Brookfield Asset Management 6-K 11 Aug 23 Current report (foreign) Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Entity Registrant Name	Brookfield Asset Management Ltd
Entity Central Index Key	0001937926
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 12	$ 1
Due from affiliates	810	782
Other assets	41	0
Investments	2,305	2,378
Total assets	3,168	3,161
Liabilities
Accounts payable and accrued liabilities	766	781
Due to affiliates	168	3
Total liabilities	934	784
Commitment and contingencies
Equity
Additional paid-in-capital	383	278
Retained earnings (deficit)	(1)	19
Accumulated other comprehensive income	4	0
Non-controlling interest	9	0
Total equity	2,234	2,377
Total liabilities and equity	3,168	3,161
Class A Shares
Equity
Common stock	2,356	2,410
Class A held in treasury (20,939,616 shares)	(517)	(330)
Class B Shares
Equity
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (Parenthetical) - shares	Jun. 30, 2023	Dec. 31, 2022
Held in treasury (in shares)	20,925,345	20,925,345
Class A Shares
Common stock, shares issued (in shares)	412,586,307	412,586,307
Common stock, shares outstanding (in shares)	391,660,962	391,660,962
Class B Shares
Common stock, shares issued (in shares)	21,280	21,280
Common stock, shares outstanding (in shares)	21,280	21,280

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Income Statement [Abstract]
Operating recoveries	$ 47	$ 185
Expenses
Compensation and benefits	(37)	(122)
Carried interest allocation compensation
Realized	(14)	(14)
Unrealized	1	(55)
Total carried interest allocation compensation	(13)	(69)
Interest Expense	(2)	(3)
Total expenses	(52)	(194)
Share of income from equity method investments	114	243
Net income	$ 109	$ 234
Net income per share of common stock
Basic (in dollars per share)	$ 0.28	$ 0.59
Diluted (in dollars per share)	$ 0.28	$ 0.59
Weighted-average shares of common stock outstanding
Basic (in shares)	392.1	393.5
Diluted (in shares)	396.3	399.6
Comprehensive income:
Net income	$ 109	$ 234
Other comprehensive income:
Currency translation from equity method investments	4	4
Other comprehensive income	4	4
Comprehensive income	$ 113	$ 238

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Class A common stock	Class B common stock	Common stock	Common stock Class A common stock	Common stock Class B common stock	Treasury stock	Additional paid-in-capital	Retained earnings (deficit)	Accumulated other comprehensive income	Non-controlling interest
Beginning balance (in shares) at Dec. 31, 2022		391,660,962	21,280		396,154,728	21,280
Beginning balance at Dec. 31, 2022	$ 2,377			$ 2,410			$ (330)	$ 278	$ 19	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	234								234
Currency translation	4									4
Share subscriptions (in shares)					373,344
Share subscriptions	0			2				(2)
Purchase of treasury shares, net (in shares)					(4,867,110)
Purchase of treasury shares, net	(187)						(187)
Contributions	116							107			9
Distributions	(310)			(56)					(254)
Ending balance (in shares) at Jun. 30, 2023		391,660,962	21,280		391,660,962	21,280
Ending balance at Jun. 30, 2023	2,234			2,356			(517)	383	(1)	4	9
Beginning balance (in shares) at Mar. 31, 2023					392,619,562	21,280
Beginning balance at Mar. 31, 2023	2,329			2,411			(482)	374	17	0	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	109								109
Currency translation	4									4
Share subscriptions (in shares)					158,300
Share subscriptions	0			1				(1)
Purchase of treasury shares, net (in shares)					(1,116,900)
Purchase of treasury shares, net	(35)						(35)
Contributions	10							10
Distributions	(183)			(56)					(127)
Ending balance (in shares) at Jun. 30, 2023		391,660,962	21,280		391,660,962	21,280
Ending balance at Jun. 30, 2023	$ 2,234			$ 2,356			$ (517)	$ 383	$ (1)	$ 4	$ 9

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Operating activities
Net income	$ 109	$ 234
Non-cash adjustments:
Share of (income) loss from investments accounted for under the equity method, net	17	20
Stock based equity awards	1	2
Working capital movements:
Due from affiliates	65	(28)
Due to affiliates	39	41
Accounts payable	(107)	(15)
Other non-cash operating items	10	12
Cash provided by (used in) operating activities	134	266
Investing activities
Purchase of tracking option	0	(41)
Cash provided by (used in) investing activities	0	(41)
Financing activities
Stock based compensation prepayment from affiliates	0	104
Change in due to affiliates	29	124
Proceeds (costs) related to issuance of shares	(1)	(1)
Distributions paid to common stockholders	(127)	(254)
Purchase of treasury shares	(35)	(187)
Cash provided by (used in) financing activities	(134)	(214)
Cash and cash equivalents
Change in cash and cash equivalents	0	11
Balance, beginning of period	12	1
Balance, end of period	$ 12	$ 12

