KKR : 2023 Q2 Earnings Release

KKR & Co. Inc. Reports

Second Quarter 2023 Financial Results

August 7, 2023

KKR Reports Second Quarter 2023 Financial Results

New York, August 7, 2023 - KKR & Co. Inc. (NYSE: KKR) today reported its second quarter 2023 results.

Conference Call

A conference call to discuss KKR's financial results will be held on August 7, 2023 at 10:00 a.m. ET. The conference call may be accessed by dialing +1

1. 407-0312(U.S. callers) or [phone](non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live broadcast.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.

"We delivered solid financial results in the second quarter against a market environment that remained challenging. Critically, we continued to execute on our growth initiatives including new product launches tailored to the Private Wealth channel as well as strategic activity at Global Atlantic. We remain confident these efforts will create significant value for shareholders for years to come."

Joseph Y. Bae and Scott C. Nuttall

Co-Chief Executive Officers

i

KKR Reports Second Quarter 2023 Financial Results

Legal Disclosures

This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic") as of February 1, 2021. This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities of KKR & Co. Inc. This presentation may not be distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.

The statements contained in this presentation are made as of the date of this presentation (other than financial figures, which are as of quarter end), unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation since that date.

This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, vehicles and accounts managed by KKR and the insurance companies managed by Global Atlantic. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. These forward-looking statements are based on KKR's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is no guarantee of future results. All forward-looking statements speak only as of the date of this presentation. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date of this presentation except as required by law. Please see the Appendix for additional important information about forward looking statements, including the assumptions and risks concerning projections and estimates of future performance.

This presentation includes certain non-GAAP measures, including after-tax distributable earnings (or DE), fee related earnings (or FRE), book value. These non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR's business, they may not include all items that are significant to an investor's analysis of our financial results. Please see the Appendix for additional important information about the non- GAAP measures presented herein and a reconciliation of non-GAAP measures to comparable GAAP measures.

Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered when making a decision to purchase or sell any securities of KKR & Co. Inc., can be found in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023 and its other filings with the SEC, which are available at www.sec.gov.

From time to time, we may use our website as a channel of distribution of material information. Financial and other material information regarding KKR is routinely posted on and accessible at www.kkr.com. Financial and other material information regarding Global Atlantic is routinely posted on and accessible at www.globalatlantic.com. Information on these websites are not incorporated by reference herein and are not a part of this presentation.

Contact Information

Investor Relations	Media
Craig Larson	Kristi Huller
Phone: [phone] in U.S. / [phone]	Phone: [phone]
[e-mail]	[e-mail]

ii

KKR & Co. Inc.

Second Quarter Earnings

KKR's Second Quarter 2023 GAAP Results (Unaudited)

• GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $844.5 million for the quarter. GAAP Stockholders' Equity Per Outstanding Share of Common Stock was $21.99 at quarter end.

($ in thousands, except per share data)		2Q'22		2Q'23			2Q'22 YTD			2Q'23 YTD
Revenues
Asset Management	$	(308,210)	$	1,451,344		$	(473,442)		$	2,577,378
Insurance		631,603		2,175,174			1,796,198			4,176,622
	Total Revenues	$	323,393	$	3,626,518		$	1,322,756		$	6,754,000
Expenses
Asset Management		523,569		970,293			1,060,055			1,781,801
Insurance		41,126		2,152,189			862,372			4,200,764
	Total Expenses	$	564,695	$	3,122,482		$	1,922,427		$	5,982,565
	Total Investment Income (Loss) - Asset Management	$	(1,675,291)	$	946,977		$	(27,883)		$	1,088,013
Income Tax Expense (Benefit)		(102,511)		324,955			(65,860)			473,702
Redeemable Noncontrolling Interests		8		(1,740)			(55)			(9,043)
Noncontrolling Interests		(1,096,715)		266,086			148,272			193,083
Preferred Stock Dividends		17,250		17,249			34,500			34,499
Net Income (Loss) - KKR Common Stockholders	$	(734,625)	$	844,463		$	(744,411)		$	1,167,207
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic	$	(1.08)	$	0.98		$	(1.17)		$	1.36
Diluted	$	(1.08)	$	0.94		$	(1.17)		$	1.32
Weighted Average Shares of Common Stock Outstanding
Basic		680,747,047		861,553,274			636,719,538			861,332,121
Diluted		680,747,047		912,147,881			636,719,538			913,068,567
								4Q'22		2Q'23
KKR & Co. Inc. Stockholders' Equity Per Outstanding Share of Common Stock				$	20.55		$	21.99
Note:	All figures in this presentation are as of June 30, 2023, unless otherwise specifically indicated. KKR's financial statements reflect the implementation of long duration targeted
	improvements (LDTI) accounting changes at Global Atlantic. In addition, KKR reports its Insurance Segment Operating Earnings on a pre-tax basis. All of the historical figures
	have been recast for these changes. See Appendix for GAAP income statement and GAAP balance sheet. Totals may not add due to rounding.

1