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EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] |
Schedule of investments in associates | 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 Interest 1 |  | 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 Solutions 2 |  |  |  | 71% |  | 82% |  | 4,411 |  |  | 1,027 |
Asset Management and Other |  |  |  |  |  |  |  |  |  |
Associates |  |  |  |  |  |  |  |  |  |
Oaktree |  |  |  | 68 | % |  | 64 | % |  | 6,974 |  |  | 5,927 |
Real estate LP Investments 3 |  |  |  | 16 – 50% |  | 16 – 31% |  | 258 |  |  | 41 |
Joint ventures |  |  |  |  |  |  |  |  |  |
Real estate LP Investments 3 |  |  |  | 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 Solutions 2 |  | Asset Management and Other 3 |  | 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 disposals 1 | 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 Solutions 1 | 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 Investments 2 | 40 |  |  | (55) |  |  | (56) |  |  | 230 |  |  | (6) |  |  | 69 |  |  |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate LP Investments 2 | 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.

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