EX-99.2 3 a2023-06x30ex992.htm FINANCIAL SUPPLEMENT Document

Exhibit 99.2



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement

June 30, 2023
A.Financial Highlights
Non-GAAP Financial Measures
B.Product Summary
C.Investment Summary
D.
E.
Effective January 1, 2023, American Equity Investment Life Holding Company (the “Company”) adopted Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The Company applied this guidance as of the transition date of January 1, 2021, and retrospectively adjusted prior period amounts to reflect the new guidance. The prior period numbers within this financial supplement have been recast, to the extent impacted by LDTI, from the original financial supplements published by the Company.



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2023December 31, 2022
Assets
Investments:
Fixed maturity securities, available for sale, at fair value$38,680,457 $39,804,617 
Mortgage loans on real estate7,373,609 6,949,027 
Real estate investments1,270,213 1,056,063 
Limited partnerships and limited liability companies1,649,959 1,266,779 
Derivative instruments1,131,597 431,727 
Other investments1,412,939 1,817,085 
Total investments51,518,774 51,325,298 
Cash and cash equivalents5,000,657 1,919,669 
Coinsurance deposits14,247,284 13,254,956 
Market risk benefits234,470 229,871 
Accrued investment income488,396 497,851 
Deferred policy acquisition costs2,842,615 2,773,643 
Deferred sales inducements2,134,254 2,045,683 
Deferred income taxes293,466 438,434 
Income taxes recoverable55,678 55,498 
Other assets829,831 642,696 
Total assets$77,645,425 $73,183,599 
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves$59,856,677 $58,781,836 
Market risk benefits2,673,272 2,455,492 
Other policy funds and contract claims202,251 512,790 
Notes and loan payable788,754 792,073 
Subordinated debentures78,927 78,753 
Funds withheld for reinsurance liabilities7,565,295 6,577,426 
Other liabilities3,885,208 1,614,479 
Total liabilities75,050,384 70,812,849 
Stockholders' equity:
Preferred stock, Series A16 16 
Preferred stock, Series B12 12 
Common stock78,048 84,810 
Additional paid-in capital1,055,963 1,325,316 
Accumulated other comprehensive loss(3,425,248)(3,746,230)
Retained earnings4,863,124 4,685,593 
Total stockholders' equity attributable to American Equity Investment Life Holding Company2,571,915 2,349,517 
Noncontrolling interests23,126 21,233 
Total stockholders' equity2,595,041 2,370,750 
Total liabilities and stockholders' equity$77,645,425 $73,183,599 

Page 1


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2023202220232022
Revenues:
Premiums and other considerations$2,516 $3,831 $6,653 $13,909 
Annuity product charges71,642 55,514 134,233 107,869 
Net investment income542,685 592,308 1,104,008 1,159,731 
Change in fair value of derivatives242,739 (506,181)288,629 (983,700)
Net realized losses on investments(24,679)(33,272)(52,466)(46,399)
Other revenue16,736 9,408 33,130 18,225 
Total revenues851,639 121,608 1,514,187 269,635 
Benefits and expenses:
Insurance policy benefits and change in future policy benefits5,125 6,998 12,333 20,613 
Interest sensitive and index product benefits122,387 140,346 180,298 428,263 
Market risk benefits (gains) losses(144,124)(299,278)39,570 (107,385)
Amortization of deferred sales inducements46,951 44,696 93,552 89,781 
Change in fair value of embedded derivatives213,764 (885,984)618,204 (2,279,633)
Interest expense on notes and loan payable11,227 6,461 22,245 12,886 
Interest expense on subordinated debentures1,338 1,346 2,674 2,663 
Amortization of deferred policy acquisition costs68,476 72,485 136,711 145,454 
Other operating costs and expenses75,697 59,872 149,701 117,667 
Total benefits and expenses400,841 (853,058)1,255,288 (1,569,691)
Income before income taxes450,798 974,666 258,899 1,839,326 
Income tax expense95,652 211,377 59,644 396,572 
Net income355,146 763,289 199,255 1,442,754 
Less: Net loss available to noncontrolling interests(217)(4)(114)(4)
Net income available to American Equity Investment Life Holding Company stockholders355,363 763,293 199,369 1,442,758 
Less: Preferred stock dividends10,919 10,919 21,838 21,838 
Net income available to American Equity Investment Life Holding Company common stockholders$344,444 $752,374 $177,531 $1,420,920 
Earnings per common share$4.43 $8.13 $2.20 $15.01 
Earnings per common share - assuming dilution$4.36 $8.06 $2.17 $14.86 
Weighted average common shares outstanding (in thousands):
Earnings per common share77,767 92,544 80,576 94,693 
Earnings per common share - assuming dilution78,928 93,375 81,824 95,652 

