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Stocks A to Z / Stocks B / Brookfield Corporation (BN)
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Author: rnam ✧  😊 😞
Number: of 551 
Subject: BN BAM divergence
Date: 02/20/26 2:38 PM
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BN up 15% over the last 12 months while BAM is down 15%. Usually they track each other fairly closely, as their economic drivers are very similar and BN own about 75% of BAM.

Any ideas why their fortunes are diverging?

Could the growth of the insurance business be a factor? Are investors rerating BAM at lower valuations as an insurance underwriter compared to asset managers?
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Author: Baybrooke ✶  😊 😞
Number: of 551 
Subject: Re: BN BAM divergence
Date: 02/22/26 12:16 PM
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Are investors rerating BAM at lower valuations as an insurance underwriter compared to asset managers?

No, because BAM does not underwrite insurance, BN does. Insurance liabilities are on BN's balance sheet, not BAM's. For the insurance business, BAM is only managing insurance assets on BN's behalf, of course for a fee.

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