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INVESTMENTS | 6 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | INVESTMENTS The Manager has a variable interest in the Company, an unconsolidated VIE. It has been determined that the Manager is not the primary beneficiary mainly due to its lack of power to unilaterally make decisions about the activities that most significantly impact the VIE’s returns. The Manager accounts for its interest in Brookfield Asset Management ULC using the equity method of accounting as it has significant influence from its 25% equity interest and its ability to appoint two directors on the VIE’s board. The summarized financial information and results of the Company’s equity method investment in Brookfield Asset Management ULC as at June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 are outlined in the tables below:
AS AT JUNE 30, AND DECEMBER 31, (MILLIONS) | 2023 |  | 2022
Cash | $ | 2,918 |  |  | $ | 3,545 |
Investments | 7,364 |  |  | 6,877 |
Assets | 14,060 |  |  | 14,087 |
Liabilities | 2,590 |  |  | 2,670 |
Preferred shares redeemable non-controlling interest | 2,032 |  |  | 1,811 |
Equity | 9,438 |  |  | 9,606 |
FOR THE PERIODS ENDED JUNE 30, (MILLIONS) | Three Months Ended |  | Six Months Ended
2023 |  | 2023
Revenues | $ | 985 |  |  | $ | 2,039 |
Expenses | (350) |  |  | (816) |
Net income | 580 |  |  | 1,096 |
Net (income) loss attributable to preferred share redeemable non-controlling interest | (90) |  |  | (71) |
Net (income) loss attributable to non-controlling interest | (35) |  |  | (54) |
Net income attributable to the common stockholders | 455 |  |  | 971 |
As of June 30, 2023, the carrying value of the equity method investment was equal to the Manager’s interest in the Company’s underlying net assets. For the three and six months ended June 30, 2023, the Manager’s share of net income from the Company was $114 million and $243 million respectively. The Manager received cash distributions from the Company of $263 million as of June 30, 2023. The Manager had a cumulative deficit of $1 million.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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