Page 2


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters
Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Revenues:
Traditional life insurance premiums$629 $698 $626 $634 $691 
Life contingent immediate annuity considerations1,887 3,439 2,365 2,205 3,140 
Surrender charges33,777 26,542 22,030 19,783 15,345 
Lifetime income benefit rider fees37,865 36,049 39,636 41,036 40,169 
Net investment income542,685 561,323 537,995 609,737 592,308 
Change in fair value of derivatives242,739 45,890 22,243 (176,671)(506,181)
Net realized gains (losses) on investments(24,679)(27,787)14,411 (15,860)(33,272)
Other revenue (a)16,736 16,394 13,032 10,988 9,408 
Total revenues851,639 662,548 652,338 491,852 121,608 
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)940 1,206 944 118 495 
Life contingent immediate annuity benefits and change in future policy benefits (c)4,185 6,002 5,004 6,541 6,503 
Interest sensitive and index product benefits122,387 57,911 57,626 68,982 140,346 
Market risk benefits (gains) losses (d)(144,124)183,694 33,490 77,579 (299,278)
Amortization of deferred sales inducements46,951 46,601 45,966 46,223 44,696 
Change in fair value of embedded derivatives (e)213,764 404,440 342,409 (415,374)(885,984)
Interest expense on notes payable11,227 11,018 10,228 8,984 6,461 
Interest expense on subordinated debentures1,338 1,336 1,335 1,333 1,346 
Amortization of deferred policy acquisition costs68,476 68,235 66,831 71,726 72,485 
Other operating costs and expenses75,697 74,004 62,389 59,470 59,872 
Total benefits and expenses400,841 854,447 626,222 (74,418)(853,058)
Income (loss) before income taxes450,798 (191,899)26,116 566,270 974,666 
Income tax expense (benefit)95,652 (36,008)(6,817)121,380 211,377 
Net income (loss) (b)(c)(d)(e)355,146 (155,891)32,933 444,890 763,289 
Less: Net income (loss) available to noncontrolling interests(217)103 361 1 (4)
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)355,363 (155,994)32,572 444,889 763,293 
Less: Preferred stock dividends10,919 10,919 10,919 10,918 10,919 
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)$344,444 $(166,913)$21,653 $433,971 $752,374 
Earnings (loss) per common share$4.43 $(2.00)$0.25 $4.95 $8.13 
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)$4.36 $(2.00)$0.25 $4.90 $8.06 
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share77,767 83,417 85,274 87,707 92,544 
Earnings (loss) per common share - assuming dilution78,928 83,417 86,402 88,581 93,375 
(a)Other revenue consists of reinsurance related fee revenue including asset liability management fees and amortization of the deferred gain associated with the cost of reinsurance.
(b)Q3 2022 includes benefit from the update of assumptions used in determining the deferred profit liability. The impact decreased traditional life insurance policy benefits and change in future policy benefits by $0.5 million and increased both net income and net income available to common stockholders by $0.4 million and did not impact earnings per common share - assuming dilution.
(c)Q3 2022 includes expense from the update of assumptions used in determining the liability for future policyholder benefits. The impact increased life contingent immediate annuity benefits and change in future policy benefits by $1.3 million and decreased both net income and net income available to common stockholders by $1.0 million and decreased earnings per common share - assuming dilution by $0.01 per share.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except per share data)

(d)Q3 2022 includes expense from the update of assumptions used in determining the reserves held for market risk benefits. The impact increased market risk benefits (gains) losses by $229.4 million and decreased both net income and net income available to common stockholders by $181.3 million and decreased earnings per common share - assuming dilution by $2.05 per share.
(e)Q3 2022 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $94.8 million and increased both net income and net income available to common stockholders by $74.4 million and increased earnings per common share - assuming dilution by $0.84 per share.
Page 4


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except per share data)





NON-GAAP FINANCIAL MEASURES
In addition to net income available to common stockholders, we have consistently utilized non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income available to common stockholders equals net income available to common stockholders adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income available to common stockholders eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income available to common stockholders together with net income available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.
Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2023202220232022
Net income available to American Equity Investment Life Holding Company common stockholders$344,444 $752,374 $177,531 $1,420,920 
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses22,737 37,054 47,121 50,779 
Change in fair value of derivatives and embedded derivatives(124,816)(470,813)81,386 (1,318,020)
Capital markets impact on the change in fair value of market risk benefits(184,700)(335,330)(47,750)(216,417)
Net investment income4,609 — 2,118 — 
Other revenue5,969 — 11,938 — 
Income taxes59,373 167,944 (20,392)321,034 
Non-GAAP operating income available to common stockholders$127,616 $151,229 $251,952 $258,296 
Impact of excluding notable items (a)$8,892 $— $18,458 $— 
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders$4.36 $8.06 $2.17 $14.86 
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses0.29 0.39 0.58 0.53 
Change in fair value of derivatives and embedded derivatives(1.58)(5.04)0.99 (13.78)
Capital markets impact on the change in fair value of market risk benefits(2.34)(3.59)(0.58)(2.26)
Net investment income0.06 — 0.02 — 
Other revenue0.08 — 0.15 — 
Income taxes0.75 1.80 (0.25)3.35 
Non-GAAP operating income available to common stockholders$1.62 $1.62 $3.08 $2.70 
Impact of excluding notable items (a)$0.11 $— $0.23 $— 
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2023202220232022
Notable items impacting non-GAAP operating income available to common stockholders:
Expense associated with strategic incentive award$8,892 $— $18,458 $— 
Total notable items (a)$8,892 $— $18,458 $— 
(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results.
For the three and six months ended June 30, 2023, non-GAAP operating income available to common stockholders would increase $8.9 million and $18.5 million, respectively, if we were to exclude the impact of notable items.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2023202220232022
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses$22,737 $37,054 $47,121 $50,779 
Income taxes(4,888)(7,966)(10,131)(10,917)
$17,849 $29,088 $36,990 $39,862 
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities$(97,095)$(275,057)$45,852 $(919,820)
Reinsurance contracts(19,750)(199,422)44,630 (401,866)
Interest rate swaps(7,971)3,666 (9,096)3,666 
Income taxes26,825 103,814 (17,505)285,421 
$(97,991)$(366,999)$63,881 $(1,032,599)
Capital market impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits$(204,779)$(348,676)$(83,437)$(235,674)
Amortization of capital markets impact on the fair value of market risk benefits20,079 13,346 35,687 19,257 
Income taxes39,710 72,096 10,266 46,530 
$(144,990)$(263,234)$(37,484)$(169,887)
Net investment income:
Income associated with assets transferred under reinsurance treaty$4,609 $— $2,118 $— 
Income taxes(990)— (455)— 
$3,619 $— $1,663 $— 
Other revenue:
Amortization of deferred fees associated with reinsurance treaties$5,969 $— $11,938 $— 
Income taxes(1,284)— (2,567)— 
$4,685 $— $9,371 $— 

