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Apollo’s Profit More Than Doubles as Athene, Holdings Gain

Apollo Global Management LLC said second-quarter profit more than doubled as it marked up the value of its stake in annuity-seller Athene Holding Ltd., and its private equity and credit holdings gained.

Economic net income, a measure of earnings that reflects both realized and unrealized investment gains, increased to $395 million, or 98 cents a share, from $155 million, or 38 cents a share, a year earlier, the New York-based private equity and credit investor said in a statement Wednesday. Analysts had expected earnings of 20 cents a share, the average of 14 estimates compiled by Bloomberg, with the highest expectation at 39 cents.

Apollo, which aggressively sold private equity holdings from 2011 to 2014, has slowed the pace as its remaining portfolio shrinks and the firm focuses on deploying new money. Apollo returned $1.3 billion to investors in the quarter, down from $3.4 billion in the same period last year.

The firm marked up the value of its nearly 10 percent interest in Athene to $615 million from $512 million three months earlier. An annuities seller Apollo created in 2009, Athene plans to go public this year.

Shares of Apollo rose 2.8 percent to $17.43 at 10:11 a.m. in New York. The stock was up 16 percent, including reinvested dividends, this...