SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of operating segments [abstract]

Disclosure of entity's operating segments

c)    Reportable Segment Measures

AS AT AND FOR THE YEAR ENDED DEC. 31, 2024 (MILLIONS)	Asset Management		Wealth Solutions2,3	Renewable Power and Transition		Infrastructure		Private Equity3		Real Estate		Corporate Activities		Total Segments		Note
External revenues	$	10,043	n/a	$	6,485	$	21,525	$	41,321	$	6,156	$	476	$	86,006
Inter-segment and other revenues1	4,577		n/a	4		5		80		62		(176)		4,552		i
Segmented revenues	14,620		n/a	6,489		21,530		41,401		6,218		300		90,558
DE	3,094		1,350	n/a		n/a		n/a		n/a		n/a		n/a		ii
FFO1	n/a		n/a	470		567		951		n/a		271		n/a		ii
NOI	n/a		n/a	n/a		n/a		n/a		3,397		n/a		n/a		ii
Common Equity	17,338		10,872	4,485		2,202		1,879		23,085		(17,987)		41,874

1.We equity account for our investment in Oaktree and include our share of the FFO at 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the year ended December 31, 2024, $1.9 billion of Oaktree’s revenue was included in our Asset Management segment revenue.

2.We equity account for our investment in BWS, and as such do not generate consolidated external or inter-segment revenues.

3.In the fourth quarter of 2024, our Wealth Solutions business acquired a $1 billion economic interest in BBU from the Corporation in exchange for newly-issued BWS Class C shares. On a combined basis with our Wealth Solutions business, we hold a 66% ownership interest in BBU, 41% being directly held by the Corporation.

AS AT AND FOR THE YEAR ENDED DEC. 31, 2023 (MILLIONS)	Asset Management		Wealth Solutions2	Renewable Power and Transition		Infrastructure		Private Equity		Real Estate		Corporate Activities		Total Segments		Note
External revenues	$	10,219	n/a	$	5,310	$	18,234	$	55,683	$	6,169	$	309	$	95,924
Inter-segment and other revenues1	4,820		n/a	—		6		56		35		32		4,949		i
Segmented revenues	15,039		n/a	5,310		18,240		55,739		6,204		341		100,873
DE	3,135		740	n/a		n/a		n/a		n/a		n/a		n/a		ii
FFO1	n/a		n/a	418		653		1,876		n/a		(463)		n/a		ii
NOI3	n/a		n/a	n/a		n/a		n/a		3,490		n/a		n/a		ii
Common Equity	19,484		6,144	4,887		2,537		3,291		22,413		(17,082)		41,674

1.We equity account for our investment in Oaktree and include our share of the FFO at 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For year ended December 31, 2023, $1.7 billion of Oaktree’s revenue was included in our Asset Management segment revenue.

2.We equity account for our investment in BWS, and as such do not generate consolidated external or inter-segment revenues.

3.For comparability, we have excluded property management and development fees of $126 million for the year ended December 31, 2023 as they are no longer recognized in NOI.