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES
Quarterly Summary - Most Recent 5 Quarters
Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders
Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders$344,444 $(166,913)$21,653 $433,971 $752,374 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses22,737 24,384 (19,460)16,945 37,054 
Change in fair value of derivatives and embedded derivatives(124,816)206,202 169,767 (400,952)(470,813)
Capital markets impact on the change in fair value of market risk benefits(184,700)136,950 2,309 (179,509)(335,330)
Net investment income4,609 (2,491)1,476 — — 
Other revenue5,969 5,969 5,969 — — 
Income taxes59,373 (79,765)(39,998)120,802 167,944 
Non-GAAP operating income (loss) available to common stockholders$127,616 $124,336 $141,716 $(8,743)$151,229 
Impact of excluding notable items (a)$8,892 $9,566 $— $181,890 $— 
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders$4.36 $(2.00)$0.25 $4.90 $8.06 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive impact for losses (b)— 0.03 — — — 
Net realized (gains) losses on financial assets, including credit losses0.29 0.29 (0.23)0.19 0.39 
Change in fair value of derivatives and embedded derivatives(1.58)2.43 1.96 (4.52)(5.04)
Capital markets impact on the change in fair value of market risk benefits(2.34)1.62 0.03 (2.03)(3.59)
Net investment income0.06 (0.03)0.02 — — 
Other revenue0.08 0.07 0.07 — — 
Income taxes0.75 (0.94)(0.46)1.36 1.80 
Non-GAAP operating income (loss) available to common stockholders$1.62 $1.47 $1.64 $(0.10)$1.62 
Impact of excluding notable items (a)$0.11 $0.11 $— $2.05 $— 
Notable Items
Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Expense associated with strategic incentive award$8,892 $9,566 $— $— $— 
Impact of actuarial assumption updates— — — 181,890 — 
Total notable items (a)$8,892 $9,566 $— $181,890 $— 
(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results. For the three months ended June 30, 2023, March 31, 2023 and September 30, 2022, non-GAAP operating income available to common stockholders would increase $8.9 million, $9.6 million and $181.9 million, respectively, if we were to exclude the impact of notable items.
(b)For periods with a loss, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders
Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Net realized (gains) losses on investments$24,679 $27,787 $(14,411)$15,860 $33,272 
Net investment income4,609 (2,491)1,476 — — 
Other revenue5,969 5,969 5,969 — — 
Change in fair value of derivatives(338,579)(198,239)(172,643)14,423 415,171 
Increase (decrease) in total revenues(303,322)(166,974)(179,609)30,283 448,443 
Change in fair value of embedded derivatives(213,764)(404,440)(342,409)415,374 885,984 
Market risk benefits (gains) losses184,700 (136,950)(2,309)179,509 335,330 
Interest sensitive and index product benefits (a)1,943 3,402 5,048 (1,084)(3,782)
Increase (decrease) in total benefits and expenses(27,121)(537,988)(339,670)593,799 1,217,532 
Increase (decrease) in income (loss) before income taxes(276,201)371,014 160,061 (563,516)(769,089)
Increase (decrease) in income tax expense benefit(59,373)79,765 39,998 (120,802)(167,944)
Increase (decrease) in net income (loss) available to common stockholders$(216,828)$291,249 $120,063 $(442,714)$(601,145)
(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits. The change in this allowance is reflected in the net realized (gains) losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except share and per share data)

