Brookfield will combine its insurance and wealth businesses, expanding its offerings to the growing population of retirees and giving its insurers more access to capital, the financial giant said in an earnings report. Its asset management businesses bought $2 billion in SpaceX shares ahead of its IPO, about $1 billion of which is owned by the Brookfield parent company, the report said. The price of its Toronto-listed shares rose nearly six per cent on Thursday afternoon. (The Logic)

Talking point: The conglomerate reported a 1.5 per cent year-over-year increase in distributable earnings per share, beating analyst expectations compiled by S&P Global Market Intelligence, as its office real estate portfolio rebounded. The firm is benefitting from a trend toward so-called HALO companies, which CEO Bruce Flatt defined as those with hard assets and low obsolescence. President Nick Goodman also defended the company’s private credit portfolio on the earnings call, telling analysts it has no exposure to the troubled software industry.