By Kelly Cloonan


KKR swung to a first-quarter profit as revenue rose, with revenue from its insurance division more than doubling.

The New York investment firm posted a quarterly profit of $364.8 million, or 38 cents a share, compared with a loss of $185.9 million, or 22 cents a share, a year earlier.

Adjusted earnings per share were $1.39, compared with estimates of $1.26 a share according to analysts polled by FactSet.

Revenue rose to $4.32 billion from $3.11 billion a year earlier.

Revenue from the company's insurance division climbed to $2.29 billion from $1.06 billion, while revenue from its asset management and strategic holdings segment ticked down to $2.03 billion from $2.05 billion.

The company's assets under management climbed 14% to $757.9 billion, compared with analysts' estimate of $759.9 billion. KKR raised $28 billion in organic new capital in the quarter, driven in part by its North America Fund XIV, which focuses on investing solely in North America.

Co-Chief Executive Officers Joseph Bae and Scott Nuttall said the company has a history of navigating cycles and is confident in its long-term positioning.

"Against a volatile backdrop, monetization activity accelerated, and over the past 12 months we've invested more capital on behalf of our clients than at any point in our history," Bae and Nuttall said.


Write to Kelly Cloonan at kelly.cloonan@wsj.com


Corrections & Amplifications

This item was corrected at 11:55 a.m. ET to show that analysts polled by FactSet forecast assets under management of $759.9 billion, not $759.9 million.

(END) Dow Jones Newswires

05-05-26 0707ET