Brookfield Corporation (BN) 2026 Q3 法說會逐字稿

Good day, and welcome to the Brookfield Corporation third quarter 2026 conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Brookfield Corporation 2026 年第三季電話會議與網路直播。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給我們的第一位講者——投資人關係副總裁 Katie Battaglia 女士。請開始。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's third quarter 2026 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, President of Brookfield Corporation; and Jon Bayer, Managing Partner and Chief Operating Officer of our Wealth Solutions business.

謝謝接線員，大家早安。歡迎參加 Brookfield Corporation 2026 年第三季電話會議。今天與會者包括：我們的執行長 Bruce Flatt；Brookfield Corporation 總裁 Nick Goodman；以及我們財富解決方案（Wealth Solutions）業務的管理合夥人兼營運長 Jon Bayer。

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, Jon will provide an update on our Wealth Solutions business.

Bruce 將先進行業務更新，接著由 Nick 說明本季的財務與營運成果。最後，Jon 將就我們的財富解決方案業務提供最新進展。

After our formal comments, we will 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.

在我們的正式發言結束後，我們將把電話交回接線員並回答分析師提問。為了讓所有想提問的人都有機會，我們請各位避免提出超過兩個問題。

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.

我想提醒各位，在今天的發言中——包括回應提問以及討論新措施與我們的財務及營運表現時——我們可能會作出前瞻性陳述，包括符合適用加拿大及美國證券法所定義之「前瞻性陳述」。

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 security regulators in Canada and the US and the information available on our website.

這些陳述反映對未來事件與趨勢的預測，並不涉及歷史事件。其受已知與未知風險影響，未來事件與結果可能與該等陳述存在重大差異。關於這些風險及其對本公司的潛在影響之更多資訊，請參閱我們向加拿大與美國證券監管機構提交的文件，以及我們網站上的相關資訊。

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 acquisition of its underlying operating subsidiaries.

此外，當我們談及財富解決方案業務或 Brookfield Wealth Solutions 時，我們指的是 Brookfield 對該業務的投資；該等投資支持其收購其底層營運子公司。

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

接下來，我把電話交給 Bruce。

Thank you, Katie, and welcome to everyone on the call. We had a strong third quarter with each of our businesses successfully executing on their strategic priorities. As a result, distributable earnings increased 16% over the prior year quarter to $1.7 billion.

謝謝你，Katie，也歡迎各位參與本次電話會議。我們第三季表現強勁，各項業務均成功執行其策略重點。因此，可分配盈餘（distributable earnings）較去年同期成長 16%，達 17 億美元。

Transaction activity remains strong. We deployed $54 billion across the business and monetized $20 billion of assets in the quarter. We realized $222 million of net carried interest and expect further carry realizations as we continue to advance our monetization pipeline.

交易活動仍然強勁。本季我們在各項業務合計投入 540 億美元，並變現 200 億美元資產。我們實現了 2.22 億美元的淨附帶權益（carried interest），並預期隨著我們持續推進變現管線，將有更多 carry 的實現。

We also capitalized on the market dislocation and repurchased $300 million of our shares since we last reported, bringing total repurchases for the year to almost $900 million. Nick will cover our financial results in more detail, and Jon will spend time on our Wealth Solutions business in his remarks.

我們也把握市場錯位的機會，自上次公布以來回購了 3 億美元自家股票，使今年累計回購總額接近 9 億美元。Nick 將更詳細說明我們的財務結果，而 Jon 也會在其發言中就我們的財富解決方案業務多作說明。

Turning briefly to the market environment. Geopolitical tensions, higher energy prices and pressure on inflation and interest rates continue to create uncertainty in global markets. While these uncertainties weigh on investor sentiment, underlying global economic fundamentals remain very resilient.

接著簡要談談市場環境。地緣政治緊張、能源價格上升，以及通膨與利率的壓力，持續為全球市場帶來不確定性。儘管這些不確定性影響投資人情緒，但全球經濟的基本面仍相當具韌性。

Corporate earnings are strong. Consumer spending remains healthy and significant investment in AI infrastructure continues to support economic growth. As it relates specifically to our business, a world of more normal interest rates, moderate inflation and a resilient economy is an attractive backdrop for owning and operating real assets. We benefit from this environment in three ways.

企業獲利強勁。消費支出仍然健康，而對 AI 基礎設施的大量投資持續支撐經濟成長。就我們的業務而言，在較為正常的利率、溫和通膨與具韌性的經濟環境下，持有並營運實體資產是很有吸引力的背景。我們從這樣的環境中以三種方式受益。

First, many of our businesses have inflation-linked revenues, pricing power and resilient demand for essential products and services, which they provide. This allows us to continue growing cash flows even as costs rise. These same characteristics are drawing more investors to real assets in search of stable inflation protected returns supporting strong fundraising momentum across our Asset Management business.

第一，我們許多業務具有與通膨連動的收入、定價能力，以及對其所提供之必要產品與服務的穩健需求。這使我們即使在成本上升時，仍能持續成長現金流。同樣的特性也吸引更多投資人為了尋求穩定、具通膨保護的報酬而投入實體資產，進而支持我們資產管理業務強勁的募資動能。

Second, higher financing costs constrain the ability to generate attractive returns through merely leverage. This favors investors like us whose operating expertise and access to long-duration capital allow us to invest when others are constrained, transact with certainty and acquire high-quality assets at attractive values.

第二，較高的融資成本限制了僅靠槓桿就能創造具吸引力報酬的能力。這有利於像我們這樣的投資人：我們具備營運專業能力並可取得長天期資本，使我們能在他人受限時進行投資、確定性地完成交易，並以具吸引力的估值收購高品質資產。

And third, our Wealth Solutions business provides a natural hedge as higher interest rates allow us to invest capital at attractive yields more than offsetting higher financing costs elsewhere in our business.

第三，我們的財富解決方案業務提供了天然的避險效果；較高利率使我們能以具吸引力的殖利率投資資本，足以抵銷我們其他業務中較高的融資成本。

Together, this backdrop provides a strong foundation to grow earnings, generate attractive returns and create long-term shareholder value. And while the current environment plays to our strength, it is important to emphasize that our ability to generate attractive returns has never depended on any particular interest rate environment.

綜合而言，這樣的背景為我們成長盈餘、創造具吸引力的報酬並為股東創造長期價值奠定了堅實基礎。雖然目前環境有利於發揮我們的優勢，但必須強調的是，我們創造具吸引力報酬的能力從未依賴任何特定的利率環境。

Our investment approach has always centered on acquiring high-quality businesses for value, improving their operations, growing cash flows and reinvesting that capital at attractive returns.

我們的投資方法一向以用合理價值收購高品質企業為核心，並改善其營運、成長現金流，且將資本再投資於具吸引力的報酬機會。

We create value through operations rather than relying on financial leverage, declining interest rates or expanding valuation multiples. This is what allows us to compound capital across market cycles. Equally important to our long-term success has been our ability to continually adapt and evolve.

我們透過營運創造價值，而非仰賴財務槓桿、利率下行或估值倍數擴張。這使我們能在不同市場循環中複利增長資本。同樣重要的是，我們長期成功的關鍵也在於持續調整並演進的能力。

Over the past 40-plus years, we have expanded into new businesses, developed new investment capabilities, diversified sources of capital, all the while applying the same fundamental investment principles.

在過去 40 多年裡，我們拓展至新業務、發展新的投資能力、分散資本來源，同時始終運用相同的基本投資原則。

This is exemplified by the fact that more than 50% of our $1.3 trillion of assets under management are in asset classes that did not invest -- not exist at investable scale 15 years ago. We have taken expertise built over decades applied to new opportunities, scaled those businesses and those opportunities have developed into opportunities for the across the whole company.

這可從一點看出：我們 1.3 兆美元的資產管理規模中，超過 50% 位於 15 年前尚未——或尚未以可投資規模存在的資產類別。我們把數十年累積的專業能力應用於新機會，將這些業務規模化，而這些機會也進一步發展成為全公司範圍內的機會。

Today, we are seeing another significant evolution of the global economy driven by artificial intelligence and the enormous infrastructure required to support it. AI is clearly one of the most significant technological transformations of our lifetimes. It is changing how people live, how companies operate and where capital is invested.

今天，我們正看到全球經濟在人工智慧推動下的另一波重大演進，以及支撐其所需的龐大基礎設施。AI 顯然是我們一生中最重要的科技轉型之一。它正在改變人們的生活方式、企業的營運方式，以及資本投資的方向。

As with every major technological transformation, there are immense opportunities but also risks. We have seen this before with railways, automobiles, electricity, telephones and the Internet. What is different this time is the speed and scale, which are far greater than in previous cycles. What is less clear is who ultimately will make money and how they will make it.

如同每一次重大的科技轉型，既有巨大的機會，也伴隨風險。我們過去在鐵路、汽車、電力、電話與網際網路上都見過類似情況。這次不同之處在於速度與規模，遠超過以往循環。較不明確的是，最終誰會賺到錢，以及他們將如何賺到錢。

The leading technology companies have though decided they must move fast or be left behind. The good news is that this race is being led by some of the largest and most profitable companies in the world. They are reinvesting substantial free cash flows from their existing businesses into AI, and they can afford to do so. But one thing is clear, supporting the growth of AI will require enormous investment in compute capacity, data centers and most specifically reliable energy.

