US private equity group KKR reported its first quarterly net loss since 2022 as a strong quarter for fundraising in its private equity business was overshadowed by its Global Atlantic insurance unit, which lost more than $1bn in the quarter due to markdowns on its sprawling fixed income portfolio.
KKR, like other private equity groups including Apollo Global and Brookfield, has pushed headlong into managing insurance assets to turbocharge its growth.
But these groups’ insurers are vulnerable to large quarterly accounting swings in the values of their holdings during volatile conditions, as interest rate gyrations shift valuations for even highly rated corporate bonds, mortgages and other loans.
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