Early Access

10-QPeriod: Q3 FY2023

KKR & Co. Inc. Quarterly Report for Q3 Ended Sep 30, 2023

Filed November 9, 2023For Securities:KKRKKRTKKR-PDKKRS

Summary

KKR & Co. Inc. reported strong financial results for the third quarter of 2023, demonstrating significant growth and profitability across its asset management and insurance segments. The company's total assets grew to $288.7 billion, driven by robust performance in its investments and insurance operations. Asset management saw a substantial increase in both AUM and fee-related earnings, fueled by successful fundraising and strong investment performance, particularly in private equity and credit strategies. The insurance segment, primarily Global Atlantic, also exhibited positive trends with growth in net investment income and stable policy fee revenues. Despite an increase in net policy benefits and claims, the segment's operating earnings showed a healthy increase, reflecting effective management of insurance liabilities and investment strategies. Overall, KKR's diversified business model, encompassing both alternative asset management and insurance solutions, contributed to a significant increase in net income attributable to KKR & Co. Inc. common stockholders, reflecting strong operational execution and favorable market conditions.

Financial Highlights

28 data points
Beta

Revenue

$3.32B

Net Income

$1.49B

0.4% Net Margin

Total Assets

$288.73B

Cash & Equivalents

$11.71B

Free Cash Flow

$1.97B

Financial Statements
Beta
Revenue$3.32B
Interest Expense$724.34M
Net Income$1.49B

Key Highlights

  • 1Total Assets reached $288.7 billion, up from $275.3 billion at the end of 2022.
  • 2Asset Management AUM increased to $527.7 billion, with Fee Paying AUM of $423.6 billion.
  • 3Net Income Attributable to KKR & Co. Inc. Common Stockholders was $1.47 billion for Q3 2023, a significant increase from $32.6 million in Q3 2022.
  • 4Asset Management Segment Operating Earnings were $869.5 million for Q3 2023, a slight decrease from $958.9 million in Q3 2022, impacted by lower realized performance income.
  • 5Insurance Segment Operating Earnings increased to $210.0 million for Q3 2023 from $168.8 million in Q3 2022, driven by higher net investment income.
  • 6Capital Invested in Private Equity decreased to $1.6 billion in Q3 2023 from $4.0 billion in Q3 2022, while Real Assets and Credit & Liquid Strategies also saw decreases in capital invested.
  • 7The company repurchased $308.8 million of its common stock during Q3 2023.

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