AI English summary of an SEC filing — figures as filed
KKR KKRKKR said it adopted the new long-duration insurance accounting standard (LDTI) on January January 1, 2023, with retrospective application to February 1, 2021, the date of the 2021 GA Acquisition, and revised its segment information and non-GAAP measure calculations to match.
Key points
AI summaryKKR said it adopted the new long-duration insurance accounting standard (LDTI) on January January 1, 2023, with retrospective application to February 1, 2021, the date of the 2021 GA Acquisition, and revised its segment information and non-GAAP measure calculations to match.
The company said it excludes changes in the fair value of market risk benefits and other policy liabilities and the related derivatives, fees attributed to guaranteed benefits, and losses at contract issue on payout annuities from Insurance Segment Operating Earnings, and that it reports those earnings on a pre-tax basis.
KKR said that as of December 31, 2023, its commitments in the Capital Markets business, including underwriting, lending and syndication commitments, were $0.3 billion. It also said it recorded an undiscounted payable of $406.7 million under the tax receivable agreement, related to KKR Holdings Units exchanged before the agreement was terminated.
KKR said it declared a common stock dividend policy of $0.70 per share annually ($0.175 per quarter) on February 6, 2024. The company also said it repurchased 91.9 million shares for $2.5 billion (an average of $27.32 per share), or retired equity awards, since 2015.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $14.5B
- Net income
- $3.7B
- Operating cash flow
- −$1.5B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
LDTI Adoption and Segment Metric Changes
KKR said it adopted the new long-duration insurance accounting standard (LDTI) on January January 1, 2023, with retrospective application to February 1, 2021, the date of the 2021 GA Acquisition, and revised its segment information and non-GAAP measure calculations to match.
Source · Based on the MD&A text of the filing
Items Excluded from Insurance Segment Operating Earnings
The company said it excludes changes in the fair value of market risk benefits and other policy liabilities and the related derivatives, fees attributed to guaranteed benefits, and losses at contract issue on payout annuities from Insurance Segment Operating Earnings, and that it reports those earnings on a pre-tax basis.
Source · Based on the MD&A text of the filing
Commitments and Tax Receivable Agreement Payable as of Year-End 2023
KKR said that as of December 31, 2023, its commitments in the Capital Markets business, including underwriting, lending and syndication commitments, were $0.3 billion. It also said it recorded an undiscounted payable of $406.7 million under the tax receivable agreement, related to KKR Holdings Units exchanged before the agreement was terminated.
Source · Based on the MD&A text of the filing
Dividend Policy and Share Repurchase Activity
KKR said it declared a common stock dividend policy of $0.70 per share annually ($0.175 per quarter) on February 6, 2024. The company also said it repurchased 91.9 million shares for $2.5 billion (an average of $27.32 per share), or retired equity awards, since 2015.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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