KKR (KKR) Transaction presentation summary

Transaction overview

• A definitive agreement was reached for the sale of USI Insurance Services to Aon plc for $17 billion in an all-cash deal, expected to close in Q4 2026.

• The sale represents a ~33% premium to USI's unaffected June 30, 2026 valuation.

• KKR expects after-tax proceeds of approximately $3.3 billion, generating ~$2.0 billion of Adjusted Net Income (ANI) and over $2.00 of ANI per share.

• The transaction delivers a ~6x multiple on the original 2017 investment and a 3.4x multiple on all KKR balance sheet capital invested.

• This is a significant monetization event and part of a broader acceleration in monetization activity.

USI value creation and performance

• USI achieved a 12% CAGR in adjusted revenue and a 13% CAGR in adjusted EBITDA since 2017.

• Nearly tripled revenue through organic growth and over 90 strategic acquisitions.

• Approximately 90% of revenue is recurring, with high renewal rates.

• The team more than doubled, and significant investments were made in proprietary technology, data, and AI capabilities.

Strategic Holdings and capital allocation

• Strategic Holdings segment includes direct ownership in 18 companies post-USI sale, with $3.5 billion in adjusted revenues and ~$800 million in adjusted EBITDA (LTM 10'26).

• USI was the most mature holding, expected to contribute ~40% of 2026 Strategic Holdings Operating Earnings.

• KKR reaffirms its forecast of $350+ million in Strategic Holdings Operating Earnings for 2026 and $1.1+ billion by 2030.

• $3.1 billion of KKR common stock has been repurchased or retired since 2015, representing 15% of free float.

• Six acquisitions completed since 2015 at ~8.5x LTM Adjusted Net Income.