Fourth-quarter numbers beat forecasts at Apollo
Apollo Global Management posted above-forecast fourth-quarter numbers on Thursday, boosted by strong growth in retirement services.
The US investment firm, a specialist in alternative asset management and retirement solutions, reported total revenues of $11.05bn in the last three months of 2023, compared to $4.84bn a year previously.
Within retirement services, premiums soared to $3.59bn from $869m a year previously, while net investment income surged to $3.35bn from $2.48bn. Investment related gains jumped to $2.62bn from $105m.
Asset management revenues rose to $444m from $403m.
Adjusted net income rose to $1.18bn or $1.91 per share, compared to $903m a year ago. Analysts had been expecting $1.73 per share.
Assets under management jumped 19% to $651bn.
Marc Rowan, chief executive, said: "Amid a volatile market backdrop in 2023, Apollo was firing on all cylinders. We generated exceptional results, highlighted by fee and spread related earnings growth exceeding 25% and nearly $160bn of inflows.
"Entering 2024, we are employing discipline at every turn as we continue to provide our clients with excess return per unit of risk."
Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.
The value of investments can fall and you may get back less than you invested.