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EQUITY ACCOUNTED INVESTMENTS
 12 Months Ended
Dec. 31, 2023
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]  
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS
The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:
Ownership Interest1
Carrying Value
AS AT DEC. 31
(MILLIONS)
2023202220232022
Renewable Power and Transition
Associates
Sustainable solutions
4 – 51%
8 – 49%
$2,586 $251 
Other
8 – 65%
3 – 65%
2,325 2,010 
4,911 2,261 
Infrastructure
Associates
Utilities50%
8 – 38%
783 1,244 
Transport
26 – 58%
26 – 58%
1,799 1,772 
Data
26 – 49%
  3%
6,023 1,719 
Other
11 – 65%
22 – 50%
179 297 
Joint ventures
Utilities50%
15 – 49%
1,200 1,117 
Transport
21 – 50%
6 – 31%
2,599 2,367 
Midstream25%
20 – 38%
461 757 
Data
49 – 50%
12 – 50%
4,042 2,571 
17,086 11,844 
Private Equity
Associates
Industrial operations
13 – 54%
9 – 54%
553 1,471 
Other
14 – 50%
14 – 50%
2,950 1,790 
3,503 3,261 
Real Estate
Associates
Transitional and development
25 – 27%
26 – 50%
96 485 
Joint ventures
Core
22 – 56%
22 – 56%
10,702 10,794 
Transitional and development
5 – 60%
9 – 68%
7,394 7,625 
18,192 18,904 
Insurance Solutions2
71%82%4,411 1,027 
Asset Management and Other
Associates
Oaktree68 %64 %6,974 5,927 
Real estate LP Investments3
16 – 50%
16 – 31%
258 41 
Joint ventures
Real estate LP Investments3
18 – 93%
6 – 98%
3,387 3,319 
Other equity accounted investments
25 – 85%
12 – 85%
402 510 
11,021 9,797 
Total$59,124 $47,094 
1.Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted.
2.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd.
3.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
The following table presents the change in the balance of investments in associates and joint ventures:
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
Renewable Power and TransitionInfrastructurePrivate EquityReal Estate
Insurance Solutions2
Asset Management and Other3
2023
Total
2022 Total
Balance, beginning of year$2,261 $11,844 $3,261 $18,904 $1,027 $9,797 $47,094 $46,100 
Additions, net of disposals1
2,367 4,625 293 (134)2,518 1,129 10,798 1,284 
Acquisitions through business combinations44 — — — — — 44 682 
Share of comprehensive income (loss)200 1,093 119 (114)936 521 2,755 2,465 
Distributions received— (736)(187)(259)(38)(408)(1,628)(2,334)
Return of capital(62)— — (381)— (37)(480)(432)
Foreign currency translation101 260 17 176 (32)19 541 (671)
Balance, end of year$4,911 $17,086 $3,503 $18,192 $4,411 $11,021 $59,124 $47,094 
1.Includes assets sold and amounts reclassified to held for sale.
2.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd.
3.Asset Management equity accounted investments primarily relate to Oaktree and real estate LP investments. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Additions, net of disposals, of $10.8 billion during the year included the acquisition of our equity accounted investment in our nuclear technology services operation in our Renewable Power and Transition segment from Brookfield Business Partners L.P., a subsidiary of the Corporation. In connection with this transaction, the Corporation recognized gains of $3.9 billion in other income and gains within net income upon loss of control due to the disposition of our nuclear technology services operation. Acquisitions, net of disposals, also included the acquisition of our equity accounted investment in our North American hyperscale data center platform and a German telecom tower business in our Infrastructure segment, the additional ownership interest acquired in Oaktree in our Asset Management segment, and capital contributions to Brookfield Reinsurance Ltd. in our Insurance Solutions segment. Our equity accounted investments balance also increased due to our proportionate share of comprehensive income earned by our equity accounted investments.
The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:
20232022
AS AT DEC. 31
(MILLIONS)
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-Current LiabilitiesCurrent AssetsNon-Current AssetsCurrent LiabilitiesNon-Current Liabilities
Renewable Power and Transition
Associates
Sustainable solutions$2,862 $13,952 $2,623 $6,055 $322 $2,569 $203 $938 
Other2,336 12,692 2,030 6,568 3,841 12,309 3,172 7,187 
Infrastructure
Associates
Utilities208 2,563 74 1,132 363 15,744 364 8,588 
Transport1,641 12,862 2,065 6,994 1,318 12,033 2,259 5,919 
Data1,061 42,547 2,725 21,996 438 8,659 564 4,793 
Other134 1,032 94 321 118 1,362 92 357 
Joint ventures
Utilities437 6,025 337 4,177 372 6,167 366 4,088 
Transport239 10,563 148 6,131 237 10,054 118 6,029 
Midstream226 6,143 190 4,058 232 6,279 226 4,067 
Data355 8,272 188 3,883 1,009 6,640 647 3,640 
Private Equity
Associates
Industrial operations908 650 367 334 1,682 2,352 789 566 
Other3,306 10,917 2,020 6,992 2,749 7,662 1,810 5,551 
Real Estate
Associates
Transitional and development170 329 11 118 50 2,792 77 1,143 
Joint ventures
Core2,315 39,945 3,942 16,150 1,530 40,222 1,588 17,982 
Transitional and development1,265 29,675 7,044 7,096 1,413 30,110 4,722 9,285 
Insurance Solutions1
11,930 49,494 1,654 53,646 3,500 39,999 5,324 36,718 
Asset Management and Other
Associates
Oaktree2,493 19,733 2,277 10,730 1,999 19,038 1,441 10,332 
Real estate LP Investments2
20 473 11 80 71 109 54 — 
Joint ventures
Real estate LP Investments2
2,491 9,670 1,575 4,705 1,875 11,309 1,464 5,605 
Other equity accounted investments189 220 126 52 220 709 24 225 
$34,586 $277,757 $29,501 $161,218 $23,339 $236,118 $25,304 $133,013 
1.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd.
2.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.
The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures:
20232022
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
RevenueNet IncomeOCIRevenueNet IncomeOCI
Renewable Power and Transition
Associates
Sustainable solutions$394 $(15)$(67)$363 $11 $— 
Other3,078 673 (355)3,124 348 (583)
Infrastructure
Associates
Utilities1,136 39 (376)1,306 32 (112)
Transport3,044 27 330 2,561 (132)307 
Data2,272 (45)685 815 (23)247 
Other206 (180)(283)173 (349)600 
Joint ventures
Utilities724 286 183 869 183 171 
Transport12,102 4,114 36 14,372 1,580 93 
Midstream924 315 188 918 220 67 
Data1,047 511 (53)1,571 337 522 
Private Equity
Associates
Industrial operations2,216 80 (5)3,462 456 9 
Other6,951 208 6 5,925 300 7 
Real Estate
Associates
Transitional and development26 22 — (12)128 — 
Joint ventures
Core2,328 (66)(60)1,781 1,244 174 
Transitional and development2,956 76 (30)2,879 708 63 
Insurance Solutions1
6,785 452 484 5,101 492 (867)
Asset Management and Other
Associates
Oaktree1,503 475 16 1,489 579 15 
Real estate LP Investments2
40 (55)(56)230 (6)69 
Joint ventures
Real estate LP Investments2
1,878 336 34 1,362 350 312 
Other equity accounted investments285 50 18 151 20 (38)
$49,895 $7,303 $695 $48,440 $6,478 $1,056 
1.Insurance Solutions relates to our capital in our equity accounted investment in Brookfield Reinsurance Ltd.
2.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Certain of the company’s investments are publicly listed entities with active pricing in a liquid market.