Brookfield Corp (BN) 2025 Q4 法說會逐字稿

Good day, and welcome to the Brookfield Corporation fourth-quarter 2025 conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加布魯克菲爾德公司 2025 年第四季電話會議和網路直播。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Ms. Katie Battaglia, Vice President, Investor Relations. Please go ahead.

現在我謹將會議交給各位發言人，投資者關係副總裁凱蒂·巴塔利亞女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's fourth quarter and full year 2025 conference call.

謝謝接線員，早安。歡迎參加布魯克菲爾德公司2025年第四季及全年業績電話會議。

On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, President of Brookfield Corporation; and Sachin Shah, Chief Executive Officer of our Wealth Solutions business. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the year. And finally, Sachin will provide an update on our Wealth Solutions business.

今天參加電話會議的有：我們的執行長 Bruce Flatt；Brookfield Corporation 總裁 Nick Goodman；以及我們財富解決方案業務的執行長 Sachin Shah。布魯斯將首先介紹公司業務最新情況，然後尼克將討論我們今年的財務和營運表現。最後，Sachin 將介紹我們財富解決方案業務的最新進展。

After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we request that you refrain from asking more than two questions.

正式發言結束後，我們將把通話轉交給接線員，並回答分析師的問題。為了方便所有想提問的人，我們要求您不要提出超過兩個問題。

I would like to remind you that in today's comments, including in responding to questions and in discussing new initiatives in our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and US securities laws. These statements reflect predictions of future events and trends and do not relate to historic events.

我想提醒各位，在今天的發言中，包括回答問題和討論我們在財務和營運業績方面的新舉措時，我們可能會發表前瞻性聲明，包括符合加拿大和美國適用證券法定義的前瞻性聲明。這些陳述反映的是對未來事件和趨勢的預測，與歷史事件無關。

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 how their potential impacts on our company, please see our filings with the securities regulators in Canada and the US and the information available on our website.

它們存在已知和未知的風險，未來的事件和結果可能與此類聲明有重大差異。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們在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資訊。

In addition, when we speak about our Wealth Solutions business or Brookfield Wealth Solutions, we are referring to Brookfield's investments in this business that supported the acquisitions of its underlying operating subsidiaries.

此外，當我們談到我們的財富解決方案業務或布魯克菲爾德財富解決方案時，我們指的是布魯克菲爾德對該業務的投資，這些投資支持了其下屬營運子公司的收購。

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

接下來，我將把電話交給布魯斯。

Thank you, Katie, and welcome to everyone on the call. 2025 was a very active year for the business. We advanced a number of strategic initiatives and delivered strong financial results. Our cash flows are now supported by our large-scale capital base, which totals $180 billion and the diversification of our platform across asset classes, geographies and capital sources, all of which provide multiple avenues for growth and position our business to remain resilient and grow across economic cycles.

謝謝凱蒂，也歡迎各位參加電話會議。 2025年對公司來說是業務非常活躍的一年。我們推進了多項策略舉措，並取得了強勁的財務業績。我們目前的現金流得到了我們龐大的資本基礎（總計 1800 億美元）以及我們在資產類別、地理和資本來源方面的平台多元化的支持，所有這些都為增長提供了多種途徑，並使我們的業務能夠在經濟週期中保持韌性並實現增長。

In the last 12 months, we raised $112 billion of capital, financed nearly $175 billion of assets, completed $91 billion of asset sales and deployed $126 billion of capital while growing our insurance asset base to $145 billion. That all allowed us to deliver record financial results with distributable earnings before realizations of $5.4 billion and total distributable earnings of $6 billion. Nick will cover financial results in more detail, and Sachin will spend some time discussing our wealth solutions business shortly.

在過去的 12 個月裡，我們籌集了 1,120 億美元的資金，為近 1,750 億美元的資產提供了融資，完成了 910 億美元的資產出售，並部署了 1,260 億美元的資金，同時將我們的保險資產基礎成長到 1,450 億美元。這一切使我們能夠取得創紀錄的財務業績，實現前可分配收益為 54 億美元，總可分配收益為 60 億美元。Nick 將更詳細地介紹財務業績，Sachin 稍後將花一些時間討論我們的財富解決方案業務。

Before they speak, I will add a few things. Looking back to 2025 in the stock market, our stock generated a 21% return for shareholders. That increased our 30-year track record to an annual compound return of 19%. That's $1 million with us over that period would be worth $285 million today. Of course, that's the miracle of compounding good results.

在他們發言之前，我先補充幾點。展望 2025 年股市，我們的股票為股東帶來了 21% 的回報。這使我們 30 年的業績記錄的年複合回報率提高到 19%。那段時間我們投資的100萬美元，相當於今天的2.85億美元。當然，這就是好結果累積帶來的奇蹟。

Turning briefly to the market environment. business fundamentals are strong. Capital markets have improved. Liquidity has returned both in debt and equity markets, interest rates have started to come down globally and transaction activity has picked up. In this environment, real assets should continue to outperform, offering investors the opportunity to earn excellent returns while taking moderate risk.

簡單談談市場環境。企業基本面強勁。資本市場有所改善。債務市場和股票市場的流動性都已恢復，全球利率開始下降，交易活動也隨之回升。在這種環境下，實體資產應會繼續表現優異，為投資者提供在承擔適度風險的同時獲得豐厚回報的機會。

As our platform has grown, so has the scale of the work we do with our partners. Increasingly, we are partnering with the highest quality organizations on large-scale, sophisticated projects that are critical to both national and corporate priorities.

隨著我們平台的發展，我們與合作夥伴共同進行的工作規模也隨之擴大。我們越來越多地與最優質的組織合作，開展對國家和企業優先事項都至關重要的大型、複雜的專案。

Recently, that has included partnerships with NVIDIA, Microsoft, JPMorgan, the United States, French, Swedish and Qatar governments, among others. Our ability to work with counterparties of this caliber underscores the strength, resilience and global reach of our platform. It also reflects a deliberate long-term approach to building our business with great partners. We believe long-term business success requires many things, but three in particular stand out together. They make the difference between good and great long-term returns.

近期，該公司與英偉達、微軟、摩根大通、美國、法國、瑞典和卡達政府等建立了合作關係。我們能夠與如此高水準的交易對手合作，凸顯了我們平台的實力、韌性和全球影響力。這也體現了我們與優秀合作夥伴共同發展業務的深思熟慮的長期策略。我們認為，企業長期成功需要很多因素，但其中有三點特別突出。它們決定了長期回報的好壞。

First, it starts with identifying businesses that can endure and evolve. For decades, we focus on building the backbone of the global economy. And while that focus has remained consistent, long-term success requires evolving as the economy itself evolves.

首先，要找出那些能夠長久生存並且持續發展的企業。幾十年來，我們一直致力於建構全球經濟的支柱產業。雖然這一重點一直保持不變，但長期的成功需要隨著經濟本身的發展而發展。

Second, when a business is well positioned and well run, compounding becomes the dominant driver of value creation. Over long periods of time, small differences in annual returns can lead to very large differences in outcomes.

其次，當企業定位良好、營運良好時，複利效應就會成為價值創造的主要驅動力。從長遠來看，年收益率的微小差異會導致最終結果的巨大差異。

And third, and maybe most important, avoiding disruption to the compounding process and business success is critical. Compounding works best when capital is allowed to be remain invested for long periods of time. For us, that means that we must always keep excess capital to ensure that we can ride through any market cycle.

第三，也許也是最重要的一點，避免對複利流程和業務成功造成乾擾至關重要。當資金能夠長期投資時，複利效應最為顯著。對我們而言，這意味著我們必須始終保持充足的資本，以確保我們能夠度過任何市場週期。

And our balance sheet strength, as Nick will indicate later, gives us flexibility to do just that. It allows us to stay focused on long-term value creation, allocate capital selectively and take advantage of dislocations when others are more constrained. Real estate illustrates this well.

正如尼克稍後會提到的那樣，我們雄厚的資產負債表實力使我們能夠靈活地做到這一點。這使我們能夠專注於長期價值創造，選擇性地配置資本，並在其他人受到更多限制時利用市場錯位。房地產就很好地說明了這一點。

Over the past 40 years, we have invested in, operated and monetized real estate across many market cycles. Our approach has always been grounded in fundamentals. We acquire assets for value, finance them conservatively and manage them actively. In the most recent cycle, dislocation was driven largely by capital markets and shifting sentiment rather than a deterioration in underlying fundamentals.

在過去的40年裡，我們經歷了許多市場週期，對房地產進行了投資、營運和變現。我們的方法始終以基本面為基礎。我們以價值為導向收購資產，以保守的方式為其融資，並積極地對其進行管理。在最近一次的週期中，經濟動盪主要是由資本市場和市場情緒變化所驅動的，而不是基本面惡化所造成。

While many step back, we remained active, continuing to invest, develop and reposition assets. And today, this sentiment is beginning to realign with fundamentals. New supply across core markets is very muted, demand is growing and asset values are set to rise substantially. We enter this next phase from a position of strength, owning the highest quality real estate in supplies constrained markets, operating it through our leading platforms.

