Apollo Shares Jump Most in Three Years on Credit Growth
- Fee-related earnings hit a record amid private credit strength
- Firm’s insurance unit Athene driving Apollo’s growth
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Apollo Global Management Inc.’s shares jumped the most intraday since April 2020 as investors looked past a private equity deal slowdown and cheered momentum in the firm’s massive credit business.
The firm’s fee-related earnings hit a record, while its spread-related earnings — the key profit measure for its insurance unit Athene — also hit a new high and rose 36% to $873 million as growth in the business and higher interest rates buoyed investing returns.