KKR : 2023 Q1 Earnings Release

KKR & Co. Inc. Reports

First Quarter 2023 Financial Results

May 8, 2023

KKR Reports First Quarter 2023 Financial Results

New York, May 8, 2023 - KKR & Co. Inc. (NYSE: KKR) today reported its first quarter 2023 results.

Conference Call

A conference call to discuss KKR's financial results will be held on May 8, 2023 at 12:00 p.m. ET. The conference call may be accessed by dialing +1

1. 407-0312(U.S. callers) or [phone](non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live broadcast ends.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.

"Against a dynamic macroeconomic and

market backdrop, our first quarter financial results proved resilient reflecting the breadth and strength of our firm. Over the last 12 months, 95% of the new capital entrusted to us has been outside of our traditional private equity funds reflecting our continued diversification. In our experience, volatility creates opportunity - with over $100 billion of dry powder ready to deploy on behalf of our clients globally, we remain very well positioned."

Joseph Y. Bae and Scott C. Nuttall

Co-Chief Executive Officers

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KKR Reports First Quarter 2023 Financial Results

Legal Disclosures

This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic") as of May 8, 2023. This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities of KKR & Co. Inc. This presentation may not be distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.

The statements contained in this presentation are made as of the date of this presentation (other than financial figures, which are as of quarter end), unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation since that date.

This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, vehicles and accounts managed by KKR and the insurance companies managed by Global Atlantic. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. These forward-looking statements are based on KKR's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is no guarantee of future results. All forward-looking statements speak only as of the date of this presentation. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date of this presentation except as required by law. Please see the Appendix for additional important information about forward looking statements, including the assumptions and risks concerning projections and estimates of future performance.

This presentation includes certain non-GAAP measures, including after-tax distributable earnings (or DE), fee related earnings (or FRE), book value. These non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR's business, they may not include all items that are significant to an investor's analysis of our financial results. Please see the Appendix for additional important information about the non- GAAP measures presented herein and a reconciliation of non-GAAP measures to comparable GAAP measures.

Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered when making a decision to purchase or sell any securities of KKR & Co. Inc., can be found in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023 and its other filings with the SEC, which are available at www.sec.gov.

Contact Information

Investor Relations	Media
Craig Larson	Kristi Huller
Phone: [phone] in U.S. / [phone]	Phone: [phone]
[e-mail]	[e-mail]

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KKR & Co. Inc.

First Quarter Earnings

KKR's First Quarter 2023 GAAP Results (Unaudited)

• GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $322.7 million for the quarter. GAAP Stockholders' Equity Per Outstanding Share of Common Stock was $21.54 at quarter end.

($ in thousands, except per share data)		1Q'22		1Q'23		1Q'22 LTM				1Q'23 LTM
Revenues
Asset Management	$	(165,232)	$	1,126,034	$	6,349,378		$		1,612,384
Insurance		1,164,595		2,001,448		6,315,032				6,219,915
	Total Revenues	$	999,363	$	3,127,482	$	12,664,410		$	7,832,299
Expenses
Asset Management		536,486		811,508		4,504,396				2,490,507
Insurance		821,246		2,048,575		5,243,815				5,009,660
	Total Expenses	$	1,357,732	$	2,860,083	$	9,748,211		$	7,500,167
	Total Investment Income (Loss) - Asset Management	$	1,647,408	$	141,036	$	7,594,588		$	(1,504,957)
Income Tax Expense (Benefit)		36,651		148,747		935,938				237,489
Redeemable Noncontrolling Interests		(63)		(7,303)		3,997				(4,448)
Noncontrolling Interests		1,244,987		(73,003)		6,589,427				(1,216,732)
Preferred Stock Dividends		17,250		17,250		97,306				69,000
Net Income (Loss) - KKR Common Stockholders	$	(9,786)	$	322,744	$	2,884,119		$	(258,134)
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic	$	(0.02)	$	0.37	$	4.92		$		(0.32)
Diluted	$	(0.02)	$	0.36	$	4.61		$		(0.32)
Weighted Average Shares of Common Stock Outstanding
Basic		592,202,835		861,108,510		586,074,705				815,810,479
Diluted		592,202,835		887,169,336		640,185,279				815,810,479
							4Q'22			1Q'23
KKR & Co. Inc. Stockholders' Equity Per Outstanding Share of Common Stock			$	20.55		$	21.54
Note:	All figures in this presentation are as of March 31, 2023, unless otherwise specifically indicated. See Appendix for GAAP income statement and GAAP balance sheet. Totals may
	not add due to rounding. As required under GAAP, for the quarter ended March 31, 2022 and for the last twelve months ended March 31, 2023, unvested shares of common
	stock of KKR & Co. Inc. are excluded from the calculation of diluted earnings per share of common stock because inclusion of such unvested shares of common stock would be
	antidilutive having the effect of decreasing the loss per share of common stock.

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