當許多人退縮時，我們依然保持活躍，繼續投資、開發和重新定位資產。而如今，這種情緒正開始與基本面一致。核心市場的新增供應非常有限，需求卻在成長，資產價值可望大幅上漲。我們以強大的實力進入下一階段，在供應受限的市場中擁有最優質的房地產，並透過我們領先的平台進行營運。

And as we have seen across cycles, great real estate owned and managed well, always wins over time. That same long-term mindset applies to our other businesses, including how we think about our structure in the public markets. Over the last 15 years, as many of you know, we've offered listed versions of our investment strategies through what we refer to as our listed partnerships.

正如我們在各個經濟週期中所看到的，擁有和管理良好的優質房地產，最終總會獲得成功。這種長遠的思維方式同樣適用於我們的其他業務，包括我們如何看待我們在公開市場的結構。正如你們許多人所知，在過去的 15 年裡，我們透過所謂的上市合夥企業，提供了我們投資策略的上市版本。

To broaden accessibility for global investors, these are later paired with sister corporate entities. And when we created our insurance business five years ago, we followed the same approach, establishing it as a listed sister company to Brookfield Corporation trading under the symbol BNT. These structures have served our business extremely well.

為了擴大全球投資者的參與度，這些公司隨後會與姊妹公司實體配對。五年前我們創立保險業務時，也採用了同樣的方法，將其設立為布魯克菲爾德公司的上市姊妹公司，股票代號為 BNT。這些架構對我們的業務發展有了極大的幫助。

But as markets evolve and with the continued expansion of index investing, splitting market capitalizations has become sub-optimal. As a result, we're now focused on streamlining and consolidating our market capitalizations.

但隨著市場的發展和指數投資的不斷擴張，拆分市值已變得不再是最佳選擇。因此，我們現在專注於精簡和整合我們的市值。

As an initial step last year, we announced the combination of Brookfield Business Partners with its sister company, Brookfield Business Corporation. This transaction creates a single listed entity that is index eligible for the entire market capitalization and it now reflects the full scale of the business in one company. Building on that momentum, this year, we intend to work on merging Brookfield Corporation with its paired sister insurance entity, BNT.

去年，我們邁出了第一步，宣布 Brookfield Business Partners 與其姊妹公司 Brookfield Business Corporation 合併。這項交易創建了一個單一的上市實體，該實體符合整個市值指數的納入標準，並且現在在一個公司中反映了全部業務規模。乘著這股勢頭，今年我們打算著手將布魯克菲爾德公司與其姊妹保險實體 BNT 合併。

This will streamline our structure and enable the next evolution of Brookfield, bringing together our insurance and our balance sheet investment activities into one entity. This will also add substantial capital to our insurance operations, supporting growth in that business that is underpinned by our real asset-focused investment strategy, while our excess capital will enable us to operate at industry low operating leverage.

這將簡化我們的結構，並推動布魯克菲爾德的下一個發展階段，將我們的保險業務和資產負債表投資活動合併為一個實體。這將為我們的保險業務增加大量資金，支持該業務的成長，而該業務的成長又以我們以實物資產為中心的投資策略為基礎；同時，我們的超額資本將使我們能夠以業界最低的經營槓桿率運作。

In closing, we have strong momentum across all of our businesses, significant access to capital and a long runway of growth. We're well positioned and confident in our ability to continue to deliver financial results and compound value for shareholders. 2026 should be another strong year.

總之，我們所有業務都發展勢頭強勁，擁有充足的資金，並且有很長的成長之路。我們實力雄厚，對持續為股東創造財務績效和成長價值充滿信心。 2026年可望再創佳績。

Thank you all for your continued support and interest in Brookfield. I will now turn it over to Nick.

感謝大家一直以來對布魯克菲爾德的支持與關注。現在我把麥克風交給尼克。

Thank you, Bruce. And good morning, everyone. We delivered record financial results in 2025, supported by strong momentum across each of our core businesses. Distributable earnings, or DE, before realizations for the year were $5.4 billion or $2.27 per share, representing an 11% increase over the prior year. Total DE, including realizations, was $6 billion or $2.54 per share, and total net income was $3.2 billion for the year.

謝謝你，布魯斯。大家早安。2025年，我們取得了創紀錄的財務業績，這得益於我們各項核心業務的強勁發展勢頭。本年度未實現收益（DE）為 54 億美元，即每股 2.27 美元，比上年增長 11%。包括實現收益在內，總DE為60億美元，即每股2.54美元，全年淨收入總額為32億美元。

Our Asset Management business delivered record results in 2025, generating $2.8 billion of distributable earnings or $1.17 per share. We raised $112 billion of capital during the year across a diversified set of strategies, reflecting continued investor demand for our fund offerings. Fee-bearing capital increased by 12% to over $600 billion and drove a 22% increase in fee-related earnings to $3 billion.

我們的資產管理業務在 2025 年取得了創紀錄的業績，產生了 28 億美元的可分配收益，即每股 1.17 美元。年內，我們透過多元化的投資策略籌集了 1,120 億美元的資金，這反映出投資者對我們基金產品的持續需求。收費資本增加了 12%，達到 6,000 億美元以上，推動收費相關收入成長了 22%，達到 30 億美元。

Looking ahead, with strong fundraising visibility, including the launch of our latest flagship private equity fund and our inaugural AI infrastructure fund, and with the announced acquisition of Oaktree, our asset management business is well positioned to deliver another year of meaningful earnings growth.

展望未來，憑藉強勁的融資前景，包括推出我們最新的旗艦私募股權基金和首支人工智慧基礎設施基金，以及宣布收購橡樹資本，我們的資產管理業務已做好充分準備，實現又一個有意義的盈利增長年。

Our Wealth Solutions business delivered strong results in 2025, generating $1.7 billion of distributable earnings or $0.71 per share, representing a 24% increase over the prior year. Our results were driven by continued growth in our insurance platform with $20 billion of annuity sales during the year, alongside improved profitability in our P&C business.

我們的財富解決方案業務在 2025 年取得了強勁的業績，產生了 17 億美元的可分配收益，即每股 0.71 美元，比前一年增長了 24%。我們的業績得益於保險平台的持續成長，年金銷售額達 200 億美元，同時財產險業務的獲利能力也得到提升。

On the investment side, we deployed $13 billion into Brookfield managed strategies, supporting a sustained 15% return on our equity, while generating a 2.25% gross spread. And Sachin will expand on this in more detail in his remarks.

在投資方面，我們向 Brookfield 管理的策略投入了 130 億美元，實現了 15% 的持續股權回報率，同時產生了 2.25% 的毛利差。薩欽將在演講中對此進行更詳細的闡述。

Our operating businesses continued to deliver stable and growing cash flows, generating distributable earnings of $1.6 billion or $0.68 per share for the year. This performance was supported by strong underlying fundamentals across the platform. Operating funds from operations in our renewable power and transition and infrastructure businesses increased by 14% over the prior year, and our private equity business continues to contribute recurring high-quality cash flows.

我們的營運業務持續帶來穩定成長的現金流，全年可分配收益達 16 億美元，即每股 0.68 美元。這一表現得益於平台整體強勁的基本面。我們的再生能源、轉型和基礎設施業務的營運資金比去年增長了 14%，我們的私募股權業務繼續貢獻持續的高品質現金流。

Within our real estate business, we have seen sentiment realign with the strong underlying fundamentals that have been in place for some time now. The environment today reflects several years of limited new supply across major global markets, while tenant demand has continued to grow, translating into strong leasing activity and meaningful rent growth for high-quality assets.

在我們的房地產業務中，我們看到市場情緒已經與一段時間以來的強勁基本面重新保持一致。當前市場環境反映了多年來全球主要市場新增供應有限，而租戶需求持續成長，從而帶動了優質資產的強勁租賃活動和顯著租金成長。

During the year, we signed nearly 17 million square feet of office leases globally with net rents averaging 18% higher than expiring leases across our super core and core plus portfolios. Few portfolio highlights include: in New York, we signed 2.4 million square feet of leases at rents 20% higher than those expiring. In Canada, leasing activity picked up meaningfully over the year.

年內，我們在全球簽署了近 1,700 萬平方英尺的辦公租賃協議，淨租金平均比我們超級核心和核心+投資組合中即將到期的租賃協議高出 18%。投資組合亮點包括：在紐約，我們簽署了 240 萬平方英尺的租賃合同，租金比即將到期的租金高出 20%。在加拿大，租賃活動在過去一年中顯著增加。

We signed 2.4 million square feet of leases at rents 10% higher than expiring levels. And in London, we signed nearly 800,000 square feet of leases at rents close to 10% higher than those expiring. This lease activity reflects strong demand from large creditworthy tenants such as Moody's and Visa who are relocating their regional headquarters to our properties, alongside many -- of many of our other high-quality tenants that executed long-term renewals and expansions.

我們簽訂了 240 萬平方英尺的租賃合同，租金比到期租金高出 10%。在倫敦，我們簽訂了近 80 萬平方英尺的租賃合同，租金比即將到期的合約高出近 10%。此次租賃活動反映了穆迪和 Visa 等大型信譽良好的租戶的強勁需求，他們正將區域總部遷至我們的物業，此外，還有許多其他優質租戶也進行了長期續約和擴張。

At the same time, properties that we delivered or substantially repositioned over the past few years, including office assets in major global markets are now nearly fully leased and achieving some of the highest rents on record. As a result, our portfolio finished the year in a very strong position with our super core and core plus portfolios more than 95% occupied and poised to continue delivering robust NOI growth in 2026.

