Subject: Re: BN 2024 Q1 Results
Management says the insurance business, now renamed Wealth Solutions, is rapidly growing and is now positioned as a top three provider of annuities in the U.S., with assets of over $100 billion and capabilities to write $20 billion of policies annually! DE grew from 145 million in 23-Q1 to 273 million in 24-Q1.

Does anyone have more insight into this. How can you start from scratch and within a few short years, only with a couple of acquisitions, become one of the top 3 annuity providers? What happened to familiar names like MetLife, USAA, Allianz, New York Life, Prudential, etc. What about Berkshire? In any case, I don't doubt it's true. Kudos to management for driving such impressive growth.

Over the last 12 months, 450 million was paid as dividends. 854 million was spent to repurchase 23.4 million BN common shares. This means average repurchase price was 36.5 which is a great deal given we are now sitting at 44.

Common shareholder's equity at quarter end was 40,477 million. Dividing by 1606.9 million diluted outstanding shares at quarter end gives 25.19 as book value per share.

BAM fee bearing capital now 459 billion, up from 431 billion a year ago. As of quarter end, BN owns 1222 million BAM shares representing 75%. But I think this will go down as a result of the AEL acquisition which closed last week. I think we will end up with 73% or so BAM. Someone correct me if I am wrong.

Plan Value (management's view of per share value) is now around 84. No surprise current price is approximately half that.

Ownership in affiliates has remained steady at 46% interest in BEP, our 26% interest in BIP and our 66% interest in BBU. Of course BPG is wholly owned and seems to be doing okay overall.

Time to buy aggressively is when extreme pessimism is prevailing, blood on the streets, short reports are floating around, etc. Of course easy to say, hard to practice. Recent run up is the latest example. From low tick of 28.84, fittingly on Halloween day (Oct 31), price is now up 53%. Still below the early 2022 ATH though of around 50 which adjusted for inflation is around 55.