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Brookfield Asset Management Ltd. (the “ Manager ”), through its investment in Brookfield Asset Management ULC (" our asset management business " or the " Company ") is an alternative asset manager. The Manager is listed on the New York and Toronto stock exchanges under the symbol BAM. The Manager was incorporated on July 4, 2022 and its head office is located at Suite 100, Brookfield Place, 181 Bay Street, Toronto, Ontario M5J 2T3 and its registered office is located at 1055 West Georgia Street, 1500 Royal Centre, P.O. Box 11117, Vancouver, British Columbia V6E 4N7. On December 9, 2022, Brookfield Corporation (the " Corporation ") completed the partial spin-off of Brookfield Asset Management ULC (the " Arrangement "). The Manager was incorporated for the purpose of holding a 25% interest in Brookfield Asset Management ULC and to facilitate the Arrangement. As part of the Arrangement, the Corporation contributed certain indirect wholly owned asset management subsidiaries to Brookfield Asset Management ULC. The contribution of these entities was considered a common control transaction and was measured at historical cost. Further, the Corporation contributed a 25% interest of Brookfield Asset Management ULC to the Manager, and in exchange, the Manager issued securities of the Manager to the Corporation’s existing shareholders on a pro-rata basis. The Manager entered into several agreements and arrangements resulting from the Arrangement, among which include: • The Asset Management Services Agreement (the " AMSA ") under which the Manager provides the services of its employees and its Chief Executive Officer to Brookfield Asset Management ULC which pays the Manager for the services of these individuals on a cost recovery basis such that neither party receives financial gain nor suffers financial loss. Most of the Manager's employees/executives spend their time discharging their duties as officers and employees of the Manager and towards responsibilities related to Brookfield Asset Management ULC which include investment, corporate and other services. In addition, at the request of Brookfield Asset Management ULC, the Manager may provide options and long term incentive awards to its employees, which will be reimbursed under this agreement. See discussion of the accounting for this agreement in the Operating Recoveries accounting policy in Note 2; • The Transitional Services Agreement (the " TSA ") pursuant to which (i) Brookfield Asset Management ULC will provide the Corporation and the Manager, on a transitional basis, certain services to support day-to-day corporate activities (including services relating to finance, treasury, accounting, legal and regulatory, marketing, communications, human resources, internal audit, information technology), and (ii) the Corporation will provide, on a transitional basis, certain services to Brookfield Asset Management ULC to facilitate the orderly transfer of the asset management business. See discussion of the accounting for this agreement in the Related Parties accounting policy in Note 2; and • The Relationship Agreement under which certain employee share-based and performance-based compensation costs are recovered from the Corporation. See discussion of the accounting for this agreement in the Operating Recoveries accounting policy in Note 2.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Manager have been prepared in conformity with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) for interim financial information and are presented in U.S. Dollars. The Condensed Consolidated Financial Statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the Condensed Consolidated Financial Statements are presented fairly and that estimates made in preparing its Condensed Consolidated Financial Statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements included in the Manager's 20-F for the year ended December 31, 2022. Use of Estimates The preparation of the Condensed Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Management believes that estimates utilized in the preparation of the Condensed Consolidated Financial Statements are reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for share-based and performance-based compensation. Actual results may differ from those estimates and such differences may be material. Consolidation The Manager consolidates all entities that it controls through a majority voting interest and all variable interest entities (“ VIE ”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Manager determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and upon events warranting reconsideration. In determining whether the Manager is the primary beneficiary, the company evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the company. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Manager, affiliates of the company or third parties) and amendments to governing documents could affect an entity’s status as a VIE or the determination of the primary beneficiary. As at June 30, 2023, the Manager is not the primary beneficiary of any VIE. All intercompany balances and transactions have been eliminated on consolidation. Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and cash held in banks. Interest income from cash and cash equivalents is recorded in the Condensed Consolidated Statements of Comprehensive Income. Equity Method Investments Investments in which the Manager is deemed to exert significant influence, but not control are accounted for using the equity method of accounting. The Manager has significant influence over Brookfield Asset Management ULC and therefore accounts for its investment under the equity method. The carrying value of equity method investments is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the relevant agreements, less distributions received. Further, the carrying value of the equity method investment is adjusted as a result of any share-based awards granted by the Manager to employees of Brookfield Asset Management ULC. Under the equity method of accounting, the Manager's share of earnings from equity investments is included in the share of income from equity method investments in the Condensed Consolidated Statement of Comprehensive Income. The Manager evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Refer to Note 3 for further details of the Manager's equity accounted investments. Other Assets Other assets include investments in options to acquire shares of the Company. The Manager has elected the measurement alternative for equity investments without readily determinable fair values to be measured at cost minus impairment, if any. The carrying amount of these investments as of June 30, 2023 is $41 million. For the six months ended June 30, 2023, there has been no downward or upward adjustments made to the carrying amount of these investments due to impairment or observable price changes in orderly transactions for identical or similar investment of the same issuer. Operating Recoveries Operating Recoveries relates to the AMSA between the Manager and Brookfield Asset Management ULC and the Relationship Agreement between the Manager, Brookfield Asset Management ULC and the Corporation. Under the perpetual AMSA, recoveries are recognized on a cost recovery basis such that neither party receives financial gain nor suffers financial loss. Income generated under the AMSA relating to these services is recognized as