BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Brookfield Asset Management Second Quarter 2021 Results Conference Call. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Ms. Suzanne Fleming, Managing Partner. Please go ahead.

女士們、先生們，感謝大家的支持，並歡迎參加布魯克菲爾德資產管理公司 2021 年第二季度業績電話會議。請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，管理合夥人蘇珊·弗萊明女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield's second quarter 2021 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, our Chief Financial Officer; and Sachin Shah, Chief Investment Officer for Brookfield and CEO of our insurance business. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. And finally, Sachin will give an update on our insurance business. After our formal remarks, we'll turn the call over to the operator and take analyst questions.

謝謝您，接線員，早上好。歡迎參加 Brookfield 2021 年第二季度電話會議。今天參加電話會議的是我們的首席執行官 Bruce Flatt；尼克·古德曼，我們的首席財務官；以及布魯克菲爾德首席投資官兼保險業務首席執行官 Sachin Shah。布魯斯將首先介紹業務最新情況，然後尼克將討論我們本季度的財務和運營業績。最後，薩欽將介紹我們保險業務的最新情況。在我們正式發言後，我們會將電話轉給接線員並回答分析師的問題。

I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. Securities Law. These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

我想提醒您，在今天的評論中，包括在回答問題和討論新舉措以及我們的財務和運營業績時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國法律含義內的前瞻性陳述。證券法。這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類聲明存在重大差異。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。

And with that, I'll turn the call over to Bruce.

這樣，我就把電話轉給布魯斯。

Thank you, Suzanne, and welcome, everyone on the call. Nick Goodman will walk you through our financial results in more detail in a moment, but I am pleased to say they are good on almost every front. The market environment has been strong and continues to get stronger in most, if not almost all of our key markets we operate in. While a total reopening will not be without challenges, we seem to be on a good path and GDP growth remains strong. We are seeing this in almost all of our operating businesses.

謝謝你，蘇珊娜，歡迎所有參加電話會議的人。尼克·古德曼稍後將向您詳細介紹我們的財務業績，但我很高興地說，我們的財務業績幾乎在各個方面都表現出色。我們經營的大多數（如果不是幾乎所有）主要市場的市場環境一直都很強勁，並且會繼續變得更加強勁。雖然全面重新開放並非沒有挑戰，但我們似乎走在一條良好的道路上，GDP 增長仍然強勁。我們幾乎在所有運營業務中都看到了這一點。

Just to give you a few examples. In our infrastructure business, new connections doubled this quarter within our U.K. regulated distribution business, where we install and after that own household connections for water, gas, electricity and fiber. In our U.S. real estate business, tenant sales per square foot on average have now increased to higher than 2019 levels, not 2020 -- 2019 levels across our retail centers. In our private equity business, we saw our residential mortgage insurance company benefit from higher premiums earned supported by the continued strength of the housing market. These are just a few examples of which they are accomplished others across the business.

只是給你舉幾個例子。在我們的基礎設施業務中，本季度我們在英國監管的分銷業務中的新連接數量增加了一倍，我們在該業務中安裝了水、煤氣、電力和光纖的家庭連接。在我們的美國房地產業務中，我們零售中心的平均每平方英尺租戶銷售額現已增加至高於 2019 年的水平，而不是 2020 年至 2019 年的水平。在我們的私募股權業務中，我們的住宅抵押保險公司受益於住房市場持續走強所帶來的更高保費。這些只是他們在整個企業中其他人所取得的成就的幾個例子。

Capital markets remain very strong with strong levels of global liquidity and a search for yield driving demand. 10-year treasury, as most of you know, is in the low 1% range. It appears certain that interest rates will remain low-ish for some time. Overall, with a strong GDP growth backdrop and lower for longer interest rates, this leaves us well positioned to execute on our growth plans as we push further to assist our clients with capital and fixed income investment options. To that end, we recently announced a transaction to acquire 100% of American National, which will add a great base to our insurance businesses.

由於全球流動性水平強勁以及對收益率驅動的需求的追求，資本市場仍然非常強勁。正如大多數人所知，10 年期國債利率處於 1% 的低水平。看來利率將在一段時間內保持在較低水平是肯定的。總體而言，在 GDP 強勁增長的背景下，以及長期利率較低的情況下，這使我們能夠在進一步推動資本和固定收益投資選擇協助客戶的同時，更好地執行我們的增長計劃。為此，我們最近宣布了一項收購美國國民 100% 股權的交易，這將為我們的保險業務奠定堅實的基礎。

Sachin Shah, as Suzanne mentioned, is here with us today, and will discuss what our plans are with regards to reinsurance -- insurance and dispense transactions specifically. More broadly, across all of our businesses, our teams have been busy. While valuations are generally high, we continue to find assets for value. This is because we often find ourselves as a buyer of choice, given our operational capabilities, our bench strength across a number of industries, our access to large scale capital, and we can, therefore, execute on transactions swiftly and also our proven and long-term track record. So while the market is competitive right now, we're still very confident that we can deploy capital while staying disciplined within the business.

正如蘇珊娜提到的，薩欽·沙阿今天也在我們這裡，並將討論我們在再保險方面的計劃——特別是保險和分配交易。更廣泛地說，在我們所有的業務中，我們的團隊一直很忙碌。儘管估值普遍較高，但我們仍在繼續尋找有價值的資產。這是因為，考慮到我們的運營能力、我們在多個行業的基礎實力、我們獲得大規模資本的機會，我們經常發現自己是首選買家，因此我們可以迅速執行交易，而且我們的長期經驗也證明了這一點。 - 任期記錄。因此，儘管目前市場競爭激烈，但我們仍然非常有信心能夠在保持業務紀律的同時部署資本。

Moving to fundraising efforts. We've made significant progress with $24 billion of private capital raise since we last spoke to you, including 3 of our flagship funds, which are now in active fundraising. The capital rate so far includes the $7 billion orders of our founders closed for our inaugural global transition fund and capital raised as part of our initial close for our fourth flagship real estate fund of just over $9 billion to date. Compared to the first close of its prior vintage, this is more capital raise in a quicker time line and should lead to a much larger fund than last vintage.

轉向籌款工作。自上次與您交談以來，我們已在私募融資方面取得了重大進展，籌集了 240 億美元，其中包括我們的 3 只旗艦基金，這些基金目前正在積極籌集資金。迄今為止的資本率包括我們創始人為我們的首個全球轉型基金完成的70 億美元訂單，以及作為我們第四個旗艦房地產基金初步完成的一部分籌集的資金，迄今為止該基金的規模剛剛超過90 億美元。與上一年份的首次收盤相比，本次融資的時間更快，籌集的資金也更多，因此基金規模將比上一年份大得多。

Our latest private equity fund signed agreements for a couple of transactions. Recently, our latest private equity fund has passed the commitment threshold to start fundraising for its next vintage, and we expect that launch to happen soon. Deployment with our infrastructure fund -- large infrastructure fund is progressing well, and we're confident we will shortly complete the acquisition of IPL. This acquisition sets us up well to be in the market with the next vintage of our flagship infrastructure fund early next year and should be an excellent investment for our listed entity Brookfield Infrastructure Partners.

我們最新的私募股權基金簽署了幾項交易協議。最近，我們最新的私募股權基金已經通過了承諾門檻，開始為下一個年份籌集資金，我們預計這一啟動很快就會發生。我們的基礎設施基金——大型基礎設施基金的部署進展順利，我們有信心很快完成對IPL的收購。此次收購使我們能夠在明年初憑藉我們的旗艦基礎設施基金的下一個版本進入市場，並且對於我們的上市實體佈魯克菲爾德基礎設施合作夥伴來說應該是一項出色的投資。

We also expect to have a final close on our opportunistic credit flagship fund in the coming months with the final closeout of our $15 billion fund, the largest in Oaktree's history. And while we continue to scale up our flagship funds, we are also focused on expanding our client base and growing our product offering, designing and innovating new products to cater to our clients' needs, in particular, in this low interest rate environment. As an example of this, in July, we announced the creation of our private non-traded REIT, which we'll merge with an existing Oaktree REIT, which will assist us getting to market quicker, and it will be rebranded as Brookfield REIT. This private wealth product is geared towards private income-oriented investors in the focus in the United States, and we expect it will be very attractive in this wealth channel.

