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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 16, 2023

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

(Exact name of registrant as specified in its charter)

Iowa			001-31911			42-1447959
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

6000 Westown Parkway

West Des Moines, IA 50266

(Address of principal executive offices and zip code)

(515) 221-0002

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $1

AEL

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A

AELPRA

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B

AELPRB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02  Results of Operations and Financial Condition

On February 16, 2023, the registrant issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2022, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The registrant's financial supplement for the fourth quarter and year ended December 31, 2022, is attached as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01.  Financial Statements and Exhibits

Exhibit Number						Description
99.1						Press release dated February 16, 2023, announcing American Equity Investment Life Holding Company's financial results for the fourth quarter and year ended December 31, 2022.
99.2						American Equity Investment Life Holding Company's Financial Supplement for the fourth quarter and year ended December 31, 2022.
104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 16, 2023

			AMERICAN EQUITY
			INVESTMENT LIFE HOLDING COMPANY
			By:			/s/ Axel Andre
						Axel Andre
						Chief Financial Officer and Executive Vice President

Exhibit 99.1

						For more information, contact:
						Steven D. Schwartz, Vice President-Investor Relations
						(515) 273-3763, [email protected]
FOR IMMEDIATE RELEASE
February 16, 2023

American Equity Ramps Private Asset Allocation to 22% and Achieves Close to $10 billion in Fee-Generating Reinsurance Balances in Fourth Quarter 2022

Company Highlights

•Q4 2022 net loss available to common stockholders of $(29.4) million, or $(0.34) per diluted common share compared to net income of $82.2 million, or $0.88 per diluted common share for Q4 2021

•Non-GAAP operating income1 available to common stockholders for the fourth quarter 2022 was $67.9 million, or $0.79 per diluted common share; No notable items impacted results in the quarter

•Private asset deployment momentum continues with approximately $1.4 billion sourced in the quarter bringing total portfolio allocation to 22%

•Sequential quarterly FIA sales increase of 7% to $783 million

•Ceded $352 million of flow reinsurance to Brookfield Re and $4.3 billion of GAAP reserves, including $3.8 billion of account value, in new strategic partnership with 26North Re increasing "fee-like" revenues and growing account value subject to recurring fees to $9.6 billion

WEST DES MOINES, Iowa (February 16, 2023) – American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs) today reported its fourth quarter 2022 results. Results in the quarter reflected a lower-than-expected return on mark-to-market assets and higher fee revenues on reinsured account values.

American Equity's President and CEO, Anant Bhalla stated: "The fourth quarter caps a year of outstanding achievements as we continue to execute on our AEL 2.0 strategy. During the year, we originated $5 billion of privately sourced assets, driving total allocation to 22% of our investment portfolio – generating value for shareholders and policyholders without taking additional risk. Aggregate adjusted investment spread for the year increased 59 basis points as we reinvested excess cash, invested in privately sourced assets, and benefited from our allocation to floating rate assets, all while proactively reducing the portfolio's credit risk exposure in anticipation of potentially amplifying macro-economic uncertainty. We also revamped our pricing procedures creating the ability to quickly re-price product as markets change, entered into an important, long-term reinsurance relationship with 26North Re helping to drive reinsurance assets subject to fees to nearly $10 billion, and made a number of

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foundational operational changes to facilitate the efficient sales growth we foresee as the AEL 2.0 flywheel continues to gain speed."

Bhalla continued, “While fourth quarter results reflect lower-than-expected investment returns on mark-to-market assets, impacting overall portfolio yield by 9 basis points, our strong execution on our AEL 2.0 strategy over the last year, as well as the sales momentum we are seeing through the first six weeks of 2023, only increase our confidence in our continued delivery of superior shareholder value this year and over the long term.”

Non-GAAP operating income1 available to common stockholders for the fourth quarter of 2022 was $67.9 million, or $0.79 per diluted common share, compared to non-GAAP operating income1 available to common stockholders of $75.8 million, or $0.81 per diluted common share for the fourth quarter of 2021. For the fourth quarter of 2021, non-GAAP operating income1, excluding notable items, was $97.1 million, or $1.04 per diluted common share. There were no notable items affecting results for the fourth quarter of 2022.