Capitalization/Book Value per Common Share
Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Capitalization:
Notes and loan payable$800,000 $800,000 $800,000 $800,000 $500,000 
Subordinated debentures payable to subsidiary trusts78,927 78,839 78,753 78,668 78,584 
Total debt
878,927 878,839 878,753 878,668 578,584 
Total stockholders’ equity attributable to American Equity Investment Life Holding Company2,571,915 2,605,485 2,349,517 2,157,667 3,625,377 
Total capitalization3,450,842 3,484,324 3,228,270 3,036,335 4,203,961 
Accumulated other comprehensive loss (AOCI)3,425,248 3,036,429 3,746,230 3,984,496 2,231,594 
Total capitalization excluding AOCI (a)
$6,876,090 $6,520,753 $6,974,500 $7,020,831 $6,435,555 
Total stockholders’ equity attributable to American Equity Investment Life Holding Company$2,571,915 $2,605,485 $2,349,517 $2,157,667 $3,625,377 
Equity available to preferred stockholders (b)(700,000)(700,000)(700,000)(700,000)(700,000)
Total common stockholders' equity (c)
1,871,915 1,905,485 1,649,517 1,457,667 2,925,377 
Accumulated other comprehensive loss3,425,248 3,036,429 3,746,230 3,984,496 2,231,594 
Total common stockholders’ equity excluding AOCI (c)
5,297,163 4,941,914 5,395,747 5,442,163 5,156,971 
Net impact of fair value accounting for derivatives and embedded derivatives(1,587,599)(1,490,297)(1,652,169)(1,721,324)(1,418,244)
Net capital markets impact on the fair value of market risk benefits(638,442)(493,452)(600,958)(602,772)(461,856)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)
$3,071,122 $2,958,165 $3,142,620 $3,118,067 $3,276,871 
Common shares outstanding78,047,941 77,753,194 84,810,255 85,966,505 90,168,512 
Book Value per Common Share: (d)
Book value per common share$23.98 $24.51 $19.45 $16.96 $32.44 
Book value per common share excluding AOCI (c)$67.87 $63.56 $63.62 $63.31 $57.19 
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)$39.35 $38.05 $37.05 $36.27 $36.34 
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization11.6 %12.3 %11.5 %11.4 %7.8 %
Total debt / Total capitalization12.8 %13.5 %12.6 %12.5 %9.0 %
(a)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.
(b)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.
(c)Total common stockholders' equity, total common stockholders' equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities, non-GAAP financial measures, exclude equity available to preferred stockholders. Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities. Since the net impact of fair value accounting for our fixed index annuity business is not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.
(d)Book value per common share including and excluding AOCI and book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities are calculated as total common stockholders’ equity, total common stockholders’ equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities divided by the total number of shares of common stock outstanding.
(e)Debt-to-capital ratios are computed using total capitalization excluding AOCI.
Page 9


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Spread Results
Six Months Ended 
 June 30,
20232022Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
4.44%4.24%Average yield on invested assets4.42%4.48%4.30%4.48%4.33%
1.82%1.66%Aggregate cost of money1.85%1.81%1.76%1.75%1.69%
2.62%2.58%Aggregate investment spread2.57%2.67%2.54%2.73%2.64%
Impact of:
0.01%0.04%
Investment yield - additional prepayment income
0.01%—%0.01%0.03%0.05%
0.02%0.02%Cost of money effect of over hedging0.03%—%—%—%0.02%
$49,354,006 $54,748,602 Weighted average investments$49,125,197 $49,304,219 $50,040,228 $54,378,154 $54,768,966 
49,398,076 54,699,422 Ending investments49,398,076 48,852,319 49,811,623 54,056,886 54,699,422 
Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.
Investment Yields
Six Months Ended 
 June 30,
20232022Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Investment income:
$1,067,052 $1,049,685 
Fixed income (a)
$533,930 $533,122 $511,077 $547,326 $539,382 
28,662 111,862 Mark-to-market private asset income (a)9,035 19,627 26,816 61,671 53,816 
$1,095,714 $1,161,547 Total non-GAAP investment income (b)$542,965 $552,749 $537,893 $608,997 $593,198 
Investment yield:
4.54%3.92%Fixed income investment yield4.57%4.52%4.26%4.16%4.04%
2.43%18.23%Mark-to-market private asset yield1.48%3.61%5.29%13.89%15.15%
4.44%4.24%Total investment yield4.42%4.48%4.30%4.48%4.33%
Weighted average investments:
$46,990,472 $53,521,544 Fixed income investments$46,684,803 $47,129,120 $48,012,311 $52,602,319 $53,347,874 
2,363,534 1,227,058 Mark-to-market private assets2,440,394 2,175,099 2,027,917 1,775,835 1,421,092 
$49,354,006 $54,748,602 Total weighted average investments$49,125,197 $49,304,219 $50,040,228 $54,378,154 $54,768,966 
(a)Net of investment expenses
(b)Non-GAAP investment income is comprised of GAAP Net investment income adjusted to remove income associated with cash held by the Parent Company for corporate activities and to gross up income related to the tax benefit of tax exempt investment income, in addition to the adjustments shown in the reconciliation of Net income to Non-GAAP Operating income on page 5. The net impact of the adjustments for income associated with cash held by the Holding Company and tax exempt investment income was $4,329 thousand in Q2 2023, $6,083 thousand in Q1 2023, $1,578 thousand in Q4 2022, $740 thousand in Q3 2022, and $890 thousand in Q2 2022, respectively.
Page 10


