Apollo’s Bet on Athene Merger Fuels First-Quarter Results (1)

Apollo Global Management Inc.’s bet on insurer Athene Holding Ltd. is proving to be a strong driver of earnings for the private equity giant.

Proceeds from the insurance business accounted for the majority of Apollo’s first-quarter income before taking into account costs and taxes, the New York-based company said Thursday in a statement. Athene, which posted strong performance in its $11.5 billion alternative-investments portfolio, helped the firm beat Wall Street estimates.

This marks Apollo’s first earnings report since completing its merger with Athene in January. Athene, considered the brainchild of Chief Executive Officer Marc Rowan, has proved ...