Apollo Global Managements Q1 earnings rise threefold

div classBodysc17zpet90 cdBBJodivpBy Chibuike Oguhp

pReuters – Apollo Global Management Inc said on Thursday its firstquarter earnings jumped more than three times thanks to strong growth in income from management fees and profit from its retirement services business. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThis was the first financial quarter reported by Apollo since completing its 11 billion allstock merger with annuities provider Athene Holdings Ltd in January.p

pApollo said its adjusted net income reached 915.1 million in the first quarter, up from 294.1 million a year earlier. Its adjusted net income per share rose to 1.52 per share from 66 cents per share last year.p

pApollos adjusted net income and adjusted net income per share exceeded the average analyst estimates of 645.33 million and 1.03 per share, respectively, according to financial data provider Refinitiv.p

pThat was in line with peers Blackstone Group Inc, KKR & Co Inc, Carlyle Group Inc and Ares Management Inc, which all posted bumper profits despite market turbulence from soaring inflation, rising interest rates and Russias invasion of Ukraine.p

pApollo said its feerelated earnings rose 3 to 310 million from 302 million last year. Its income generated from investing Athenes capital stood at 670.2 million.p

pThe New Yorkbased firm said it invested 48 billion during the quarter across its credit, private equity, and debt and equity investment portfolios. That includes 22 billion spent to finance loans to middlemarket companies, commercial real estate and collateralized loan obligations.p

pApollo said its private equity portfolio appreciated by 8 in the first quarter. The private equity funds of Blackstone and Carlyle rose by 2.8 and 7, respectively, while those of KKR fell 5 in the same period.p

pUnder generally accepted accounting principles, Apollo posted a net loss of 870 million compared with a net income of 670 million last year, owing to the booking of liabilities generated from insurance policies underwritten by Athene. p

pApollos assets under management rose to 513 billion, up from 497.6 billion reported in the previous quarter, driven by capital inflows from Athene and strong fundraising that was partly offset by asset divestments. Unspent capital stood at 48 billion.p

pApollo declared a dividend of 40 cents per share, down from 50 cents declared a year earlier. p

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pp Reporting by Chibuike Oguh in New York Editing by Kim Coghillp

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