Operating Recoveries in the Condensed Consolidated Statement of Comprehensive Income on a gross basis as and when the services are performed by the Manager. Under the Relationship Agreement, certain employee share-based and performance-based compensation costs are recovered from the Corporation. Income generated under the Relationship Agreement relating to these awards is recognized as Operating Recoveries in the Condensed Consolidated Statement of Comprehensive Income on a gross basis. Certain liability classified share-based awards covered by the AMSA and Relationship Agreement are required to be revalued at each balance sheet date. As a result, where the revaluation results in an increase in the equity award liability, the Corporation and Brookfield Asset Management ULC will reimburse the Manager while conversely, where the revaluation results in a decrease in the equity award liability, the Manager will be responsible for refunding the difference to the Corporation or Brookfield Asset Management ULC. Under the TSA, the Manager is responsible for the costs of transitional services provided by Brookfield Asset Management ULC and the Corporation. Such costs are recognized as Operating Recoveries in the Condensed Consolidated Statement of Comprehensive Income when services are performed. To the extent that Brookfield Asset Management ULC makes payments to the Manager under the AMSA for share-based awards before they vest, such prepayments are recognized by the Manager as deferred income included in Accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheet. Compensation and Benefits Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and (b) share-based compensation associated with the grants of share-based awards to employees of the Manager. Compensation cost relating to the issuance of share-based awards to senior management and employees of the Manager is accounted for in accordance with ASC 718, Compensation - Stock Compensation , which measures the equity-classified awards at fair value at the grant date and expensed over the vesting period. Cash settled share-based awards and awards settled in a variable number of shares for a fixed monetary amount are classified as liabilities and are remeasured at the end of each reporting period. In the normal course of business, the Manager issues share-based compensation awards to employees of Brookfield Asset Management ULC. Such awards are accounted for as awards issued to employees of equity method investees under ASC 323 Investments – Equity Method and Joint Ventures . As the awards vest, the Manager recognizes the entire cost of the awards as an expense included in share of income from equity method investments, as no proportionate funding by the other investors occurs and the Manager does not receive any increase in its relative ownership percentage of Brookfield Asset Management ULC. However, the cost associated with the investor’s ownership interest is recognized when the Manager recognizes its share of Brookfield Asset Management ULC’s earnings. Brookfield Asset Management ULC reimburses the Manager for such awards, which the Manager recognizes as income included in share of income from equity method investments in the same period as the associated cost of issuing the awards. As such, this arrangement with Brookfield Asset Management ULC has no net impact on the Manager’s Condensed Consolidated Statement of Comprehensive Income. To the extent that Brookfield Asset Management ULC reimburses the Manager for such awards before they vest, the Manager recognizes the advanced reimbursement in additional paid-in capital. Refer to Note 5 for further details of the Manager's share based compensation. Carried Interest Compensation Expense Carried interest is performance-based compensation associated with realized or unrealized carried interest earned on the performance of investments on a fund-by-fund basis. Employees of the Manager earn carried interest compensation which is subject to both positive and negative adjustments and recoverable from Brookfield Asset Management ULC to the Manager and the Corporation under the terms of both the ASMA and the Relationship Agreement. Related Parties In the normal course of operations, the Manager enters into various transactions on market terms with related parties, including amounts in Due from/to affiliates. The Manager and its subsidiaries may also transact with entities that share a common parent. Amounts owed to and by equity method investments are not eliminated on consolidation. See Note 7 for further detail. Dividends Dividends are reflected in the Condensed Consolidated Financial Statements when declared. Earnings per Share The Manager uses the two class method to calculate basic and diluted net income per share. Undistributed earnings for each period are allocated to participating securities based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. Undistributed losses are not allocated to participating securities that do not have a contractual obligation to share in losses.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	INVESTMENTS The Manager has a variable interest in the Company, an unconsolidated VIE. It has been determined that the Manager is not the primary beneficiary mainly due to its lack of power to unilaterally make decisions about the activities that most significantly impact the VIE’s returns. The Manager accounts for its interest in Brookfield Asset Management ULC using the equity method of accounting as it has significant influence from its 25% equity interest and its ability to appoint two directors on the VIE’s board. The summarized financial information and results of the Company’s equity method investment in Brookfield Asset Management ULC as at June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 are outlined in the tables below: AS AT JUNE 30, AND DECEMBER 31, 2023 2022 Cash $ 2,918 $ 3,545 Investments 7,364 6,877 Assets 14,060 14,087 Liabilities 2,590 2,670 Preferred shares redeemable non-controlling interest 2,032 1,811 Equity 9,438 9,606 FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 Revenues $ 985 $ 2,039 Expenses (350) (816) Net income 580 1,096 Net (income) loss attributable to preferred share redeemable non-controlling interest (90) (71) Net (income) loss attributable to non-controlling interest (35) (54) Net income attributable to the common stockholders 455 971 As of June 30, 2023, the carrying value of the equity method investment was equal to the Manager’s interest in the Company’s underlying net assets. For the three and six months ended June 30, 2023, the Manager’s share of net income from the Company was $114 million and $243 million respectively. The Manager received cash distributions from the Company of $263 million as of June 30, 2023. The Manager had a cumulative deficit of $1 million.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Manager does not currently carry a provision (benefit) for taxes. As of June 30, 2023 and December 31, 2022, the Manager did not have any material unrecognized tax benefits related to uncertain tax positions and had no material temporary differences.