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities
Six Months Ended 
 June 30,
20232022Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Included in interest sensitive and index product benefits:
$69,040 $296,783 Index credits$65,507 $3,533 $3,861 $4,648 $72,398 
113,551 122,104 Interest credited57,235 56,316 56,402 62,383 60,770 
Included in change in fair value of derivatives:
(73,050)(303,207)Proceeds received at option expiration(69,449)(3,601)(4,061)(4,865)(75,115)
321,263 325,472 Pro rata amortization of option cost163,992 157,271 154,463 167,197 165,375 
$430,804 $441,152 Cost of money for deferred annuities$217,285 $213,519 $210,665 $229,363 $223,428 
$47,225,241 $53,048,016 
Weighted average liability balance outstanding
$47,086,271 $47,266,672 $47,802,219 $52,337,208 $52,940,739 
Annuity Account Balance Rollforward
Six Months Ended 
 June 30,
20232022Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
$47,504,615 $53,191,277 Account balances at beginning of period$47,031,605 $47,504,615 $51,913,689 $52,762,558 $53,119,291 
— — Reserves ceded - in-force— — (3,810,982)(257,779)— 
47,504,615 53,191,277 Account balance at beginning of period, net of reinsurance ceded47,031,605 47,504,615 48,102,707 52,504,779 53,119,291 
1,907,617 1,237,291 Net deposits1,174,953 732,664 613,084 496,940 562,366 
182,123 46,689 Premium bonuses136,856 45,267 33,617 27,385 23,547 
182,591 418,887 Fixed interest credited and index credits122,742 59,849 60,263 67,031 133,168 
(60,319)(30,886)Surrender charges(33,777)(26,542)(22,030)(19,783)(15,345)
(73,914)(76,983)Lifetime income benefit rider fees(37,865)(36,049)(39,636)(41,036)(40,169)
(2,499,131)(2,023,717)Surrenders, withdrawals, deaths, etc.(1,250,932)(1,248,199)(1,243,390)(1,121,627)(1,020,300)
$47,143,582 $52,762,558 Account balances at end of period$47,143,582 $47,031,605 $47,504,615 $51,913,689 $52,762,558 
Page 11


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands, except per share data)

MRB Liability
Six Months Ended 
 June 30,
20232022Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
$1,521,954 $2,362,947 MRB balance at beginning of period$1,632,918 $1,521,954 $1,762,629 $1,721,376 $2,075,033 
— — Reserves ceded - in-force— — (331,020)4,496 — 
850 4,833 Issuances(2,071)2,921 1,230 1,366 913 
62,933 21,662 Interest accrual33,374 29,559 23,910 20,626 12,424 
56,444 58,891 Attributed fees collected28,247 28,197 29,585 29,010 29,378 
— — Benefits payments— — — — — 
(84,287)(235,673)Effect of changes in interest rates and equity markets(202,709)118,422 (16,236)(197,978)(348,675)
896 44,331 Effect of changes in assumptions and policyholder behavior(974)1,870 (5,023)224,522 7,220 
28,904 (535,615)Effect of changes in instrument specific credit risk98,909 (70,005)56,879 (40,789)(54,917)
1,587,694 1,721,376 MRB balance at end of period, net (a)1,587,694 1,632,918 1,521,954 1,762,629 1,721,376 
813,302 588,352 MRB net deferred capital markets impact, end of period813,302 628,602 765,552 767,862 588,352 
$2,400,996 $2,309,728 Non-GAAP MRB balance, end of period (b)$2,400,996 $2,261,520 $2,287,506 $2,530,491 $2,309,728 
(a)The MRB balance is the MRB liability net of the MRB asset and reinsurance recoverable asset associated with the ceded MRB. The reinsurance recoverable asset associated with the ceded MRB is included in coinsurance deposits on the Consolidated Balance Sheet.
(b)Non-GAAP MRB balance is comprised of the GAAP MRB balance adjusted for the pre-tax cumulative effect of the deferral of capital markets impact on the fair value of MRB. See page 9 for the non-GAAP definition and reconciliation of total common stockholders' equity to total common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities which includes the adjustment for the after-tax cumulative effect of the deferral of capital markets impact on the fair value of MRB.
Account Values Subject to Recurring Fees Under Reinsurance Agreements
Six Months Ended 
 June 30,
20232022Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
$9,642,336 $4,660,690 Account value of business ceded subject to fee income at beginning of period $10,155,767 $9,642,336 $5,612,098 $5,065,538 $4,859,360 
— — In-force account value ceded subject to fee income — — 3,810,982 257,779 — 
1,455,573 404,848 Premiums on business ceded subject to fee income 821,413 634,160 351,971 288,781 206,178 
(234,171)— Disbursements on business ceded subject to fee income (113,442)(120,729)(132,715)— — 
$10,863,738 $5,065,538 Account value of business ceded subject to fee income at end of period $10,863,738 $10,155,767 $9,642,336 $5,612,098 $5,065,538 
$45,068 $18,225 Non-GAAP operating revenue associated with recurring fees (a)$22,705 $22,363 $19,001 $10,988 $9,408 
(a)Non-GAAP operating revenue associated with recurring fees is comprised of GAAP Other Revenue adjusted for the amortization of gains on assets transferred under a reinsurance transaction. See page 7 for the reconciliation of Net Income to Non-GAAP Operating Income and page 8 for the summary of adjustments to arrive at Non-GAAP Operating Income.
Page 12


