Summary
KKR & Co. Inc. reported strong financial performance in its 2023 10-K filing, driven by robust growth in its asset management and insurance segments. The company's Assets Under Management (AUM) reached $552.8 billion, reflecting successful capital raising efforts across its Private Equity, Real Assets, and Credit and Liquid Strategies businesses. The Asset Management segment saw increased management fees, particularly in Private Equity and Credit, benefiting from new capital raised and higher market interest rates. The Insurance segment, operated by Global Atlantic, also demonstrated significant growth, with net investment income increasing substantially due to higher average assets under management and improved portfolio yields. Both segments contributed positively to the company's overall financial health, with KKR & Co. Inc. reporting a significant net income attributable to common stockholders for the year. The company also highlighted its commitment to returning capital to shareholders through its share repurchase program and its planned quarterly dividend of $0.175 per share.
Financial Highlights
30 data points| Revenue | $14.50B |
| Interest Expense | $2.77B |
| Net Income | $3.73B |
Key Highlights
- 1Assets Under Management (AUM) increased to $552.8 billion, up from $503.9 billion in the prior year, indicating successful fundraising and growth across business lines.
- 2Asset Management segment operating earnings increased by $142.2 million in fees and other, primarily driven by higher management fees across Private Equity, Real Assets, and Credit and Liquid Strategies.
- 3Insurance segment operating earnings increased by $91.9 million, largely attributed to a $1.3 billion increase in net investment income driven by higher average assets under management and improved portfolio yields.
- 4Capital Allocation-Based Income (Loss) for Asset Management transitioned from a negative $2.5 billion in the prior year to a positive $2.8 billion, reflecting the appreciation of underlying investments.
- 5Net income attributable to KKR & Co. Inc. common stockholders was $3.7 billion for the year, a significant turnaround from a net loss of $591 million in the prior year.
- 6The company announced a new quarterly dividend of $0.175 per share, indicating confidence in future earnings and a commitment to shareholder returns.
- 7KKR completed the acquisition of the remaining minority equity interests in Global Atlantic, making it a wholly-owned subsidiary and further integrating its insurance operations.