and clients' investors the institutional that day supporting wealth And building

investors growing now, XXX growing. executives are today are significant invested is and by up from right also It's previous stepping It's manage of So, of a million maintain complimented a invested the size the and It's who approach regional significantly. that it's average about And Listen, average senior also effort. relationships. or time. up more also funds significant years. over

things do improving time existing we and with more client clients. more A, B, the to and So, try but are we target as coverage growing is obviously clients, the all continue

effort. continual So, it's a

maybe certain Are that dive bit little there at rate comments. a those where into coverage from to some others? a more. And Appreciate then a versus you're growing faster regions standpoint just

Canada Middle Not growing opportunity market a is penetration the a continuing Asia; necessarily. the is resonating be seem would relationships U.S. We're tailor for for we're and as that East we in new in very is still market the opportunity where grow still for and well Europe, to a the Listen, covered that well client expect. and think obviously there, products I I as you we're us. think significant Great to U.S. tremendous us.

the that's probably summary. So

Instructions] [Operator KBW. last take from with will question we Brown Mike our And

for the the we side And attractive assets So, I think inorganic path on how business, in forward? insurance some are the organic the guess inorganic there about market. and should

about how So potential insurance opportunities? you are partner thinking other

there that organic about There's every in that of out looking are for Europe of now annuity that companies U.S. the significant opportunities. a American an reallocating being really which and insurance a in data that earnings. credit market from grow day, still risk has the partner short partner point. very been and investing quality, sitting the short much short boost originating has Hey Mike, for significant cash short-term in we higher capital National it's From in Nick. is spread term perspective, growth expansion opportunities. them product to yielding growth into and the largely lot very Canada life been whole strong that still and a across investing was it's in the term in but a strategic platform, just organic have some trying obviously And we're can market And with we're looking and assets high with transfer be globally pension companies that and just to partnerships beinga just the combination products of the grow and good also And way. through insurance we into through and a position and building at building host a at earnings

inorganic through market strategic I'd in see American and and opportunities the So, National, blocks to we partnerships. the organic through and say comes pensioners largely continue through transfer

Thanks there, the then for the And Okay, color on Nick. great. insurance business.

dive some expect that How we should size, over a grows to in in here a can get Just quarters? it of think And as terms in contribution business? the that good opportunities the growth sound It more there. progress continue about does how more little there's near to like disclosure business bit term. on the can to in coming we

To yes. answer first, the second question

I opportunities, that But on and that's has more think continue grows it what in in of the disclosure. of capital XXX there more into FFO million. we're see million could decent expansion. increased XXX annualized allocate to further higher cash annualized As and a think to number And we were material, number we yielding this size the about will sort be quarter. becomes as in Listen, we of based I quarter quarter, seeing more

question-and-answer Thank remarks. to over for the Suzanne closing Fleming back conference. conclude session you. And that does today's And I'd for conference turn our like to any

end Thank everyone Thank today's operator. you, for with And you call. joining us. that, we'll

participation. call. you. your Thank conference Thank today's This you for concludes

You may wonderful day. disconnect. Everyone have now a