我們還預計在未來幾個月內完成我們的機會主義信貸旗艦基金的最終清算，我們的 150 億美元基金將最終清算，這是橡樹資本歷史上規模最大的基金。在我們繼續擴大旗艦基金規模的同時，我們還專注於擴大客戶群、增加產品供應、設計和創新新產品以滿足客戶的需求，特別是在低利率環境下。舉個例子，7月份，我們宣布創建私人非交易房地產投資信託基金，我們將把它與現有的橡樹房地產投資信託基金合併，這將幫助我們更快地進入市場，並將更名為布魯克菲爾德房地產投資信託基金。該私人財富產品主要面向美國的私人收入型投資者，我們預計它將在這一財富渠道中具有很大的吸引力。

Brookfield REIT will own high occupancy derisked assets with recurring cash flows, of course, which has been long a specialty of our real estate business. We hope to fully launch the strategy by the end of 2021, the flexibility provided by the privatization of BPY will be instrumental to this launch and the forward business plan for this product.

當然，布魯克菲爾德房地產投資信託基金將擁有具有經常性現金流的高佔用率、低風險資產，這長期以來一直是我們房地產業務的特色。我們希望在 2021 年底之前全面啟動該戰略，BPY 私有化所提供的靈活性將有助於該產品的推出和未來業務計劃。

Lastly, we completed or progressed a number of our key initiatives that we previously laid out for the business, including the spinoff of Brookfield Reinsurance Partners to you by way of a special dividend at the end of June and the privatization of BPY, which closed in July.

最後，我們完成或推進了我們之前為業務制定的一些關鍵舉措，包括 6 月底通過特別股息的方式將 Brookfield Reinsurance Partners 分拆給您，以及 BPY 的私有化（該計劃於 2017 年完成）。七月。

Thank you all for your continued support, and I'll turn it over to Nick to discuss the financial performance.

感謝大家一直以來的支持，我會將其轉交給 Nick 來討論財務業績。

Thank you, Bruce, and good morning, everyone. Performance for the second quarter was very strong. We recorded $1.2 billion of distributable earnings, supported by growth in our asset management business and steady distributions from our principal investments. Momentum in our asset management business continues to grow, supported by a very constructive economic backdrop. Our flagship funds are growing in size. We're developing new products that are being well received by the market, and we are investing in our distribution capabilities to reach and serve more clients.

謝謝你，布魯斯，大家早上好。第二季度的表現非常強勁。在資產管理業務的增長和主要投資的穩定分配的支持下，我們錄得 12 億美元的可分配收益。在非常有建設性的經濟背景的支持下，我們的資產管理業務勢頭持續增長。我們的旗艦基金規模不斷擴大。我們正在開發深受市場歡迎的新產品，並且我們正在投資於我們的分銷能力，以接觸和服務更多的客戶。

In addition, the current environment is very supportive of our asset sales program, enabling us to surface profits for our clients, return capital to them and realize carried interest in the process. Inflows during the quarter totaled $8 billion across several of our perpetual and long-term fund strategies, including a first close for our latest real estate debt fund and further capital raises for our special investment strategy.

此外，當前的環境非常支持我們的資產出售計劃，使我們能夠為客戶帶來利潤，向他們返還資本，並在此過程中實現附帶權益。本季度我們的幾項永續和長期基金策略的資金流入總計 80 億美元，包括我們最新的房地產債務基金的首次募集以及我們特殊投資策略的進一步融資。

Subsequent to quarter end, we held successful initial closes for inaugural global transition fund and our fourth flagship real estate fund for a total of $16 billion and expect them to grow significantly with further closes over the next 12 months. Together with the successful fundraising of our latest flagship opportunistic credit fund, we are on track to meet our fundraising goals outlined in our 2020 Investor Day. We completed the privatization of BPY in July 26 and now own 100% of the business. We expect the privatization to be accretive to our distributable earnings. And over time, through asset monetizations, the portfolio will provide us with capital to fuel the next phase of our growth.

季度末後，我們成功完成了首個全球轉型基金和第四隻旗艦房地產基金的首次交割，募集資金總額為 160 億美元，並預計隨著未來 12 個月的進一步交割，這些基金將顯著增長。隨著我們最新旗艦機會主義信貸基金的成功籌款，我們有望實現 2020 年投資者日中概述的籌款目標。我們於7月26日完成了BPY的私有化，目前擁有該業務100%的股權。我們預計私有化將增加我們的可分配收益。隨著時間的推移，通過資產貨幣化，該投資組合將為我們提供資本，推動下一階段的增長。

Turning to quarterly results. Total funds from operations of $1.6 billion, operating FFO of $813 million and net income of $2.4 billion were all up meaningfully from the prior year period. As our asset management business, fee-bearing capital increased by $6 billion to $325 billion at quarter end and is up by $48 billion over the last 12 months. This led to strong growth in fee-related earnings, which was $483 million for the 3-month period and totaled $1.7 billion over the last 12 months, an increase of 25% from the prior period.

轉向季度業績。運營資金總額為 16 億美元，運營 FFO 為 8.13 億美元，淨利潤為 24 億美元，均較上年同期大幅增長。作為我們的資產管理業務，收費資本在季度末增加了 60 億美元，達到 3,250 億美元，在過去 12 個月中增加了 480 億美元。這導致與費用相關的收入強勁增長，前 3 個月的收入為 4.83 億美元，過去 12 個月的收入總額為 17 億美元，較上一期增長 25%。

We have $32 billion of additional committed capital that will become fee-bearing once invested, translating to approximately $320 million of incremental annual fee revenues. We've continued to execute on capital recycling initiatives at favorable prices. We generated $8 billion of proceeds from monetizations during the quarter, allowing us to return $6 billion to our clients and realize $335 million of carried interest into income. Year-to-date, we have now realized over $1 billion of gross carried interest, meeting our 2021 full year target, well ahead of schedule, and we expect more to come over the balance of the year.

我們還有 320 億美元的額外承諾資本，一旦投資，這些資本將成為費用，相當於每年約 3.2 億美元的增量費用收入。我們繼續以優惠的價格執行資本回收計劃。本季度我們從貨幣化中獲得了 80 億美元的收益，這使我們能夠向客戶返還 60 億美元，並將 3.35 億美元的附帶利息轉化為收入。今年迄今為止，我們已實現了超過 10 億美元的附帶利息總額，提前實現了 2021 年全年目標，並且我們預計今年剩餘時間將實現更多。

Our investments performed very well during the quarter. We generated over $1 billion of unrealized carried interest, increasing the total accumulated carried interest by 20% to over $6 billion. We expect to recognize this into income over time as we continue to execute on asset sales. We should want to remind everyone that much of our accumulated unrealized carried interest is in our earlier vintage funds, which are much smaller than the current vintages. And if we do our jobs right, we expect to realize carried interest -- we expect realized carried interest to scale meaningfully as we create value for our investors.

我們的投資在本季度表現非常出色。我們產生了超過 10 億美元的未實現附帶權益，使累計附帶權益總額增加了 20%，達到超過 60 億美元。隨著我們繼續執行資產出售，我們預計會隨著時間的推移將其確認為收入。我們應該提醒大家，我們累積的未實現附帶權益的大部分來自於我們早期年份的基金，這些基金比當前年份的基金要小得多。如果我們的工作做得好，我們期望實現附帶權益——當我們為投資者創造價值時，我們期望實現的附帶權益能夠有意義地擴大規模。

As for our invested capital, our operating businesses continue to perform very well, and as Bruce mentioned, some are specifically benefiting from the relaxing restrictions and continued reopening of the global economy. This contributed to FFO for the quarter of $330 million with the strong earnings being offset by a decrease in FFO contribution from our renewables and infrastructure businesses following secondary sales of some of our shares in these companies over the last 12 months and the sale of our majority interest in West Fraser.

至於我們的投資資本，我們的運營業務繼續表現良好，正如布魯斯提到的，一些業務特別受益於限制的放鬆和全球經濟的持續重新開放。這為該季度的FFO 貢獻了3.3 億美元，強勁的收益被我們的可再生能源和基礎設施業務的FFO 貢獻減少所抵消，因為過去12 個月我們二次出售了這些公司的部分股份，並出售了我們的多數股權。對西弗雷澤感興趣。

Distributable earnings, or DE, before realizations increased 35% over the last 12-month period. The increase was largely driven by the continued growth in our asset management franchise as well as increased distributions across our listed affiliates, including realizations, DE doubled for the 12-month period to $6.3 billion.

