Investing
KKR Shares Rise on Insurance Growth, Despite Deal Slump
- Growth in insurance business mitigated decline in asset sales
- Firm raised $14 billion in period as AUM rose to $528 billion
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KKR & Co. shares rose the most intraday in almost a year after its latest earnings report showed growth in its insurance unit, offsetting a persistent industrywide slump in private equity dealmaking.
The New York firm’s distributable earnings fell 6.6% from a year earlier, a smaller decline than expected that was helped by a 24% jump in earnings from its insurance unit. That offset carried interest at its private equity division dropping by more than a third.