KKR(KKR) - 2024 Q1 - Quarterly Report

Financial Position - Total assets increased to $339.77 billion as of March 31, 2024, up from$317.29 billion at December 31, 2023, representing a growth of approximately 7.8%[19] - Total liabilities increased to $282.86 billion as of March 31, 2024, from$258.92 billion at the end of 2023, reflecting a rise of about 9.2%[19] - Total stockholders' equity decreased to $21.42 billion from$22.86 billion, a decline of about 6.3%[21] - Total equity decreased to $55.99 billion from$57.76 billion, a decline of about 3.1%[21] - The total assets of the company as of March 31, 2024, were $109,927,538, compared to$86,096,876 at the end of the previous year, reflecting an increase of approximately 28%[28] - Total liabilities as of March 31, 2024, were $35,526,497, compared to$35,189,335 at the end of the previous year, showing a slight increase of about 1%[28] Revenue and Income - Total revenues for Q1 2024 reached $9,656,738, a significant increase from$3,127,482 in Q1 2023, representing a growth of approximately 209%[30] - Net income attributable to KKR & Co. Inc. for Q1 2024 was $682,214, compared to$339,994 in Q1 2023, reflecting an increase of about 100%[32] - Capital allocation-based income for Q1 2024 was $1,262,942, up from$449,018 in Q1 2023, indicating a growth of approximately 181%[30] - Net premiums in the insurance segment for Q1 2024 were $6,036,522, a substantial rise from$473,624 in Q1 2023, marking an increase of around 1,172%[30] - Total expenses for Q1 2024 amounted to $9,312,944, compared to$2,860,083 in Q1 2023, which is an increase of approximately 226%[30] - The company reported net investment income of $1,519,902 for Q1 2024, compared to$1,300,697 in Q1 2023, reflecting a growth of about 17%[30] Cash and Cash Equivalents - Cash and cash equivalents in Asset Management decreased to $7.08 billion from$8.39 billion, a decline of approximately 15.6%[19] - Cash, cash equivalents, and restricted cash at the end of the period were $16,165,528, up from$9,728,520 at the end of the previous year[39] - Cash and Cash Equivalents for Asset Management and Strategic Holdings increased to $8,393,892 from$6,705,325, representing a growth of approximately 25% year-over-year[1] - Total Insurance Cash and Cash Equivalents rose to $12,297,629 from$6,426,614, marking an increase of about 91% compared to the previous year[1] Investments - Investments rose to $100.69 billion in Asset Management and Strategic Holdings, compared to$98.63 billion at the end of 2023, marking an increase of about 2.1%[19] - The company reported a significant increase in reinsurance recoverable, which rose to $44.16 billion from$36.62 billion, representing a growth of approximately 20.5%[19] - The total investments as of March 31, 2024, amounted to $258,441,157, an increase from$240,005,124 as of December 31, 2023[90] - The company reported net realized gains of $190,905 in asset management and strategic holdings, compared to a loss of$(99,380) in the prior year[39] Policy Liabilities - Policy liabilities in the insurance segment rose to $173.60 billion, up from$160.06 billion, indicating an increase of approximately 8.5%[19] - The company reported policy liabilities, including market risk benefits, of $1,337,563 as of March 31, 2024, compared to$1,474,970 as of December 31, 2023[163] - As of March 31, 2024, total policy liabilities increased to $173.6 billion from$160.1 billion as of December 31, 2023, reflecting a growth of approximately 8.9%[207] Derivatives and Fair Value - The fair value of derivative assets and liabilities as of March 31, 2024, included total derivative assets of $327,153 and total derivative liabilities of$475,752[141] - The total fair value of embedded derivatives related to liabilities was $1.6 billion as of December 31, 2023[142] - The total gains (losses) on derivatives not qualifying as hedge accounting instruments from insurance activities were$(349,019)[154] - The total net investment income for the three months ended March 31, 2023, was $34,557[154] Other Financial Metrics - The company reported a change in unrealized losses of$(829,067) in asset management and strategic holdings, compared to a gain of $258,789 in the prior year[39] - The company experienced a net cash outflow of$(6,198,779) from investing activities, compared to $(3,818,533) in the previous year[39] - The company reported direct net policy fees of$328.9 million for the three months ended March 31, 2024, slightly up from $313.8 million in 2023, reflecting a growth of 4.9$94.9 billion as of March 31, 2024, from $84.3 billion at the end of 2023, reflecting an increase of 12.5%[207]