2024-05-01 12:50:10 ET
KKR & Co. Inc. (KKR)
Q1 2024 Earnings Conference Call
May 01, 2024, 10:00 AM ET
Company Participants
Craig Larson - Partner and Head of IR
Scott Nuttall - Co-CEO
Rob Lewin - CFO
Conference Call Participants
Craig Siegenthaler - Bank of America
Alex Blostein - Goldman Sachs
Bill Katz - TD Cowen
Brian McKenna - Citizens JMP
Glenn Schorr - Evercore ISI
Patrick Davitt - Autonomous Research
Dan Fannon - Jefferies
Benjamin Budish - Barclays
Steven Chubak - Wolfe Research
Brian Bedell - Deutsche Bank
Michael Cyprys - Morgan Stanley
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to KKR's First Quarter 2024 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the management's prepared remarks, the conference will be opened for questions [Operator Instructions] As a reminder, this conference is being recorded.
I'd now like to the hand the call over to Craig Larson, Partner and Head of Investor Relations for KKR. Thank you. You may begin.
Craig Larson
Thank you, operator. Good morning, everyone. Welcome to our first quarter 2024 earnings call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer; and Scott Nuttall, our Co-Chief Executive Officer.
We'd like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our press release, which is available on the Investor Center section at kkr.com. And as a reminder, we report our segment numbers on an adjusted share basis. This call will contain forward-looking statements, which do not guarantee future events or performance. Please refer to our earnings release and our SEC filings for cautionary factors about these statements.
We know many of you joined us for our 2024 Investor Day just three weeks ago. Thank you for spending the day with us. And for those of you who are unable to participate or are newer to KKR, we would encourage you to watch a replay of the webcast or review the Investor Day presentation and transcripts that are on the Investor Relations section of our website. There is a wealth of information of course across all of those materials.
And as a reminder, before getting to the numbers themselves, starting with this quarter, our financial reporting reflects the previously announced segment and financial metric changes. A particular note. First, we closed on the remaining interest in Global Atlantic on January 2, and we now own 100% of GA. Second, we're now reporting a new segment, Strategic Holdings. Third, we've introduced a new financial metric, Total Operating Earnings, which consists of fee-related earnings, plus insurance segment and strategic holdings operating earnings. Total Operating Earnings represents the more recurring and stable portion of our earnings, and is a measure we look at to evaluate our performance as it reflects how our business model and how our financial profile has evolved. Our expectation is that Total Operating Earnings should approximate 70% of pre-tax earnings over time....
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KKR & Co. Inc. (KKR) Q1 2024 Earnings Call Transcript