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Annuity Deposits by Product Type
Six Months Ended 
 June 30,
20232022Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022
American Equity Life:
$2,207,477 $1,427,676 Fixed index annuities$1,471,638 $735,839 $637,021 $627,444 $671,696 
1,527 2,202 Annual reset fixed rate annuities834 693 1,856 1,271 1,140 
193,066 2,830 Multi-year fixed rate annuities37,032 156,034 49,216 4,465 485 
705 16,526 Single premium immediate annuities278 427 494 1,915 3,073 
2,402,775 1,449,234 1,509,782 892,993 688,587 635,095 676,394 
Eagle Life:
634,872 231,128 Fixed index annuities406,273 228,599 145,772 102,379 104,374 
3,039 7 Annual reset fixed rate annuities1,770 1,269 230 143 — 
331,161 2,463 Multi-year fixed rate annuities82,932 248,229 65,434 14,684 123 
969,072 233,598 490,975 478,097 211,436 117,206 104,497 
Consolidated:
2,842,349 1,658,804 Fixed index annuities1,877,911 964,438 782,793 729,823 776,070 
4,566 2,209 Annual reset fixed rate annuities2,604 1,962 2,086 1,414 1,140 
524,227 5,293 Multi-year fixed rate annuities119,964 404,263 114,650 19,149 608 
705 16,526 Single premium immediate annuities278 427 494 1,915 3,073 
3,371,847 1,682,832 Total before coinsurance ceded2,000,757 1,371,090 900,023 752,301 780,891 
1,463,525 429,015 Coinsurance ceded825,526 637,999 286,445 253,446 215,452 
$1,908,322 $1,253,817 Net after coinsurance ceded$1,175,231 $733,091 $613,578 $498,855 $565,439 
Surrender Charge Protection and Account Values by Product Type
Annuity Surrender Charges and Net (of Coinsurance) Account Values at June 30, 2023:
Surrender ChargeNet Account Value
Product TypeAvg.
Years
At Issue		Avg.
Years
Remaining		Avg.
%
Remaining		Dollars in Thousands%
Fixed Index Annuities12.34.87.9%$41,563,203 88.2 %
Annual Reset Fixed Rate Annuities7.21.63.1%1,198,840 2.5 %
Multi-Year Fixed Rate Annuities3.91.47.0%4,381,539 9.3 %
Total11.44.47.7%$47,143,582 100.0 %
Page 13


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Annuity Liability Characteristics
Surrender Charge Percentages:Fixed
Annuities
Account Value		Fixed Index
Annuities
Account Value
No surrender charge$874,352 $4,436,953 
0.0% < 2.0%62,859 2,608,474 
2.0% < 3.0%31,276 3,753,293 
3.0% < 4.0%19,087 697,116 
4.0% < 5.0%5,288 2,958,714 
5.0% < 6.0%38,260 2,260,177 
6.0% < 7.0%62,414 2,425,430 
7.0% < 8.0%3,465,637 2,317,794 
8.0% < 9.0%669,109 2,716,586 
9.0% < 10.0%156,084 3,385,827 
10.0% or greater196,013 14,002,839 
$5,580,379 $41,563,203 

Page 14


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Surrender Charge Expiration By Year:Fixed and
Fixed Index
Annuities
Account Value		Weighted
Average
Surrender
Charge
Out of Surrender Charge$5,311,305 0.00 %
20232,737,572 3.75 %
20243,742,107 4.64 %
20255,092,048 3.88 %
20264,606,380 5.33 %
20274,011,274 6.91 %
20283,936,639 8.26 %
20293,992,571 9.71 %
20303,148,257 11.68 %
20313,759,590 13.32 %
20323,093,978 13.89 %
20332,294,465 15.81 %
2034652,734 17.67 %
2035338,352 18.25 %
2036193,131 18.74 %
2037119,473 19.22 %
2038101,458 19.70 %
203912,248 20.00 %
$47,143,582 7.69 %
If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of June 30, 2023 for the $12.4 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.25%.
If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums on the $34.7 billion of account value allocated to index strategies, the cost of options would decrease by 1.11% based upon prices of options for the week ended June 30, 2023.
Page 15


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Summary of Invested Assets
June 30, 2023December 31, 2022
Carrying
Amount		PercentCarrying
Amount		Percent
Fixed maturity securities:
U.S. Government and agencies$175,462 0.4 %$169,071 0.4 %
States, municipalities and territories3,261,318 7.2 %3,822,943 8.5 %
Foreign corporate securities and foreign governments519,466 1.1 %616,938 1.4 %
Corporate securities18,254,340 40.0 %20,201,774 44.8 %
Residential mortgage backed securities1,316,563 2.9 %1,366,927 3.0 %
Commercial mortgage backed securities3,260,792 7.1 %3,447,075 7.6 %
Other asset backed securities6,725,121 14.7 %5,155,254 11.4 %
Total fixed maturity securities33,513,062 73.4 %34,779,982 77.1 %
Mortgage loans on real estate7,150,041 15.7 %6,778,977 15.0 %
Real estate investments1,270,213 2.8 %1,056,063 2.3 %
Limited partnerships and limited liability companies1,649,959 3.6 %1,266,779 2.8 %
Derivative instruments1,131,597 2.5 %431,727 1.0 %
Other investments909,289 2.0 %829,900 1.8 %
Total investments, net of modified coinsurance investments45,624,161 100.0 %45,143,428 100.0 %
Coinsurance investments (a)5,894,613 6,181,870 
Total investments$51,518,774 $51,325,298 
(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.
Credit Quality of Fixed Maturity Securities - June 30, 2023
NAIC DesignationAmortized
Cost		Carrying
Amount		PercentRating Agency RatingAmortized
Cost		Carrying
Amount		Percent
1$24,100,091 $21,497,873 64.1 %Aaa/Aa/A$23,940,750 $21,363,629 63.7 %
212,987,640 11,438,235 34.1 %Baa13,112,008 11,537,084 34.4 %
3548,122 470,165 1.4 %Ba529,257 454,719 1.4 %
4102,614 92,058 0.4 %B119,610 107,675 0.3 %
56,765 6,917 — %Caa18,915 17,502 0.1 %
611,648 7,814 — %Ca and lower36,340 32,453 0.1 %
37,756,880 33,513,062 100.0 %37,756,880 33,513,062 100.0 %
Coinsurance investments (a)5,566,135 5,167,395 Coinsurance investments (a)5,566,135 5,167,395 
$43,323,015 $38,680,457 $43,323,015 $38,680,457 
(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.
Page 16


