EQUITY ACCOUNTED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]

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 Interest1								Carrying Value
AS AT DEC. 31 (MILLIONS)	2024	2023				2024				2023
Renewable Power and Transition
Associates
Wind		13 – 50%				32 – 50%				$	2,763	$	577
Sustainable solutions		4 – 67%				4 – 51%				2,529		2,586
Other		12 – 67%				8 – 65%				1,696		1,748
										6,988		4,911
Infrastructure
Associates
Utilities		50%				50%				658		783
Transport		26 – 58%				26 – 58%				1,907		1,799
Data		26 – 49%				26 – 49%				6,232		6,023
Other		11 – 65%				11 – 65%				166		179
Joint ventures
Utilities		50%				50%				235		1,200
Transport		21 – 50%				21 – 50%				2,700		2,599
Midstream		25%				25%				457		461
Data		49 – 50%				49 – 50%				5,378		4,042

										17,733		17,086
Private Equity
Associates

Industrial operations		13 – 54%				13 – 54%				1,032		553
Other		11 – 50%				14 – 50%				3,174		2,950
										4,206		3,503
Real Estate
Associates

Transitional and development		25 – 27%				25 – 27%				111		96
Joint ventures
Core		17 – 56%				22 – 56%				10,603		10,702
Transitional and development		5 – 60%				5 – 60%				7,539		7,394
										18,253		18,192

Wealth Solutions2		83	%			71	%			8,699		4,411

Asset Management and Other
Associates
Oaktree		72	%			68	%			7,457		6,974
Real estate LP investments3		27 – 50%				16 – 50%				222		258



Joint ventures
Real estate LP investments3		18 – 93%				18 – 93%				3,715		3,387

Other equity accounted investments		25 – 85%				25 – 85%				1,037		402
										12,431		11,021

Total				$	68,310			$	59,124

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.Wealth Solutions relates to our capital in our equity accounted investment in Brookfield Wealth Solutions 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		Wealth Solutions2		Asset Management and Other3		2024 Total		2023 Total
Balance, beginning of year	$	4,911	$	17,086	$	3,503	$	18,192	$	4,411	$	11,021	$	59,124	$	47,094
Additions, net of disposals1	1,880		1,528		1,004		474		2,732		1,544		9,162		10,798
Acquisitions through business combinations	8		—		—		—		—		—		8		44
Share of comprehensive income	424		1,143		10		375		1,556		619		4,127		2,755
Distributions received	(86)		(743)		(274)		(365)		—		(620)		(2,088)		(1,628)
Return of capital	—		—		—		(308)		—		(27)		(335)		(480)
Foreign currency translation	(149)		(1,281)		(37)		(115)		—		(106)		(1,688)		541
Balance, end of year	$	6,988	$	17,733	$	4,206	$	18,253	$	8,699	$	12,431	$	68,310	$	59,124

1.Includes assets sold and amounts reclassified to held for sale.

2.Wealth Solutions relates to our capital in our equity accounted investment in Brookfield Wealth Solutions 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:


	2024						2023
FOR THE YEARS ENDED DEC. 31 (MILLIONS)	Revenue		Net Income		OCI		Revenue		Net Income		OCI
Renewable Power and Transition

Associates
Wind	$	353	$	16	$	(128)	$	185	$	11	$	—
Sustainable solutions	5,350		(365)		124		394		(15)		(67)
Other	2,465		198		880		2,893		662		(355)

Infrastructure
Associates
Utilities	193		(91)		(114)		1,136		39		(376)
Transport	3,119		342		(820)		3,044		27		330
Data	2,732		964		(764)		2,272		(45)		685
Other	228		(11)		(123)		206		(180)		(283)
Joint ventures
Utilities	272		87		(179)		724		286		183
Transport	9,353		2,481		(59)		12,102		4,114		36
Midstream	902		198		66		924		315		188
Data	475		(127)		(658)		1,047		511		(53)


Private Equity
Associates
Industrial operations	2,388		130		1		2,216		80		(5)
Other	6,888		(15)		(80)		6,951		208		6



Real Estate
Associates

Transitional and development	355		51		—		26		22		—
Joint ventures
Core	2,227		1,173		(38)		2,328		(66)		(60)
Transitional and development	3,045		469		(25)		2,956		76		(30)

Wealth Solutions1	14,366		898		750		6,785		452		484

Asset Management and Other
Associates
Oaktree	1,781		651		(1)		1,503		475		16
Real estate LP Investments2	17		(15)		(78)		40		(55)		(56)



Joint ventures
Real estate LP Investments2	1,503		724		82		1,878		336		34


Other equity accounted investments	496		77		(2)		285		50		18
	$	58,508	$	7,835	$	(1,166)	$	49,895	$	7,303	$	695

1.Wealth Solutions relates to our capital in our equity accounted investment in Brookfield Wealth Solutions 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.