Brookfield Corp. (BN): Insurance Scaling, Monetization Momentum, and Capital Deployment Flexibility; Mgmt Meetings

Research evidence excerpt

Brookfield Corp. (BN): Insurance Scaling, Monetization Momentum, and Capital Deployment Flexibility; Mgmt Meetings

Equity Research

9 July 2026 | 4:01PM EDT

Brookfield Corp. (BN): Insurance Scaling, Monetization Momentum, and

Capital Deployment Flexibility; Mgmt Meetings

We hosted meetings with BN President and CFO Nick Goodman. The tone was Alexander Blostein, CFA

+1(212)357-9976 |

constructive, emphasizing BN’s capital flexibility and its ability to deploy capital into alexander.blostein@gs.com

Goldman Sachs & Co. LLC

mid-teen return businesses across Insurance, Real Estate or other

Michael Vinci

hard-assets/yield-oriented investments alongside BAM’s clients. Key takeaways +1(212)357-8239 |

included: (1) Insurance/BWS growth remains largely intact, with $20bn-$25bn in michael.vinci@gs.comGoldman Sachs & Co. LLC

targeted annual sales across annuities and PRT (includes Just Group acquisition), Anthony Corbin

with 165-180bps spread (ex. Just which will take some time to reach BWS’ target rate +1(212)357-7512anthony.corbin@gs.com|

as the portfolio gets rationalized); (2) Broad-based monetization momentum is Goldman Sachs & Co. LLC

Sharma, CFAbuilding across Energy, Infrastructure, and Real Estate, with early innings of carry Aditya | +1(212)934-9869

realization starting to percolate; (3) Improving outlook for NOI across BN’s Core Real aditya.x.sharma@gs.com Goldman Sachs India SPL

Estate portfolio, particularly in office; (4) Continued focus on potential acquisitions in

Vaasu Gupta

BWS, including in the P&C space with BN’s ownership of BAM creating incremental +1(332)245-7522 |

vaasu.x.gupta@gs.com

funding / capital flexibility; (5) Commitment to share repurchases, albeit more Goldman Sachs India SPL

opportunistically for now until Carry contributions to DE accelerate.