過去 12 個月期間，實現前的可分配收益 (DE) 增長了 35%。這一增長主要是由於我們的資產管理業務的持續增長以及我們上市附屬公司的分配增加（包括變現），DE 在 12 個月期間翻了一番，達到 63 億美元。

Our liquidity continues to remain very strong. In addition to $60 billion uncalled fund commitments, we have approximately $18 billion of core liquidity, including close to $9 billion directly at the BAM level. All of this adds to a total of $78 billion of deployable capital. Following the quarter, we further bolstered our liquidity with an $850 million debt issuance, taking advantage of an attractive rate environment. Proceeds from the offering will be used to finance eligible green projects and for general corporate purposes.

我們的流動性仍然非常強勁。除了 600 億美元的未兌現資金承諾外，我們還有大約 180 億美元的核心流動性，其中直接來自 BAM 層面的近 90 億美元。所有這些增加了可動用資本總額 780 億美元。本季度結束後，我們利用有吸引力的利率環境發行了 8.5 億美元的債券，進一步增強了流動性。此次發行的收益將用於資助符合條件的綠色項目和一般企業用途。

Our balance sheet remains conservatively capitalized, with 94% of our debt having no recourse to the corporation and a debt to market capitalization ratio of around 10%. When combined with our corporate balance sheet, it has over $9 billion of core liquidity, $60 billion of investments and the $3 billion of DE that we generate on an annual basis, we have a strong foundation to fund strategic acquisitions, such as American National, which will be highly accretive or use the capital to continue to buy back shares.

我們的資產負債表仍然保持保守的資本化，94% 的債務對公司沒有追索權，債務與市值的比率約為 10%。與我們的公司資產負債表相結合，我們擁有超過90 億美元的核心流動性、600 億美元的投資以及我們每年產生的30 億美元的DE，我們擁有堅實的基礎來為戰略收購提供資金，例如美國國民、這將具有高度增值性或利用資金繼續回購股票。

Before I hand the call over to Sachin, I'm pleased to confirm that our Board of Directors has declared a $0.13 per share dividend payable at the end of September. Sachin?

在我將電話轉交給 Sachin 之前，我很高興地確認我們的董事會已宣佈在 9 月底支付每股 0.13 美元的股息。薩欽？

Thank you, Nick, and good morning, everyone. I'm pleased to be here today to provide you an update on the activities taking place across Brookfield's growing insurance solutions platform, Brookfield Reinsurance. Over the past 2 decades, we have transformed Brookfield into a leading alternative asset manager with access to scale amounts of capital, including our own strong capital base, global presence and investment expertise across real estate, infrastructure, renewable power, private equity and more laterally credit. These businesses have enabled us to deploy large amounts of capital at attractive risk-adjusted returns for us and our clients.

謝謝你，尼克，大家早上好。我很高興今天能在這裡向您介紹布魯克菲爾德不斷發展的保險解決方案平台佈魯克菲爾德再保險所開展的活動的最新情況。在過去的20 年裡，我們已將布魯克菲爾德轉變為領先的另類資產管理公司，擁有大量資本，包括我們強大的資本基礎、全球影響力以及房地產、基礎設施、可再生能源、私募股權等領域的投資專業知識信用。這些業務使我們能夠部署大量資本，為我們和我們的客戶帶來有吸引力的風險調整回報。

Increasingly, over the last decade, as rates have come down, many of our clients have been insurance companies around the world, looking for low volatility, higher returning investment opportunities backed by high-quality assets. Our businesses and our expertise, in particular, in real estate, infrastructure, power and private credit, match up very nicely against the needs of asset-intensive life and annuity insurance. As our insurance client capital has grown, so has the desire from insurers to look more broadly for partners like us who can offer diverse capital solutions, such as block or future flow reinsurance capital, investment management and partnership opportunities. All of these skills are well suited to Brookfield's investment franchise, given our deployable capital, investment expertise and ability to partner with counterparties over the long term.

在過去的十年中，隨著利率的下降，我們的許多客戶越來越多地成為世界各地的保險公司，他們正在尋找由優質資產支持的低波動性、高回報的投資機會。我們的業務和專業知識，特別是在房地產、基礎設施、電力和私人信貸方面，非常適合資產密集型人壽和年金保險的需求。隨著我們的保險客戶資本不斷增長，保險公司也希望更廣泛地尋找像我們這樣能夠提供多樣化資本解決方案的合作夥伴，例如整體或未來流動再保險資本、投資管理和合作機會。鑑於我們的可部署資本、投資專業知識以及與交易對手長期合作的能力，所有這些技能都非常適合佈魯克菲爾德的投資業務。

To focus our efforts at the end of June, we completed the spinoff of Brookfield Reinsurance Partners, a separate public company that was established to own and operate insurance companies and conduct reinsurance. Since the spin-off, we have been actively progressing our previously announced deals, such as our cornerstone investment in American Equity Life, and we have been working on a robust pipeline of new opportunities.

為了集中精力，我們在 6 月底完成了 Brookfield Reinsurance Partners 的分拆，這是一家獨立的上市公司，成立的目的是擁有和經營保險公司並開展再保險業務。自分拆以來，我們一直在積極推進之前宣布的交易，例如我們對 American Equity Life 的基石投資，並且我們一直在努力尋找大量新機會。

To be clear and before I speak about our recent activities, the opportunity has always existed to be in insurance and reinsurance. It helps that our franchise is now bigger and our credit platform is much broader to ensure that we can put the capital to work effectively. But the real change over the last couple of years is that interest rates are as close to 0 as they have ever been. Therefore, the risk profile of losing money on annuity-like products is lower than it has ever been.

需要明確的是，在我談論我們最近的活動之前，保險和再保險領域的機會一直存在。我們的特許經營權現在更大了，我們的信貸平台也更廣泛了，這有助於確保我們能夠有效地利用資本。但過去幾年真正的變化是利率一如既往地接近於 0。因此，年金類產品虧損的風險比以往任何時候都要低。

Accordingly, the opportunity for us to outearn and generate a substantial return on equity is excellent. Bottom line, when rates were at 5%, annuities needed to earn -- to outearn that 5%. As rates have fallen to 1%, the losses on the liabilities for those who took on policies to pay that circa 5% rate has been significant. But now with rates at 1% and with it unlikely that nominal yields will go negative for any long period of time, the risk on the liability side of the business is far less. We believe, therefore, that this is the ideal time to enter the business in a large way, and therefore, we have been working on this plan for the last year.

因此，我們獲得超額收益並產生可觀股本回報的機會非常好。最重要的是，當利率為 5% 時，年金需要賺取——以超過 5%。由於利率已降至 1%，對於那些採取保單支付大約 5% 利率的人來說，其負債損失是巨大的。但現在利率為 1%，而且名義收益率不太可能在很長一段時間內為負值，因此企業負債方面的風險要小得多。因此，我們認為，這是大規模進入該業務的理想時機，因此，我們去年一直在製定這一計劃。

Cutting through it all, we're always trying to find ways to invest money in businesses which have good returns, but low risk. We think that annuities, as long as you have a strong investment franchise to put money to work into offers that today. With that backdrop, earlier this week, we announced that Brookfield Reinsurance entered into an agreement to acquire a 100% interest in American National Group, a U.S.-based insurance company founded in Texas nearly 100 years ago. American National is predominantly focused on life and annuities products with a smaller P&C business.

縱觀這一切，我們總是試圖找到將資金投資於回報率高但風險低的企業的方法。我們認為，只要您擁有強大的投資專營權，可以將資金投入到今天的年金中，就可以實現這一點。在此背景下，本週早些時候，我們宣布 Brookfield Reinsurance 達成協議，收購 American National Group 100% 的股權，American National Group 是一家近 100 年前在德克薩斯州成立的美國保險公司。美國國民保險公司主要專注於人壽和年金產品，財產險業務規模較小。

We believe the acquisition will significantly enhance our capabilities in the U.S. and provide us with a scale platform for future growth. Today, the company manages approximately $30 billion of assets and has a net asset value of just over $6 billion. We are acquiring the company for $5.1 billion, funded with $1.5 billion of nonrecourse debt with the balance coming from equity. We believe we can grow the net asset value of the business meaningfully over the next 5 years through asset optimization and expanding into new lines of business. Accordingly, for Brookfield reinsurance, this represents an attractive and value-oriented entry into the U.S. insurance market.