Actuarial assumption revisions utilized in the determination of deferred policy acquisition costs, deferred sales inducements, and the liability for future policy benefits to be paid for guaranteed lifetime income through life-time income benefit riders (LIBR) negatively affected non-GAAP operating income1 by $21.2 million, or $0.23 per diluted common share, in the fourth quarter of 2021.

The year-over-year change in quarterly non-GAAP operating income1 available to common stockholders excluding the impact of actuarial assumption revisions primarily reflected the effect of reduced equity index credits due to the decline in equity markets on the increase in the LIBR reserve and in the amortization of the deferred acquisition cost and deferred sales inducement assets. This was offset partly by substantial increases in both investment spread and recurring fee revenue associated with reinsurance.

For the fourth quarter of 2022, net investment income increased $25 million from the comparable quarter of 2021 reflecting an increase in average yield on investments resulting from the benefit from higher short-term interest rates on our floating rate portfolio, lower cash balances, and the increase in allocation to privately sourced assets to 22.0% of the investment portfolio offsetting a decline in investment assets primarily due to our recent in-force reinsurance transaction which became effective on October 3, 2022..

Compared to the fourth quarter of 2021, the change in the liability for future benefits to be paid for LIBR increased $35 million. Excluding the impact of actuarial assumption revisions in the fourth quarter of 2021, the year-over-year change in liability for future policy benefits to be paid for LIBR was $45 million higher as lower than modeled index credits increased the LIBR reserve by $18 million in the quarter; conversely, better than expected index credits in the fourth quarter of 2021 lowered the change in the LIBR reserve by $30 million. Actual versus modeled experience resulted in an increase in the reserve for the fourth quarter of 2022 of $37 million compared to expectations reflecting $18 million of additional expense associated with near zero index credits, $8 million for lower than modeled option budget, and $8 million for other experience true-ups; actual versus modeled experience reduced the reserve by $4 million in the fourth quarter of 2021.

2

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Compared to the fourth quarter of 2021, amortization of deferred policy acquisition and sales inducement cost increased $10 million. Excluding the impact of actuarial assumption revisions in the fourth quarter of 2021, amortization of deferred policy acquisition and sales inducement costs increased by $26 million year-over year. Actual versus modeled expectations in the fourth quarter of 2022, primarily reflecting the level of equity index credits, interest margin and lapsation, offset in part by lower option budget, increased amortization by $8 million. Additional expense associated with near zero index credits in the fourth quarter of 2022 was $9 million. Amortization of deferred sales inducements and policy acquisition costs was positively affected by $9 million in the fourth quarter of 2021 from actual versus modeled expectations.

As of December 31, 2022, account value of business ceded subject to fee income was $9.6 billion, up $4 billion from three months earlier, primarily reflecting $3.8 billion of in-force account value reinsured in the quarter. Flow reinsurance ceded in the fourth quarter of 2022 totaled $352 million of account value. Operating income1 for the fourth quarter of 2022 included $21 million of revenues from reinsurance account values subject to fees compared to $11 million in the third quarter, reflecting the increase in ceded account value.

The effective tax rate on pre-tax operating income1 for the fourth quarter of 2022 was 13.8%, reflecting true-ups to bring the estimated income tax rate through the first nine months of the year in line with the full year effective rate. For the full year, the effective tax rate on pre-tax operating income1 was 20.1% - at the low end of expectations.

STRONG INVESTED ASSET ORIGINATION AT ATTRACTIVE EXPECTED RATES OF RETURN

American Equity’s investment spread was 2.54% for the fourth quarter of 2022 compared to 2.73% for the third quarter of 2022 and 2.29% for the fourth quarter of 2021. On a sequential quarterly basis, the average yield on invested assets decreased by 18 basis points - driven by lower returns on partnerships and other mark-to-market assets - while the cost of money increased 1 basis point. Adjusted investment spread excluding non-trendable items2 decreased to 2.53% in the fourth quarter of 2022 from 2.70% in the third quarter of 2022.