不過，領先的科技公司已經決定必須快速行動，否則就會被拋在後頭。好消息是，這場競賽由全球一些規模最大、獲利能力最強的公司所主導。他們正把既有業務所產生的大量自由現金流再投資於 AI，而且他們有能力這麼做。但有一點很清楚：要支撐 AI 的成長，將需要對運算能力、資料中心，尤其是可靠能源進行巨額投資。

For us on a selective basis, this backdrop offers some outstanding opportunities to earn excellent returns without taking undue risk. We approach these investments no differently than we always have. We focus on assets backed by long-term contracts with high-quality counterparties where we take limited or no technology risk and they -- this allows us to earn attractive risk-adjusted returns.

對我們而言，在審慎選擇的前提下，這樣的背景提供了一些極佳機會，使我們能在不承擔過度風險的情況下取得優異報酬。我們對待這些投資的方式與以往並無不同。我們專注於由長期合約支撐、且交易對手品質優良的資產，在其中我們承擔有限或不承擔技術風險，而這——使我們能賺取具吸引力的風險調整後報酬。

And this is where our capabilities set us apart. We have spent decades building critical infrastructure, developing and connecting energy projects, raising large amounts of capital and building relationships with the world's leading companies.

而這正是我們的能力使我們脫穎而出的地方。數十年來，我們持續建置關鍵基礎設施、開發並串聯能源專案、募集龐大資本，並與全球領先企業建立合作關係。

Many can commit capital to large projects, but actually developing and building them is far more difficult. Our ability to bring together capital, operating expertise and execution capabilities at scale positions us as a partner of choice for the world's leading companies.

許多人都能承諾投入大型專案的資本，但真正將其開發並建造完成要困難得多。我們能在規模化的前提下整合資本、營運專業與執行能力，使我們成為全球領先企業的首選合作夥伴。

And all of that compute capacity needs power, which brings us to the equally significant opportunity present in energy. Electricity demand around the world is accelerating, driven not only by AI, but also electrification, reindustrialization and the growing importance of energy security.

而所有這些運算能力都需要電力，這也把我們帶到能源領域同樣重大的機會。全球用電需求正在加速成長，驅動因素不僅是 AI，還包括電氣化、再工業化，以及能源安全重要性的提升。

Meeting this demand will require enormous investment in new generation capacity, including renewable power, natural gas, nuclear and the infrastructure needed to support them.

要滿足這些需求，將需要對新增發電容量進行巨額投資，包括再生能源、天然氣、核能，以及支撐它們所需的基礎設施。

This is an enormous energy addition opportunity. As many of you know, we spent decades building one of the largest and most diversified energy platforms globally. With our existing businesses, development capabilities and access to large-scale capital, we can provide energy solutions across many technologies and geographies at scale.

這是一個龐大的能源增量機會。如各位所知，我們花了數十年打造全球規模最大且最多元化的能源平台之一。憑藉既有業務、開發能力以及取得大規模資本的優勢，我們能在多種技術與多個地理區域，以規模化方式提供能源解決方案。

One example is our investment in Westinghouse, as governments increasingly prioritize energy security and reliable baseload nuclear power generation is becoming a critical part of the solution. With the support of governments and strategic partners, we are now advancing what could become one of the largest nuclear build-outs in history, creating an enormous opportunity for Westinghouse and our broader energy business.

其中一個例子是我們對西屋（Westinghouse）的投資；隨著各國政府愈發重視能源安全，可靠的基載核能發電正成為解決方案中的關鍵一環。在政府與策略夥伴的支持下，我們正推進一項可能成為史上最大核電建設擴張之一的計畫，為西屋以及我們更廣泛的能源業務創造龐大機會。

And to bring this all together, the opportunities we see today are very different from those we pursued 20 or 30 years ago, but the principles behind ultimate success have not changed at all. We continue to invest in the backbone of the global economy, but as the backbone evolves, our business evolves with it. Our success over the past 40 years has come from anticipating change, investing for value and allowing capital to compound over time, all the while taking moderate risk. We intend to continue doing exactly that.

綜合來看，我們今天看到的機會與 20 或 30 年前追求的機會截然不同，但最終成功背後的原則完全沒有改變。我們持續投資於全球經濟的骨幹；而當骨幹演進時，我們的業務也隨之演進。過去 40 年的成功，來自於預見變化、以價值為導向投資，並讓資本隨時間複利成長，同時承擔適度風險。我們打算繼續一以貫之。

With over $200 billion of deployable capital, strong and growing businesses and investment platform that continues to expand, we are well positioned to capitalize on the opportunities ahead and continue creating value for all shareholders. Thank you for your continued support and interest in Brookfield.

憑藉超過 2,000 億美元的可部署資本、強勁且持續成長的業務，以及不斷擴張的投資平台，我們已做好充分準備把握未來機會，並持續為所有股東創造價值。感謝各位持續支持並關注 Brookfield。

And I'll now turn the call over to Nick.

接下來我把電話會議交給 Nick。

Thank you, Bruce, and good morning, everyone. We continue to deliver strong financial results in the third quarter with earnings growth across our core businesses and an increasing contribution from realized carried interest.

謝謝你，Bruce，各位早安。我們在第三季持續交出強勁的財務表現，核心業務獲利成長，同時已實現的附帶權益（carried interest）貢獻也在增加。

Distributable earnings, or DE, before realizations were $1.5 billion or $0.64 per share for the quarter, representing an increase of 14% per share over the prior year quarter. Over the last 12 months, DE before realizations was $5.8 billion or $2.47 per share. We realized $222 million of net carried interest into income during the quarter, bringing total DE to $1.7 billion or $0.73 per share, an increase of 16% per share over the prior year quarter.

本季在未計入已實現收益前的可分配盈餘（Distributable Earnings，DE）為 15 億美元，或每股 0.64 美元，較去年同期每股成長 14%。過去 12 個月，未計入已實現收益前的 DE 為 58 億美元，或每股 2.47 美元。本季我們將 2.22 億美元的淨附帶權益已實現收益認列為收入，使 DE 總額達 17 億美元，或每股 0.73 美元，較去年同期每股成長 16%。

Over the last 12 months, total DE was $6.4 billion or $2.72 per share.Starting with our operating performance. Our asset management business delivered strong results, generating distributable earnings of $755 million or $0.32 per share in the quarter and $3 billion or $1.28 per share over the last 12 months.

過去 12 個月，DE 總額為 64 億美元，或每股 2.72 美元。先從我們的營運表現談起。我們的資產管理業務表現強勁，本季創造可分配盈餘 7.55 億美元，或每股 0.32 美元；過去 12 個月為 30 億美元，或每股 1.28 美元。

Fundraising momentum remains strong, supported by continued investor demand for our real asset strategies. We raised $25 billion of capital during the quarter, taking the year-to-date total to $123 billion, keeping us on track for a record fundraising year.

募資動能依然強勁，主要受投資人對我們實體資產策略的持續需求所支撐。本季我們募集了 250 億美元資本，使年初至今總額達 1,230 億美元，讓我們有望創下募資年度新高。

In infrastructure, for example, we raised quarterly records of $1.2 billion for our private wealth strategy and $1.5 billion for our super-core infrastructure strategy. And just after quarter end, we received $13 billion of additional commitments for our sixth flagship infrastructure strategy, bringing total capital committed to date to $26 billion.

以基礎建設為例，我們的私人財富策略單季募資創下 12 億美元紀錄，而我們的超核心（super-core）基礎建設策略也創下 15 億美元的單季紀錄。此外，在季後不久，我們的第六支旗艦基礎建設策略又獲得額外 130 億美元承諾，使迄今承諾資本總額達 260 億美元。

This positions the fund to become by far the largest infrastructure fund ever raised globally. We expect to hold the final -- the first close, sorry, in the coming weeks. Fundraising activity during the quarter contributed to a 13% increase in fee-bearing capital to $682 billion, supporting a 15% increase in fee-related earnings compared to the prior year quarter.

這使該基金有望成為全球迄今規模最大的基礎建設基金。我們預期將在未來幾週進行最終——抱歉，是首次關帳（first close）。本季的募資活動使計費資本（fee-bearing capital）增加 13% 至 6,820 億美元，帶動與去年同期相比費用相關盈餘（fee-related earnings）成長 15%。

Turning briefly to Wealth Solutions, which Jon will cover in more detail in his remarks. We delivered strong results, generating distributable earnings of $511 million or $0.22 per share, an increase of 22% compared with the prior year quarter and $1.9 billion or $0.79 per share over the last 12 months. We are maintaining a disciplined approach to growth with a primary focus on achieving our targeted 15% plus return on our equity over the long term.

接著簡要談談財富解決方案（Wealth Solutions），Jon 會在他的發言中更詳細說明。我們交出強勁成果，本季創造可分配盈餘 5.11 億美元，或每股 0.22 美元，較去年同期成長 22%；過去 12 個月為 19 億美元，或每股 0.79 美元。我們在成長上維持嚴謹紀律，長期主要聚焦於達成我們目標的 15% 以上股東權益報酬率。

During the quarter, we originated $4 billion of annuity sales, supported by the expansion of our distribution platform in the US through new broker-dealer channels. On the investment side, we deployed $13 billion of capital, including $8 billion into our real asset strategies.

