Brookfield’s Wealth Business Drives Third-Quarter Gains (2)

Brookfield Corp.’s earnings rose in the third quarter as the Canadian money manager forges ahead with plans to evolve into an investment-led insurer.

The Toronto-based firm, which owns a majority stake in Brookfield Asset Management, reported distributable earnings of $1.3 billion, or 56 cents a share, excluding gains on asset sales, according to a statement Thursday. That was an increase of around 6% over the same period a year ago.

Profits from Brookfield’s wealth division increased by about 15% during the quarter, while profits from the asset manager dropped to $687 million from $694 million a year ago. ...