同時，我們在過去幾年中交付或大幅重新定位的物業，包括全球主要市場的辦公資產，現在幾乎全部出租，並實現了有史以來最高的租金。因此，我們的投資組合在年底處於非常強勁的地位，我們的超級核心和核心增強型投資組合的入住率超過 95%，並預計在 2026 年繼續實現強勁的淨營業收入成長。

Turning to monetizations. 2025 was a record year, advancing $91 billion of asset sales across the business at attractive returns, including $24 billion in real estate, $22 billion in infrastructure $12 billion in renewable power and $33 billion from private equity and other investments. Substantially, all sales were completed at or above carrying values, realizing meaningful value for our clients.

再來看看資產變現方面。 2025 年是創紀錄的一年，公司各項資產出售總額達 910 億美元，收益可觀，其中包括 240 億美元的房地產、220 億美元的基礎設施、120 億美元的可再生能源以及來自私募股權和其他投資的 330 億美元。基本上，所有銷售均以帳面價值或高於帳面價值完成，為我們的客戶實現了可觀的價值。

During the year, we realized $560 million of carried interest into income and ended the year with $11.6 billion of accumulated unrealized carried interest. And with a strong pipeline of planned asset sales across the business, we expect carried interest realized into income to accelerate over time.

年內，我們實現了 5.6 億美元的附帶權益收入，年末累計未實現附帶權益為 116 億美元。鑑於公司內部有強勁的資產出售計劃，我們預計隨著時間的推移，已實現的附帶權益收入將會加速成長。

Moving on to capital allocation. In addition to investing excess cash flow back into the business, we also returned $1.6 billion to shareholders in 2025 through regular dividends and share buybacks. We repurchased more than $1 billion of Class A shares in the open market at an average price of $36, which represents nearly a 50% discount to our view of intrinsic value including approximately $150 million repurchased since last quarter.

接下來討論資本配置。除了將多餘的現金流重新投資於業務之外，我們還在 2025 年透過定期分紅和股票回購向股東返還了 16 億美元。我們在公開市場上以平均每股 36 美元的價格回購了超過 10 億美元的 A 類股票，這比我們認為的內在價值折讓了近 50%，其中包括自上個季度以來回購的約 1.5 億美元。

We also maintained strong access to capital markets during the year and executed approximately $175 billion of financings across the franchise including $53 billion in infrastructure, $42 billion in real estate, $37 billion in renewable power and more than $40 billion in private equity and other businesses. At the corporation, we issued CAD1 billion of 7- and 30-year notes at favorable spreads in December and subsequent to year-end, our real estate business completed an $800 million fixed rate financing at a super core office property in Manhattan at very attractive spreads further underscoring lender appetite for high-quality assets.

年內，我們與資本市場保持了良好的溝通管道，並在整個特許經營範圍內完成了約 1750 億美元的融資，其中包括 530 億美元的基礎設施融資、420 ​​億美元的房地產融資、370 億美元的可再生能源融資以及超過 400 億美元的私募股權和其他業務融資。公司方面，我們在 12 月以優惠的利差發行了 10 億加元的 7 年期和 30 年期票據。在年底之後，我們的房地產業務在曼哈頓一處核心辦公物業完成了 8 億美元的固定利率融資，利差非常誘人，這進一步凸顯了貸款機構對高品質資產的興趣。

Lastly, we ended the year with a conservatively capitalized balance sheet, strong liquidity and record deployable capital of $188 billion. Taken all together, the strategic initiatives we advanced in 2025 fueled meaningful momentum with a $180 billion permanent capital base, strong liquidity and multiple avenues for growth, we are well positioned to continue compounding shareholder value in 2026 and over the long term.

最後，我們以穩健的資本充足率、強勁的流動性和創紀錄的 1,880 億美元可部署資本結束了這一年。綜上所述，我們在 2025 年推進的各項戰略舉措，憑藉 1800 億美元的永久資本基礎、強勁的流動性和多元化的增長途徑，為我們提供了強勁的發展動力，使我們能夠在 2026 年及以後繼續提升股東價值。

With that, I am pleased to confirm that our Board of Directors has declared a 17% increase in the quarterly dividend to $0.07 per share payable at the end of March to shareholders of record at the close of business on March 17, 2026.

為此，我很高興地確認，我們的董事會已宣布將季度股息提高 17%，至每股 0.07 美元，將於 2026 年 3 月 17 日營業結束時支付給登記在冊的股東。

Thank you for your time. And with that, I will now pass the call over to Sachin.

感謝您抽出時間。接下來，我將把電話交給薩欽。

Thank you, Nick, and good morning, everyone. I'm pleased to join the call this quarter to provide an update on Brookfield Wealth Solutions. 2025 was a strong year. We finished with over $140 billion of insurance assets, generated $1.7 billion of distributable earnings and delivered a return on equity above our mid-teens target.

謝謝你，尼克，大家早安。我很高興參加本季的電話會議，向大家報告Brookfield Wealth Solutions的最新情況。 2025年是業績強勁的一年。我們最終擁有超過 1,400 億美元的保險資產，創造了 17 億美元的可分配收益，並實現了高於我們預期的 15% 以上的股本回報率。

As we look ahead to 2026, we are very well positioned to deliver continued growth across both our retirement and protection businesses. As always, our ability to invest into the broader Brookfield investment platforms continues to be a key advantage for us.

展望 2026 年，我們已做好充分準備，在退休金和保障業務方面實現持續成長。一如既往，我們投資更廣泛的布魯克菲爾德投資平台的能力仍然是我們的關鍵優勢。

Access to long duration, real asset equity and credit strategies that provide stable recurring cash flow growth and attractive returns provides a differentiated foundation for driving the business forward. On our current trajectory, we expect to end 2026 with circa $200 billion of insurance assets, over $2 billion of distributable earnings to Brookfield and a capital base exceeding $20 billion, well above our regulatory targets.

獲得長期、實體資產權益和信貸策略，可實現穩定的經常性現金流成長和可觀的回報，為推動業務發展奠定差異化的基礎。按照我們目前的發展軌跡，我們預計到 2026 年底，保險資產將達到約 2,000 億美元，可分配給 Brookfield 的收益將超過 20 億美元，資本基礎將超過 200 億美元，遠高於我們的監管目標。

Importantly, this growth is supported by a highly diversified business across multiple scale geographies, high-demand retirement products and a growing protection franchise which together provide multiple avenues to source long-duration, low-cost liabilities.

重要的是，這一增長得益於業務高度多元化，業務遍及多個規模不同的地區，以及高需求的退休產品和不斷增長的保障業務，這些因素共同提供了多種途徑來獲取長期、低成本的負債。

We have a number of important priorities in 2026, and I will highlight a few of them now. which we believe will drive stable, reliable earnings growth over the next decade and should lead to continued growth in the value of our business.

我們在2026年有許多重要的優先事項，我現在將重點介紹其中幾項。我們相信這些事項將在未來十年推動穩定、可靠的獲利成長，並應帶來我們業務價值的持續成長。

First, we are focused on closing, integrating and scaling our UK acquisition. Over GBP50 billion of pensions are expected to come to the UK risk transfer market in 2026 and over GBP500 billion of pensions will come to the market over the next decade. This represents a large and growing opportunity set.

首先，我們專注於完成、整合和擴大我們在英國的收購規模。預計到 2026 年，將有超過 500 億英鎊的退休金進入英國風險轉移市場，未來十年將有超過 5,000 億英鎊的退休金進入該市場。這代表著大量且不斷增長的機會。

We have made substantial investments in the pension markets acquiring platforms for value while building out operational capabilities required to scale. Our recently announced acquisition of the Just Group in the UK is expected to close in the first half of 2026 and we are already advancing plans to grow that business and execute on over GBP5 billion of pension opportunities annually.

我們已在退休金市場進行了大量投資，透過收購平台獲取價值，同時建構規模化所需的營運能力。我們最近宣布收購英國 Just Group 的交易預計將於 2026 年上半年完成，我們已經在推進相關計劃，以發展該業務並每年抓住超過 50 億英鎊的退休金機會。

At the same time, we are working to grow our footprint in Asia where savings products continue to be in high demand as populations age and retirement income is highly desirable. Japan's life and savings insurance market is one of the largest globally with approximately $3 trillion of assets on insurer balance sheets today, reflecting the depth of long-term savings and retirement liabilities that create significant opportunities for retirement income and growth-oriented solutions in the region.

同時，我們正努力擴大在亞洲的業務，因為隨著人口老化和退休收入的迫切需求，儲蓄產品在亞洲的需求仍然很高。日本的人壽和儲蓄保險市場是全球最大的市場之一，目前保險公司資產負債表上的資產約為 3 兆美元，這反映了該地區長期儲蓄和退休負債的深度，為退休收入和成長型解決方案創造了巨大的機會。

More broadly, across Asia Pacific, demographic shifts are driving a rapid increase in financial assets with life and pension savings representing an increasing share of household wealth. We are in the early stages of building our business in Japan and broader Asia, having completed our first transaction in Japan at the end of 2025. We have a strong pipeline of opportunities ahead of us, which should translate into $3 billion to $5 billion of annual flows over time.