我們相信，此次收購將顯著增強我們在美國的能力，並為我們未來的增長提供一個規模化的平台。如今，該公司管理著約 300 億美元的資產，資產淨值略高於 60 億美元。我們將以 51 億美元的價格收購該公司，資金來源為 15 億美元的無追索權債務，其餘部分來自股權。我們相信，通過資產優化和拓展新業務，我們可以在未來5年內顯著增長業務的資產淨值。因此，對於布魯克菲爾德再保險來說，這代表著進入美國保險市場的一個有吸引力且以價值為導向的進入方式。

To elaborate on these themes, I will describe some of the key features of the business. First, the company has an excellent management team with decades of experience, a conservative and prudent underwriting culture and a long track record of stable earnings and capital management. Second, the operational base of the company, its employees, its distribution partners is very strong. This gives us tremendous confidence to manage the existing business while pursuing growth.

為了詳細闡述這些主題，我將描述該業務的一些關鍵特徵。首先，公司擁有數十年經驗的優秀管理團隊、保守審慎的承保文化以及長期穩定的盈利和資本管理記錄。其次，公司的運營基礎、員工、分銷合作夥伴都非常強大。這給了我們在追求增長的同時管理現有業務的巨大信心。

As a result, we will focus our efforts on enhancing profitability and lowering risk through our investment capabilities. We believe this is achievable due to the significant credit products we have within Brookfield that as I previously mentioned, are ideally suited to the broader insurance community due to their low volatility, stable returns and capital efficiency. These are typically our credit strategies across real estate, infrastructure and renewable power, where we have a depth of operating and investment origination expertise and have been further enhanced through our partnership with Oaktree.

因此，我們將集中精力通過我們的投資能力提高盈利能力並降低風險。我們相信這是可以實現的，因為我們在布魯克菲爾德擁有重要的信貸產品，正如我之前提到的，由於其低波動性、穩定的回報和資本效率，非常適合更廣泛的保險界。這些通常是我們在房地產、基礎設施和可再生能源領域的信貸策略，我們在這些領域擁有深厚的運營和投資發起專業知識，並通過與橡樹資本的合作得到了進一步增強。

Today, we already have more than 100 insurers in North America and Europe as clients in these strategies. We also believe we can add new lines of business such as pension risk transfer and third-party reinsurance to the American National business, given these services match up nicely with the investment products I just referenced. All of these factors give us conviction that the business has strong downside protection and substantial upside potential through asset optimization, growth and capital efficiency initiatives. We look forward to working with all stakeholders over the next decade.

如今，我們在北美和歐洲已有 100 多家保險公司作為這些策略的客戶。我們還相信，我們可以在美國國民業務中增加養老金風險轉移和第三方再保險等新業務，因為這些服務與我剛才提到的投資產品非常匹配。所有這些因素都讓我們相信，通過資產優化、增長和資本效率舉措，該業務具有強大的下行保護和巨大的上行潛力。我們期待在未來十年與所有利益相關者合作。

We expect the transaction to generate strong risk-adjusted returns and are currently targeting to close the transaction in the first half of 2022. Once the American National transaction is closed, Brookfield Reinsurance will manage over $40 billion of reinsurance assets through a combination of our pension business and the reinsurance transactions signed to date with several U.S. domestic insurers. We look forward to providing you an update on the progress of these initiatives in coming quarters.

我們預計該交易將產生強勁的風險調整回報，目前的目標是在 2022 年上半年完成交易。一旦美國國民交易完成，布魯克菲爾德再保險將通過我們的養老金組合管理超過 400 億美元的再保險資產迄今為止與多家美國國內保險公司簽署的業務和再保險交易。我們期待在未來幾個季度向您提供有關這些舉措進展的最新信息。

With that, I will pass the call over to the operator for any questions. Thank you.

這樣，如果有任何問題，我會將電話轉接給接線員。謝謝。

(Operator Instructions) Our first question comes from the line of Cherilyn Radbourne from TD Securities.

（操作員說明）我們的第一個問題來自道明證券 (TD Securities) 的 Cherilyn Radbourne。

I was hoping if you could give a bit more color on Brookfield Oaktree wealth solutions and how that compares versus how the company was accessing the wealth channel previously, including whether that team is global or primarily focused on North America for now?

我希望您能對布魯克菲爾德橡樹財富解決方案提供更多信息，以及該解決方案與該公司之前訪問財富渠道的方式有何不同，包括該團隊是全球性的還是目前主要專注於北美？

Cherilyn, yes, the team, I would say, used to be in 3 different spots. We had an Oaktree team, we had a team in Brookfield, and we had a team in our Public Securities group, all doing a job of kind of accessing and penetrating different parts of the channel with different products. And so putting it together will be immensely powerful. And there are people, I would say, focused on this predominantly in the U.S., but also we have some people in Europe and will broaden the team, and we have been accessing channels. So it's really a combination of all of what we were doing before. So the RIAs, the bank wealth channels, the high net worth, the family office and putting it together with the right products that we think will give a tremendous scale and a product like the nontraded REIT is a perfect example of that.

Cherilyn，是的，我想說，這個團隊曾經處於三個不同的位置。我們有一個橡樹團隊，我們有一個在布魯克菲爾德的團隊，我們有一個在我們的公共證券團隊的團隊，所有這些都在用不同的產品訪問和滲透渠道的不同部分。因此，將它們組合在一起將具有巨大的力量。我想說，有些人主要集中在美國，但我們在歐洲也有一些人，並將擴大團隊，我們一直在訪問佢道。所以這實際上是我們之前所做的所有事情的結合。因此，RIAs、銀行財富渠道、高淨值人士、家族辦公室，並將其與我們認為將產生巨大規模的正確產品結合在一起，像非交易房地產投資信託這樣的產品就是一個完美的例子。

And so just as a follow-up, beyond that non-traded REIT, would you anticipate creating other products specifically for the wealth channel? And just what would be the interplay between those products and your listed affiliates?

那麼，作為後續行動，除了非交易房地產投資信託基金之外，您是否預計會專門針對財富渠道創建其他產品？這些產品與您列出的附屬公司之間的相互作用是什麼？

Yes, we would. I think there will be new products. And I think whatever we look to do, obviously, there are certain return requirements in these different kinds of products, and some might work for the listed affiliates and like the private funds, if that's the case, we can work out the way to do investment outside each other. But some of these are products like in our super core infrastructure fund have different risk return attributes than we sometimes look for in the listed affiliates, but either the investment inside each other or they're tailored specifically for that channel.

是的，我們會的。我認為會有新產品。我認為無論我們想做什麼，顯然這些不同類型的產品都有一定的回報要求，有些可能適用於上市附屬公司和私募基金，如果是這樣的話，我們可以製定出方法相互之外的投資。但其中一些產品（例如我們的超級核心基礎設施基金）具有與我們有時在上市附屬公司中尋找的不同的風險回報屬性，但要么是相互內部的投資，要么是專門為該渠道量身定制的。

Our next question comes from the line of Bill Katz from Citigroup.

我們的下一個問題來自花旗集團的 Bill Katz。

You may have covered this, so I apologize. Sort of shareholder read very favorably to me around asset gathering across a broadening platform at scale and sort of reinforced, reiterated the $100 billion goal and all on the way with a good track record into the third quarter already. Stepping back a little bit, Bruce, many of your peers have had similar type of bogeys and have significantly ramped the opportunity set on the other side of that. So as you look now today at that $100 billion, more or less confident, where could it ultimately get to, you think, in terms of sort of ultimate rate for the cycle.

