(Bloomberg) -- Brookfield Corp.’s earnings climbed in the second quarter, boosted by strong results from its wealth solutions business. 

The Toronto-based investment firm, which owns a majority stake in Brookfield Asset Management, reported distributable earnings of $1.26 billion, or 80 cents a share, excluding gains on asset sales. That rose 19% over the same period a year ago. 

The increase came as profits from Brookfield’s wealth division doubled during the quarter. On Thursday, a subsidiary of the wealth unit agreed to reinsure $1.4 billion of UK pension liabilities, marking the firm’s first transaction outside of North America. 

“We continue to capture an increasing share of global flows of capital, centered around our deep relationships with institutional, private wealth and retail investors,” Chief Executive Officer Bruce Flatt said in a letter to shareholders. 

In late 2022, Brookfield Corp. reorganized, spinning off the asset management unit to appeal to investors who wanted a play on the company’s growth without being as exposed to its direct holdings, which include one of the world’s largest portfolios of office real estate. 

Last month Brookfield Asset Management moved its head office to New York from Toronto to gain access to more US stock indexes and attract more investors. Mark Carney, chair of Brookfield Asset Management, is also chair of Bloomberg Inc.

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