Brookfield Corp. posted a five per cent increase in distributable earnings, beating analysts’ estimates, as higher profits in its insurance business helped offset a soft patch for Brookfield Asset Management.

The Canadian alternative investment manager had distributable earnings of US$1.22 billion in the first quarter, or 77 cents a share. Analysts were expecting 71 cents, according to data compiled by Bloomberg. 

Earnings from its wealth solutions unit surged 88 per cent to $273 million. That’s the group that contains Brookfield’s rapidly-growing life insurance, annuities and retirement services platform, which includes a partnership with Oaktree Capital Management. 

Distributable earnings in Brookfield’s operating businesses, which include its property and renewable energy assets, rose 13 per cent. 

Brookfield said it has a record $150 billion available to deploy into new investments. Chief Executive Officer Bruce Flatt said the market for dealmaking is more “stable and constructive” than it has been for the past two years because inflation is cooling and liquidity is better. 

“With this backdrop, transaction activity is picking up for high-quality businesses and assets like those that we own,” Flatt said in a letter to shareholders. 

The Brookfield group is in acquisition mode as its works toward its goal of attaining $1 trillion in fee-bearing capital by 2028. Last week, Brookfield’s reinsurance arm completed the acquisition of American Equity Investment Life Holding Co., which added $50 billion. 

Brookfield Asset Management also reached a deal to acquire a majority stake in the fee-related earnings of private debt firm Castlelake LP, and it boosted its ownership stake in Oaktree to 73 per cent.

Flatt said the company is interested in continuing to build its retirement business by acquiring pension plan assets from other firms that are looking to shed risk.  

Last month, Brookfield and ICD — Dubai’s investment arm — sold a 49 per cent stake in Dubai’s iconic ICD Brookfield Place tower to a pair of Middle Eastern investors. 

Brookfield Corp. spun off a 25 per cent stake in Brookfield Asset Management into a publicly listed entity in late 2022, giving investors the opportunity to choose between owning its money-management business or holding the parent company. The latter’s balance sheet includes Brookfield’s numerous real estate holdings, which include major investments in offices such as London’s Canary Wharf and One Manhattan West in New York.