更廣泛地說，在整個亞太地區，人口結構的變化正在推動金融資產的快速增長，其中人壽和退休金儲蓄在家庭財富中所佔的比例越來越大。我們正處於在日本和更廣泛的亞洲地區建立業務的早期階段，已於 2025 年底在日本完成了第一筆交易。我們未來有很多發展機遇，隨著時間的推移，這些機會應該會轉化為每年 30 億至 50 億美元的收入。

In the US, we are expanding our retirement distribution capabilities to drive in excess of $30 billion of inflows into the business annually over time. US fixed annuity demand exceeded $300 billion in 2025 as aging populations continue to look for stable retirement income. A significant portion of that demand flows through large bank and broker-dealer channels, which have been a key area of focus for us.

在美國，我們正在擴大退休金分配能力，以期隨著時間的推移，每年為公司帶來超過 300 億美元的資金流入。預計到 2025 年，美國固定年金需求將超過 3,000 億美元，因為人口老化持續加劇，人們越來越需要穩定的退休收入。其中很大一部分需求是透過大型銀行和經紀交易商管道實現的，而這些管道一直是我們重點關注的領域。

On average, these channels account for two-thirds of US retail annuity sales, whereas they have only represented about a third of our sales historically. Given the sustained demand through these channels, we have been investing into these relationships. We've expanded our offerings on one such platform already this year are on track to launch a second before the end of this month and expect to launch two additional platforms within the calendar year.

平均而言，這些通路占美國零售年金銷售額的三分之二，而從歷史上看，它們只占我們銷售額的三分之一左右。鑑於這些管道的持續需求，我們一直在投資維護這些關係。今年我們已經在一個這樣的平台上擴展了我們的產品，並預計在本月底前推出第二個平台，預計今年內還將推出兩個平台。

Given our expansion, our annualized organic inflow should comfortably grow to over $25 billion in the near term. As it relates to our protection franchise, we are prioritizing and identifying opportunities for scale as markets soften through selective M&A, organic growth and expansion of our reinsurance capabilities.

鑑於我們的擴張，短期內我們的年度有機流入應該可以輕鬆成長到 250 億美元以上。就我們的保障業務而言，隨著市場疲軟，我們正在優先考慮並尋找透過選擇性併購、內生成長和擴大再保險能力來擴大規模的機會。

Our protection business delivered $8 billion of float to manage in 2025 at virtually no cost of funding. We have made tremendous progress to date focusing the business on reducing risk, exiting low profitability lines of business, and positioning for softer markets ahead, which we believe will lead to more compelling growth opportunities over time.

我們的保險業務在 2025 年提供了 80 億美元的流動資金，幾乎沒有任何資金成本。迄今為止，我們在降低風險、退出低盈利業務以及為未來疲軟的市場做好準備等方面取得了巨大進展，我們相信這將隨著時間的推移帶來更具吸引力的成長機會。

Lastly, we are continuing our pivot towards equity-oriented strategies to enhance investment returns using our strong capital base to deliver higher quality earnings with lower operating leverage. In 2025, we deployed $13 billion into Brookfield originated strategies and average net yields of 8.5%. We also made additional commitments to Brookfield-sponsored private funds, which will be further accretive to our earnings as those funds call and deploy capital over the medium term.

最後，我們將繼續轉向以股權為導向的策略，利用我們強大的資本基礎來提高投資回報，從而在降低經營槓桿的同時實現更高品質的收益。2025 年，我們向 Brookfield 發起的策略投入了 130 億美元，平均淨收益率為 8.5%。我們也向 Brookfield 贊助的私人基金追加了投資，隨著這些基金在中期內募集和部署資金，這將進一步增加我們的收益。

To bring this together, the strategic initiatives we have executed to date, together with our priorities outlined for 2026, position the business for continued earnings growth. We have a platform that benefits from diversification across distribution channels geographies and product types, allowing us to access the most competitive risk-adjusted cost of capital.

綜上所述，我們迄今執行的策略舉措，以及我們為 2026 年制定的優先事項，將使公司能夠持續實現獲利成長。我們擁有一個平台，該平台受益於分銷管道、地理和產品類型的多元化，使我們能夠獲得最具競爭力的風險調整後資本成本。

With a strong pipeline of real asset investments across Brookfield's various strategies, we feel confident in our ability to continue compounding our capital at well above our mid-teens targets.

憑藉著Brookfield旗下各種策略中強大的實體資產投資項目儲備，我們有信心繼續實現遠超過我們15%中段目標的資本複利增長。

Thank you for your time. And with that, I'll turn the call over to the operator for questions.

感謝您抽出時間。那麼，接下來我會把電話轉給接線生，回答大家的問題。

(Operator Instructions) Kenneth Worthington, JPMorgan.

（操作說明）肯尼斯‧沃辛頓，摩根大通。

You've spoken in the past about scaling the P&C business. And today, you called out the protection business and the improved profitability a number of times in the prepared remarks. So I was hoping you could flesh out your comments and talk about where the business stands today, maybe a bit more on how you plan on scaling it from here? And then lastly, what's the right relative size of the P&C business to the life and annuity business for you?

您之前曾談到擴大財產和意外保險業務的規模。今天，您在準備好的演講稿中多次提到了保險業務及其盈利能力的提高。所以我希望您能詳細闡述您的觀點，談談公司目前的業務狀況，以及您計劃如何從現在開始擴大規模？最後，對您而言，財產險業務與人壽保險和年金業務的合適相對規模是多少？

Sure. It's Sachin here. So you're right. We've talked a lot about our P&C protection business, as we call it, I would say the last few years, and you would know this just from the general market backdrop has been a very hard market. You've seen record profits in established P&C platforms.

當然。我是薩欽。你說得對。過去幾年，我們一直在談論我們的財產和意外傷害保護業務，正如我們所稱呼的那樣，而從整體市場背景來看，你也會知道這是一個非常艱難的市場。你已經看到成熟的財產保險平台獲得了創紀錄的利潤。

And during that period to acquire businesses for value was very difficult. Owners would expect significant multiples on book capital and not everyone had a great platform or has a great platform, yet valuation expectations were tremendously high.

在那段時間裡，想要以合理的價格收購企業是非常困難的。業主們期望獲得帳面資本的顯著倍數，但並非每個人都擁有或曾經擁有一個優秀的平台，然而估值預期卻非常高。

Our approach during that period was to acquire platforms where we felt we could acquire them at a significant discount to book, work on repositioning them and really orient them to the next cycle that will come, softer markets and ensure that we have a good risk culture, a good cycle management culture and that we could grow them organically even if markets start to soften, which we're seeing pretty significantly right now, in particular on the property side.

在那段時間裡，我們的策略是收購我們認為可以以遠低於賬面價值的價格收購的平台，然後著手重新定位它們，真正讓它們適應即將到來的下一個週期，即市場疲軟的時期，並確保我們擁有良好的風險文化、良好的周期管理文化，即使市場開始疲軟，我們也能實現有機增長，而我們目前已經看到這種情況相當明顯，尤其是在房地產領域。

Where that leaves us is we now have a business that is generating strong profits. We've been able to reposition our investment portfolios much more to equity-oriented strategies we are breakeven on underwriting profit and we'll be generating underwriting profits going forward.

這樣看來，我們現在擁有了一家能夠產生豐厚利潤的企業。我們已經能夠將投資組合重新調整為更偏向股票的策略，目前承銷利潤收支平衡，未來將實現承銷利潤。

And we now have a platform that as markets soften, we think that we can pursue M&A. There will be some platforms who struggle in this environment. We think we can build out reinsurance capabilities. and we can continue to diversify our lines. So I think from the outlook perspective, the business has a very strong outlook ahead.

我們現在擁有一個平台，隨著市場走軟，我們認為我們可以進行併購。在這種環境下，有些平台會舉步維艱。我們認為我們可以拓展再保險業務能力，並繼續實現業務多元化。所以我認為從前景來看，這家公司擁有非常強勁的未來前景。

In terms of size, we have about $3 billion of capital that supports our protection business, $8 billion of float. And I think we could comfortably see a path to $20 billion to $25 billion of flow by the end of the decade. I'll pause there.

就規模而言，我們擁有約 30 億美元的資本來支持我們的保險業務，以及 80 億美元的流動資金。我認為，到本十年末，我們完全可以預見資金流動將達到 200 億至 250 億美元。我就先停在這裡。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，加拿大皇家銀行資本市場。

I wanted to ask around the decision to simplify the structure and collapse BNT. So I know you called out a few reasons in the letter, but can you maybe unpack the decisioning there why now and the expected time frame?

我想了解簡化結構和取消 BNT 的決定背後的原因。我知道您在信中列舉了一些原因，但您能否詳細解釋為什麼現在做出這個決定以及預計的時間範圍？

Bart, it's Nick. I think in the letter and in Bruce's comments, we provided a lot of the background. What I'd add to that is -- we have seen an evolution in public markets. And as our business has evolved, we do believe at this point in time, it makes sense to streamline and simplify and we've seen the benefits of that play out for BBU. And as we think about -- when we set up BN originally -- sorry, BWS, when we started investing in insurance, we did so thinking it was a very attractive stand-alone investment opportunity.