本季我們承作了 40 億美元的年金銷售，受惠於我們在美國透過新增券商通路擴大配銷平台。在投資方面，我們部署了 130 億美元資本，其中 80 億美元投入我們的實體資產策略。

The higher interest rate environment also presented an opportunity to redeploy a portion of our cash balances and shorter duration investments into higher-yielding US treasuries late in the third quarter and into the fourth quarter.

較高的利率環境也帶來機會，使我們在第三季末及第四季期間，將部分現金餘額與較短久期投資重新配置至收益率更高的美國公債。

This allowed us to enhance the investment income of our liquid portfolio while maintaining significant liquidity and flexibility to pursue future investment opportunities. Together with the growing income contribution from real asset investments made in prior periods, these initiatives drove a 16 basis point increase in our net investment yield to 5.7% during the quarter.

這讓我們在維持充足流動性與靈活性、以把握未來投資機會的同時，提升了流動投資組合的投資收益。再加上先前期間所投資的實體資產帶來日益增加的收益貢獻，這些措施推動本季淨投資收益率上升 16 個基點至 5.7%。

In our P&C business, disciplined underwriting contributed to a combined ratio of 99.6%, reflecting the significant progress we have made in repositioning the business. For noninsurance specialists, this means that the earnings we get from investing the insurance float had no cost, further diversifying our liability profile and reducing our overall cost of funds.

在我們的產險（P&C）業務中，嚴謹的核保使綜合比率達到 99.6%，反映我們在重新定位該業務方面取得的顯著進展。對非保險專業人士而言，這表示我們透過投資保險浮存金（insurance float）所獲得的收益沒有成本，進一步分散了我們的負債結構，並降低整體資金成本。

Turning to our operating businesses. They continue to generate resilient and stable cash flows with distributable earnings of $467 million or $0.20 per share in the quarter and $1.6 billion or $0.70 per share over the last 12 months.

接著談我們的營運型業務。這些業務持續產生具韌性且穩定的現金流，本季可分配盈餘為 4.67 億美元，或每股 0.20 美元；過去 12 個月為 16 億美元，或每股 0.70 美元。

Cash flows continue to be supported by strong underlying fundamentals, largely contracted and inflation-linked revenues and growing demand for the essential service products and services these businesses provide.

現金流持續受到強勁的基本面支撐，包括多數已簽約且與通膨連動的收入，以及市場對這些業務所提供之必要服務產品與服務的需求成長。

Our real estate business continues to perform well, benefiting from growing demand for high-quality assets with limited new supply across our core markets. Our super-core and Core+ portfolios ended the quarter at 95% and 96% occupancy, respectively. During the quarter, we completed 5.3 million square feet of office and retail leasing with net rents across our balance sheet office portfolio 16% above expiring levels.

我們的不動產業務持續表現良好，受惠於核心市場中新供給有限、對高品質資產的需求增加。我們的超核心（super-core）與 Core+ 投資組合在季末的出租率分別為 95% 與 96%。本季我們完成 530 萬平方英尺的辦公與零售租賃，我們資產負債表上的辦公投資組合之淨租金水準較到期水準高出 16%。

In office, demand for premier space remains very strong and combined with limited new supply continues to drive pricing power in rents across our portfolio. For example, at 2 Manhattan West in New York, an existing tenant recently expanded its space, signing a new lease at nearly $150 per square foot.

在辦公室方面，對頂級空間的需求仍然非常強勁，加上新增供給有限，持續推動我們整體投資組合的租金定價能力。例如，在紐約的 2 Manhattan West，一位既有租戶近期擴增其使用面積，以每平方英尺接近 150 美元的價格簽訂新租約。

This represents a 50% increase over the rent the tenant is currently paying on this existing space and is nearly 90% above the building's average in-place rents. This illustrates the significant opportunity for rent reversion embedded within our portfolio, which we expect to translate into meaningful cash flow growth as leases roll to market.

這相當於較該租戶目前在這部分既有空間所支付的租金提高 50%，並且較該大樓現有平均在租租金高出近 90%。這顯示我們投資組合中蘊含顯著的租金回歸（rent reversion）機會；隨著租約到期並回到市場水準，我們預期將轉化為可觀的現金流成長。

We are seeing similar strength across our retail portfolio, where demand for high-quality space continued to drive strong leasing activity and rental growth. During the quarter, nearly 1 million square feet of new leases commenced at rents 21% above those expiring. In our North American residential business, housing activity remained muted during the quarter, although earnings benefited from the sale of a land parcel.

我們在零售投資組合亦看到類似的強勁表現，高品質空間的需求持續帶動強勁的租賃活動與租金成長。本季約有近 100 萬平方英尺的新租約開始生效，其租金較到期租約高出 21%。在我們北美住宅業務方面，本季住房活動仍偏低迷，惟獲利受惠於出售一筆土地地塊。

Now shifting to monetizations. Transaction activity remains strong across most asset classes. During the quarter, we advanced $20 billion of asset sales across the business, including approximately $5 billion in infrastructure, $4 billion in each of real estate, energy and credit and $3 billion in private equity.

接著談資產變現。多數資產類別的交易活動仍然強勁。本季我們在各項業務推進了 200 億美元的資產出售，其中約 50 億美元來自基礎建設，不動產、能源與信貸各約 40 億美元，私募股權約 30 億美元。

As we have signaled over the past several quarters, we've been expecting a meaningful step-up in carried interest realizations as we continue to advance monetizations across our funds. We are now beginning to see this materialize as we realized $222 million of net carried interest into income during the quarter.

如同我們在過去幾季所指出的，隨著我們持續推進各基金的資產變現，我們預期業績分成（carried interest）實現將出現顯著提升。我們現在開始看到此趨勢成形，本季我們將 2.22 億美元的淨業績分成實現計入損益。

And with a strong pipeline of monetizations across our funds and $13 billion of gross accumulated unrealized carried interest, we expect carried interest realizations to accelerate as we execute on asset sales with a meaningful step-up in 2027.

此外，憑藉我們各基金強勁的變現管線，以及 130 億美元的累計未實現業績分成總額，我們預期隨著執行資產出售，業績分成實現將加速，並在 2027 年出現顯著的躍升。

Moving to capital allocation. We continue to take a disciplined approach to capital allocation, reinvesting in our businesses to support long-term growth while also returning capital to shareholders. During the quarter, we returned $420 million to shareholders through dividends and share repurchases.

接著談資本配置。我們持續採取嚴謹的資本配置方式，一方面再投資於各項業務以支持長期成長，同時也將資本回饋股東。本季我們透過股利與庫藏股回購向股東回饋 4.20 億美元。

We have now repurchased almost $900 million of BN shares in the open market year-to-date, including over $300 million since we last reported, keeping us on pace with the level of repurchases in each of the past 2 years.

今年迄今，我們已在公開市場回購近 9.00 億美元的 BN 股票，其中自上次財報發布以來回購超過 3.00 億美元，使我們維持與過去兩年各年度相當的回購進度。

Now with regards to balance sheet and liquidity, capital markets remained open and active throughout the quarter, and we completed $37 billion of financings across the franchise. At the corporation, we issued $600 million of five-year notes at a spread of 82 basis points over the benchmark, one of our tightest spreads ever.

就資產負債表與流動性而言，本季資本市場全程保持開放且活躍，我們在整個平台完成了 370 億美元的融資。在公司層級，我們發行 6.00 億美元五年期票據，較基準利率利差為 82 個基點，為我們歷來最緊的利差之一。

The offering was approximately 4x oversubscribed, underscoring the strength of our credit profile and continued investor demand for Brookfield issued debt. We continue to maintain a conservatively capitalized balance sheet and strong liquidity. With over $200 billion of deployable capital, we have substantial flexibility to invest at scale as attractive opportunities arise.

本次發行約獲 4 倍超額認購，凸顯我們信用體質的強勁，以及投資人對 Brookfield 發行債務的持續需求。我們持續維持保守資本結構的資產負債表與充裕的流動性。憑藉超過 2,000 億美元的可部署資本，我們在出現具吸引力的機會時，具備以大規模投資的高度彈性。

Bringing it all together, we delivered another strong quarter of financial results, supported by positive fundraising momentum, strong investment performance in our Wealth Solutions business and resilient operating fundamentals across the franchise. We enter the final quarter of the year with strong momentum across each of our businesses and are well positioned to continue growing earnings and compounding value for shareholders.

綜合而言，我們本季再度交出強勁的財務表現，受惠於募資動能正向、Wealth Solutions 業務的強勁投資表現，以及整個平台具韌性的營運基本面。我們以各項業務皆具強勁動能的狀態進入年度最後一季，並已做好準備持續提升獲利、為股東複利累積價值。

Before I hand it over to Jon, I want to briefly touch on our corporate simplification transaction. We expect the transaction to close on December 1, subject to all closing conditions being satisfied or waived.

