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Brookfield Letter to Shareholders Q2 2021 Overview Distributable earnings grew to $ 1.2 billion for the second quarter of 2021. FFO was $ 1.6 billion and net income was $ 2.4 billion , all substantially higher than the second quarter of last year . We reported strong operating results , and continue to monetize assets in our capital recycling programs generating large proceeds for clients , principal investment proceeds for us , and substantial carried interests . We have raised $ 24 billion of private capital since we last wrote to you , and this will continue to grow over the balance of the year as we close and launch a number of new private funds . We distributed the special Brookfield Reinsurance dividend to shareholders , recently closed the privatization of our property business , and just this week added to our insurance operations , announcing the acquisition of American National Group for approximately $ 5 billion . Our financial position is very strong and our businesses are all growing as economies recover globally . This is in the context of the continuation of extremely low interest rates , which magnifies growth to the bottom line . While the threat of inflation and disinflation both loom large in peoples ' minds , we believe that the total return assets we own will perform extremely well in all environments that are expected in this cycle and beyond . The Market Environment is Much Better The economic backdrop has continued to strengthen over the last few months with the roll out of vaccines allowing countries to advance reopening plans . While a total reopening of the global economy will not be without challenges , we seem to be on a good path with many countries easing restrictions and others almost back to normal . Pent - up demand has been released where allowed and this has fueled a recovery in consumption and labor markets and contributed to strong GDP growth . We are seeing this in almost all of our businesses . Inflation has predictably increased , but despite the uncertainty over the permanence of the level of inflation , the yield on the 10 - year U.S. Treasury Note has settled into the low 1 % range . Whether inflation will be sustained for a longer period of time or prove to be transitory , it appears certain that interest rates will be remaining " lowish ” ( although not quite this low ) for some time . Despite the uncertainty regarding short - term moves in interest rates and the beginning of talk of tapering , capital markets remain very constructive , with strong levels of global liquidity and a search for yield driving demand . Debt financing is available across the credit spectrum , and equity markets continue to set all - time highs . These conditions are very positive for our business , and for real assets in general . This leaves us well positioned to execute on our growth plans and deliver strong returns to our shareholders and clients . Q2 2021 Letter to Shareholders Brookfield Asset Management Inc. 1