巴特，我是尼克。我認為我們在信中和布魯斯的評論中提供了很多背景資訊。我還要補充一點——我們已經見證了公開市場的演變。隨著我們業務的發展，我們認為在目前這個階段，精簡流程是明智之舉，我們也看到了精簡流程為 BBU 帶來的好處。當我們回想當初創立 BN 的時候——抱歉，是 BWS——當我們開始投資保險業的時候，我們認為這是一個非常有吸引力的獨立投資機會。

And to stand it up on its own 2 feet, we set up a paired security BNT that added value and provided optionality as we continue to scale the business. I think, as you know, as we've discussed, we see things quite differently now. The insurance business has scaled meaningfully. There's great growth potential ahead for that business. And as it's grown, we've realized the tremendous synergies that it has with overall Brookfield and therefore, it has increasingly become more integrated with the corporation.

為了使其能夠獨立運營，我們建立了一個配對的安全 BNT，這為我們不斷擴大業務規模增添了價值和提供了選擇。我認為，正如你所知，正如我們討論過的，我們現在對事物的看法已經截然不同了。保險業務規模已顯著擴大。該企業未來發展潛力大。隨著公司的發展壯大，我們意識到它與整個布魯克菲爾德公司有著巨大的協同效應，因此，它與公司的融合程度也越來越高。

And today, the business fully benefits from the investment ecosystem of BAM, offering ideal investment solutions to back the liabilities that we have. But we think the next step is to also allow the business to fully benefit from the capital base of the broader Brookfield the full $180 billion of capital that we have to back its growth while allowing it to maintain low operating leverage. So what that means for the business is that we're working on a plan to combine BN and BNT into a single listed company, one security.

如今，公司充分受益於 BAM 的投資生態系統，並獲得了理想的投資解決方案來支持我們的負債。但我們認為，下一步是讓該業務充分利用布魯克菲爾德集團的資本基礎，即我們擁有的 1800 億美元資本來支持其成長，同時使其保持較低的經營槓桿率。所以，對公司而言，這意味著我們正在製定一項計劃，將 BN 和 BNT 合併成一家上市公司，發行單一證券。

We would see no change to the governance, the management team, the investment processes, the risk framework within the business, but the end result would be a streamlined structure that provides investors with simpler access to our business, will sustain and ultimately enhance the long-term growth profile of the business. So we will continue to work on that. And as we said in the letter, we'd like to think we can execute it within the next 12 month.

公司治理、管理團隊、投資流程、風險框架都不會發生任何變化，但最終結果將是一個精簡的結構，使投資者能夠更輕鬆地參與我們的業務，這將維持並最終提升公司的長期成長前景。所以我們會繼續努力。正如我們在信中所說，我們希望能夠在未來 12 個月內完成這項任務。

Great. Very helpful. And then just sticking with, I guess, Brookfield Wealth Solutions. Very strong ROE. It looks like it's north of 15%.

偉大的。很有幫助。然後我就一直和 Brookfield Wealth Solutions 合作了。非常高的淨資產收益率。看起來超過了15%。

I think we get it on the asset side as to how the strategy is differentiated. Is there anything on the liability side that's also contributing to that? And what's the outlook there in terms of preserving that ROE in this year?

我認為我們已經從資產方面理解了該策略的差異化之處。負債方面是否也存在其他導致這種情況的因素？那麼，今年能否維持這樣的淨資產收益率（ROE）呢？

Bart, it's Sachin. Yes, on the liability side, we've really been focused on diversification of product type. That started with simple annuities and a small P&C business. It's really morphed into geographic expansion, a multitude of retirement products that we sell through all of our businesses, getting into the pension markets and scaling there and broadening out our P&C business. What that really means in practice is at the top of the house, we can look at where our capital is allocated, and we can allocate it to where the cost of funding is the lowest.

巴特，我是薩欽。是的，在責任險方面，我們一直致力於產品類型的多元化。這一切始於簡單的年金業務和一家小型財產保險公司。它實際上已經演變為地域擴張，我們透過所有業務銷售多種退休產品，進入退休金市場並擴大規模，以及拓展我們的財產和意外保險業務。實際上，這意味著在公司高層，我們可以審視我們的資金分配情況，並將其分配到融資成本最低的地方。

And therefore, we can move our capital around by geography, by product type and ensure that as competition increases in one area, we move away to an area where we see better value. We couple that with our investment franchise at Brookfield and that leads to really robust spread and really robust total returns for the business.

因此，我們可以依照地理位置、產品類型來調配資本，確保當一個地區的競爭加劇時，我們就能轉移到我們認為更有價值的地區。我們將此與我們在布魯克菲爾德的投資業務相結合，從而為公司帶來非常穩健的收益和非常穩健的總回報。

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛集團。

Thank you. Good morning, everyone. Just maybe another one around P&C. Definitely seems like you guys have been hinting to that for a couple of quarters now, but it definitely feels like you're leaning into that more aggressively, both organically and perhaps inorganically. How are you thinking about the risk that brings to the BN platform as a whole, obviously, quite different than the annuities business.

謝謝。各位早安。或許在財產和商業領域還有另一起。你們似乎已經暗示過好幾個季度了，但現在感覺你們正在更加積極地推進這件事，無論是自然而然的還是人為的。您認為這會為整個 BN 平台帶來怎樣的風險？顯然，這與年金業務有很大不同。

And when we think about the opportunity that, that creates for BAM as far as incremental assets that could be managed or fall under the IMA. What would be the implications for the management fee business?

當我們思考這為 BAM 創造的機會時，就會發現，新增資產可以管理或納入 IMA 的範疇。這對管理費業務會有什麼影響？

I'll start with, just the balance sheet of the P&C business. As you know, it's a lower leverage business. So I think it requires capital to grow, but you don't get the same operating leverage as you do an annuity business. And for that reason, you don't get the same projected assets going over to BAM. That being said, our annuity business is very large.

我先從財產和意外保險業務的資產負債表開始。如你所知，這是一個槓桿率較低的行業。所以我認為它需要資金才能發展，但你無法像經營年金業務那樣獲得相同的經營槓桿。因此，你無法在 BAM 中獲得相同的預期資產。也就是說，我們的年金業務規模非常龐大。

It's global. And we really have focused the last five years on scaling that. So we have a regular flow of capital coming into the group. On the P&C side, the real benefit for us is there will be times where that business, we see opportunities to drive our funding cost down because we can move into parts of the protection market that don't have as much competition. And remember, the annuity market today is very competitive.

它是全球性的。過去五年，我們確實把重點放在了擴大規模上。因此，集團一直有穩定的資金流入。在財產險方面，對我們來說真正的好處是，有時我們會看到降低融資成本的機會，因為我們可以進入競爭較不激烈的保障市場領域。請記住，如今的年金市場競爭非常激烈。

All of our peers are in that space. Many small asset managers have gone into it and all the incumbent insurers are very aggressively growing their retirement business as well. So it was prudent for us to build other levers to drive funding costs down and to be able to allocate capital in parts of the business that have less competition.

我們所有的同行都處於那個領域。許多小型資產管理公司都已涉足這一領域，所有現有的保險公司也積極拓展其退休業務。因此，對我們來說，謹慎的做法是建立其他槓桿來降低融資成本，並將資金分配到競爭較小的業務領域。

Got it. All right. That's helpful. Okay. Second question for you guys, maybe pivot to real estate. The fundamentals in the business look like continue to improve. If we look at NOI, FFO, any of the metrics you guys put out, it looks like it's been a nice improvement over the last couple of quarters now, but help us maybe unpack what's been driving that?

知道了。好的。那很有幫助。好的。第二個問題想問大家，或許可以轉型做房地產？企業基本面似乎會持續改善。如果我們看一下 NOI、FFO 以及你們公佈的任何指標，看起來過去幾個季度都有了不錯的改善，但能否幫我們分析一下是什麼因素推動了這種改善？

And within that, I believe there's quite a bit of floating rate debt that still benefits the cash flows of your real estate franchise. Maybe help with some sensitivity around kind of, I don't know, 25 basis point cut in rates, how much does that impact the cash flows across the entire BPG real estate franchise?

而且，我認為其中相當一部分浮動利率債務仍然有利於您房地產特許經營的現金流。或許可以幫助我們了解一下，如果利率下調 25 個基點，會對整個 BPG 房地產特許經營業務的現金流產生多大影響？

Alex, listen, I think we've talked at length about the fundamentals and the market dynamics going on in global real estate right now, and they are continuing to build momentum. And I'd say that's across the highest quality office and retail.

Alex，聽著，我認為我們已經詳細討論過目前全球房地產的基本面和市場動態，而且它們正在繼續積聚勢頭。而且我認為這適用於最高品質的辦公室和零售場所。

If you look at the office markets in global gateway cities, there is very low to no new supply coming on market. New supply is not expected for -- in large scale anytime soon, and yet tenant demand continues to grow. And we've seen that inflection point in that business in the last couple of years, this year, accelerating still going on with a number of tenants.

如果你觀察一下全球門戶城市的辦公大樓市場，你會發現市場上幾乎沒有新的供應。短期內預計不會有大規模的新供應，但租戶需求卻持續成長。在過去的幾年裡，我們已經看到該行業的轉折點，今年更是加速發展，許多租戶仍在繼續這一趨勢。

We're actively engaged with through a very large requirements for high-quality space. We signed -- two of the largest leases in downtown last year, I think, is the largest ever move of a tenant in the downtown core are definitely for some time into a trophy building and we can see that momentum continue.

