Our operations are organized into six business groups in addition to our corporate activities, which collectively represent seven operating segments for internal and external reporting purposes. Our operating segments are as follows:

i.Corporate Activities include the investment of cash and financial assets, as well as the management of our corporate leverage, including corporate borrowings and preferred equity, which fund a portion of the capital invested in our other operations. Certain corporate costs such as technology and operations are incurred on behalf of our operating segments and allocated to each operating segment based on an internal pricing framework.

i.The Asset Management business includes managing long-term private funds, perpetual strategies and liquid strategies on behalf of our investors and ourselves, as well as our share of the asset management activities of Oaktree Capital Management (“Oaktree”). We generate contractual base management fees for these activities as well as incentive distributions and performance income, including performance fees, transaction fees and carried interest. We also include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within the results of our Asset Management business. These investments include flagship real estate private funds that are managed by BAM with long-term track records of earning strong returns, as well as capital invested in other real estate and private equity funds managed by BAM, opportunistic credit funds managed by Oaktree, and other investments.

i.The Insurance Solutions business includes our equity accounted interest in Brookfield Reinsurance Ltd. (“BNRE”), a leading capital solutions business providing insurance and reinsurance services to individuals and institutions across a broad range of insurance products including life insurance and annuities, and personal and commercial property and casualty insurance.

Beginning in the second quarter of 2023, the company presented an Insurance Solutions operating segment for internal and external reporting purposes. Additionally, our direct investments into and alongside private funds managed by BAM are now presented within the Asset Management segment. These amounts were previously presented in our Corporate Activities segment and our Operating Businesses, respectively.

Beginning in the first quarter of 2023, subsequent to the special distribution of a 25% interest in our asset management business described in Note 21 (b), our Asset Management segment includes our investment in BAM and certain corporate costs and tax items that were previously presented in our Corporate Activities segment.

Beginning in the fourth quarter of 2022, the company no longer presented a Residential Development operating segment for internal or external reporting purposes. Our North American and Australian residential development operations are now presented within the Real Estate segment and the Brazilian residential development operations are now presented within the Asset Management segment.

This presentation aligns our operating segments with how our Chief Operating Decision Maker assesses the operating results and performance of our businesses on a segmented basis. The company has retrospectively applied these presentation changes for all periods presented.

We assess our performance using distributable earnings (“DE”) from our Asset Management segment and Insurance Solutions segments, net operating income (“NOI”) from our Real Estate segment, and funds from operations (“FFO”) generated by each other segment as our key measures of financial performance and our segment measures of profit and loss. We also provide the amount of capital invested by the Corporation in each segment using common equity by segment. These metrics are used by our Chief Operating Decision Maker in assessing operating results and the performance of our businesses on a segmented basis.

Beginning in the first quarter of 2023, the company changed its segment financial measures to use DE rather than FFO for the Asset Management segment as it is more representative of cash flows and profitability from that segment, and NOI rather than FFO for the Real Estate segment as NOI provides a performance measure that, when compared year-over-year, reflects the impact on operations from trends in occupancy and rental rates.

DE from our Asset Management segment is defined as the earnings received by the Corporation that are available for distribution to common shareholders or to be reinvested in the business. It is calculated as the sum of distributable earnings from our Asset Management business and realized carried interest, net of equity-based compensation costs. DE from our Asset Management segment includes fees, net of the associated costs, that we earn from managing capital in our perpetual affiliates, private funds and liquid strategies accounts. We are also eligible to earn incentive payments in the form of incentive distributions, performance fees or carried interest. Our Asset Management segment distributes substantially all of its distributable earnings as a dividend to its shareholders; therefore, DE represents our cash flows and profitability from our Asset Management segment. We do not use DE as a measure of cash generated from our operations.

Distributable earnings from our Insurance Solutions business is equivalent to its distributable operating earnings (“DOE”), which is calculated as our share of equity accounted net income from our Insurance Solutions business, excluding the impact of depreciation and amortization, deferred income taxes, net income from our equity accounted investments, gains and losses on investments and derivatives, breakage and transaction costs, and is inclusive of our proportionate share of DOE from investments in associates.

