Apollo fees and insurance earnings rise, asset sales slow in second quarter

Apollo Global Management posted a rise in earnings from fees and its insurance business in the second quarter, but cashed in less on its own investments in a tougher environment for asset sales, the company said on Tuesday.

The New York-based company posted adjusted net income of $2.11 per share, 10% higher than the same period last year but below estimates of $2.17 per share drawn from an LSEG poll of analysts.

Apollo started as a private equity firm in 1990 and has since pushed hard into credit and insurance, helping swell its total assets under management to $1.05 trillion at end-June.

CEO Marc Rowan has pledged to increase transparency and liquidity for private assets as valuations have come under scrutiny, with funds struggling to sell equity stakes and investors worrying about lending standards outside traditional banks.