我們積極參與，以滿足對高品質空間的巨大需求。去年我們簽署了市中心最大的兩份租賃合同，我認為這是市中心租戶有史以來最大的搬遷，他們肯定會在一段時間內搬進一座標誌性建築，我們可以看到這種勢頭仍在繼續。

Look in London, one of the tightest markets globally now setting record rents with each lease we signed in the city, tenant demand in Canadian Wharf, the strongest we've seen -- so those are the underlying drivers for the growth in the NOI in office.

看看倫敦，它是全球最緊張的市場之一，我們在該市簽署的每一份租約都在創下租金紀錄；加拿大碼頭的租戶需求也是我們所見過的最強勁的——這些都是辦公大樓淨營業收入增長的根本驅動因素。

Now as we move those tenants in and we vacate space, it takes time to come through the numbers, but the underlying momentum and the valuation appreciation is coming through the numbers and in retail -- the sales continue to be very strong. We have a very strong seasonal performance in our assets this year, strong total year and again, expect sales growth this year with strong tenant growth.

現在，隨著租戶的入住和空間的騰出，需要一段時間才能體現這些數字，但潛在的成長勢頭和估值提升正在透過數位和零售業的銷售體現出來——銷售額繼續保持強勁。今年我們的資產季節性表現非常強勁，全年整體表現也很強勁，預計今年銷售額將隨著租戶的強勁成長而成長。

And all of these assets continue to sign leases at very strong positive spreads to the leases that are expiring. So that's driving the NOI growth, and we see that trend continuing. The capital markets are incredibly supportive of these assets. We just completed a financing in downtown New York last week and the debt stack was 10 times oversubscribed up and down the stack. So the capital markets are incredibly constructive.

而且所有這些資產都繼續以非常高的正利差簽訂租賃合同，而這些利差正於即將到期的租賃合約。因此，這推動了淨營業收入的成長，而且我們看到這種趨勢仍在繼續。資本市場對這些資產給予了極大的支持。我們上週剛在紐約市中心完成了一筆融資，債務結構從上到下都獲得了 10 倍的超額認購。因此，資本市場具有極大的建設性作用。

We continue to drive in spreads. So that's driving the NOI performance. On the FFO, you're right. We have some floating rate debt. We're probably right now about 75% to 80% fixed rate.

我們繼續擴大價差。所以這就是推動營業淨收入成長的原因。關於FFO，你說得對。我們有一些浮動利率債務。目前固定利率大概佔75%到80%。

But that floating rate movement, 25 basis points, it's probably roughly about $35 million to FFO on an annualized basis. But I'd say there's more going on than just rates coming down. We have the benefit of tightening spreads, and we have the benefit of some delevering come through the P&L. So I think the FFO trajectory continues to look positive from this point forward.

但浮動利率變動 25 個基點，以年計算，可能會使 FFO 減少約 3,500 萬美元。但我認為，除了利率下降之外，還有其他因素在起作用。我們有利差收窄的好處，也有去槓桿化帶來的好處，這些好處體現在損益表中。所以我認為從目前來看，FFO（營運資金）的走勢將繼續保持積極態勢。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

I wanted to ask about BWS. Heard the helpful commentary around some of the initiatives globally. I was hoping maybe we could double-click on Asia. And if you could maybe elaborate a bit on some of the steps you're taking to grow your footprint in Asia, what we can expect from Brookfield here in '26 and over the next couple of years? I think you mentioned a pipeline.

我想問一下關於BWS的問題。聽到了大家對全球一些舉措的有益評論。我原本希望我們能雙擊亞洲。如果您能詳細介紹一下您為擴大在亞洲的業務規模所採取的一些措施，以及我們對 Brookfield 在 2026 年和未來幾年的發展有何期待，那就太好了！我想你有提到管道。

Can you just elaborate on that pipeline, what that looks like? And then in Europe, as we move past the just deal, and we look out to later this year into '27, can you speak to some of the stuff that you're going to be taking to capture the opportunity set in Europe?

能詳細介紹一下這條管道的運作方式嗎？然後，在歐洲，隨著我們超越公正協議，展望今年晚些時候到 2027 年，您能否談談您將採取哪些措施來抓住歐洲的機會？

Sure. It's Sachin here. So first on Japan, I would say our pipeline -- we've been pretty active for the last three years in the Japanese market with teams on the ground focused on relationship building, leveraging the broader Brookfield brand.

當然。我是薩欽。首先說說日本市場，我想說的是我們的業務管道——過去三年，我們在日本市場一直非常活躍，我們有團隊專注於建立關係，利用布魯克菲爾德更廣泛的品牌影響力。

And as you know, there has been a pretty steady history of Japanese insurers undertaking reinsurance with foreign counterparties. And we've been able to build trust. We've been able to get onto the list of acceptable counterparties. We completed our first deal as we've announced last year with Dai-Ichi Frontier Life.

如您所知，日本保險公司與外國交易對手進行再保險交易的歷史一直相當穩定。我們已經建立了信任。我們已成功進入可接受交易對手名單。正如我們去年宣布的那樣，我們與第一前沿生命保險公司完成了第一筆交易。

I would say we now have strong relationships with half a dozen of the top insurers in Japan all of whom are advancing discussions with us about entering into partnership deals on both flow and in-force reinsurance. Not all of them will hit, but we expect a number of them will. And we feel pretty good that we will have just a recurring steady flow of reinsurance relationships in the country.

我認為我們現在與日本六家頂級保險公司建立了牢固的關係，他們都在與我們推進關於在保單再保險和在保單再保險方面達成合作協議的討論。並非所有預測都會成真，但我們預計其中一些會成真。我們很有信心，我們將在該國建立持續穩定的再保險合作關係。

Beyond Japan, we're actively looking at markets like Korea and Hong Kong, Taiwan, where you have a similar savings dynamic that's occurring and aging populations that really aren't earning a proper yield in their savings products and look to insurance products to supplement returns for themselves. And I would say we're actively conducting outreach in those markets as well looking to build on our pipeline. Europe, I would say, is a bit more of a challenge. We've spent a lot of time in Europe. On the annuity side and on the protection side.

除了日本，我們也積極關注韓國、香港、台灣等市場，這些市場也存在類似的儲蓄動態，人口老化導致儲蓄產品收益不足，因此需要保險產品來補充自身收益。而我認為，我們也在這些市場積極進行拓展活動，以期擴大我們的客戶管道。我認為，歐洲的情況更具挑戰性。我們在歐洲待了很久。包括年金方面和保障方面。

But I would say on the annuity side, the market there is much more regulated around what's called the with-profits business. And what it effectively means is your ability to generate spread is very limited by regulatory constructs. So I think if we're going to advance our business in Europe, we're going to do it very slowly, very carefully and make sure that we don't end up in a situation where -- the things that were good at Brookfield investing into real assets are not able to be done, that would be problematic for us.

但就年金市場而言，分紅型年金業務的監管要嚴格得多。實際上，這意味著你的擴張能力會受到監管結構的限制。所以我認為，如果我們要在歐洲推進業務，我們會非常緩慢、非常謹慎地進行，並確保我們不會陷入這樣的境地——布魯克菲爾德投資實物資產的成功經驗無法再應用，這對我們來說將是麻煩的。

Great. And then just a follow-up question, if I could, on carry. I was hoping you might be able to help how are you characterizing the outlook here for carry into '26 relative to '27?

偉大的。如果可以的話，我還有一個後續問題，關於持倉。希望您能幫忙分析一下，您如何看待2026年相對於2027年的結轉前景？

Thanks, Mike. So I think we had a good performance in 2025, probably slightly ahead of plan for the year. And I know we've talked in the past about seeing an inflection point coming this year. The pipeline for monetizations continues to be very strong as we look out this year. And I'd say it's active in the right areas as it relates to carry.

謝謝你，麥克。所以我認為我們在 2025 年的表現不錯，可能略微超出了年度計劃。我知道我們之前也討論過今年將會出現一個轉折點。展望今年，各種商業化項目的管道依然非常強勁。我認為它在攜帶槍支方面發揮了積極作用。

It's active specifically in the funds that are relevant for realizations across infra, real estate and within Oaktree. So I think we feel -- we feel good about where we are today. Obviously, we feel very good about the valuation of the assets we're bringing to market. Timing is slightly outside of our control.

它主要活躍於與基礎設施、房地產和橡樹資本相關的基金。所以我覺得我們對目前的狀況感到滿意。顯然，我們對推向市場的資產估值非常有信心。時間安排部分不受我們控制。

But if we had to estimate, we think we'd see it start to step up in the second half of the year and then continue to scale into '27 and '28, as we've talked about before. So the valuations are good. The processes are going. The pipeline is strong, and it just depends on timing now.

但如果要做出估計，我們認為它將在今年下半年開始加速成長，然後像我們之前討論過的那樣，在 2027 年和 2028 年繼續擴大規模。所以估值是合理的。流程正在進行中。管道供應充足，現在只看時機了。

Mario Saric, Scotiabank.

馬裡奧·薩里奇，加拿大豐業銀行。

Just wanted to talk about the dividend increase. The 17% was the largest in some time kind of double 5-, 10-year CAGRs, the largest amongst the Brookfield publicly traded companies this year. I'm pretty sure it's not a result of lack of investment opportunities as we're hearing on the call. So I'm curious whether the increase is kind of a shift in dividend growth policy that better mirrors expected underlying cash flow per share growth going forward?

