Brookfield Corporation’s growing Bermudian-based insurance business helped to drive third-quarter earnings growth as the global investment group gets ready to consolidate its corporate structure under a new Bermuda parent company next month.

The company said it expects to complete the transaction on December 1, subject to closing conditions. Brookfield Corp Ltd, a Bermudian-incorporated company, is expected to begin trading on the New York and Toronto stock exchanges under the symbol BN on December 3.

The move will bring Brookfield Corp and Brookfield Wealth Solutions, its Bermudian-based insurance and retirement-services platform, under one publicly traded parent.

Brookfield reported distributable earnings before realisations of $1.5 billion, or 64 cents a share, for the three months to September 30. That was a 14 per cent increase per share from the same period last year.

Total distributable earnings, including realised carried interest, rose 16 per cent per share to $1.7 billion, or 73 cents a share. Net income attributable to Brookfield shareholders increased to $1.3 billion from $219 million a year earlier.

Nick Goodman, president of Brookfield Corp, said: “We delivered strong financial results in the third quarter. Our asset management business raised $25 billion, wealth solutions delivered 22 per cent earnings growth, and our operating businesses continued to generate resilient cash flows.”

Brookfield Wealth Solutions reported distributable earnings of $511 million for the quarter, up from $420 million a year earlier. The business originated $4 billion of retail and institutional annuity sales and deployed $13 billion of capital during the period, including $8 billion into real-asset strategies.

Brookfield said its global insurance platform now has nearly $200 billion of insurance assets, following the acquisition of Just Group, the British insurer, in the previous quarter.

The figures show the growing scale of the wealth-solutions operation as it becomes more central to the group’s structure. Bermuda has become a key base for Brookfield’s insurance operations, with the company also increasing its physical presence on the island through its Ninety-One Front Street office development.

Mr Goodman said the company’s focus on real assets with inflation-linked revenues, pricing power and durable cash flows positioned it to keep growing.

Brookfield’s asset-management business raised $25 billion during the quarter, lifting fee-bearing capital 13 per cent year-on-year to $682 billion. It also received a further $13 billion of commitments after quarter-end for its infrastructure flagship strategy.

The company said it had $207 billion of capital available for new investments at the end of September and had completed $37 billion of financing across the group during the quarter.