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATIONThe Manager and the Corporation have granted share-based compensation awards to certain employees and non-employee directors of the Manager, under a number of compensation plans (the “Equity Plans”). The Equity Plans provide for the granting of share options, restricted shares, escrowed shares and deferred share and restricted share units which contain certain service or performance requirements of the Manager or the Corporation. For the three months ended June 30, 2023 no stock options were issued. For the six months ended June 30, 2023 the Manager granted 7.9 million stock options at a weighted average exercise price of $35.13. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5 year term, 28.5% volatility, a weighted average expected dividend yield of 4.6% annually, a risk-free rate of 3.9% and a liquidity discount of 25%, with a fair value of $5.26 per unit. The total fair value of the options granted was $41.3 million. For the three months ended June 30, 2023 no escrowed shares were issued. For the six months ended June 30, 2023 the Manager granted 4.8 million escrowed shares at a weighted average exercise price of $35.13. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5 year term, 28.5% volatility, a weighted average expected dividend yield of 4.6% annually, a risk-free rate of 3.9% and a liquidity discount of 25%, with a fair value of $5.26 per unit. The total fair value of the escrowed shares granted was $25.2 million. The expenses of the share-based compensation are recognized on the financial statements of the Manager and are summarized in the following table: FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 Expense arising from equity classified share-based payment transactions $ 9 $ 18 Expense arising from liability classified share-based payment transactions 5 30 $ 14 $ 48 Management Share Option Plan The Manager recognizes any awards associated with the existing Equity Plans for its employees irrespective of whether the awards were granted by the Corporation or the Manager. Options issued under the Management Share Option Plan (“ MSOP ”) of both the Corporation and the Manager vest over a period of up to five years, expire ten years after the grant date and are settled through issuance of Class A shares of the Corporation or the Manager. The exercise price is equal to the market price at the grant date. For the three months ended and six months ended June 30, 2023, the total expense incurred by the Manager with respect to MSOP totaled $3 million and $5 million, respectively. Escrowed Stock Plan The Escrowed Stock Plan (" ES ") shares generally vest over five years and must be held to the fifth anniversary of the grant date. At a date no more than ten years from the grant date, all outstanding ES shares will be exchanged for Class A shares issued by the Corporation or the Manager based on the market value of the respective Class A shares at the time of the exchange. The number of Class A shares issued on exchange will be less than the Class A shares purchased under the ES Plan resulting in a net reduction in the number of Class A shares issued by the Manager. For the three months ended and six months ended June 30, 2023, the total expense incurred with respect to the ES Plan totaled $5 million and $10 million, respectively. Restricted Stock Plan The Restricted Stock Plan awards executives with Class A shares of the Corporation and the Manager purchased on the open market (“ Restricted Shares ”). Under the Restricted Stock Plan, Restricted Shares awarded vest over a period of up to five years, except for Restricted Shares awarded in lieu of a cash bonus, which may vest immediately. Vested and unvested Restricted Shares are subject to a hold period of up to five years. Holders of Restricted Shares are entitled to vote Restricted Shares and to receive associated dividends. Employee compensation expense for the Restricted Stock Plan is charged against income over the vesting period. Compensation expense recognized for the three months ended and six months ended was $1 million and $3 million, respectively. Deferred Share Unit Plan and Restricted Share Unit Plan The Deferred Share Unit (" DSU ") Plan and Restricted Share Unit (" RSU ") Plan provides for the issuance of DSUs and RSUs, respectively. Under these plans, qualifying employees and directors receive varying percentages of their annual incentive bonus or directors’ fees in the form of DSUs and RSUs. The DSUs and RSUs vest over periods of up to five years, and DSUs accumulate additional DSUs at the same rate as dividends on Class A shares of the Corporation and the Manager based on the market value of the Class A shares of the Manager at the time of the dividend. Participants may convert vested DSUs and RSUs into cash upon retirement or cessation of employment. The value of these DSUs, when converted to cash, will be equivalent to the market value of the Class A shares of the Corporation and the Manager at the time the conversion takes place. The value of the RSUs, when converted into cash, will be equivalent to the difference between the market price of equivalent number of Class A shares of the Corporation or the Manager at the time the conversion takes place and the market price on the date the RSUs are granted. Employee compensation expense for these plans is charged against income over the vesting period of the DSUs and RSUs. As these awards are liability classified, the amount payable in respect of vested DSUs and RSUs changes as a result of dividends and share price movements. All of the amounts attributable to changes in the amounts payable by the company are recorded as employee compensation expense in the period of the change. For the three months ended and six months ended June 30, 2023, employee compensation expense totaled $5 million and $30 million respectively due to a change in the underlying share price.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The Manager applies the two-class method in calculating earnings per share for each of its two classes of shares and participating securities, based on their pro-rata share of earnings. Class A shares held under the ES Plans in one or more private wholly owned subsidiaries of the Manager are classified as treasury shares and have been excluded from the calculation of earnings per share. The Manager has certain dilutive securities relating to outstanding restricted stock and options held by employees and non-employees and have been reflected accordingly in diluted earnings per share figures. Basic and diluted net income per share of common stock for the three and six months ended June 30, 2023 was calculated as follows: FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 2023 2023 Class A Shares Class B Shares Class A Shares Class B Shares Numerator Net income $ 109 $ — $ 234 $ — Denominator Weighted average of common stock outstanding - basic 392.1 — 393.5 — Dilutive effect of conversion of options and escrowed shares using treasury stock method 4.2 — 6.1 — Weighted average of common stock outstanding - diluted 396.3 — 399.6 — Net Income per Share Earnings per share - basic $ 0.28 $ 0.28 $ 0.59 $ 0.59 Earnings per share - diluted 0.28 0.28 0.59 0.59 The following weighted average potentially dilutive securities were evaluated under the treasury stock method for potentially dilutive effects and have been excluded in the above computation of diluted net income per share attributable to common shareholders for the period presented due to their anti-dilutive effect: FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 Management stock options of the Manager issued and allocated 10.6 7.8 Escrow shares of the Manager issued and allocated 4.9 3.7 Restricted shares of the Manager issued and allocated — — Total 15.5 11.5

