EQUITY ACCOUNTED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]

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)	2023	2022				2023				2022
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
Utilities		50%				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
Utilities		50%				15 – 49%				1,200		1,117
Transport		21 – 50%				6 – 31%				2,599		2,367
Midstream		25%				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
Oaktree		68	%			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 Transition		Infrastructure		Private Equity		Real 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 combinations	44		—		—		—		—		—		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 translation	101		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.

Schedule of fair value of equity accounted investments

The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures:


	2023						2022
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Revenue		Net Income		OCI		Revenue		Net Income		OCI
Renewable Power and Transition

Associates
Sustainable solutions	$	394	$	(15)	$	(67)	$	363	$	11	$	—
Other	3,078		673		(355)		3,124		348		(583)

Infrastructure
Associates
Utilities	1,136		39		(376)		1,306		32		(112)
Transport	3,044		27		330		2,561		(132)		307
Data	2,272		(45)		685		815		(23)		247
Other	206		(180)		(283)		173		(349)		600
Joint ventures
Utilities	724		286		183		869		183		171
Transport	12,102		4,114		36		14,372		1,580		93
Midstream	924		315		188		918		220		67
Data	1,047		511		(53)		1,571		337		522


Private Equity
Associates
Industrial operations	2,216		80		(5)		3,462		456		9
Other	6,951		208		6		5,925		300		7



Real Estate
Associates

Transitional and development	26		22		—		(12)		128		—
Joint ventures
Core	2,328		(66)		(60)		1,781		1,244		174
Transitional and development	2,956		76		(30)		2,879		708		63

Insurance Solutions1	6,785		452		484		5,101		492		(867)

Asset Management and Other
Associates
Oaktree	1,503		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 investments	285		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.