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Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the fourth quarter and year ended December 31, 2013.
Apollo reported ENI after taxes of $421.7 million for the fourth quarter ended December 31, 2013, compared to $655.8 million for the same period in 2012. The $234.1 million decrease in ENI was driven by Apollo's Incentive Business, which reported ENI of $366.2 million for the fourth quarter ended December 31, 2013, compared to $632.6 million for the same period in 2012. The $266.4 million year-over-year decrease in ENI for the Incentive Business was largely the result of lower carried interest income from Apollo's private equity segment during the fourth quarter of 2013 compared to the same period in 2012.
Apollo reported ENI after taxes of $1,889.4 million for the year ended December 31, 2013, compared to ENI after taxes of $1,475.8 million in 2012. The $413.6 million increase in ENI after taxes was driven by Apollo’s Management and Incentive Businesses, which reported ENI of $330.8 million and $1,796.9 million, respectively, for the year ended December 31, 2013, compared to $222.9 million and $1,411.5 million, respectively, in 2012.
Apollo's total AUM was $161.2 billion as of December 31, 2013, an increase of $47.8 billion compared to $113.4 billion as of December 31, 2012. The increase in total AUM and fee-generating AUM was driven by growth in Apollo's credit and private equity segments. Fee-generating AUM was $128.4 billion as of December 31, 2013, an increase of $46.5 billion compared to $81.9 billion as of December 31, 2012. During the fourth quarter of 2013, Athene Holding Ltd. (together with its subsidiaries, “Athene”), for which Apollo currently provides asset allocation and related services through its consolidated subsidiary, Athene Asset Management, L.P. ("Athene Asset Management"), closed its acquisition of the U.S. annuity operations of Aviva plc (“Aviva USA”), which added approximately $44 billion of total and fee-generating AUM to Apollo’s credit segment.