One of the cornerstones of Brookfield Corp.’s plan to boost its earnings over the next five years is a business that barely existed for the company three years ago: Its fast-growing insurance arm.

What started as a small business allowing pension plans to transfer risk for future liabilities, and a virtual rounding error on Brookfield’s vast balance sheet as recently as 2020, is soon expected to reach US$100-billion in assets under management, then balloon to US$250-billion by 2028.

Over the next five years, Brookfield’s insurance-solutions business is expected to account for more than a third of the company’s forecast rise in annual distributable earnings – a cash-like measure of profits that could be paid out to shareholders – from US$4.5-billion to US$13.6-billion. By 2030, Brookfield projects it will earn more than US$5-billion in distributable earnings from insurance alone.

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