Q2 2024 KKR & Co Inc Earnings Call Transcript
Key Points
- KKR & Co Inc (KKR) reported fee-related earnings of $0.84 per share, the highest in its history and 25% above the previous year.
- Adjusted net income of $1.9 per share is up approximately 50% compared to one year ago.
- Management fees increased by 13% year-over-year, driven by strong fundraising activities and deployment.
- The company entered the S&P 500 Index in June, reflecting strong performance and endorsement.
- KKR & Co Inc (KKR) raised $32 billion of capital in the quarter, marking the second most active fundraising quarter in its history.
- Insurance operating earnings came in below the long-term target ROE range of 14% to 15%, due to elevated levels of liquidity and investments favoring long-term returns over short-term gains.
- Operating expenses were $158 million, which could impact overall profitability.
- The company is experiencing elevated levels of liquidity, which may depress near-term investment yields.
- Despite strong performance, the private equity fundraising environment remains challenging, with some investors still cautious.
- Real estate equity fundraising is lagging behind the improving sentiment and valuation recovery in the market.
Ladies and gentlemen, thank you for standing by. Welcome to KKR's second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I will now hand the call over to Craig Larson, Partner and Head of Investor Relations for KKR. Craig, please go ahead.
Thank you, operator. Good morning, everyone. Welcome to our second quarter 2024 earnings call. This morning as usual, I'm joined by Rob Lewin, our Chief Financial Officer; and Scott Nuttall our Co-Chief Executive Officer.
We would like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our press release, which is available on the investor center section at kkr.com. And as a reminder, we report our segment numbers on an adjusted share basis.
This call will contain forward-looking statements which do not guarantee future events or performance. Please refer to our earnings release as well as our SEC filings for
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