在交棒給 Jon 之前，我想簡要談一下我們的公司簡化交易。在所有交割條件獲滿足或被豁免的前提下，我們預期該交易將於 12 月 1 日完成交割。

Canadian and UK shareholders seeking tax deferral are reminded that the deadline to submit their elections is November 25, with additional information available on our website. All other shareholders, including those in the United States, are not required to take any action. You will just receive your new shares in your account.

提醒尋求遞延課稅的加拿大與英國股東，提交選擇（election）的截止日為 11 月 25 日，更多資訊可於我們網站查詢。所有其他股東（包括美國股東）無需採取任何行動。您將直接在帳戶中收到新的股份。

With that, I am pleased to confirm shareholders of record as of the close of business on December 16, 2026, will receive a cash distribution of $0.07 per share on December 31, 2026.

此外，我很高興確認：截至 2026 年 12 月 16 日營業日結束時的登記在冊股東，將於 2026 年 12 月 31 日收到每股 0.07 美元的現金分配。

And thank you for your time. With that, I'll now hand over to Jon.

謝謝各位撥冗。接下來我把時間交給 Jon。

Thank you, Nick, and good morning, everyone. Brookfield Wealth Solutions posted strong earnings growth in the quarter. As always, our objective remains to compound capital at attractive returns over the long term, supported by disciplined risk management, product pricing and a long-term investment program focused on real asset strategies.

謝謝你，Nick，各位早安。Brookfield Wealth Solutions 本季繳出強勁的獲利成長。一如既往，我們的目標是在長期以具吸引力的報酬率進行資本複利增長，並以嚴謹的風險管理、產品定價，以及聚焦實體資產策略的長期投資計畫作為支撐。

Our investment franchise, large and permanent capital base and operating scale differentiates BWS in the industry. With $80 billion of liquidity and $24 billion of group capital, we have significant financial flexibility to pursue attractive opportunities across our businesses and geographies.

我們的投資平台、龐大且永久性的資本基礎，以及營運規模，使 BWS 在產業中具備差異化優勢。憑藉 800 億美元的流動性與 240 億美元的集團資本，我們具備顯著的財務彈性，可在各項業務與各地區把握具吸引力的機會。

During the quarter, we generated record distributable earnings of $511 million with spreads again above 200 basis points, excluding the recent Just acquisition. Furthermore, we increased our pace of deployment, investing over $8 billion into Brookfield strategies. These results reflect our approach to liability origination, coupled with our investment capabilities as we continue to increase our allocation to Brookfield originated real assets that generate attractive risk-adjusted returns.

本季我們創下 5.11 億美元的可分配盈餘（distributable earnings）新高，利差再次高於 200 個基點（不含近期 Just 收購案）。此外，我們加快部署步伐，投入超過 80 億美元至 Brookfield 策略。這些成果反映我們在負債端來源拓展（liability origination）上的作法，結合我們的投資能力；同時我們持續提高配置至由 Brookfield 發起的實體資產，以取得具吸引力的風險調整後報酬。

Turning first to our retirement business. We maintained a disciplined approach to new business origination during the quarter, prioritizing returns over sales. In total, we originated $3.8 billion of annuities, including $3.6 billion of retail annuities and $200 million of pension risk transfer transactions.

先談我們的退休業務。本季我們在新業務承作上維持嚴謹紀律，優先考量報酬而非銷售量。整體而言，我們承作了 38 億美元的年金業務，其中包含 36 億美元的零售年金，以及 2 億美元的退休金風險移轉（pension risk transfer）交易。

With interest rates expected to remain range-bound and competition elevated, we will continue to prioritize profitability over volume.

在利率預期將維持區間震盪且競爭加劇的情況下，我們將持續把獲利能力置於規模之上。

Having said that, we continue to expand our distribution relationships, bringing existing retirement products to more annuity producers and their customers. Our emphasis continues to be on large bank and broker-dealer firms where BWS is significantly underweight. During the quarter, we onboarded 2 additional relationships and continue to ramp at existing partners.

話雖如此，我們仍持續擴大通路合作關係，將既有的退休產品帶給更多年金銷售者及其客戶。我們的重點仍放在大型銀行與券商／經紀自營商（broker-dealer）機構，因為 BWS 在這些通路的滲透率明顯偏低。本季我們新增導入 2 個合作關係，並持續在既有合作夥伴處加速放量。

The pipeline of firms we plan to enter by the end of 2027 represents over $30 billion in annual fixed annuity sales. We are well positioned to take share in each of these firms, and we will add to our pipeline in 2028 and beyond. As a reminder, our competitive proposition in these channels extends beyond price. Service, reputation and institutional relationships are essential for entry and growth.

我們計畫在 2027 年底前進入的公司名單，其每年固定年金銷售額合計超過 300 億美元。我們在這些公司中皆具備取得市占的良好條件，並將在 2028 年及之後持續擴充我們的管線。提醒一下，我們在這些通路的競爭主張不僅僅是價格。服務、聲譽與機構關係是進入與成長的關鍵。

Finally, the fundamentals driving demand for retirement savings and income products remain intact, and we continue to see a growing marketplace due to demographic trends and an increasing desire among consumers to better prepare for retirement. We are well positioned to capture this growth while maintaining discipline on the returns we earn.

最後，推動退休儲蓄與收入型產品需求的基本面仍然穩固；受人口結構趨勢影響，以及消費者日益希望更充分準備退休，我們持續看到市場規模擴大。我們具備良好條件在維持報酬紀律的同時，掌握此一成長。

Turning to our protection franchise. We continue to execute in our US property and casualty platform, Clearbrook. Having now largely derisked the liability profile by exiting volatile lines and reducing catastrophe exposure, our priorities are twofold.

接著談我們的保障（protection）平台。我們持續在美國產險平台 Clearbrook 穩健推進。在透過退出波動性較高的業務線並降低巨災曝險、從而大致完成負債結構去風險化之後，我們的優先事項有兩個。

First, enhancing our underwriting capabilities. Our objective is to generate consistent underwriting profit, which we achieved again in the quarter. We are better leveraging our data and centralizing underwriting decisions, which has started to yield results in terms of the quality of our business.

首先，強化我們的核保能力。我們的目標是產生穩定的核保利潤，而我們在本季再次達成。我們更有效地運用數據並集中化核保決策，這已開始在業務品質方面產生成效。

Furthermore, our small account E&S and specialty commercial business franchise gives us better control of underwriting price and terms. Progress in this area is especially critical in the current P&C market environment, which is showing signs of softening. We believe this will put us in a strong position to scale both organically and through M&A when the time is right.

此外，我們的小型帳戶 E&S（超額及剩餘保險）與專業商業保險業務平台，使我們能更好地掌控核保價格與條款。在目前顯示出走軟跡象的產險（P&C）市場環境下，這方面的進展尤其關鍵。我們相信，這將使我們在時機成熟時，無論透過內生成長或併購（M&A）擴張，都能處於有利位置。

Secondly, we have increased our allocation to alternative assets originated by Brookfield. As an investment-led insurer, we have the flexibility to allocate investments that best support our business franchise, all while maintaining substantial capital and liquidity in the business. Finally, our protection business diversifies our overall liability profile, helping to offset rising funding costs in our retirement business. We are excited about the opportunities to come in the space.

第二，我們提高了對由 Brookfield 發起的另類資產的配置。作為以投資為導向的保險公司，我們具備彈性，可配置最能支持我們業務平台的投資，同時在業務中維持充足的資本與流動性。最後，我們的保障型業務使整體負債結構更多元，有助於抵銷退休業務中上升的資金成本。我們對該領域未來的機會感到振奮。

Now turning to Just Group. We are pleased with the progress we've made following the acquisition in April. We are sharpening the business around its core pension risk transfer and retail annuity franchise, aligning the cost base more closely with competitors and redeploying assets.

接著談 Just Group。我們對於4月完成收購後所取得的進展感到滿意。我們正聚焦於其核心的退休金風險轉移與零售年金業務平台，使成本基礎更貼近同業，並重新部署資產。

To date, we have deployed approximately GBP1.5 billion into Brookfield strategies with a further GBP1.5 billion of investments in our pipeline for the remainder of the year. Just has a strong market position in the UK where the pension risk transfer market is expected to generate approximately GBP50 billion of annual transaction volumes over the next decade. With a large opportunity ahead, we will maintain underwriting discipline and grow the business only where we can earn attractive returns.

截至目前，我們已約投入15億英鎊至 Brookfield 的策略，且在今年剩餘期間的投資管線中，另有15億英鎊。Just 在英國具備強勢市場地位；預期未來十年退休金風險轉移市場每年交易量約為500億英鎊。面對龐大機會，我們將維持核保紀律，只在能取得具吸引力報酬的領域擴張業務。

Beyond the UK we are making great progress expanding internationally. In Japan, we continue to build on our existing reinsurance relationships, supported by our local team and growing demand for retirement products. Although price competition is robust, we believe our reputation and long-term focus will be important differentiators in the market.