您可能已經涵蓋了這一點，所以我深表歉意。在我看來，股東們對在不斷擴大的平台上大規模進行資產收集非常有利，並重申了 1000 億美元的目標，所有這些都在第三季度取得了良好的記錄。退後一步，布魯斯，你的許多同行都有類似的柏忌，並且大大增加了另一邊的機會。因此，當你現在看到這 1000 億美元時，或多或少有信心，你認為，就週期的最終利率而言，它最終會達到什麼程度。

Yes. Look, I'd just say, if you look more broadly across the business, our -- that those numbers aren't included. What's not included in them is our insurance, accumulation of assets. I think our private funds can be much larger. I think our perpetual funds can get bigger. The only thing I would say is -- and we said in the latter that our goal is to get each of our private flagship funds to $25 billion. They will probably -- after that point in time, they won't get that much bigger than that. They may split and will do ones in Asia or Europe. But that's sort of a size where institutions are comfortable. But I think there's lots of room on the sides to keep growing. Years ago, I wouldn't have thought we'd have 5 flagship funds, we had 3, and we keep expanding the business.

是的。聽著，我只想說，如果你更廣泛地審視整個業務，我們的——這些數字不包括在內。其中不包括我們的保險、資產積累。我認為我們的私募基金規模可以更大。我認為我們的永續基金可以變得更大。我唯一要說的是——我們在後者中說過，我們的目標是讓我們的每隻私人旗艦基金達到 250 億美元。在那個時間點之後，他們可能不會變得比這個更大。他們可能會分裂並在亞洲或歐洲做一些事情。但這是機構可以接受的規模。但我認為雙方還有很大的空間繼續成長。幾年前，我不會想到我們會有 5 個旗艦基金，我們有 3 個，而且我們不斷擴大業務。

Okay. Just a quick follow-up. So in terms of BPY, I guess I was reading some of the footnotes there that you expect to keep some of the $15-plus billion potentially forever on the balance sheet. I'm just sort of wondering, just conceptually why such a strong statement? And what would cause you to potentially maybe liquidate that capital and redeploy the proceeds elsewhere?

好的。只是快速跟進。因此，就 BPY 而言，我想我正在閱讀其中的一些腳註，您希望將可能永遠保留在資產負債表上的 15 多億美元中的一些腳註。我只是想知道，從概念上講，為什麼會有如此強烈的聲明？什麼可能會導致您可能清算該資本並將收益重新部署到其他地方？

Yes, Bill, maybe I'll start. I would probably answer it a different way to maybe to ask the question. We have $30 billion of equity in real estate today, and we think that, that will continue to generate strong returns and cash flow. But over the next 5 to 7 years, we outlined that we could surface $25 billion -- up to $25 billion of cash against that $30 billion today. Now that will continue to compound in value that maybe gets you to your hold, but that's a significant amount of capital that we think we can raise. And if the market is even more constructive than we think it will be, then maybe we can accelerate it. And by having new products in the business, such as our nontraded REIT, other private funds and insurance business, maybe there's another path to accelerate. But I would focus on the fact that against $30 billion of equity today, there's potential to raise up to $25 billion of cash.

是的，比爾，也許我會開始。我可能會以與提問不同的方式回答它。如今我們擁有 300 億美元的房地產股本，我們認為這將繼續產生強勁的回報和現金流。但在接下來的 5 到 7 年裡，我們預計我們可能會籌集 250 億美元——相當於現在 300 億美元的現金，最高可達 250 億美元。現在，它的價值將繼續複合，也許會讓你持有，但我們認為我們可以籌集大量資金。如果市場比我們想像的更有建設性，那麼也許我們可以加速它。通過在業務中推出新產品，例如我們的非交易房地產投資信託基金、其他私募基金和保險業務，也許還有另一條加速發展的道路。但我要關注的事實是，相對於目前 300 億美元的股本，有可能籌集高達 250 億美元的現金。

Our next question comes from the line of Alex Blostein from Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

This is actually Ryan Bailey on behalf of Alex. I also had a question on BPY. I was wondering if we could walk through some of the economic implications now that the deal is closed, and this is a little bit of a nested question. But I guess, how have economics change related to FRE now that you aren't BPY, how you expect it to change over time? And then also in terms of valuing the assets on the balance sheet, how do you expect that to happen going forward as well as the [assets] appreciate?

這實際上是瑞安·貝利（Ryan Bailey）代表亞歷克斯（Alex）。我也有一個關於 BPY 的問題。我想知道既然交易已經完成，我們是否可以討論一些經濟影響，這是一個有點嵌套的問題。但我想，既然你不是 BPY，經濟變化與 FRE 有什麼關係，你預計它會如何隨著時間的推移而變化？然後，在對資產負債表上的資產進行估值方面，您預計未來會如何發生以及[資產]升值？

So I'll answer the second question first. There is no change to the way the assets will be valued on the balance sheet. They were always fair valued on our balance sheet and consolidated, and that won't change going forward. On the first part, I think we've talked about this in the past, BPY, the entity continues to exist. It continues to file financial statements because it has public press and debt, let's say. So the stand-alone entity now just private as opposed to public, and it will pay fees more in line with a private perpetual real estate vehicle, and basis points on equity, and we expect the fees to be not too different than they are today. And as that portfolio changes over time, fees will change. But at the same time, we will be creating new fee streams with some of the moves that we outlined on the call. So I'd say in the short term, no change, but over time, we'll surface capital create fee streams and the portfolio value will just move along with that.

那麼我先回答第二個問題。資產負債表上資產的估值方式沒有變化。它們在我們的資產負債表上始終以公允價值計量並進行合併，這一點今後不會改變。關於第一部分，我想我們過去已經討論過這個問題，BPY，這個實體仍然存在。可以說，它繼續提交財務報表是因為它有公眾壓力和債務。因此，獨立實體現在只是私人實體，而不是公共實體，它將支付更符合私人永久房地產工具的費用以及股本基點，我們預計費用不會與今天有太大不同。隨著投資組合隨著時間的推移而變化，費用也會發生變化。但與此同時，我們將通過我們在電話會議中概述的一些舉措來創建新的費用流。所以我想說，短期內不會發生變化，但隨著時間的推移，我們將表面資本創造費用流，投資組合價值將隨之變化。

Okay. Got it. And then maybe one on Brookfield's REIT. In terms of some of the distribution dynamics, which platforms are you on at the moment, which ones do you expect to be on? I guess, what are you seeing in terms of competition? And as you think about some of those distribution partners, how do you think about them sort of prioritizing your product relative to some of the other ones out there in terms of getting it in front of financial advisers and clients?

好的。知道了。然後也許是布魯克菲爾德房地產投資信託基金之一。就一些發行動態而言，您目前在哪些平台上，您預計會在哪些平台上？我想，您在競爭方面看到了什麼？當您想到其中一些分銷合作夥伴時，您如何看待他們在將您的產品擺在財務顧問和客戶面前時相對於其他一些產品的優先順序？

So the -- we're -- to accelerate, as Bruce mentioned, we are taking over the Oaktree REIT, which will accelerate things, and we expect to be approved and launched in the fourth quarter. It is already on one of the bank platforms, and we are working with the other banks, the major banks, say, 3 or 4 others to have it on their platform later this year, early next year. And I think given the -- our scale and reputation in the real estate business and our track record and what we can deliver, I think that we are well positioned to get on the platform and to get the attention of investors.

因此，正如布魯斯提到的，我們正在加速，我們正在接管橡樹房地產投資信託基金，這將加速事情的發展，我們預計將在第四季度獲得批准並推出。它已經在其中一個銀行平台上，我們正在與其他銀行、主要銀行（例如其他三四家銀行）合作，在今年晚些時候、明年初將其放在他們的平台上。我認為，考慮到我們在房地產行業的規模和聲譽、我們的業績記錄以及我們能夠提供的服務，我認為我們處於有利地位，可以進入這個平台並吸引投資者的注意。

Our next question comes from the line of Ken Worthington from JPMorgan.

我們的下一個問題來自摩根大通的肯·沃辛頓。

With regard to BPY, first, how are you thinking about selling and migrating BPY assets to other existing or newly created Brookfield funds over time? In your prepared remarks, you mentioned that the privatization of BPY being instrumental, I think, to the launch of your non-traded REIT. So help me make the connection there. And do you see leveraging BPY assets in other Brookfield funds or initiatives, including in insurance? And how might that work?