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In the normal course of business, the Manager enters into transactions with related parties by recovering or bearing the cost of certain employee compensation awards with the Corporation and Brookfield Asset Management ULC and by borrowing on its $500 million credit facility with Brookfield Asset Management ULC to fund short-term capital requirements. Under the AMSA, the Manager provides the services of its employees and its Chief Executive Officer to Brookfield Asset Management ULC on a cost recovery basis. For the three and six months ended June 30, 2023, under this arrangement the Manager has recognized $36 million and $87 million, respectively in Operating Recoveries. In addition, the Manger recovered $2 million in Unrealized carried interest compensation expense from the asset management business for the six months ended. As outlined in the Relationship Agreement, the Corporation is responsible for the stock based awards which are subject to revaluation at each balance sheet date and will also bear the cost of the employee entitlement to carried interest on mature funds either directly or indirectly through reimbursement to the Company. For the three and six months ended June 30, 2023, the Manager has recognized $19 million and $100 million in Operating Recoveries under this arrangement, respectively. Under the TSA, Brookfield Asset Management ULC and the Corporation provide the Manager certain services to support day-to-day corporate activities. For services provided to the Manager, costs are recorded on a gross basis in the Condensed Consolidated Statement of Comprehensive Income. For the three and six months ended June 30, 2023, the Manager has recognized $nil in the Condensed Consolidated Statement of Comprehensive Income under this arrangement. For three months ended, the Manager received from Brookfield Asset Management ULC prepayments under the AMSA for share-based compensation of $nil, which represent deferred income and have been included in Accounts payable and accrued liabilities For the six months ended the Manager received from Brookfield Asset Management ULC advanced reimbursements for Manager share-based awards issued to employees of Brookfield Asset Management ULC of $88 million, which has been recorded in additional paid-in capital. The balances due from affiliates related to compensation costs are presented in Due from affiliates on the Condensed Consolidated Balance Sheet and the balances due to affiliates are presented in Due to Affiliates. Due from affiliates and Due to affiliates consisted of the following: AS AT JUNE 30, AND DECEMBER 31, 2023 2022 Due from Affiliates Receivables related to share and cash-based compensation $ 776 $ 782 Other transactions with related parties 34 — $ 810 $ 782 Due to Affiliates Borrowings on short-term credit facility $ 124 $ — Other transactions with related parties 44 3 $ 168 $ 3 In the current period, the Manager recorded its share of a non-cash distribution declared by ULC to the Corporation in the amount of $56 million within the Condensed Consolidated Statement of Changes in Equity.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation The Manager may from time to time be involved in litigation and claims incidental to the conduct of its business. The Manager’s business is also subject to extensive regulation, which may result in regulatory proceedings against the company. The Manager accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, the Manager does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn August 8, 2023, the Board of the Manager declared a quarterly dividend of $0.32 per share, payable on September 29, 2023 to shareholders of record as at the close of business on August 31, 2023. On July 5, 2023 Brookfield Reinsurance Ltd. signed an agreement to acquire all of the outstanding shares of common stock of American Equity Investment Life Holding Company ("AEL"). In connection with the transaction, the Manager will issue Class A limited voting shares to the Corporation in exchange for a portion of its interest in the Asset Management Company. As consideration, AEL shareholders will receive a combination of cash and Brookfield Asset Management Ltd. Class A limited voting shares issued to the Corporation with a value of approximately $1 billion increasing the public float by approximately 10% and decreasing the Corporation's ownership interest in the Asset Management Company by 2%. The Manager will not have any ownership interest in AEL following the completion of the transaction.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Manager have been prepared in conformity with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) for interim financial information and are presented in U.S. Dollars. The Condensed Consolidated Financial Statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the Condensed Consolidated Financial Statements are presented fairly and that estimates made in preparing its Condensed Consolidated Financial Statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements included in the Manager's 20-F for the year ended December 31, 2022.
Use of Estimates	Use of Estimates The preparation of the Condensed Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Management believes that estimates utilized in the preparation of the Condensed Consolidated Financial Statements are reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of
Consolidation	Consolidation The Manager consolidates all entities that it controls through a majority voting interest and all variable interest entities (“ VIE ”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Manager determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and upon events warranting reconsideration. In determining whether the Manager is the primary beneficiary, the company evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the company. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Manager, affiliates of the company or third parties) and amendments to governing documents could affect an entity’s status as a VIE or the determination of the primary beneficiary. As at June 30, 2023, the Manager is not the primary beneficiary of any VIE. All intercompany balances and transactions have been eliminated on consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and cash held in banks. Interest income from cash and cash equivalents is recorded in the Condensed Consolidated Statements of Comprehensive Income.
Equity Method Investments	Equity Method Investments Investments in which the Manager is deemed to exert significant influence, but not control are accounted for using the equity method of accounting. The Manager has significant influence over Brookfield Asset Management ULC and therefore accounts for its investment under the equity method. The carrying value of equity method investments is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the relevant agreements, less distributions received. Further, the carrying value of the equity method investment is adjusted as a result of any share-based awards granted by the Manager to employees of Brookfield Asset Management ULC. Under the equity method of accounting, the Manager's share of earnings from equity investments is included in the share of income from equity method investments in the Condensed Consolidated Statement of Comprehensive Income. The Manager evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Refer to Note 3 for further details of the Manager's equity accounted investments.
Other Assets	Other Assets Other assets include investments in options to acquire shares of the Company. The Manager has elected the measurement alternative for equity investments without readily determinable fair values to be measured at cost minus impairment, if any.
Operating Recoveries	Operating Recoveries Operating Recoveries relates to the AMSA between the Manager and Brookfield Asset Management ULC and the Relationship Agreement between the Manager, Brookfield Asset Management ULC and the Corporation. Under the perpetual AMSA, recoveries are recognized on a cost recovery basis such that neither party receives financial gain nor suffers financial loss. Income generated under the AMSA relating to these services is recognized as Operating Recoveries in the Condensed Consolidated Statement of Comprehensive Income on a gross basis as and when the services are performed by the Manager. Under the Relationship Agreement, certain employee share-based and performance-based compensation costs are recovered from the Corporation. Income generated under the Relationship Agreement relating to these awards is recognized as Operating Recoveries in the Condensed Consolidated Statement of Comprehensive Income on a gross basis. Certain liability classified share-based awards covered by the AMSA and Relationship Agreement are required to be revalued at each balance sheet date. As a result, where the revaluation results in an increase in the equity award liability, the Corporation and Brookfield Asset Management ULC will reimburse the Manager while conversely, where the revaluation results in a decrease in the equity award liability, the Manager will be responsible for refunding the difference to the Corporation or Brookfield Asset Management ULC. Under the TSA, the Manager is responsible for the costs of transitional services provided by Brookfield Asset Management ULC and the Corporation. Such costs are recognized as Operating Recoveries in the Condensed Consolidated Statement of Comprehensive Income when services are performed.
Compensation and Benefits	Compensation and Benefits Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and (b) share-based compensation associated with the grants of share-based awards to employees of the Manager. Compensation cost relating to the issuance of share-based awards to senior management and employees of the Manager is accounted for in accordance with ASC 718, Compensation - Stock Compensation , which measures the equity-classified awards at fair value at the grant date and expensed over the vesting period. Cash settled share-based awards and awards settled in a variable number of shares for a fixed monetary amount are classified as liabilities and are remeasured at the end of each reporting period. In the normal course of business, the Manager issues share-based compensation awards to employees of Brookfield Asset Management ULC. Such awards are accounted for as awards issued to employees of equity method investees under ASC 323 Investments – Equity Method and Joint Ventures
Carried Interest Compensation Expense	Carried Interest Compensation Expense Carried interest is performance-based compensation associated with realized or unrealized carried interest earned on the performance of investments on a fund-by-fund basis. Employees of the Manager earn carried interest compensation which is subject to both positive and negative adjustments and recoverable from Brookfield Asset Management ULC to the Manager and the Corporation under the terms of both the ASMA and the Relationship Agreement.
Related Parties	Related Parties In the normal course of operations, the Manager enters into various transactions on market terms with related parties, including amounts in Due from/to affiliates. The Manager and its subsidiaries may also transact with entities that share a common parent. Amounts owed to and by equity method investments are not eliminated on consolidation. See Note 7 for further detail.
Dividends	Dividends Dividends are reflected in the Condensed Consolidated Financial Statements when declared.
Earnings per Share	Earnings per Share The Manager uses the two class method to calculate basic and diluted net income per share. Undistributed earnings for each period are allocated to participating securities based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. Undistributed losses are not allocated to participating securities that do not have a contractual obligation to share in losses.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The summarized financial information and results of the Company’s equity method investment in Brookfield Asset Management ULC as at June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 are outlined in the tables below: AS AT JUNE 30, AND DECEMBER 31, 2023 2022 Cash $ 2,918 $ 3,545 Investments 7,364 6,877 Assets 14,060 14,087 Liabilities 2,590 2,670 Preferred shares redeemable non-controlling interest 2,032 1,811 Equity 9,438 9,606 FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 Revenues $ 985 $ 2,039 Expenses (350) (816) Net income 580 1,096 Net (income) loss attributable to preferred share redeemable non-controlling interest (90) (71) Net (income) loss attributable to non-controlling interest (35) (54) Net income attributable to the common stockholders 455 971

