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."