只是想談談股息成長的事情。17% 是近一段時間以來最大的成長率，相當於 5 年和 10 年複合年增長率的兩倍，也是今年 Brookfield 上市公司中最高的。我非常確定這並非像我們在電話會議上聽到的那樣，是由於缺乏投資機會造成的。所以我很好奇，此次股利成長是否標誌著股利成長政策的某種轉變，使其更能反映未來每股預期現金流的成長？

Yes. Mario, it's Nick. No, I think it's more simple than that. We obviously split the shares. And at BN, we haven't done sort of fractions of a penny increases. So we stuck with a penny.

是的。馬裡奧，我是尼克。不，我覺得事情比這簡單得多。我們當然要平分股份。而在BN，我們從未進行過哪怕是幾分之一美分的漲幅。所以我們最後還是決定用一分錢。

The payout ratio is still very low, as you know, -- so whilst it looks like a high increase on paper and it is a nice increase, the payout ratio is still very low and it's not a change in strategy. We still are focused on reinvesting capital back into the business.

如你所知，派息率仍然很低——所以雖然從帳面上看增幅很大，而且增幅也不錯，但派息率仍然很低，這並不是策略的改變。我們仍專注於將資金再投資於業務發展。

And when we return capital to shareholders, we look to do it opportunistically through buying back shares. So I don't think it's a significant change in strategy. It's more a product of the fact that we split the shares this year last year.

當我們向股東返還資本時，我們會抓住機會，透過回購股票來實現。所以我認為這並非戰略上的重大改變。這主要是因為我們今年和去年都進行了股份拆分。

Okay. Makes sense. And my second question, in the letter to shareholders, you talked about identifying fees that enable investment growth. You've talked a lot about digitalization, decarbonization and deglobalization as maintained over the past decade, kind of associated with your commentary about the need of an organization to evolve over time, if you have to guess, what are some themes that you may be discussing at your Investor Day five years from now that may or may not be ticked on what you're talking about today.

好的。有道理。我的第二個問題是，您在致股東的信中談到了確定能夠促進投資成長的費用。過去十年，您一直在談論數位化、脫碳和去全球化，這與您關於組織需要隨著時間推移而發展的觀點密切相關。如果您要猜測，五年後的投資者日上，您可能會討論哪些主題？這些主題可能與您今天談論的內容有關，也可能無關。

Listen, I think the themes that we have today have a long runway ahead of them. We are in the very early stages of the build-out of supporting the growth of AI and this revolution. And I think the themes will still be anchored by the same fundamental principles. They're anchored today by the same principles we were talking about 10 and 15 years ago. So it's very hard to predict exactly what we'll be talking about five years from now.

聽著，我認為我們今天提出的這些主題還有很長的發展空間。我們目前仍處於支援人工智慧發展和這場革命的初期階段。我認為這些主題仍將以相同的基本原則為基礎。它們如今所遵循的原則，與我們 10 年前和 15 年前討論的原則相同。所以，很難準確預測五年後我們會討論什麼。

But I think it will be anchored on the same core fundamentals, but we do expect a very long runway from the current themes that are driving the growth of the business.

但我認為它將以相同的核心基本面為基礎，而且我們預計，目前推動業務成長的主題將帶來非常長的復甦期。

Jaeme Gloyn, National Bank.

Jaeme Gloyn，國家銀行。

Just a quick question on the North American residential portfolio. Just looking at the operating FFO this quarter, stepping up from Q3. Was there any increase in activity on sales this quarter versus the prior quarter? Or is that just more reflecting some of the seasonality in the business? And then kind of maybe talk through some of the outlook around that portfolio into 2026?

關於北美住宅投資組合，我有個小問題。僅看本季的營運 FFO，較第三季有所成長。本季銷售活動較上季是否有增加？或者這僅僅反映了該行業的季節性因素？然後或許可以探討一下該投資組合到 2026 年的前景？

Yes. It's very much due to seasonality. The best way to analyze the performance of that business would be comparing the quarter performance for the prior year quarter as opposed to the prior quarter. There tends to be seasonality and strong performance in Q4. And when you look at it compared to Q4 of last year, we did have a onetime gain on a sale of a large lot.

是的。這很大程度是由於季節性因素造成的。分析該企業業績的最佳方法是將本季業績與上年同期業績進行比較。通常存在季節性因素，且第四季業績表現強勁。如果與去年第四季相比，我們確實因為出售一大塊土地而獲得了一次性收益。

So there is an outsized gain in last year's numbers. I think that the trend in that business continues to be what we've talked about for a while. It's a very well-performing business for us, very well run, generates good cash flow. But for sure, we are seeing muted activity in the housing markets in Canada and the US for now.

因此，今年的數字比去年同期成長幅度巨大。我認為該行業的趨勢仍然和我們之前討論的一樣。對我們來說，這是一個業績非常好的業務，營運得非常好，現金流也很充裕。但可以肯定的是，目前加拿大和美國的房地產市場活動較為低迷。

We expect that over time, the performance will improve as we see a shortage in housing, and we are very well placed with a very nimble platform and if you think back to Q1, we did derisk that investment by pulling out $1 billion of capital by exiting a few of our master planned communities, and we've positioned that more as an asset-light business now -- we continue to scale the land servicing and land management businesses for our clients, generating fees for Brookfield Asset Management. But I think as we look forward, we do see sort of muted performance at the start of this year, but very well positioned to benefit when the market improves.

我們預計，隨著住房短缺的加劇，業績會隨著時間的推移而改善。我們擁有非常靈活的平台，處於非常有利的地位。回想一下第一季度，我們透過退出幾個總體規劃社區，撤回了 10 億美元的資本，從而降低了投資風險。現在，我們已將其定位為輕資產業務——我們繼續擴大為客戶提供的土地服務和土地管理業務規模，為 Brookfield Asset Management 創造費用。但我認為展望未來，雖然今年年初業績可能較為平淡，但一旦市場好轉，公司將處於非常有利的位置，並從中受益。

And then following in the same theme around the real estate assets, if I kind of go back to a couple of Investor Days, the view would be that real estate assets would sort of decline through the 2029, 2030 period. But we've kind of seen that tick up over the last several quarters.

然後，沿著同樣的房地產資產主題，如果我回顧一下之前的幾次投資者日活動，當時的觀點是，房地產資產在 2029 年、2030 年期間將會下降。但我們看到，在過去的幾個季度裡，這種情況有所改善。

So I guess, is that a reflection of just paying out of the assets for now until better monetization opportunities present themselves? And do you see that sort of accelerating in the early part of the year, second part of the year? Or is it maybe more of a '27 story when you see that start to unfold and see the capital levels start to drift lower?

所以我想，這是否意味著公司目前只是暫時用這些資產變現，直到出現更好的變現機會為止？你認為這種趨勢會在今年上半年或下半年加速發展嗎？或者，當這種情況開始發生，資本水準開始下滑時，這或許更像是 2027 年的故事？

Yes. Listen, I know I'm going to say that we've necessarily been aggressively acquiring as -- and stepping up from acquisition, but we have obviously, been holding on to the assets. We've been focused on operational improvement and performance. And we've seen that. And as I said, the operating fundamentals have been strong for a while now, and that growth is only accelerating.

是的。聽著，我知道我接下來要說的是我們一直在積極收購——並且不斷增加收購力度，但顯然，我們一直在持有這些資產。我們一直專注於營運改善和績效提升。我們已經看到了這一點。正如我所說，公司的營運基本面一直很強勁，而且這種成長勢頭還在加速。

Capital markets get stronger by the day. And I think we are seeing market sentiment and broad market sentiment out of those really involved in the business day to day, really start to appreciate what's going on in the office market and the durability of high-quality office in the cycle and in long-term growth.

資本市場日益走強。我認為，我們看到市場情緒以及那些真正參與日常業務的人們的普遍市場情緒，開始真正理解辦公大樓市場的現狀，以及高品質辦公大樓在週期和長期成長中的持久性。

And I think as that sentiment and acceptance broadens, you're going to see transaction activity really pick up. We've seen it more broadly for real estate businesses that we sold last year around the world, and we expect it to pick up for high-quality assets. The exact timing is always as hard to give you, but I do think it's close to coming back in a meaningful way. And when it does come back, we will be poised to monetize a number of assets in the portfolio.

我認為隨著這種情緒和接受度的提高，交易活動將會真正活躍起來。我們已經在去年全球範圍內出售的房地產業務中更廣泛地看到了這種趨勢，我們預計這種趨勢在高品質資產中會愈演愈烈。確切的時間很難給出，但我認為它很快就會以有意義的方式回歸。當經濟復甦時，我們將做好準備，將投資組合中的許多資產變現。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Thanks very much, and good morning. With respect to the plan to merge BN and BNT, if I recall correctly, there were some tax advantages associated with the holding BNT. So I'm curious if losing those is effectively the cost of simplification. And to the extent that these were just paired securities, maybe you can elaborate a little bit more on how the insurance business was not previously benefiting from a full capital base of Brookfield.