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	The expenses of the share-based compensation are recognized on the financial statements of the Manager and are summarized in the following table: FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 Expense arising from equity classified share-based payment transactions $ 9 $ 18 Expense arising from liability classified share-based payment transactions 5 30 $ 14 $ 48

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income per Share	Basic and diluted net income per share of common stock for the three and six months ended June 30, 2023 was calculated as follows: FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 2023 2023 Class A Shares Class B Shares Class A Shares Class B Shares Numerator Net income $ 109 $ — $ 234 $ — Denominator Weighted average of common stock outstanding - basic 392.1 — 393.5 — Dilutive effect of conversion of options and escrowed shares using treasury stock method 4.2 — 6.1 — Weighted average of common stock outstanding - diluted 396.3 — 399.6 — Net Income per Share Earnings per share - basic $ 0.28 $ 0.28 $ 0.59 $ 0.59 Earnings per share - diluted 0.28 0.28 0.59 0.59
Schedule of Weighted Average Potentially Dilutive Securities	The following weighted average potentially dilutive securities were evaluated under the treasury stock method for potentially dilutive effects and have been excluded in the above computation of diluted net income per share attributable to common shareholders for the period presented due to their anti-dilutive effect: FOR THE PERIODS ENDED JUNE 30, Three Months Ended Six Months Ended 2023 2023 Management stock options of the Manager issued and allocated 10.6 7.8 Escrow shares of the Manager issued and allocated 4.9 3.7 Restricted shares of the Manager issued and allocated — — Total 15.5 11.5