Average yield on invested assets was 4.30% in the fourth quarter of 2022 compared to 4.48% in the third quarter of 2022. The average adjusted yield on invested assets excluding non-trendable items2 was 4.29% in the fourth quarter of 2022 compared to 4.45% in the third quarter of 2022. Returns on mark-to-market assets contributed a benefit of 22 basis points in the third quarter but reduced the portfolio yield by nine basis points in the fourth quarter. The benefit to the investment portfolio from higher short term rates on floating rate investments was 15 basis points in the fourth quarter.

During the quarter, investment asset purchases totaled $2.5 billion and were made at an average rate of 6.81%, including approximately $1.4 billion of private assets at 7.02%.

The aggregate cost of money for annuity liabilities of 1.76% in the fourth quarter of 2022 was up 1 basis point compared to the third quarter of 2022, in line with market costs. The cost of money in the both quarters reflect a small benefit from the over-hedging of index-linked credits.

FIA SALES3 INCREASE 7% FROM PRIOR SEQUENTIAL QUARTER

Fourth quarter sales were $900 million, of which 87.0%, or $783 million, were in fixed index annuities. Although total enterprise FIA sales were down on a year-over-year basis, reflecting the company's pricing discipline in the midst of historically competitive markets, total enterprise FIA sales increased 7.3% compared to third quarter as pricing changes made in the fourth quarter helped increase traction with producers. Compared to the third

3

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quarter of 2022, FIA sales at American Equity Life in the Independent Marketing Organization (IMO) channel increased 1.5%, while Eagle Life FIA sales through banks and broker-dealers rose 42.4%.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

The forward-looking statements in this release or that American Equity uses on its conference call, such as ability, aim, anticipate, assume, become, believe, building, can, commit, constructive, continue, could, estimate, expect, exposure, forward, future, goal, grow, guidance, intend, likely, look to, may, might, model, opportunity, outlook, over time, plan, potential, prepare, project, ramp, risk, scenario, see, should, signal, strategy, target, to be, toward, trends, will, would, and their derivative forms and similar words, as well as any projections of future results, are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" the company describes in its U.S. Securities and Exchange Commission filings. The Company's future results could differ, and it has no obligation to correct or update any of these statements.

CONFERENCE CALL

American Equity will hold a conference call to discuss fourth quarter 2022 earnings on Friday, February 17, at 10:00 a.m. CT.

The conference call will be webcast live on the Internet. Investors and interested parties who wish to listen to the webcast may register to access it on our IR website at https://ir.american-equity.com. An audio replay will also be available via the same link on our website shortly after the completion of the call for 30 days.

The call may also be accessed by telephone. Investors and interested parties may register for the call with the form available at this link, and upon submission (and via follow-up email) will receive the dial-in number and a unique PIN to access the call. Registration is available now or any time up to and during the time of the call. Registration is also available by visiting our IR website at https://ir.american-equity.com.

ABOUT AMERICAN EQUITY    

At American Equity Investment Life Holding Company, we think of ourselves as The Financial Dignity CompanyTM that offers solutions designed to create financial dignity in retirement. Our policyholders work with independent agents, banks and broker-dealers, through our wholly-owned operating subsidiaries, to choose one of our leading annuity products best suited for their personal needs. To deliver on our promises to policyholders, American Equity has reframed its investment focus, building a stronger emphasis on insurance liability driven asset allocation as well as the origination and management of private assets. Our company is headquartered in West Des Moines, Iowa with satellite offices in Charlotte, NC and New York, NY. For more information, please visit www.american-equity.com.

1    Use of non-GAAP financial measures, including those that isolate notable items, is discussed in this release in the tables that follow the text of the release.