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Watch List Securities - June 30, 2023
General Description (a)Amortized
Cost		Allowance for Credit LossesAmortized Cost, Net of AllowanceNet Unrealized
Gains (Losses),
Net of Allowance		Fair Value
States, municipalities and territories$20,657 $— $20,657 $(3,339)$17,318 
Corporate securities - Public securities3,990 — 3,990 (140)3,850 
Corporate securities - Private placement securities7,658 (3,132)4,526 (1,463)3,063 
Residential mortgage backed securities14,016 (67)13,949 (1,647)12,302 
Commercial mortgage backed securities101,927 — 101,927 (17,126)84,801 
Other asset backed securities1,879 — 1,879 19 1,898 
Collateralized loan obligations160,319 (947)159,372 (30,283)129,089 
$310,446 $(4,146)$306,300 $(53,979)$252,321 
(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those on which we have taken credit losses.
Page 17


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector
June 30, 2023December 31, 2022
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Available for sale:
U.S. Government and agencies$179,087 $175,462 $173,638 $169,071 
States, municipalities and territories3,706,777 3,261,318 4,356,191 3,822,943 
Foreign corporate securities and foreign governments585,449 519,466 680,263 616,938 
Corporate securities:
Capital goods1,380,044 1,203,058 1,601,113 1,395,595 
Consumer discretionary4,541,717 3,856,042 5,086,479 4,320,219 
Energy1,017,803 923,675 1,219,370 1,111,891 
Financials6,246,840 5,488,098 6,467,052 5,634,229 
Government non-guaranteed189,320 165,056 202,740 179,440 
Industrials134,368 108,483 166,061 138,999 
Information technology1,199,832 1,039,804 1,344,461 1,160,067 
Materials1,026,548 886,721 1,169,188 1,021,288 
Telecommunications1,187,414 988,322 1,306,495 1,090,868 
Transportation984,676 873,587 1,100,681 975,393 
Utilities3,111,757 2,648,176 3,620,946 3,115,520 
Other74,251 73,318 58,184 58,265 
Residential mortgage backed securities:
Government agency755,168 705,470 806,999 754,349 
Prime373,194 316,580 387,838 334,613 
Alt-A55,115 56,348 54,910 58,091 
Non-qualified mortgage196,504 182,325 169,847 157,960 
Other56,191 55,840 62,235 61,914 
Commercial mortgage backed securities:
Government agency164,999 153,259 170,307 157,903 
Non-agency3,558,841 3,107,533 3,668,300 3,289,172 
Other asset backed securities:
Auto372,904 369,260 44,450 41,896 
Consumer discretionary602,942 570,056 122,068 118,843 
Financials345,273 317,615 283,238 252,493 
Collateralized loan obligations4,974,918 4,765,571 4,071,929 3,775,347 
Other734,948 702,619 1,005,440 966,675 
37,756,880 33,513,062 39,400,423 34,779,982 
Coinsurance investments (a)5,566,135 5,167,395 5,465,596 5,024,635 
$43,323,015 $38,680,457 $44,866,019 $39,804,617 
(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.
Page 18


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate
June 30, 2023December 31, 2022
PrincipalPercentPrincipalPercent
Property type distribution
Commercial mortgage loans:
Office$252,168 3.5 %$277,767 4.1 %
Retail827,217 11.6 %878,352 13.0 %
Industrial/Warehouse871,596 12.2 %853,215 12.6 %
Apartment995,879 14.0 %893,910 13.2 %
Hotel285,271 4.0 %285,271 4.2 %
Mixed Use/Other78,243 1.1 %200,756 3.0 %
Agricultural mortgage loans582,660 8.2 %567,630 8.4 %
Residential mortgage loans3,236,400 45.4 %2,807,652 41.5 %
7,129,434 100.0 %6,764,553 100.0 %
Coinsurance investments (a)225,133 171,633 
$7,354,567 $6,936,186 
CommercialAgricultural
Amortized
Cost		Average
LTV		Amortized
Cost		Average
LTV
As of June 30, 2023:
Debt Service Coverage Ratio:
Greater than or equal to 1.5$2,323,916 53%$284,227 49%
Greater than or equal to 1.2 and less than 1.5337,210 62%240,675 52%
Greater than or equal to 1.0 and less than 1.2558,172 47%11,788 44%
Less than 1.086,502 56%44,251 41%
3,305,800 53%580,941 50%
Coinsurance investments (a)223,568 51%— —%
$3,529,368 53%$580,941 50%
As of December 31, 2022:
Debt Service Coverage Ratio:
Greater than or equal to 1.5$2,358,793 53%$266,695 45%
Greater than or equal to 1.2 and less than 1.5505,644 61%236,589 48%
Greater than or equal to 1.0 and less than 1.2475,315 50%15,075 39%
Less than 1.044,756 66%47,604 33%
3,384,508 54%565,963 45%
Coinsurance investments (a)170,050 61%— —%
$3,554,558 54%$565,963 45%
(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.
Page 19