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Amounts Due From and To Affiliates	Due from affiliates and Due to affiliates consisted of the following: AS AT JUNE 30, AND DECEMBER 31, 2023 2022 Due from Affiliates Receivables related to share and cash-based compensation $ 776 $ 782 Other transactions with related parties 34 — $ 810 $ 782 Due to Affiliates Borrowings on short-term credit facility $ 124 $ — Other transactions with related parties 44 3 $ 168 $ 3

ORGANIZATION (Details)

ORGANIZATION (Details)	Jun. 30, 2023	Dec. 09, 2022
Brookfield Asset Management ULC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25%	25%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Accounting Policies [Abstract]
Carrying amount of investments	$ 41,000,000
Downward price adjustments to carrying amount of investments	0
Upward price adjustments to carrying amount of investments	$ 0

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) director	Jun. 30, 2023 USD ($) director	Dec. 09, 2022
Schedule of Equity Method Investments [Line Items]
Net income from equity method investments	$ 114	$ 243
Cash distributions received		263
Undistributed earnings	$ 1	$ 1
Brookfield Asset Management ULC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25%	25%	25%
Number of directors able to appoint | director	2	2

INVESTMENTS - Summarized Financ

INVESTMENTS - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Cash	$ 12	$ 12	$ 1
Investments	2,305	2,305	2,378
Assets	3,168	3,168	3,161
Liabilities	934	934	784
Income Statement [Abstract]
Expenses	(52)	(194)
Brookfield Asset Management ULC
Statement of Financial Position [Abstract]
Cash	2,918	2,918	3,545
Investments	7,364	7,364	6,877
Assets	14,060	14,060	14,087
Liabilities	2,590	2,590	2,670
Preferred shares redeemable non-controlling interest	2,032	2,032	1,811
Equity	9,438	9,438	$ 9,606
Income Statement [Abstract]
Revenues	985	2,039
Expenses	(350)	(816)
Net income	580	1,096
Net (income) loss attributable to preferred share redeemable non-controlling interest	(90)	(71)
Net (income) loss attributable to non-controlling interest	(35)	(54)
Net income attributable to the common stockholders, basic	455	971
Net income attributable to the common stockholders, diluted	$ 455	$ 971

INCOME TAXES (Details)

