Kohlberg Kravis Roberts (KKR) reported better-than-expected third quarter financial results as growth in its insurance segment, largely offset declines in its asset management earnings.
For the quarter, the investment firm posted after-tax distributable earnings of $780 million or $0.88 per share, down 7% year-over-year but ahead of the Wall Street estimate of $0.82.
Its fee-related earnings rose 3% year-over-year to $558 million or $0.63 per share, short of the $570 million expected by analysts.
It grew its assets under management by 6% over the year-ago quarter to $528 billion and raised $14 billion in new organic capital.
“Our results demonstrate the durability, diversity and growth in our business,” KKR co-CEOs Joseph Bae and Scott Nuttall said in a statement.
“We are raising and deploying capital across all our businesses and regions. We have a mature global portfolio that is performing and providing monetization opportunities.”
Kohlberg Kravis Roberts shares traded modestly higher in premarket trading on its results, up 0.4% at US$59.60.
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