除英國之外，我們在國際擴張方面也取得重大進展。在日本，我們在當地團隊支持以及退休產品需求成長的帶動下，持續深化既有再保險合作關係。儘管價格競爭激烈，我們相信我們的聲譽與長期導向將成為市場上的重要差異化因素。

In addition, we are in the process of establishing a local presence in Hong Kong to cover the rest of the APAC region, where we believe demand for retirement savings products will accelerate in years to come.

此外，我們正著手在香港建立在地據點，以涵蓋亞太（APAC）其他地區；我們相信未來數年對退休儲蓄產品的需求將加速成長。

Bringing it all together, we are excited about the future of the business and the returns it can provide to Brookfield shareholders for years to come.

綜合而言，我們對業務的未來以及其在未來多年可為 Brookfield 股東帶來的回報感到振奮。

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

謝謝。接下來我把電話交給接線員進行提問。

(Operator Instructions)

（接線員指示）

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛。

I wanted to ask a couple around insurance BWS strategy, given significant deployment pace you guys alluded to in the quarter. When we look at the investment portfolio, it looks like about 41% of the book is now allocated to private strategies. The bulk of it is obviously private credit, up from, I think, 38% last quarter.

我想就保險 BWS 策略問幾個問題，因為你們在本季提到部署速度相當快。從投資組合來看，目前約有41%的資產配置在私募策略上。其中大部分顯然是私募信貸，從我記得的上季約38%提高。

So as you think about the ultimate addressable market, so to speak, and where you think that private market allocation could go over time, where do you see that settling out?

因此，當你們思考最終可觸及的市場（addressable market）以及私募市場配置隨時間可能提升到何種程度時，你們認為最終會落在什麼水準？

And then perhaps as a follow-up, I think, Nick, in your remarks, you suggested that some of the repositioning took place later in the quarter. So any early thoughts on what DE from BWS could look like for Q4 would be helpful.

另外作為追問，我想 Nick，你在發言中提到部分重新配置是在本季較後段才進行。因此，若能分享一些初步看法，BWS 在第四季的 DE 可能會是什麼樣子，將很有幫助。

Yes. Maybe I'll start just in terms of the asset allocation point. Look, we are continuing to progress on our strategy to deploy more assets into real asset strategies and fund strategies that are more equity-like.

好的。也許我先從資產配置的觀點開始。我們正持續推進策略，把更多資產部署到實體資產策略以及更偏股權型的基金策略。

So I think what you'll see over time is an evolution there, we'll increase our allocation to those segments and reducing our asset allocation that is currently in cash, public fixed income and real asset credit.

因此，我認為你們會隨時間看到這方面的演進：我們會提高對這些板塊的配置，同時降低目前配置在現金、公開市場固定收益以及實體資產信貸的比重。

Yes. And Alex, I think you can see in the earnings this quarter, the benefit of the differentiated investment approach that we have in the business, as Jon mentioned, we're investing into real assets. They are generating inflation-protected yield. So bulk of the return coming through cash yield and as we've proven through multiple vintages of these funds over a long period of time, excellent value creation over time to really drive towards a really attractive total return.

是的。Alex，我想你可以從本季盈餘中看到我們在業務中採取差異化投資方法所帶來的效益；如 Jon 所提，我們正投資於實體資產。這些資產正在產生具通膨保護的收益率。因此，回報的大部分來自現金收益率；而且我們已在長期、跨多個基金年度（vintages）證明，隨時間推移能創造優異價值，進而推動非常具吸引力的總報酬。

I would say in the quarter, I called out specifically sort of a rotation of the investment portfolio that was cash and liquid fixed income into Treasuries. I think on that portfolio, it was about an 85 basis point pickup, which is about $25 million of additional investment income.

我會說在本季，我特別提到我們將投資組合中原本屬於現金與流動性固定收益的部分，輪動配置到美國公債（Treasuries）。在那個投資組合上，收益率大約提高了85個基點，約等於增加2,500萬美元的投資收益。

Exactly how much was in Q3 versus Q4, I'm going to say half-half, but it could have been a little bit more tilted to Q3 than Q4, but it's a nice pickup and just another good example of how exercising discipline in the portfolio and being patient with our deployment is additive to returns.

至於第三季與第四季各占多少，我會說大概各半，但也可能稍微偏向第三季多一些、第四季少一些；不過這是很不錯的提升，也再次說明在投資組合中保持紀律、並在部署上保持耐心，能為報酬帶來增益。

Got you. So all else equal, the spread on the kind of the existing annuities book, excluding Just, probably picks up a little bit more as you kind of quarterize this change.

了解。所以在其他條件不變下，既有年金存量（不含 Just）的利差，隨著你們把這項變動按季度化反映，應該會再小幅上升一些。

Mario Saric, Scotiabank.

Mario Saric，加拿大豐業銀行（Scotiabank）。

In the letter to shareholders, you kind of discussed both the immense opportunity and risk associated with AI. I think last quarter, we talked about kind of being limited kind of co-investment over time into it. And I appreciate that Brookfield is only really dealing with the highest quality counterparties. But I was hoping you could maybe shed a bit more color or light on the risk that Brookfield is taking and the construct of the return profile associated with that risk.

在致股東信中，你們談到 AI 相關的巨大機會與風險。我記得上季我們討論過，隨時間推移你們在這方面的共同投資（co-investment）可能相對有限。我也理解 Brookfield 只與最高品質的交易對手合作。但我希望你們能再多提供一些細節，說明 Brookfield 承擔的風險，以及與該風險相對應的報酬結構（return profile）。

Mario, listen, I think we did mention it in the letter. We've talked about it in the past. And as you know, we're focused on AI infrastructure, supporting the build-out of the infrastructure, the energy that's supporting this, but we're being highly selective and very disciplined in the transactions that we pursue.

Mario，你聽著，我想我們確實在信中提到過，也在過去談過。如你所知，我們聚焦於 AI 基礎設施，支持相關基礎設施的建置，以及支撐其運作的能源；但我們在所追求的交易上非常審慎且高度自律。

Really, I think because of our differentiated approach where we have the operating capabilities, the experience of delivering projects, we have access to capital and we have relationships it's affording us the ability to be highly selective and focus on the highest quality projects.

我認為主要是因為我們的差異化方法：我們具備營運能力、交付專案的經驗、資本取得能力，以及人脈關係，這使我們能夠高度選擇性地聚焦於最高品質的專案。

That means we're focusing on sites that are permitted, where you have energy connection, where you have recourse to highly credit-rated offtakers, and therefore, you have high visibility on managing the risk of your portfolio, which allows you, therefore, as Bruce said in his remarks, to deliver attractive risk-adjusted returns.

這表示我們聚焦於已取得許可的場址、具備能源併網（connection）、且能對接信用評等很高的承購方（offtakers）；因此，我們對投資組合風險管理具有高度可視性，進而如 Bruce 在發言中所說，能提供具吸引力的風險調整後報酬。

And it really is no different to the approach we've taken investing across infrastructure, energy, real estate and private equity for over 125 years. And I'd say largely what we'd expect in these deals is to get a return on and return of capital over the life of the lease, especially in the shorter-dated chip financings.

而這與我們在過去125年以上於基礎建設、能源、不動產與私募股權的投資方法並無不同。我會說，我們在這些交易中大致預期的是，在租約期間取得資本報酬（return on capital）與資本回收（return of capital），尤其是在期限較短的晶片融資案中。

So it's really doing it in a derisked, highly selective manner because we are always very focused on that downside protection given the significant capital we have invested.

因此，我們確實是以去風險、且高度選擇性的方式在做，因為鑑於我們已投入的龐大資本，我們始終非常專注於下行保護。

Okay. And then maybe as a follow-on, in the letter, you also talked about the potential operational efficiencies associated with deployment of the capital. And I think you referenced margin expansion being kind of quantums ahead of 10%, give or take. Which inning would you say from an operational perspective, is the AI capital deployment in regarding Brookfield's operating business margins and efficiency?

好的。接著可能再追問一下，在信中你也談到與資本部署相關的潛在營運效率提升。我想你提到利潤率擴張大概會比10%（上下）高出好幾個量級。從營運角度來看，就布魯克菲爾德（Brookfield）的營運業務利潤率與效率而言，你會說 AI 資本部署目前處於第幾局？

Yes. I mean, Mario, you're right. I mean we do believe that the long-term opportunity from AI outside of creating an exceptional investment cycle is the upside and the value we can extract from applying AI and the technology across the businesses that we already own.

是的。我的意思是，Mario，你說得對。我們確實相信，AI 的長期機會，除了創造一個卓越的投資週期之外，還在於把 AI 與相關技術應用到我們既有持有的各項業務上，所能帶來的上行空間與可提取的價值。

As you know, that we have delivered returns over a long period of time through operational excellence, and we see this as being another very important tool in the toolkit that will allow us to grow revenues, improve margins and increase cash flows to really enhance our returns and make our businesses more resilient.

如你所知，我們長期以來透過卓越營運交付回報，而我們把這視為工具箱中另一個非常重要的工具，能讓我們提高營收、改善利潤率並增加現金流，從而真正提升回報並讓我們的業務更具韌性。

We've already been doing this across infrastructure, energy, real estate and private equity. We see significant opportunity to use the technology. We are being very coordinated in how we do this. We think about this as many other operating initiatives that we've had across the business to be disciplined to focus on the ROI of the technology and the use cases, and there's a lot of scrutiny, but we see a lot of opportunities.

