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Brookfield Reinsurance posts Q1’23 net loss vs year-ago net income

May 11, 2023

Brookfield Reinsurance reported a net loss of $93 million in the first-quarter of 2023, compared to a net income of $156 million in Q1’22.

This loss was driven largely by unrealized mark-to-market impacts on investments and insurance reserves, partially offset by the contribution of Distributable operating earnings (DOE), the company said.

The company posted $145 million of DOE in Q1’23, compared to $13 million in the prior year period. This increase was driven by contributions from American National, which we acquired at the end of May 2022, as well as higher net investment income from reinsurance treaties closed in late 2021, Brookfield Reinsurance stated.

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