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Brookfield Letter to Shareholders Q3 2021 Overview Financial performance was strong in the third quarter , and we made good progress on a number of strategic initiatives . Distributable earnings were $ 1.2 billion , which contributed to a total of $ 6.6 billion for the last 12 months . We had capital inflows of $ 34 billion since last quarter . Operating performance across our businesses has improved as COVID has abated globally . We generated strong realized carried interest and gains on principal investments , as demand for assets continue to be strong in our markets . Our insurance solutions business closed two reinsurance transactions , taking on $ 12 billion of business , including $ 6 billion of in - place policies , the capital behind which is now being deployed into investments . It also acquired American National Group , with approximately $ 25 billion of in - place policies and extensive origination capabilities ; this acquisition will close in early 2022 . We are making good progress in our newer growth strategies , and we continue to enjoy strong fundraising momentum across our flagship funds . We received regulatory approval for our private non - traded REIT , and have begun fundraising for this product offering . Market Environment The global economy continues to re - open with higher vaccination rates and the lifting of restrictions across almost all major markets . GDP growth has been strong , labor markets have continued to improve , and capital markets remain very constructive . The goal of central bank infusions was to restart the economy , and this has been achieved . Naturally , given the shutdown of most global logistics , it has been difficult to match unleashed demand with supply , but we expect this to even out in 2022. Until it does , we can expect supply disruptions to continue to spur increases in wages and the price of goods . Despite that , the yield on the 10 - year U.S. treasury note is up only modestly , to the mid 1 % level , and it is likely that the upward trajectory of rates will be much less pronounced than in previous up - cycles , meaning interest rates are poised to remain lowish for longer . As owners of real assets and businesses , most of which can raise prices contractually or with inflation , we are well positioned in this environment . Operating Results During the quarter , we generated $ 1.2 billion of distributable earnings , or $ 0.77 per share , bringing us to $ 6.6 billion , or $ 4.23 per share , over the last 12 months . Our distributable earnings benefited from increased fee- related earnings , underpinned by the strength of our asset management franchise and steadily growing retums from our principal investments . With fundraising for our flagship funds in progress , fee - related earnings - and consequently distributable earnings are poised to see a step change in growth in the coming quarters . Q3 2021 Letter to Shareholders Brookfield Asset Management Inc. 1