我們已經在基礎建設、能源、不動產與私募股權領域推動這些工作。我們看到運用這項技術的重大機會。我們在推進方式上非常協同一致。我們把這視為過去在全公司推動的許多其他營運計畫一樣，會保持紀律、聚焦於技術投資報酬率（ROI）與使用情境（use cases）；審視非常嚴格，但我們也看到很多機會。

And as we've touched on in the past, the relationships that we have with the technology companies that are developing these -- the AI for deployment through our relationships, we are at the forefront of learning and being able to study the relevant application of these so that we can focus on the most efficient deployment.

而且如同我們過去提到的，透過我們與正在開發這些技術公司的合作關係——也就是用於部署的 AI——我們站在學習的最前沿，能夠研究其相關應用，從而聚焦於最有效率的部署方式。

So I'd say over time, we expect it to be very meaningful. And even the relatively modest improvement in productivity and margins, if you think about the scale of our operating businesses, we have the potential to be very meaningful to earnings and cash flow over time.

所以我會說，隨著時間推移，我們預期它會非常有意義。即使只是相對溫和的生產力與利潤率改善，考量到我們營運業務的規模，長期而言也有潛力對盈餘與現金流帶來非常顯著的貢獻。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC 資本市場。

I wanted to go back to insurance, and you talked about kind of the competing dynamics of focusing on profitability over volume while also expanding distribution. So can you just unpack those dynamics a little bit more? And then should we think about that for '27, your ability to originate $20 billion-ish of annuity volumes when we put those together?

我想回到保險的部分。你提到一種相互競合的動態：一方面把重點放在獲利而非量，另一方面又在擴大通路。你能否把這些動態再多拆解說明一下？另外，若把這些因素放在一起看，對於 2027 年你們是否有能力承作（originate）約 200 億美元左右的年金（annuity）規模，我們應該怎麼理解？

Sure. Sure. So just first to address the specifics of the quarter. As we experienced during the quarter, interest rates rose very quickly during the quarter, and we were more cautious. So we felt that ultimately, rates could be range bound and we were reluctant to chase interest rates up in respect of our product pricing unlike many of our peers. So that resulted in lower sales versus what a normalized market environment would have been, but we are very happy with the results.

當然。當然。先回應本季的具體情況。如同我們在本季所經歷的，利率在季度內上升得非常快，因此我們更為謹慎。我們認為最終利率可能會在區間內震盪，因此相較於許多同業，我們不願意在產品定價上追著利率上行。因此，銷售量低於在正常化市場環境下可能出現的水準，但我們對結果非常滿意。

When you look ahead, I think you keep in mind that we are dramatically expanding all of our various distribution and different markets that we are engaged in. So we talked about the bank BD side where we're rolling out new relationships.

展望未來，我認為你要記得，我們正在大幅擴張各種通路，以及我們所參與的不同市場。例如我們談到銀行 BD（商務開發）端，我們正在推進新的合作關係。

These are points of distribution that we don't have access to today. So it's going to be the same products that we're selling into those markets. And so therefore, there's embedded growth from that perspective.

這些是我們目前尚未能觸及的通路據點。因此，我們會把相同的產品銷售到那些市場。所以從這個角度來看，成長是內嵌其中的。

We spoke about Asia and international a little bit. And we think, again, there, we're only really getting off the ground in Japan, Hong Kong, Singapore and elsewhere. So we're very upbeat about the prospects of our growth potential.

我們也稍微談到亞洲與國際市場。我們認為同樣地，在那邊我們其實才剛起步，像是在日本、香港、新加坡以及其他地區。因此我們對成長潛力的前景非常樂觀。

And the other thing I would say is when you think about growth, we think about earnings before we think about sales. And looking at the asset repositioning and the deployment into Brookfield real asset strategies that I already touched on as well as Just and just bringing Just online and starting to enhance its overall performance.

另外我想說的是，談到成長時，我們會先看盈餘，再看銷售。再加上資產重新配置，以及我先前提到的、把資金部署到布魯克菲爾德的實體資產策略中，還有 Just——也就是讓 Just 上線並開始提升其整體表現。

Those are all some of the key things that we focus on. And again, I think the last point I would make is in time, we expect P&C to be a meaningful earnings growth contributor as it already has been from an investment side. But as we continue to build our underwriting capabilities, we will just contribute even further to the earnings growth.

這些都是我們聚焦的一些關鍵事項。而且我想最後一點是，隨著時間推移，我們預期產險（P&C）將成為有意義的盈餘成長貢獻者——就投資面而言它已經是了。但隨著我們持續建立承保能力，它將對盈餘成長做出更進一步的貢獻。

Yes. Bart, the only thing I would add is to exactly what Jon said, which is we have the ability to drive earnings growth without having to chase the market while rates are volatile. As they settle out, we can look to lean in and step up origination. But you saw our earnings growth was still very strong, and that's because we have many other levers in the business without having to chase growth.

是的，Bart，我唯一想補充的是，正如 Jon 所說，我們有能力在利率波動時不必追逐市場，也能推動盈餘成長。等利率趨於穩定後，我們可以選擇加大投入並提高承作量。但你也看到我們的盈餘成長仍然非常強勁，因為我們在業務中還有許多其他槓桿可以運用，而不需要去追逐成長。

Okay. Got it. That's very helpful. And then maybe for Nick, with the realized carry, you talked about a meaningful step-up expected for next year. Could you help us frame up what does meaningful mean in this context? And are there one or two asset classes as you look at your pipeline that could be driving that outlook for '27?

好的，了解。這非常有幫助。接著可能問 Nick 一個問題：關於已實現的業績分成（realized carry），你提到明年預期會有顯著的躍升。你能幫我們界定一下，在這裡「顯著」是什麼意思嗎？另外，從你們的管線來看，是否有一兩個資產類別可能驅動 2027 年的這個展望？

Yes. No worries. Yes. So I'd say that it's playing out nicely, and it's in line with what we have been expecting and have been communicating to you for the past few quarters, which is that the monetization pipeline continues to be incredibly robust. I'd say specifically robust across infrastructure and energy right now, but also selling private equity credit and real estate also contributing.

是的，沒問題。我會說進展相當順利，且符合我們過去幾季一直預期並對各位溝通的情況，也就是變現（monetization）管線持續非常強勁。具體來說，目前在基礎建設與能源方面特別強勁，同時私募股權、信貸與不動產的出售也有貢獻。

So I think this year, we're already largely, I think, about $500 million year-to-date roughly. It's just shy of what we delivered in all of last year. And we do expect another strong Q4, maybe largely in line with Q3, maybe a bit more, but that step-up really comes next year.

所以我認為今年截至目前，我們年初至今大約已經接近 5 億美元。這略低於我們去年全年交付的水準。而我們確實預期第四季仍會很強，可能大致與第三季相當，或略高一些，但真正的躍升會在明年出現。

And so with strong monetizations across the business, were specifically relevant to carried interest next year is predominantly in our second and third vintage of infrastructure funds. The second fund is now through the preferred return. So each incremental sale is realizing carry and the third fund, which is double the size is now working its way through the preferred return and getting close to that carry realization.

因此，隨著全業務的強勁變現，與明年業績分成（carried interest）特別相關的，主要來自我們第二與第三期（vintage）的基礎建設基金。第二支基金現在已經越過優先回報（preferred return）。因此，每一筆新增出售都會實現業績分成；而第三支基金規模是其兩倍，目前也正在穿越優先回報，並接近可以實現業績分成的階段。

And the pace and scale of the sales that we're achieving there and the returns is very encouraging. We announced another transaction this week in Canada, and we have more in the pipeline. So we do think about next year being a significant step-up, and it's largely driven by infrastructure, I'd say, in energy. And the nice thing about those is they have inflation-protected attributes, and we're continuing to find attractive ways to monetize.

我們在那裡達成的出售速度與規模，以及回報水準，都非常令人鼓舞。我們本週在加拿大又宣布了一筆交易，而且管線中還有更多。因此我們確實認為明年會有顯著的躍升，而我會說主要由基礎建設與能源所驅動。而這些資產的好處在於具備通膨保護的特性，我們也持續找到具吸引力的方式來進行變現。

That's very helpful. Thanks for taking my questions.

這非常有幫助。謝謝你回答我的問題。

Thank you.

謝謝。

Ken Worthington with JPMorgan.

我是摩根大通的 Ken Worthington。

We had midterm elections in the US Do you see the results impacting 401(k)s and the discussion about alternative products making their way into US retirement plans and does the US political landscape change the narrative here to some extent? Or is sort of the cat out of the bag in terms of getting alts into the US retirement program?

美國剛舉行了期中選舉。你認為選舉結果會影響 401(k) 以及替代性產品納入美國退休計畫的討論嗎？美國的政治版圖是否在某種程度上改變了這裡的敘事？還是說，就把另類資產納入美國退休體系而言，某種程度上已經是「木已成舟」了？

Thanks, Ken. So there is speculation about what policy changes and priorities Congress will pursue. I think it's still too early to say, so it's difficult to predict.