NOI from our Real Estate segment is defined as: i) property-specific revenues from our commercial properties operations less direct commercial property expenses before the impact of depreciation and amortization; and ii) revenues from our hospitality operations less direct hospitality expenses before the impact of depreciation and amortization. NOI represents an income-generating property’s profitability before adding costs from financing or taxes, and is a strong indication of our Real Estate business’ ability to impact the operating performance of its properties through proactive management and leasing. Depreciation and capital expenditures are excluded from NOI as we believe that the value of most of our properties typically increases over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. We do not use NOI as a measure of cash generated from our operations.

We define FFO from our Corporate Activities segment and our Operating Businesses, excluding the Real Estate business, as net income excluding fair value changes, depreciation and amortization and deferred income taxes, net of non-controlling interests. When determining FFO, we include our proportionate share of the FFO from equity accounted investments on a fully diluted basis. FFO also includes realized disposition gains and losses, which are gains or losses arising from transactions during the reporting period, adjusted to include associated fair value changes and revaluation surplus recorded in prior periods, taxes payable or receivable in connection with those transactions and amounts that are recorded directly in equity, such as ownership changes.

FFO represents the company’s share of revenues less costs incurred within our operations, which include interest expenses and other costs. Specifically, it includes the impact of contracts that we enter into to generate revenues, including power sales agreements, contracts that our operating businesses enter into such as leases and take or pay contracts and sales of inventory. FFO includes the impact of changes in leverage or the cost of that financial leverage and other costs incurred to operate our business.

We use realized disposition gains and losses within FFO in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period FFO, and believe it is useful to investors to better understand variances between reporting periods. We exclude depreciation and amortization from FFO as we believe that the value of most of our assets typically increases over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. In addition, the depreciated cost base of our assets is reflected in the ultimate realized disposition gain or loss on disposal. As noted above, unrealized fair value changes are excluded from FFO until the period in which the asset is sold. We also exclude deferred income taxes from FFO because the vast majority of the company’s deferred income tax assets and liabilities are a result of the revaluation of our assets under IFRS.

Our definition of FFO differs from the definition used by other organizations, as well as the definition of FFO used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), as opposed to IFRS. The key differences between our definition of FFO and the determination of FFO by REALPAC and/or NAREIT are that we include the following: realized disposition gains or losses and cash taxes payable or receivable on those gains or losses, if any; foreign exchange gains or losses on monetary items not forming part of our net investment in foreign operations; and foreign exchange gains or losses on the sale of an investment in a foreign operation. We do not use FFO as a measure of cash generated from our operations.

Segment measures include amounts earned from consolidated entities that are eliminated on consolidation. The principal adjustment is to include asset management revenues charged to consolidated entities as revenues within the company’s Asset Management segment with the corresponding expenses recorded as corporate costs within the relevant segment. These amounts are based on the in-place terms of the asset management contracts between the consolidated entities. Inter-segment revenues are determined under terms that approximate market value.


AS AT AND FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS)	Asset Management		Insurance Solutions2	Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Corporate Activities		Total Segments		Note
External revenues	$	10,219	n/a	$	5,310	$	18,234	$	55,683	$	6,169	$	309	$	95,924
Inter-segment and other revenues1	4,820		n/a	—		6		56		35		32		4,949		i
Segmented revenues	15,039		n/a	5,310		18,240		55,739		6,204		341		100,873
DE	3,135		740	n/a		n/a		n/a		n/a		n/a		n/a		ii
FFO1	n/a		n/a	418		653		1,876		n/a		(463)		n/a		ii
NOI	n/a		n/a	n/a		n/a		n/a		3,616		n/a		n/a		ii
Common Equity	19,484		6,144	4,887		2,537		3,291		22,413		(17,082)		41,674

1.We equity account for our investment in Oaktree and include our share of the FFO at 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2023, $1.7 billion of Oaktree’s revenue was included in our Asset Management segment revenue.