關於 BPY，首先，您如何考慮隨著時間的推移將 BPY 資產出售並遷移到其他現有或新創建的布魯克菲爾德基金？在您準備好的發言中，您提到 BPY 的私有化對於您推出非交易房地產投資信託基金至關重要。所以請幫我建立聯繫。您是否認為在其他布魯克菲爾德基金或計劃（包括保險領域）中利用 BPY 資產？那如何運作呢？

Listen, I think -- Ken, it's a great question. And I think now that BPY is private. Executing what you just outlined becomes a lot easier because those conflicts, perceived conflicts don't exist anymore. And I think we launched the NTR, there were a few seed assets from the portfolio that are going in there. That's an illustration of what could happen in the future. Obviously, we balance value, creating the new product and wanting to get best value, but there's definitely a path for some of the assets to go in there. Some of the assets, as we said, could be sold out right, and that capital gets reinvested elsewhere in the business, maybe into something like reinsurance, which creates fees and return on capital. So we will optimize the portfolio as we move forward, but there's definitely potential for these assets to be used to create and grow new and existing products.

聽著，我想——肯，這是一個很好的問題。我認為現在 BPY 是私有的。執行您剛才概述的內容變得容易得多，因為那些衝突、感知到的衝突不再存在。我認為我們推出了 NTR，投資組合中有一些種子資產正在其中。這說明了未來可能發生的事情。顯然，我們平衡價值，創造新產品並希望獲得最佳價值，但某些資產肯定有一條進入那裡的路徑。正如我們所說，一些資產可以直接出售，而這些資本可以再投資於業務的其他地方，可能投資於再保險之類的領域，這會產生費用和資本回報。因此，我們將在前進的過程中優化投資組合，但這些資產絕對有潛力用於創建和發展新的和現有的產品。

Okay. And then I believe the thought initially was something like 1/3 of the assets -- BPY assets might be sold, 1/3 might find their way into other Brookfield products, and the third might remain on balance sheet for longer than the 5 to 6 years. Does that sort of at least roughly reconcile with how you're thinking about things today? It feels like that $10 billion debt remains on the balance sheet for a long time or permanently fits with what you're thinking? Does the rest sort of fall in line as well? Or do the pieces change a bit based on what you know today?

好的。然後我相信最初的想法是1/3 的資產——BPY 資產可能會被出售，1/3 可能會進入其他Brookfield 產品，而第三個資產可能會在資產負債表上保留比5 到5 年更長的時間。 6年。這至少與你今天思考問題的方式大致相符嗎？感覺 100 億美元的債務長期保留在資產負債表上或者永久符合您的想法？其餘的也都符合嗎？或者根據您今天所了解的內容，這些內容會發生一些變化嗎？

Listen, I think it falls in way. And the only thing I would say, Ken, is what the piece we see we're holding. These are fantastic assets, the best assets with great cash flow and they'll compound a great value, but they represent a sort of liquidity on the balance sheet should we want -- should it be attractive, should there be a need for capital, they'll be available to raise more capital over time. So I'd say in line, but it could be accelerated if there's some tenanted use for that capital. And these are great assets that will appreciate in value over the long term.

聽著，我認為它已經陷入困境了。肯，我唯一要說的是我們所看到的我們所持有的東西。這些都是很棒的資產，是擁有大量現金流的最佳資產，它們會產生巨大的價值，但如果我們想要的話，它們代表了資產負債表上的一種流動性——如果它有吸引力，如果需要資本，隨著時間的推移，他們將能夠籌集更多資金。所以我會說排隊，但如果該資本有一些出租用途，則可能會加速。這些都是巨大的資產，從長遠來看會升值。

Our next question comes from the line of Sohrab Movahedi from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

First, just for Sachin. I think you noted that you are at around circa $40 billion. At the Investor Day, you talked about an opportunity for reinsurance in the $100 billion to $200 billion. So I was -- first of all, I wanted to just confirm that the opportunity set of $100 billion to $200 billion is still a good guidepost. And then secondarily, if you think to be able to realize on that, maybe at the upper end of that, if you think you will still have to do some, I'll call it, business acquisition as opposed to reinsurance portfolio purchases.

首先，僅針對薩欽。我想您已經註意到您的市值約為 400 億美元。在投資者日上，您談到了 1000 億至 2000 億美元的再保險機會。所以我——首先，我想確認 1000 億至 2000 億美元的機會集仍然是一個很好的路標。其次，如果你認為能夠實現這一點，也許在最高端，如果你認為你仍然需要做一些我稱之為業務收購而不是再保險投資組合購買的事情。

Sohrab, sure. First of all, look, the $100 billion to $200 billion that Bruce set out last year is the right guidepost. I don't think we have any reason to change it. I would not have expected that we would have made as much progress as we have this quickly. And it is a function of where rates are and how much activity this space is seeing because of the difficulty for insurers to earn a proper return. So I think you can take from that, that the higher end of that guidepost is possible.

索拉博，當然。首先，你看，布魯斯去年提出的 1000 億至 2000 億美元是正確的路標。我認為我們沒有任何理由改變它。我沒想到我們會取得這麼快的進展。由於保險公司很難獲得適當的回報，它取決於費率水平以及該領域的活動量。所以我認為你可以從中得出，該路標的高端是可能的。

And therefore, if you're trying to figure out where this is all going, I think we can get to the scale and likely on the higher end. In terms of business acquisitions versus reinsurance, I think you should expect that reinsurance is our focus. It was important for us to have all the tools available to be a good partner to insurance companies to have a domestic U.S. platform, and American National fits that bill. It's diversity, it's people, and it's systems and operations and distribution partners just gives us tremendous flexibility to be a good partner to the insurance community more broadly. And I think with that in place, we can then accelerate our reinsurance activities. So you should assume that that's our path forward.

因此，如果你想弄清楚這一切的走向，我認為我們可以達到規模，而且可能達到更高的水平。就業務收購與再保險而言，我認為您應該預料到再保險是我們的重點。對我們來說，擁有所有可用的工具非常重要，可以成為保險公司的良好合作夥伴，擁有美國國內平台，而美國國民保險符合這一要求。它的多樣性、人員、系統、運營和分銷合作夥伴為我們提供了巨大的靈活性，使我們能夠成為更廣泛的保險界的良好合作夥伴。我認為，有了這些，我們就可以加速我們的再保險活動。所以你應該假設這就是我們前進的道路。

Okay. And maybe if I can get one in for Bruce as well. I mean, Bruce, when you kind of zoom out, obviously, lots happening around the world since the pandemic was declared, I don't know, 1.5 years ago. When you think about all the puts and takes, how has your business fared? Would you say BAM has been a COVID winner here? Do you think the acceleration of maybe dispositions is the biggest net positive over here? Or how should we be thinking about the key drivers of your business and how they were impacted over the last year?

好的。也許我也能為布魯斯找一份。我的意思是，布魯斯，當你縮小視野時，顯然，自 1.5 年前宣布大流行以來，世界各地發生了很多事情，我不知道。當您考慮所有的投入和支出時，您的業務表現如何？您認為 BAM 是這裡的新冠疫情贏家嗎？您認為也許處置的加速是這裡最大的淨積極因素嗎？或者我們應該如何考慮您業務的關鍵驅動因素以及它們在過去一年中受到的影響？

Look, I think there's 2 backdrops that help -- have helped our business for a long time, and the last 1.5 years has accelerated both of them. The first one is interest rates were going down, and they went to 0 and it appears like they're going to stay low for a long period of time. The question was whether they were going to go up before. And I don't think there's -- that many people think they're going to go up. And when people think they're going up, if you test them, what they say is they think rates on the 10-year treasury will go to 3%. That's an incredibly positive thing for our business. As a result of that, institutional investors and individual investors globally are trying to find alternative places to put their money. And their -- the alternative places are alternatives. So our skills in offering our products are more sought after today than ever were.

