Brookfield Corp. is merging its shares with those of its insurance business as the firm pushes ahead with its plans to transform itself into an investment-led insurer, the company said in its first-quarter earnings statement.

The merger of the parent company and the insurance business will improve Brookfield Corp.’s overall capital structure and give it access to the combined group’s asset base to pursue growth, Chief Executive Officer Bruce Flatt said in a letter accompanying the statement on Thursday.