謝謝你，Ken。確實外界對國會將推動哪些政策變化與優先事項有不少揣測。我認為現在仍然太早，因此很難預測。

But that said, we do fundamentally believe that enabling individuals to access private markets through their retirement savings is a good thing, provides diversification. It enhances risk-adjusted returns. And so as a result, we do expect that the channel will continue to open up with the appropriate risk and safeguards. But as what happens in the short term and the specific policy changes, it's hard for us to comment on.

不過話說回來，我們從根本上相信，讓個人能透過其退休儲蓄投資私募市場是一件好事，能提供分散化。也能提升風險調整後報酬。因此，我們確實預期在適當的風險控管與保障措施下，這個通路會持續開放。但就短期內會發生什麼、以及具體政策變動而言，我們很難評論。

And then maybe as a follow-up, given the increased deployment into real assets, the great returns that we're seeing there and then the yield pickup that you're getting on the redeployment of the investment portfolio, are you able to underwrite higher investment returns? And does that position Wealth Solutions for better volume to kind of go along with the expanded distribution?

接著追問一下，鑑於你們對實體資產的投放增加、我們看到那裡的報酬表現很好，以及你們在重新部署投資組合時獲得的殖利率提升，你們是否能承作（underwrite）更高的投資報酬率？這是否讓 Wealth Solutions 在擴大分銷的同時，有條件取得更好的業務量？

Look, I would say with respect to our new originations, we are -- our investment program, as we've talked about in the past, is on a total return basis. So that is different from a number of other players in the sector who are much more oriented toward fixed income spread type returns.

我想就我們的新承作而言，我們的投資計畫——如同過去談過的——是以總報酬為基礎。這與同業中不少更偏向固定收益利差型報酬的玩家不同。

That's not how our asset portfolio -- that's not our -- the Brookfield real asset strategies are more focused on total returns as opposed to interest income.

我們的資產組合不是那樣運作——也就是說，Brookfield 的實體資產策略更著重於總報酬，而不是利息收入。

And so I say that because, yes, you're right, we will continue to generate higher investment earnings on the general account of our insurance portfolio. It's not the primary driver from a pricing standpoint. What we tend to focus on is being disciplined around the cost of new liabilities and our cost of funding in that respect. And then we layer the total return asset strategy on top of that. So hopefully, there's a bit of a nuance there, but hopefully, that helps sort of amplify how we're thinking about it.

我之所以這麼說，是因為，沒錯，你說得對，我們會持續在保險投資組合的一般帳戶上產生更高的投資收益。但從定價角度來看，這不是主要驅動因素。我們通常更聚焦於對新增負債成本與相應資金成本保持紀律。然後再在此之上疊加總報酬的資產策略。希望這裡有一些細微差別，但希望能更清楚說明我們的思考方式。

Cherilyn Radbourne, TD Cowen.

TD Cowen 的 Cherilyn Radbourne。

It appears that the so-called wall of debt maturities in PE and RE got pushed out by perhaps one year as the can got kicked down the road in various ways, but is finally emerging in 2027. Can you talk about how you're thinking about that opportunistically in terms of deployment across your various verticals?

看起來私募股權與不動產領域所謂的「債務到期高峰（wall of debt maturities）」可能透過各種方式把問題往後延了一年，但最終似乎會在 2027 年浮現。你能談談你們如何以機會型的角度，思考在各個垂直領域的資金部署嗎？

Yes. Cherilyn, listen, I think there's always a lot of focus on the maturity wall in real estate. I would just almost say that because of the amount of financing that does exist in the real estate market, there's almost a lot of maturities every year in the real estate market. But obviously, what we've seen play out over the last 5 years is that the challenges that real estate has faced was never for our portfolio and for the broader market, not always an occupancy issue. It was an interest rate issue.

是的，Cherilyn。聽著，我認為市場一直很關注不動產的到期高峰。但我幾乎會說，因為不動產市場本來就存在大量融資，所以幾乎每一年不動產市場都有相當多的到期。不過，顯然我們在過去 5 年看到的情況是，不動產面臨的挑戰，無論對我們的投資組合或更廣泛市場而言，並不總是入住率的問題。而是利率問題。

And so the increase in interest rates did create capital structure challenges for some owners of real estate. And as those financings do come up for restructuring, for refinancing, it can create attractive investment opportunities for us.

因此，利率上升確實為部分不動產持有人帶來資本結構上的挑戰。當這些融資需要重整、再融資時，就可能為我們創造具吸引力的投資機會。

I think for those that own good real estate and it's well capitalized, that maturity will just be refinanced. That's consistent with our portfolio or they will have well-capitalized sponsors that will put the money in to ensure they can be refinanced. But for the balance, it can create interesting investment opportunities.

我認為，對於持有優質不動產且資本結構健全的業主而言，那些到期債務就只是再融資而已。這與我們的投資組合一致；或者他們會有資本雄厚的贊助方投入資金，以確保能完成再融資。但對於其餘部分，則可能創造有趣的投資機會。

And I would say in our opportunistic real estate strategy in BSREP, we have already seen some examples of that fallout, and we've been able to make some pretty attractive investments. And I would expect similar to happen in private equity, where really the value creation now is about your operating capabilities.

我會說，在我們 BSREP 的機會型不動產策略中，我們已經看到一些這類後續影響的例子，也因此能做出一些相當具吸引力的投資。我也預期私募股權會出現類似情況，因為現在的價值創造真正取決於你的營運能力。

And if you weren't able to drive revenue growth and create margin expansion and drive growth and you're still with the same debt at higher rates, then there could be opportunities to come out of that.

如果你無法推動營收成長、無法擴大利潤率並帶動成長，但仍背負同樣的債務且利率更高，那麼就可能出現可從中切入的機會。

And maybe just as a tag on what about Oaktree and that opportunistic strategy?

再補充追問一下，那 Oaktree 以及其機會型策略方面呢？

That's a good follow-up, Cherilyn. I should have pointed that out, but it is creating. And obviously, Oaktree is being selective and focused and focusing on those high-quality businesses where there may be a credit investment opportunity. So we are seeing good deployment opportunities in Oaktree as well.

這是個很好的追問，Cherilyn。我剛才應該提到這點，但確實正在創造機會。顯然，Oaktree 也在有選擇地、聚焦地進行，專注於那些可能存在信用投資機會的高品質企業。因此，我們在 Oaktree 也看到了不錯的部署機會。

And then if I could just tag on, share buybacks look like they're going to exceed the $1 billion deployed over the last two years based on the pace year-to-date. If the share price stays where it is and carry inflects as you would expect in 2027, how are you thinking about allocation to buybacks?

如果我可以再追問一下，依照今年迄今的速度，股票回購看起來將超過過去兩年合計投入的 10 億美元。如果股價維持在目前水準，且如你們預期在 2027 年 carry（績效分成）出現拐點上升，你們如何思考回購的資本配置？

Yes. Thanks, Cherilyn, That's a fair question. Listen, I think, as you know, we've always thought about the allocation of our capital and cash flow as being available to support growth to maintain liquidity across the organization and to allow for us to be opportunistic where we see incremental growth or investment opportunities. And we balance that with buybacks and being opportunistic in leaning into buybacks.

是的，謝謝你，Cherilyn，這是個合理的問題。聽著，我想如你所知，我們一直把資本與現金流的配置視為：用來支持成長、維持整個組織的流動性，並讓我們在看到額外成長或投資機會時能夠把握。同時，我們也會在回購之間取得平衡，並在適當時機以機會型方式加大回購。

I would just say that we don't necessarily have an annual target in mind. I know the last previous two years shook out to roughly the same number, but we don't have an annual target in mind. And so I would just say we do expect to be active going forward, especially when you consider the current share price where it has been recently.

我只想說，我們不一定會設定年度目標。我知道前兩年最後的結果大致相近，但我們並沒有年度目標。因此我會說，我們預期未來仍會保持積極，尤其是考量到目前股價以及近期所處的水準。

But I would say irrespective of that, we expect to be active going forward. And as free cash flow does step up, that will afford us the flexibility to do more should we not have other investment opportunities available to us at the time.

但我也會說，不論如何，我們預期未來都會保持積極。而隨著自由現金流提升，若當時沒有其他可用的投資機會，這也會讓我們有更大的彈性去做更多回購。

Etienne Ricard, BMO Capital Markets.

BMO 資本市場的 Etienne Ricard。

In terms of capital allocation, where does BN see the best return opportunities as we look into 2027? And given the volatility in the annuity markets, do you see better returns in asset management to help scale new strategies? Or do you expect it to be balanced across asset management and insurance?

就資本配置而言，展望 2027 年，BN 認為最佳的報酬機會在哪裡？另外，鑑於年金市場的波動，你是否認為在資產管理端擴大新策略規模能帶來更好的報酬？或者你預期資產管理與保險之間會維持均衡？

So the first comment I would make is that, obviously, our asset management business has -- it has its own capital, its own balance sheet and the ability to use its own resources to scale new strategies. So the reliance on BN's balance sheet is less.