INCOME TAXES (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 0

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 14	$ 48
Share options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares) | shares	0
Options granted (in shares) | shares		7,900,000
Options granted (in dollars per share) | $ / shares		$ 35.13
Average term		7 years 6 months
Share price volatility		28.50%
Expected dividend yield		4.60%
Risk-free rate		3.90%
Liquidity discount		25%
Fair value (in dollars per share) | $ / shares	$ 5.26	$ 5.26
Fair value of options granted		$ 41.3
Share options | Management Share Option Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (up to)		5 years
Expiration period		10 years
Share-based compensation expense	$ 3	$ 5
Escrowed Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares) | shares	0
Options granted (in shares) | shares		4,800,000
Options granted (in dollars per share) | $ / shares		$ 35.13
Average term		7 years 6 months
Share price volatility		28.50%
Expected dividend yield		4.60%
Risk-free rate		3.90%
Liquidity discount		25%
Fair value (in dollars per share) | $ / shares	$ 5.26	$ 5.26
Fair value of options granted		$ 25.2
Escrowed Shares | Escrowed Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (up to)		5 years
Expiration period		10 years
Share-based compensation expense	$ 5	$ 10
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (up to)		5 years
Share-based compensation expense	1	$ 3
Deferred Share Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (up to)		5 years
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (up to)		5 years
Deferred Share Units And Restricted Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 5	$ 30

SHARE-BASED COMPENSATION - Expe

SHARE-BASED COMPENSATION - Expenses of Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 14	$ 48
Expense arising from equity classified share-based payment transactions
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	9	18
Expense arising from liability classified share-based payment transactions
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 5	$ 30

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Net Income per Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Denominator
Weighted average of common stock outstanding - basic (in shares)	392.1	393.5
Weighted average of common stock outstanding - diluted (in shares)	396.3	399.6
Net Income per Share
Earnings per share - basic (in dollars per share)	$ 0.28	$ 0.59
Earnings per share - diluted (in dollars per share)	$ 0.28	$ 0.59
Class A Shares
Numerator
Net income, basic	$ 109	$ 234
Net income, diluted	$ 109	$ 234
Denominator
Weighted average of common stock outstanding - basic (in shares)	392.1	393.5
Dilutive effect of conversion of options and escrowed shares using treasury stock method (in shares)	4.2	6.1
Weighted average of common stock outstanding - diluted (in shares)	396.3	399.6
Net Income per Share
Earnings per share - basic (in dollars per share)	$ 0.28	$ 0.59
Earnings per share - diluted (in dollars per share)	$ 0.28	$ 0.59
Class B Shares
Numerator
Net income, basic	$ 0	$ 0
Net income, diluted	$ 0	$ 0
Denominator
Weighted average of common stock outstanding - basic (in shares)	0	0
Dilutive effect of conversion of options and escrowed shares using treasury stock method (in shares)	0	0
Weighted average of common stock outstanding - diluted (in shares)	0	0
Net Income per Share
Earnings per share - basic (in dollars per share)	$ 0.28	$ 0.59
Earnings per share - diluted (in dollars per share)	$ 0.28	$ 0.59

EARNINGS PER SHARE - Weighted A

EARNINGS PER SHARE - Weighted Average Potentially Dilutive Securities (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	15.5	11.5
Management stock options of the Manager issued and allocated
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	10.6	7.8
Escrow shares of the Manager issued and allocated
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	4.9	3.7
Restricted shares of the Manager issued and allocated
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	0

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Operating recoveries	$ 47,000,000		$ 185,000,000
Unrealized carried interest allocation expense	(1,000,000)		55,000,000
Operating expenses	52,000,000		194,000,000
Additional paid-in-capital	383,000,000		383,000,000	$ 278,000,000
Purchase of tracking option	0		41,000,000
Carrying value of options purchased	41,000,000		41,000,000
Brookfield Asset Management ULC
Related Party Transaction [Line Items]
Maximum borrowing capacity	500,000,000		500,000,000
Brookfield Asset Management ULC | Brookfield Asset Management ULC
Related Party Transaction [Line Items]
Non-cash distributions declared amount			56,000,000
Purchase of tracking option	0	$ 41,000,000
Brookfield Asset Management ULC | Asset Management Services Agreement
Related Party Transaction [Line Items]
Operating recoveries	36,000,000		87,000,000
Unrealized carried interest allocation expense			2,000,000
Additional paid-in-capital	88,000,000		88,000,000
Affiliated Entity | Relationship Agreement
Related Party Transaction [Line Items]
Operating recoveries	19,000,000		100,000,000
Affiliated Entity | Transitional Services Agreement
Related Party Transaction [Line Items]
Operating expenses	$ 0		$ 0

RELATED PARTY TRANSACTIONS - Du

RELATED PARTY TRANSACTIONS - Due From And To Affiliates (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Due from Affiliates
Due from affiliates	$ 810	$ 782
Due to Affiliates
Due to affiliates	168	3
Affiliated Entity
Due from Affiliates
Receivables related to share and cash-based compensation	776	782
Other transactions with related parties	34	0
Due from affiliates	810	782
Due to Affiliates
Borrowings on short-term credit facility	124	0
Other transactions with related parties	44	3
Due to affiliates	$ 168	$ 3

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Billions	Jul. 05, 2023	Aug. 08, 2023
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 0.32
Increase in public float	10%
Brookfield Reinsurance | Brookfield Asset Management Ltd
Subsequent Event [Line Items]
Decrease in ownership percentage	2%
American Equity Investment Life Holding Company | Brookfield Reinsurance
Subsequent Event [Line Items]
Consideration	$ 1