Apollo Global Management Reports Q3 Loss Despite Higher Revenue

(RTTNews) - Apollo Global Management, Inc. (APO) Wednesday reported a loss in the third quarter, despite growth in revenue, particularly reflecting a loss in future policy related to retirement services.

The company registered a loss of $876 million or $1.52 per share in the third quarter compared with profit of $249 million or $1.01 per share in the same quarter a year ago.

Apollo had a loss of $3.294 billion in future policy and other policy benefits in retirement services, compared with nil last year.

Excluding one-time items, earnings were $801 million or $1.33 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.23 per share. Analysts' estimates typically exclude special items.

Quarterly revenues increased to 2.979 billion from $1.078 billion last year.

Apollo said its assets under management increased to $523 billion from $481.1 billion last year.