看，我認為有兩個背景對我們的業務有幫助——長期以來一直在幫助我們的業務，而過去 1.5 年加速了這兩個背景。第一個是利率正在下降，已經降至 0，而且似乎將在很長一段時間內保持在低水平。問題是他們之前是否會上漲。我認為沒有那麼多人認為它們會上漲。當人們認為利率會上升時，如果你對他們進行測試，他們會說他們認為 10 年期國債利率將升至 3%。這對我們的業務來說是一件非常積極的事情。因此，全球機構投資者和個人投資者都在努力尋找其他投資場所。而他們的——替代的地方就是替代的。因此，我們提供產品的技能如今比以往任何時候都更受追捧。

And the last point, maybe just to make is that we're outraising $24 billion in private funds, plus all the other things we raised this quarter. There's many people that they can't go visit people in their offices, and they can't start new funds. So anybody that has a brand one over the last 18 months in financial alternatives because they are familiar with the institutional investors, and therefore, they got all the money, and they continue to. So I'd say the franchise is much deeper, much stronger today than it ever was. And we're not the only one, but there's a few of those franchises in the world, and they are just getting stronger.

最後一點，或許只是想強調一下，我們將通過私募基金籌集 240 億美元，加上我們本季度籌集的所有其他資金。有很多人無法去辦公室拜訪員工，也無法啟動新的資金。因此，任何在過去 18 個月內擁有金融替代品品牌的人，因為他們熟悉機構投資者，因此，他們獲得了所有資金，並且他們會繼續這樣做。所以我想說，今天的特許經營比以往任何時候都更加深入、更加強大。我們不是唯一的，但世界上有一些這樣的特許經營權，而且它們正在變得更強大。

Our next question comes from the line of Dean Wilkinson from CIBC.

我們的下一個問題來自 CIBC 的 Dean Wilkinson。

Just a question on the reinsurance. Post this acquisition, it will be a $40 billion business, potentially going to $200 billion. Can you give any thought as to what size that business needs to be before you could consider decoupling it from BAM? And perhaps what would the funding mechanism be to get to that size?

只是問一下再保險的問題。此次收購後，它將成為一項價值 400 億美元的業務，並有可能達到 2000 億美元。您能否考慮一下該業務需要達到什麼規模才能考慮將其與 BAM 脫鉤？也許要達到這樣的規模需要什麼樣的融資機制？

Dean, it's Sachin. Look, I think we're a ways away from that at this stage. We really need to just build up scale in our operational capabilities and work with management of American National to close the transaction and also to execute our business plans. I think the idea of decoupling it will really come down to -- is it a good product for shareholders in the marketplace as a separate entity where the security can create a lot of value for our shareholders that we spun it out to. On the other hand, the way it's set up today gives our existing shareholders tremendous visibility into the business, but also all the upside as we build it out because it's impaired security. So I think retaining that optionality is a good thing. And the decoupling discussions, I think there's still time to be had on that, and we're going to be patient in that regard.

迪恩，我是薩欽。聽著，我認為現階段我們距離這個目標還有很長的路要走。我們確實需要擴大我們的運營能力規模，並與美國國民公司的管理層合作來完成交易並執行我們的業務計劃。我認為將其脫鉤的想法實際上可以歸結為——作為一個獨立的實體，它對於市場上的股東來說是一個好產品嗎？在這個實體中，證券可以為我們分拆出來的股東創造大量價值。另一方面，它今天的設置方式讓我們現有的股東對業務有極大的了解，而且在我們構建它時也有所有的好處，因為它的安全性受到了損害。所以我認為保留這種選擇性是一件好事。至於脫鉤的討論，我認為還有時間，我們將在這方面保持耐心。

And Dean, it's Nick here. I'd probably just add that if there comes a point where -- and it's soon or not, we're external capital, we think of external capital, there's just as good a chance that we think about raising private capital to come alongside us to support the growth of the insurance business versus necessarily spinning it out into the public. So there's a decision point to be made when we decide external capital makes sense, it may be that we go down the private capital route, which -- because this product could be very attractive to our clients.

Dean，是Nick。我可能想補充一點，如果到了某個時刻——無論是否很快，我們是外部資本，我們考慮外部資本，我們也有很好的機會考慮籌集私人資本與我們並肩作戰。支持保險業務的增長，而不是將其剝離給公眾。因此，當我們認為外部資本有意義時，我們需要做出一個決策，我們可能會走私人資本路線，因為這個產品可能對我們的客戶非常有吸引力。

That would seem to be the path of least resistance for that for sure.

毫無疑問，這似乎是阻力最小的道路。

Our next question comes from the line of Andrew Kuske from Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的安德魯·庫斯克。

I think it's a question for Sachin. And it really revolves around just an evolution of insurance regulation. Given insurance regulation as far as their investments go -- goes, can tend to be quite prescriptive at times. And so do you see an evolution of that to really benefit your product offerings? And then, I guess, related to that, are you targeting the equity sleeves or really fixed income alternatives at this stage?

我認為這是薩欽的問題。它實際上只是圍繞著保險監管的演變。鑑於保險監管就其投資而言，有時往往會相當規範。那麼您認為這種演變是否真正有利於您的產品供應？然後，我想，與此相關的是，您現階段的目標是股票套還是真正的固定收益替代品？

Andrew, I'll start with the regs. First of all, they have been evolving in the U.S. and very recently, they continue to evolve, in particular, in the favor of 2 things: 1 is private alternatives; and 2 is real estate. And both are areas where we obviously have a depth of capabilities. And when I say they're evolving in a favorable way, the NAIC rules in the U.S. and the CM rules in the U.S. have all recently evolved with a broader and a deeper rating set and a more favorable capital treatment for private credit, alternative credit and, in particular, real estate oriented credit. So I think all of that plays really well to our strengths. Both, obviously, on the real estate side, but more broadly, on the private side, long duration infrastructure credit is an emerging asset class. And again, because of our infrastructure franchise, it plays well to our strength.

安德魯，我將從規則開始。首先，它們在美國一直在發展，最近，它們還在繼續發展，特別是有利於兩件事：1是私人替代方案； 2是房地產。顯然，我們在這兩個領域都擁有深厚的能力。當我說它們正在以有利的方式發展時，美國的 NAIC 規則和美國的 CM 規則最近都在發展，評級範圍更廣、更深，並對私人信貸、另類信貸提供更優惠的資本待遇特別是房地產信貸。所以我認為所有這些都很好地發揮了我們的優勢。顯然，在房地產方面，但更廣泛地說，在私人方面，長期基礎設施信貸是一種新興資產類別。同樣，由於我們的基礎設施特許經營權，它很好地發揮了我們的優勢。

So I think with that, we're really well positioned to grow the business out. And then in terms of designing products and getting into equities, I'd say there, you really need to have a meaningful amount of capital in your insurance business and excess capital in your insurance business, if you want to start to broaden out the investment portfolio into equities. And given our balance sheet strength and the amount of permanent capital we have up at Brookfield, we have the flexibility and the optionality to invest in the business, have excess capital, and over time, if we want to invest in equities, we can. So I think that again puts -- positions us quite uniquely relative to our peers.

因此，我認為有了這一點，我們確實處於發展業務的有利位置。然後在設計產品和進入股票方面，我想說，如果你想開始擴大投資範圍，你確實需要在保險業務中擁有大量的資本，並且在保險業務中擁有多餘的資本投資組合進入股票。考慮到我們的資產負債表實力和我們在布魯克菲爾德擁有的永久資本數額，我們擁有投資業務的靈活性和選擇性，擁有多餘的資本，隨著時間的推移，如果我們想投資股票，我們就可以。因此，我認為，與同行相比，我們再次處於獨特的地位。

And then the follow-up and somewhat related question, and really goes to Bruce. Quite a few years ago, you made a comment about the infrastructure business being the most exciting in the overall Brookfield portfolio. And I think at the time, [BAF] was maybe just shy of the $3 billion raise. And how do you think about the business position now? Are you equally excited about the energy transition business and the insurance activities? At this point, is there a good parallel there?

然後是後續的和有些相關的問題，實際上是針對布魯斯的。幾年前，您曾評論說基礎設施業務是整個布魯克菲爾德投資組合中最令人興奮的業務。我認為當時，[BAF] 可能只差一點就籌集了 30 億美元。您現在如何看待這個業務職位？您對能源轉型業務和保險活動同樣感到興奮嗎？在這一點上，有一個很好的相似之處嗎？

For you and others that know me, I'm excited about all of our businesses. But look, I think the alternative area of investments, if interest rates stay low, are all unbelievably positive. I think the transition business is at -- is at a very low base, and it can grow for the next 25 years. Decarbonization is not happening in full. There won't be a bell run for 4 years. And therefore, we're in the very, very early stages of it. And if we can -- and we're just seeing it today and dealing with some major corporations in helping them achieve some of their goals. And we think it's going to be really exciting. So I would say all the businesses have a lot of growth in them, but that one just because it's brand new, has a lot of runway, I think.