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023
Unaudited (Dollars in thousands)

June 30, 2023
CommercialAgriculturalResidentialTotal
Credit exposure - by payment activity
Performing$3,310,374 $582,660 $3,181,610 $7,074,644 
In workout— — — — 
Delinquent— — 54,790 54,790 
Principal outstanding3,310,374 582,660 3,236,400 7,129,434 
Unamortized discounts and premiums, net(998)— 66,226 65,228 
Deferred fees and costs, net(3,575)(1,719)1,068 (4,226)
Amortized cost3,305,801 580,941 3,303,694 7,190,436 
Valuation allowance(21,330)(895)(18,170)(40,395)
Carrying value3,284,471 580,046 3,285,524 7,150,041 
Coinsurance investments (a)223,568 — — 223,568 
$3,508,039 $580,046 $3,285,524 $7,373,609 
December 31, 2022
CommercialAgriculturalResidentialTotal
Credit exposure - by payment activity
Performing$3,389,271 $564,495 $2,773,251 $6,727,017 
In workout— — — — 
Delinquent— 3,135 34,401 37,536 
Principal outstanding3,389,271 567,630 2,807,652 6,764,553 
Unamortized discounts and premiums, net— — 55,917 55,917 
Deferred fees and costs, net(4,763)(1,667)1,909 (4,521)
Amortized cost3,384,508 565,963 2,865,478 6,815,949 
Valuation allowance(22,428)(1,021)(13,523)(36,972)
Carrying value3,362,080 564,942 2,851,955 6,778,977 
Coinsurance investments (a)170,050 — — 170,050 
$3,532,130 $564,942 $2,851,955 $6,949,027 
(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023

Shareholder Information
A.M. BestS&PFitch
Financial Strength Ratings
American Equity Investment Life Insurance CompanyA- (stable)A- (negative)A- (stable)
American Equity Investment Life Insurance Company of New YorkA- (stable)A- (negative)A- (stable)
Eagle Life Insurance CompanyA- (stable)A- (negative)A- (stable)
Credit Ratings
American Equity Investment Life Holding Companybbb- (stable)BBB- (negative)BBB
Senior unsecured debtbbb- (stable)BBB-BBB-
Perpetual, non-cumulative preferred stockbb (stable)BBBB
Corporate Offices:
American Equity Investment Life Holding Company
6000 Westown Parkway
West Des Moines, IA 50266
Inquiries:
Steven Schwartz, Head of Investor Relations
(515) 273-3763, sschwartz@american-equity.com
Common Stock and Dividend Information:
New York Stock Exchange symbol: “AEL”
HighLowCloseDividend Declared
2023
First Quarter$48.37$31.57$36.49$0.00
Second Quarter$53.68$35.22$52.11$0.00
2022
First Quarter$44.49$35.05$39.91$0.00
Second Quarter$42.18$32.65$36.57$0.00
Third Quarter$43.55$33.22$37.29$0.00
Fourth Quarter$46.76$28.05$45.62$0.36
2021
First Quarter$32.54$26.21$31.53$0.00
Second Quarter$33.68$29.18$32.32$0.00
Third Quarter$33.79$27.12$29.57$0.00
Fourth Quarter$39.88$29.46$38.92$0.34
Transfer Agent:
Computershare Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940-0310
Phone: (877) 282-1169
Fax: (781) 575-2723
www.computershare.com
Annual Report and Other Information:
Shareholders may receive when available, without charge, a copy of American Equity’s Annual Report, SEC filings and/or press releases by calling Steven Schwartz, Head of Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - June 30, 2023

Research Analyst Coverage
Erik Bass
Autonomous Research US LP
(646) 561-6248
ebass@autonomous.com
Thomas Gallagher
Evercore ISI
(212) 446-9439
thomas.gallagher@evercoreisi.com
Daniel Bergman
Jefferies
(617) 345-8688
dbergman@jefferies.com
Ryan Krueger
Keefe, Bruyette & Woods
(860) 722-5930
rkrueger@kbw.com

John Barnidge
Piper Sandler & Co.
(312) 281-3412
John.Barnidge@psc.com
Wilma Burdis
Raymond James & Associates, Inc.
(727) 567-9371
wilma.burdis@raymondjames.com
Scott Heleniak
RBC Capital Markets, LLC
(804) 782-4006
scott.heleniak@rbccm.com
Mark Hughes
Truist Securities
(615) 748-4422
mark.hughes@research.truist.com


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