CG Carlyle Group Inc

Apollo Global Management LLC posted higher earnings for the third quarter as a gain from the company's stake in insurance business Athene helped offset the impact of volatile markets.

The New York investment firm reported a profit of $41.1 million, or 20 cents a Class A share, up from a year-earlier profit of $2.21 million.

Apollo posted $104 million, or 26 cents a share, of economic net income in the third quarter, compared with $32.4 million, or 18 cents, in the year-ago quarter. The profitability measure, which includes fluctuations in the value of the firm's investments as well as cash earnings, beat Wall Street's expectations for a loss of 11 cents a share.

The results come in contrast to the firm's peers. Earlier this month, investment firm Blackstone Group LP said whipsawing markets reduced the value of some holdings and that firm lost 35 cents a share of economic net income in the quarter. Earlier Wednesday, Carlyle Group LP said it swung to a loss as its private equity and energy funds lost value.

The value of Apollo's private-equity funds depreciated 3.7% during the quarter, while Apollo's credit funds depreciated 0.8%. But the value of the company's Athene investment rose about 20% and offset weakness elsewhere.

One of Apollo's biggest share holdings, oil-and-gas producer EP Energy Corp., has been a drag as the price of crude remains under pressure. The price of oil tumbled 21% during the third quarter, and EP shares fell roughly 61% during the period.

Apollo had $28.7 billion in cash available for investments at the end of September, up from $27.9 billion at the end of June. Assets under management as of Sept. 30 dropped to $161.8 billion from $162.5 billion in the second quarter and $163.9 billion a year earlier.

Apollo said Wednesday that it would pay a dividend of 35 cents for the quarter, down from the 73 cents it paid out a year earlier, but higher than the 34 cents analysts expected.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

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(END) Dow Jones Newswires

October 28, 2015 08:35 ET (12:35 GMT)

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