對於您和其他認識我的人來說，我對我們所有的業務感到興奮。但你看，我認為，如果利率保持在低位，其他投資領域的前景都將令人難以置信。我認為轉型業務的基數非常低，但可以在未來 25 年中實現增長。脫碳並沒有完全發生。 4年內不會有鈴聲響起。因此，我們正處於非常非常早期的階段。如果可以的話——我們今天才看到這一點，並與一些大公司打交道，幫助他們實現一些目標。我們認為這將非常令人興奮。所以我想說，所有的業務都有很大的增長，但我認為，僅僅因為它是全新的，就有很大的發展空間。

(Operator Instructions) Our next question comes from the line of Geoff Kwan from RBC Capital Markets.

（操作員說明）我們的下一個問題來自 RBC Capital Markets 的 Geoff Kwan。

On the global transition fund, just I wanted to see what types of opportunities you're seeing in the near-term to start making new investments, but also, 2, is how the competitive environment for winning those deals and how it may be different or maybe not versus the other types of deals you would do in your other platforms? In other words, is there less competition? Are you seeing more proprietary situations, that sort of thing?

關於全球轉型基金，我只是想看看您在短期內看到了哪些類型的機會來開始進行新的投資，而且，2，贏得這些交易的競爭環境如何以及它可能有何不同或者也許不會與您在其他平台上進行的其他類型的交易相比？換句話說，是不是競爭少了？您是否看到了更多專有情況之類的情況？

It's Sachin again. I will answer this just in light of our power -- our renewable power business that really underpins our decarbonization and transition efforts. I would say the opportunity set is very broad. I think what we're seeing in the marketplace is that every institution of size and substance today is targeting some form of decarbonization. And it really starts with electricity because that's the easiest place and the low-hanging fruit is to decarbonize, first, your electricity demand. And that involves investing in renewables, signing renewable PPAs. And we have a depth of expertise in that regard across Brookfield. But in particular, in our renewable business, we would have over 500 corporate clients in the United States.

又是薩欽。我將根據我們的電力——真正支撐我們脫碳和轉型努力的可再生能源業務來回答這個問題。我想說機會非常廣泛。我認為我們在市場上看到的是，當今每個規模和實質的機構都以某種形式的脫碳為目標。它確實從電力開始，因為這是最簡單的地方，而唾手可得的成果就是首先使電力需求脫碳。這涉及投資可再生能源、簽署可再生能源購電協議。我們在布魯克菲爾德擁有這方面深厚的專業知識。但特別是在我們的可再生能源業務中，我們在美國擁有 500 多家企業客戶。

If we include LatAm and Europe, that number gets close to 1,000 corporate clients where we sell power. And that can include corporation, but also utilities. And therefore, it gives us an amazing access point to talk to these companies about their broader needs, beyond just electricity, carbon capture, ensuring that they can electrify their industrial output. So dealing with automotive companies, technology companies with data center needs, our renewable power business and our transition fund just announced a global partnership with Amazon to help provide green data centers. And data centers are very large consumers of electricity, and therefore, it's critically important to source that electricity from renewables. So as Bruce said, I think the runway here, we're really in the early stages, but it's a 25 to 40-year runway to electrify industry, electrify transportation and ultimately drive CO2 levels down, and we have a leading business in that regard.

如果我們包括拉丁美洲和歐洲，這個數字接近 1,000 家我們出售電力的企業客戶。這不僅包括公司，還包括公用事業公司。因此，它為我們提供了一個絕佳的切入點，讓我們能夠與這些公司討論他們更廣泛的需求，而不僅僅是電力、碳捕獲，確保他們能夠實現工業產出的電氣化。因此，針對有數據中心需求的汽車公司、科技公司，我們的可再生能源業務和過渡基金剛剛宣布與亞馬遜建立全球合作夥伴關係，以幫助提供綠色數據中心。數據中心是非常大的電力消耗者，因此，從可再生能源中獲取電力至關重要。正如布魯斯所說，我認為我們確實處於早期階段，但這是一條需要 25 到 40 年的時間才能實現工業電氣化、交通電氣化並最終降低二氧化碳水平，而且我們在這方面擁有領先的業務看待。

Great. And then my just -- my second question was one of the key messages this year has been we should expect to see a lot of monetization activity. And so far, that's been the case. And then that, I kind of got 2-part questions. First off, of the assets that you've monetized, how would you describe the realized sale values versus what you expected? And then secondly, of the assets you had planned to monetize in 2021, kind of ballpark, like how much have you monetized so far?

偉大的。然後我的第二個問題是今年的關鍵信息之一，我們應該期望看到大量的貨幣化活動。到目前為止，情況就是如此。然後，我收到了由兩部分組成的問題。首先，對於您已貨幣化的資產，您如何描述已實現的銷售價值與您的預期？其次，您計劃在 2021 年貨幣化的資產中，大概是這樣，到目前為止您已經貨幣化了多少？

Jeff, it's Nick. So listen, I think we've talked a lot about the demand for real assets, high-quality assets, assets that generate stable cash flow. And as you know, we like to buy assets where we can enhance the operations and turn them into kind of stabilized assets that are very attractive to the broader market. And those are the assets that we've been bringing to market. And given the interest rate environment, the values that we have been obtaining are probably higher than what we would have expected 12 to 18 months ago. And so I'd say that the assets are -- the sales are going very well. The assets are incredibly attractive. These are very, very high-quality assets.

傑夫，我是尼克。所以聽著，我想我們已經討論了很多關於對實物資產、優質資產、產生穩定現金流的資產的需求。如您所知，我們喜歡購買可以增強運營的資產，並將其轉變為對更廣泛市場非常有吸引力的穩定資產。這些就是我們一直推向市場的資產。考慮到利率環境，我們獲得的價值可能高於 12 至 18 個月前的預期。所以我想說的是，資產的銷售進展非常順利。這些資產極具吸引力。這些都是非常非常優質的資產。

And so to global investors, they're very attractive. So the values have been very strong, and we've been pleased with the outcome. And as we look forward to the rest of the year, I don't -- it's hard to say where we are in the ballpark. Maybe we have done half of what we expect to do. We've got a bunch more -- we are at that point in the franchise and in the business that we've talked about where the earlier vintage funds have a lot of high-quality assets and where the business plan has been executed. The assets have been stabilized, and now is the right time, given the market environment to look at transacting. So whether it happens in Q3, Q4 or a drift into Q1 or Q2 of next year, the pipeline is very full. And we have a number of assets that we're looking at monetizing in the next little while.

因此對於全球投資者來說，它們非常有吸引力。因此，價值觀非常強烈，我們對結果感到滿意。當我們期待今年剩下的時間時，我不知道——很難說我們處於什麼位置。也許我們已經完成了我們期望做的一半。我們還有更多——我們正處於我們所討論的特許經營權和業務中，早期的老式基金擁有大量優質資產，並且商業計劃已經執行。資產已經穩定下來，考慮到市場環境，現在是考慮交易的合適時機。因此，無論是發生在第三季度、第四季度，還是推遲到明年第一季度或第二季度，渠道都非常滿。我們正在考慮在接下來的一段時間內將許多資產貨幣化。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Suzanne for any further remarks.

今天節目的問答環節到此結束。我想將程序交還給蘇珊娜以供進一步評論。

Thank you, operator. And with that, we will end the call. Thank you all for joining us, and we look forward to seeing as many of you as possible at our Investor Day in New York at Brookfield place that's on September 20. Thank you.

謝謝你，接線員。這樣，我們就結束通話了。感謝大家加入我們，我們期待在 9 月 20 日在紐約布魯克菲爾德舉辦的投資者日見到盡可能多的人。謝謝。

Thank you. Ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

謝謝。女士們、先生們，感謝你們參加今天的會議。這確實結束了該程序。您現在可以斷開連接。再會。