非常感謝，早安。關於 BN 和 BNT 合併的計劃，如果我沒記錯的話，持有 BNT 股份有一些稅收優惠。所以我很好奇，失去這些是否就是簡化的代價。如果這些只是配對證券，或許您可以再詳細闡述一下，保險業務之前是如何未能從布魯克菲爾德的充足資本基礎中受益的。

Cherilyn, it's Nick. Listen, I think the -- we will be very focused as we work through this process over the next 12 months of preserving and maintaining all the operational benefits we have in the business. So you can be assured that we're focused on preserving that. I think today that it's a paired security but it is technically under insurance, a separate ownership structure. So while per security, the ownership chain is slightly different.

Cherilyn，我是Nick。聽著，我認為——在接下來的 12 個月裡，我們將非常專注於保留和維持我們在業務中擁有的所有營運優勢。所以您可以放心，我們正在全力以赴地保護它。我認為，如今它是一種配對證券，但從技術上講，它受到保險保障，屬於獨立的產權結構。因此，雖然每種證券的所有權鏈略有不同。

So as we have looked to capitalize BWS since inception, it has involved us actually moving capital over the business of the BN balance sheet. And I know that's a subtle difference, but having them under the single ownership will allow us to put the business under the total capital base of the organization. So it's a slight structural nuance. It served a lot of benefits as we've grown the business for inception, but there is a clear benefit now to putting them together and realizing that full potential.

因此，自成立以來，我們一直在尋求為 BWS 籌集資金，這實際上涉及將資金轉移到 BN 資產負債表的業務中。我知道這是一個細微的差別，但將它們置於同一所有權之下，將使我們能夠將業務納入組織的總資本基礎。所以這只是結構上的細微差別。在公司成立初期，它為我們帶來了許多好處，但現在將它們結合起來並充分發揮其潛力，顯然會帶來更大的好處。

Okay. That makes sense. And then a question on BWS and the reallocation of the flow to ban managed strategies. I think you reallocated $13 billion in 2025 versus annuity inflows of $20 billion. So I assume that still results in some timing-related pressure on the spread.

好的。這很有道理。然後是一個關於 BWS 和重新分配資金以禁止管理策略的問題。我認為您在 2025 年重新分配了 130 億美元，而年金流入量為 200 億美元。所以我認為這仍然會對價差造成一些與時間相關的壓力。

Does that $13 billion need to step up in 2026? And can it step up as BAM holds first closes on three large flagships?

到 2026 年，這 130 億美元需要增加嗎？BAM能否在三家大型旗艦店完成首輪交易之際挺身而出？

Cherilyn, it's Sachin. So first, the $13 billion that we invested into BAM strategies, that represents the illiquid private portion of our total asset base, which today is about 50% liquid, 50% private and we'll stay in that range. So I would say, in fact, as we've been rotating the asset portfolios from companies that we've acquired, we're exceeding our 50% target because we started with a very large liquid base of assets.

Cherilyn，我是Sachin。首先，我們投資於 BAM 策略的 130 億美元，代表了我們總資產基礎中流動性較差的私人部分，目前我們的總資產基礎大約 50% 為流動性資產，50% 為私人資產，我們將保持在這個範圍內。所以我想說，實際上，隨著我們不斷輪換收購公司的資產組合，我們已經超過了 50% 的目標，因為我們一開始就擁有非常龐大的流動資產基礎。

So as money comes in, you should think of it that in general, half the money will stay in liquid cash and liquid securities and half the money will go into Brookfield private fund strategies or other opportunities that come into the Brookfield investment universe. So I'm not worried that we won't be able to keep pace. In fact, we've been exceeding the run rate pace that we need to achieve.

因此，當資金流入時，你應該考慮到，一般來說，一半的資金將以流動現金和流動證券的形式存在，另一半資金將投入布魯克菲爾德私募股權基金策略或布魯克菲爾德投資領域內的其他機會。所以我並不擔心我們無法跟上腳步。事實上，我們已經超過了我們需要達到的運行速度。

Okay. So if I understand that correctly, basically $10 billion of the $20 billion should have gone into private strategies. And so the $3 billion is kind of a catch-up on the liquidity that you had entering the year. Is that a good way to think about it?

好的。所以如果我理解正確的話，200億美元基本上應該有100億美元投入私人投資策略。因此，這 30 億美元算是對年初流動資金的一種彌補。這種思考方式是否合理？

Yes, that's correct. If you were to keep it very simple, that's the correct way to think about it.

是的，沒錯。如果從最簡單的角度來思考，那才是正確的思考方式。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO資本市場。

Okay. Sachin, I wonder if you could just unpack something you said a little bit earlier in -- I think in response to kind of managing the cost of funds you were talking about having the flexibility or the ability to kind of allocate capital to the lowest kind of cost of fund I guess, jurisdictions to generate the returns.

好的。Sachin，我想請你詳細解釋一下你之前說過的一些話——我想，在談到資金成本管理時，你提到要有靈活性或能力將資金分配到資金成本最低的司法管轄區，以產生回報。

When I look at your cost of funds throughout the year, presumably, you've been doing that. So is this as good as it gets -- or can cost of funds come lower from here? And how quickly can you pivot from one jurisdiction to another in the capital allocation?

從我查看你全年的資金成本來看，想必你一直在這樣做。所以這就是最佳方案了嗎？資金成本還能進一步降低嗎？在資本配置方面，你能多快從一個司法管轄區轉移到另一個司法管轄區？

Sohrab, so first of all, it's not as good as it gets. I think there's still -- there's always room to do things better in a business. I think Japan, in general, is a low funding cost market. So as we build out there, that should help us drive our funding cost down. The P&C business is when run well, and you saw it in this year's results, we had zero cost of funds.

索拉布，首先，它還不夠好。我認為，在商業領域，總有改進的空間。我認為，整體而言，日本是一個融資成本較低的市場。因此，隨著我們在那裡進行建設，這應該有助於我們降低融資成本。財產和意外保險業務如果運作得當（正如您在今年的業績中所看到的），我們的資金成本為零。

So they meaningfully drive down your funding cost. And as we grow both of those areas of the business, you should see that help drive the weighted average cost of funding down. In terms of the speed at which you can move, we're in the market every day. We have products that get repriced on the annuity side monthly. And so we can pull back pretty quickly.

因此，它們能顯著降低你的融資成本。隨著我們業務這兩個領域的不斷發展，您應該會看到這有助於降低加權平均融資成本。就行動速度而言，我們每天都在市場上。我們有一些產品，其年金價格每月都會重新調整。因此我們可以很快撤退。

Pension markets are bid on as individual transactions. And when they get too expensive for us, we pull back on bidding on them and P&C float has a shorter duration. So you can quickly shrink your book if you feel like the markets there are either softening too much or there's too much capital chasing deals. So for us, it was important to have that level of diversity, and we think we can be pretty nimble.

退休金市場是以獨立交易的形式進行競價的。當它們的價格對我們來說太高時，我們會減少競標，財產和意外險的浮存期也會縮短。因此，如果您覺得當地市場過於疲軟，或者有太多資金追逐交易，您可以迅速縮減您的投資組合。所以對我們來說，擁有這種程度的多樣性非常重要，我們認為我們可以相當靈活。

Okay, that's excellent. And given that flexibility and nimbleness, is it aspirational of me to think you could move that 15% ROE higher? Or is that 15% target given everything you just said?

好的，太好了。鑑於貴公司擁有如此大的靈活性和敏捷性，我是否可以大膽地設想貴公司能夠將 15% 的 ROE 進一步提高？或者說，考慮到你剛才所說的一切，15% 的目標就是如此嗎？

I think -- the way I would look at it is we are trying to maintain a pretty conservative balance sheet. We're trying to keep leverage levels low, and we're trying to keep capital base high. All of those things go against higher returns, as you can imagine, but they lead to a safer balance sheet and a higher quality of earnings.

我認為——我的看法是，我們正在努力維持相當保守的資產負債表。我們努力保持較低的槓桿水平，並努力維持較高的資本基礎。可以想像，所有這些因素都不利於獲得更高的回報，但它們卻能帶來更安全的資產負債表和更高品質的收益。

If you couple that with our investment strategy and our ability to drive funding costs down, that's why we say mid-teens is our target. If we ran at the same operational leverage as maybe some of our peers in the space, the returns would be higher, but we would be taking more risk to do so.

如果把這一點與我們的投資策略以及降低融資成本的能力結合起來，這就是為什麼我們說十幾個百分點是我們的目標。如果我們以與業內一些同行相同的營運槓桿進行運營，回報將會更高，但同時也承擔更大的風險。

So I would look at it as if we're trying to build a business for a very long-term horizon, we're trying to do so where we've got a lot of excess capital, and we're pretty comfortable that mid-teens is just a good target for us to maintain.

所以我認為，我們就像是在努力打造一個著眼於長遠發展的企業，我們擁有大量的剩餘資本，而且我們相當有信心，十幾個百分點是一個我們可以維持的良好目標。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Ms. Katie Battaglia for any closing remarks.

目前隊列中沒有其他問題了。現在我想把電話轉回給凱蒂·巴塔利亞女士，請她作總結發言。

Thank you, everybody, for joining us today. And with that, we'll end the call.

謝謝各位今天蒞臨。通話到此結束。

Ladies and gentlemen, thank you for participating. This concludes today's program. You may now disconnect.

女士們、先生們，感謝各位的參與。今天的節目到此結束。您現在可以斷開連線了。