我首先想說的是，顯然，我們的資產管理業務——它有自己的資本、自己的資產負債表，也有能力運用自身資源來擴大新策略的規模。因此，對 BN 資產負債表的依賴較低。

That said, we do see tremendous opportunities in BAM to scale new products and to lean into the asset classes that it's focused on where it's having tremendous success with clients. So we see a tremendous growth opportunity within BAM.

話雖如此，我們確實看到 BAM 在擴大新產品規模方面，以及在其所聚焦、且在客戶端取得巨大成功的資產類別上加大投入方面，存在龐大的機會。因此，我們認為 BAM 內部有非常可觀的成長機會。

I'd say within the Wealth Solutions business, as we've touched on, we still see a very attractive growth trajectory ahead of this business. And we see that combined with the ability to continue to generate attractive returns. And as long as that maintains, then we continue to allocate capital to that business.

我想在 Wealth Solutions 業務方面，正如我們先前提到的，我們仍然看到這項業務未來有非常吸引人的成長軌跡。而且我們也看到，這與持續創造具吸引力的報酬能力相結合。只要這一點得以維持，我們就會持續把資本配置到這項業務上。

So I'd say very much a balance of continuing to grow our existing businesses, looking for adjacent investment opportunities, which as we do go through a volatile market, they can always come up, and we're being very focused on looking at where they could be and what they could be.

所以我會說，這在很大程度上是在持續成長我們既有業務、同時尋找相鄰的投資機會之間取得平衡；而當我們處於波動市場時，這些機會隨時可能出現，我們也非常專注於評估它們可能在哪裡、以及可能是什麼。

And then absent that, looking to lean into buybacks. So I'd say it's a combination of everything, and we remain open-minded as we move into the next year.

此外，如果沒有其他更好的選項，我們就會考慮加大回購。所以我會說這是各種手段的組合，而在邁入明年之際，我們仍會保持開放的心態。

And Nick, you mentioned the redeployment of cash into higher-yielding assets at Brookfield Wealth Solutions. Specifically for cash, at what percentage of the investment portfolio are you comfortable operating at when bond yields rise? And conversely, when rates fall, where do you see this percentage going?

Nick，你提到 Brookfield Wealth Solutions 將現金重新部署到較高收益資產。就現金而言，在債券殖利率上升時，你們對投資組合中現金占比在多少百分比運作會覺得舒適？反過來，當利率下降時，你認為這個百分比會走向哪裡？

Yes. So I would say just as a general matter, our -- we focus on maintaining ample liquidity in our general account in order to mitigate any sort of outflows that we could experience in the business. So we're super conservative, if you will, around those liquidity buffers.

是的。一般而言，我們——我們專注於在一般帳戶中維持充足的流動性，以降低業務中可能出現的任何資金外流。因此，可以說我們在這些流動性緩衝上非常保守。

And I almost think of the approach more as a barbell. So around half of our portfolio tends to be on cash or liquid securities that we can monetize as needed and the other half in and around private assets, both real assets, equity as well as credit.

而且我幾乎把這種做法視為「槓鈴式」配置。因此，我們的投資組合大約有一半通常放在現金或可隨時變現的流動性證券上；另一半則配置在私募資產上，包括實體資產、股權以及信貸。

So -- and obviously, a lot of the public assets that we are invested in are for some of the cash flow matching that we do in the liability profile. But that's sort of at a high level how we think about the bifurcation in the investment portfolio.

當然，我們投資的許多公開市場資產，是用於我們在負債結構中所做的一些現金流匹配。但從高層次來看，這就是我們如何思考投資組合中這種二分配置。

Jaeme Gloyn, National Bank.

Jaeme Gloyn，National Bank。

Just wanted to ask a question on the annuities growth and sensitivity to the interest rate environment based on your comments of the previous questions. So with the recent step down in interest rates over the past months, ignoring what just happened in the last couple of days, was that enough to sort of restart or reposition you into a more aggressive posture on the annuity front? Or are there -- are you looking for further declines? Or are there some other factors where you would take a more aggressive stance?

我想就年金（annuity）的成長，以及其對利率環境的敏感度提個問題，基於你們對前面幾個問題的回應。所以，過去幾個月利率近期下調——先不考慮過去幾天剛發生的情況——這是否足以讓你們在年金方面重新開始、或重新定位到更積極的姿態？還是你們——你們在等待進一步下滑？或者是否有其他因素會讓你們採取更積極的立場？

Got it. Yes. No, I wouldn't quite use those words, but I think the sentiment, it's not unfair. So in other words, as I said earlier, we did not chase rates up for this very reason, right? I think when you're in these scenarios where all of a sudden, the volatility in the marketplace is up and then it's back down, you could have locked in a relatively expensive cost of capital. So that's how we're thinking about the market generally.

了解。是的。不，我不會完全用那些字眼，但我認為那種情緒（sentiment）並非不合理。換句話說，正如我先前所說，我們沒有在利率上行時追逐利率，原因就在這裡，對吧？我認為在這種情境下，市場波動突然上升、接著又回落，你可能會鎖定一個相對昂貴的資本成本。所以我們大致上就是這樣看待市場的。

As I said, cost of funds, cost of liabilities is something that is very important to us. But we don't have absolutes or bright lines in our business. And so maybe I'll just leave it at that vis-a-vis your -- I wouldn't necessarily use all those words, but I think your thinking is correct vis-a-vis our posture.

如我所說，資金成本、負債成本對我們非常重要。但我們的業務中沒有絕對值或明確的界線。所以也許我就針對你的——我不一定會用你剛才所有那些字眼，但我認為你對我們姿態的理解是正確的。

And I'd say the other important part is stability. Stability is really important. When rates went up quickly, we want to see stability in that environment before we think about writing and deploying because we could have locked in and rates went down 50 basis points and you're stuck in a different investment market than what you raised. So stability is critically important.

我還想說另一個重要部分是穩定性。穩定性真的很重要。當利率快速上升時，我們希望在考慮承作與部署之前，先看到環境的穩定，因為你可能鎖定之後利率又下跌 50 個基點，結果你就被卡在與你募集資金時不同的投資市場裡。所以穩定性至關重要。

And also, I would just say that given a lot of this is going to be invested into inflation-protected real assets, we have a competitive advantage in that we can earn very strong returns through rate cycles. So I think the rate environment where it was, if that's where it settled out and remained there, we could have turned a posture into growth, but we just want to be careful and wait for that stability signal.

另外我也想說，鑑於其中很大一部分將投資於具通膨保護的實體資產，我們的競爭優勢在於：我們能在不同利率循環中賺取非常強勁的報酬。所以我認為，如果利率環境停留在當時的水準並維持不變，我們本可以把姿態轉向成長，但我們只是想更謹慎，等待那個穩定性的訊號。

Yes. Okay. Fair enough. And then second question, just on the real estate portfolio, lots of momentum in leasing rates and absent some residential transactions this quarter, ignoring that factor. Just wondering when is the inflection point? Or what's the timing where we start to see a lot of this momentum that you've been talking about for several quarters start to feed into a stronger profile for real estate's contribution on distributable earnings?

是的。好的。可以理解。那第二個問題，關於房地產投資組合，租賃價格動能很強；如果本季沒有一些住宅交易——先不考慮那個因素。我想問的是，拐點會在什麼時候出現？或者說，什麼時間點我們會開始看到你們談了好幾季的這些動能，開始反映在房地產對可分配盈餘（distributable earnings）貢獻更強的表現上？

Yes. That's a fair question because you're right, there's a lot of really strong headlines and momentum in the business. And I can tell you on the ground, it is the momentum is really strong. It almost feels like every lease we sign these days is like a new record lease or it's a significant, significant increase on the leases expiring.

是的。這是個合理的問題，因為你說得對，這項業務有很多非常強勁的新聞標題與動能。我可以告訴你，在第一線，這股動能真的非常強。幾乎感覺我們現在簽的每一份租約，都像是在創新高的租約，或是相較於到期租約有非常、非常顯著的提升。

As we've said, I feel like we're in a cycle right now that could take 12 months, maybe a bit longer of converting the strong leasing momentum into earnings -- actual earnings because it takes time for new tenants to fit-out their space and then for that fit out to complete and then convert into actual NOI and revenues into the P&L.

正如我們所說，我覺得我們目前正處於一個循環，可能需要 12 個月、也許更久，才能把強勁的租賃動能轉化為盈餘——實際的盈餘，因為新租戶進行裝修（fit-out）需要時間，裝修完成也需要時間，之後才能轉化為實際的 NOI（淨營運收入）與收入，進入損益表（P&L）。

So I think it takes time, but what we are doing every day is embedding that growth into the business. So it's incredibly healthy for valuations even if it's not quite turning up in NOI yet, but it's coming because the momentum is incredibly strong.

所以我認為這需要時間，但我們每天在做的事情，就是把這些成長嵌入到業務之中。因此，即使 NOI 還沒有明顯上升，對估值而言也非常健康；但它會到來，因為動能極其強勁。

Thank you. I would now like to turn the call back over to Ms. Katie Battaglia for closing remarks.

謝謝。我現在想把電話交回給 Katie Battaglia 女士作結語。

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

謝謝各位今天加入我們。那麼，我們就結束本次電話會議。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以斷線。