AS AT AND FOR THE YEAR ENDED DEC. 31, 2022 (MILLIONS)	Asset Management		Insurance Solutions2	Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Corporate Activities		Total Segments		Note
External revenues	$	8,955	n/a	$	5,198	$	14,660	$	57,333	$	6,457	$	166	$	92,769
Inter-segment and other revenues1	4,289		n/a	—		4		207		32		(41)		4,491		i
Segmented revenues	13,244		n/a	5,198		14,664		57,540		6,489		125		97,260
DE	3,678		388	n/a		n/a		n/a		n/a		n/a		n/a		ii
FFO1	n/a		n/a	401		576		857		n/a		(366)		n/a		ii
NOI	n/a		n/a	n/a		n/a		n/a		3,472		n/a		n/a		ii
Common Equity	19,645		3,996	5,274		2,524		2,439		22,825		(17,095)		39,608

1.We equity account for our investment in Oaktree and include our share of the FFO at 64%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For year ended December 31, 2022, $1.5 billion of Oaktree’s revenue was included in our Asset Management segment revenue.

For the year ended December 31, 2023, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and asset management revenues earned by Oaktree totaling $4.8 billion (2022 – $4.3 billion), revenues earned on construction projects between consolidated entities totaling $89 million (2022 – $220 million), and other revenues totaling a net income of $40 million (2022 – loss of $18 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues.



FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Note	2023		2022
Net income		$	5,105	$	5,195
Add/(Deduct):
Equity accounted fair value changes and other non-FFO items		2,902		1,840
Fair value changes		1,396		977
Depreciation and amortization		9,075		7,683
Deferred income taxes		(897)		191
Realized disposition gains in fair value changes or equity	iii	634		903
Non-controlling interests on above items		(12,550)		(10,495)
Real Estate segment disposition gains		(256)		42
Real Estate segment adjustments and other, net1		4,566		2,670
Total segments’ measures of profit or loss2		$	9,975	$	9,006

1.Primarily comprised of Real Estate segment interest expense and corporate costs, net of investment income and other, net of non-controlling interests, as well as development costs on early stage projects in our Renewable Power and Transition segment.

2.Comprised of DE from our Asset Management and Insurance Solutions segments, FFO from our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, and NOI from our Real Estate segment.

Realized disposition gains include gains and losses recorded in net income arising from transactions during the current period, adjusted to include fair value changes and revaluation surplus recorded in prior periods in connection with the assets sold. Realized disposition gains also include amounts that are recorded directly in equity as changes in ownership, as opposed to net income, because they result from a change in ownership of an entity which was consolidated before and after the respective transaction.

Within FFO, the realized disposition gains recorded in fair value changes, revaluation surplus or directly in equity were $634 million for the year ended December 31, 2023 (2022 – $903 million), of which $569 million relates to prior periods (2022 – $794 million), and a gain of $65 million has been recorded in fair value changes (2022 – $109 million).



FOR THE YEARS ENDED DEC. 31 (MILLIONS)	2023		2022
U.S.	$	28,257	$	24,724
U.K.	23,432		25,090
Canada	10,036		10,752
Australia	6,079		6,041
Brazil	5,778		5,294
India	2,983		2,743
Colombia	2,373		2,135
Germany	2,192		1,909
Other Europe	9,501		9,084
Other Asia	2,992		3,042
Other	2,301		1,955
	$	95,924	$	92,769


AS AT DEC. 31 (MILLIONS)	2023		2022
U.S.	$	211,947	$	206,714
Canada	50,899		50,894
U.K.	36,289		31,940
Brazil	29,306		25,500
Australia	27,599		27,068
India	23,093		19,521
Germany	15,636		12,262
Colombia	13,344		10,567
Other Europe	45,583		31,713
Other Asia	21,149		14,655
Other	15,250		10,450
	$	490,095	$	441,284