What is KKR & Co.'s insurance — embedded derivative?

KKR & Co. (KKR) reported insurance — embedded derivative of $4.9B in Q1 2026.

What does insurance — embedded derivative mean?

The aggregate fair value of all embedded derivatives within the insurance segment's contract portfolio. This captures the net impact of complex policy features that behave like derivatives, impacting the overall valuation of insurance liabilities.

KKR & Co. KKR Insurance — Embedded derivative

Similar metrics at other companies

CRBGEmbedded derivatives gain (loss)

-$649M-192%

LNCEmbedded derivatives gain (loss)

$96M+239%

APORetirement Services — Embedded derivative

$13.55B+26.1%

BHFCompany-Owned Life Insurance — Changes related to embedded derivatives

$0—

TONXEmbedded Derivative In Derivative Transactions

$65K—

CYP

CYPHEmbedded derivatives gain (loss)

-$77.56M-715%

Other financials

Income statement

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Revenue$4.3B+38.8%

Net income$405.2M+318%

Balance sheet

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Cash & equivalents$19.5B+5.9%

Total debt$347.9M-99.1%

Total equity$30.5B+11.0%

Total assets$412.08B+10.7%

Cash flow

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Operating cash flow$1.7B-31.5%

Valuation

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Market cap$89.21B-34.2%

P/E30.1×-36.0×

P/S4.3×-4.0×

Profitability

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Net margin14.3%-0.1pp

FCF margin-139.2%—

Returns & leverage

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Return on equity10.2%+1.2pp

Debt / equity0×-2.1×

Where this comes from

Reported directly by KKR & Co. in its filing.

Tagged under the XBRL concept us-gaap:EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability.

The official record: KKR & Co.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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What is KKR & Co.'s insurance — embedded derivative?: KKR & Co. (KKR) reported insurance — embedded derivative of $4.9B in Q1 2026.
What does insurance — embedded derivative mean?: The aggregate fair value of all embedded derivatives within the insurance segment's contract portfolio. This captures the net impact of complex policy features that behave like derivatives, impacting the overall valuation of insurance liabilities.