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KKR now owns 100% of its International Atlantic enterprise, and it hopes International Atlantic will enhance whole annual gross sales to about $20 billion, from about $10 billion per yr at this time.
Rob Lewin, KKR’s chief monetary officer, talked in regards to the firm’s imaginative and prescient for International Atlantic at this time, throughout a convention name with securities analysts. ”I feel there’s quite a lot of share we will acquire there,” he stated.
Alternatives on his goal listing embrace promoting massive group annuities to pension plan sponsors that need to shed pension threat, getting merchandise onto extra distribution platforms and increasing fastened annuity advertising and marketing efforts.
“Traditionally, International Atlantic hasn’t been as lively within the longer-duration fastened annuity market,” he stated. He expects the corporate to extend gross sales of fastened annuities with give up cost intervals of seven to 10 years.
What it means: Life insurers could face much more brutal competitors for an opportunity to draw your shoppers’ secure cash property.
The backdrop: KKR held the convention name to go over earnings for the fourth quarter of 2023 with the analysts.
KKR is a New York-based asset supervisor that could be finest identified for its $11 billion of personal fairness funding property, its $1.8 billion in actual property investments and its $2.2 billion in credit score investments.
KKR has additionally owned 63% of International Atlantic, a life and annuity enterprise that was shaped by Goldman Sachs in 2004 and transformed right into a stand-alone enterprise in 2013.
KKR acquired the International Atlantic stake beforehand owned by outdoors buyers in January.
The corporate as a complete reported $1 billion in internet earnings for the fourth quarter on $4.4 billion in income, up from $121 million in internet earnings on $2.5 billion in income for the fourth quarter of 2022.
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