2    Non-trendable items are the impact of investment yield – additional prepayment income and cost of money effect of over (under) hedging as shown in our December 31, 2022 financial supplement on page 10, “Spread Results”.

3    For the purposes of this document, all references to sales are on a gross basis. Gross sales is defined as sales before the use of reinsurance.

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4

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American Equity Investment Life Holding Company

Unaudited (Dollars in thousands, except per share data)

Consolidated Statements of Operations

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Revenues:
Premiums and other considerations			$	2,991					$	14,553					$	19,739					$	58,202
Annuity product charges			61,666						60,310						230,354						242,631
Net investment income			537,995						514,599						2,307,463						2,037,475
Change in fair value of derivatives			22,243						522,251						(1,138,128)						1,348,735
Net realized gains (losses) on investments			14,411						(10,478)						(47,848)						(13,242)
Other revenue			15,148						8,026						43,921						15,670
Total revenues			654,454						1,109,261						1,415,501						3,689,471
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			5,663						16,975						31,099						67,983
Interest sensitive and index product benefits			160,243						574,816						889,650						2,681,406
Amortization of deferred sales inducements			46,773						59,409						408,548						152,692
Change in fair value of embedded derivatives			342,409						186,802						(2,352,598)						(358,302)
Interest expense on notes and loan payable			10,228						6,259						32,098						25,581
Interest expense on subordinated debentures			1,335						1,330						5,331						5,324
Amortization of deferred policy acquisition costs			64,338						82,999						615,300						268,328
Other operating costs and expenses			62,041						66,279						239,616						243,712
Total benefits and expenses			693,030						994,869						(130,956)						3,086,724
Income (loss) before income taxes			(38,576)						114,392						1,546,457						602,747
Income tax expense (benefit)			(20,478)						21,255						325,155						128,755
Net income (loss)			(18,098)						93,137						1,221,302						473,992
Less: Net income available to noncontrolling interests			361						—						358						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders			(18,459)						93,137						1,220,944						473,992
Less: Preferred stock dividends			10,919						10,919						43,675						43,675
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(29,378)					$	82,218					$	1,177,269					$	430,317
Earnings (loss) per common share			$	(0.34)					$	0.89					$	13.00					$	4.58
Earnings (loss) per common share - assuming dilution			$	(0.34)					$	0.88					$	12.86					$	4.55
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share			85,274						92,479						90,558						93,860
Earnings (loss) per common share - assuming dilution			86,402						93,378						91,538						94,491

Page 1

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American Equity Investment Life Holding Company

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income (loss) 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 (loss) 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 (loss) available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(29,378)					$	82,218					$	1,177,269					$	430,317
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses (a)			(15,167)						7,771						36,428						10,299
Change in fair value of derivatives and embedded derivatives (a)			138,966						(14,544)						(1,080,356)						(187,290)
Net investment income (a)			664						—						664						—
Other revenue			5,969						—						5,969						—
Income taxes			(33,154)						383						222,966						37,184
Non-GAAP operating income available to common stockholders			67,900						75,828						362,940						290,510
Impact of excluding notable items (b)			—						21,235						(26,572)						78,036
Non-GAAP operating income available to common stockholders, excluding notable items			$	67,900					$	97,063					$	336,368					$	368,546
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(0.34)					$	0.88					$	12.86					$	4.55
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			(0.18)						0.08						0.40						0.11
Change in fair value of derivatives and embedded derivatives			1.61						(0.15)						(11.80)						(1.98)
Net investment income			0.01						—						0.01						—
Other revenue			0.07						—						0.06						—
Income taxes			(0.38)						—						2.43						0.39
Non-GAAP operating income available to common stockholders			0.79						0.81						3.96						3.07
Impact of excluding notable items			—						0.23						(0.29)						0.83
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.79					$	1.04					$	3.67					$	3.90

Notable Items

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates			$	—					$	(21,235)					$	26,572					$	(78,036)
Total notable items (b)			$	—					$	(21,235)					$	26,572					$	(78,036)

(a)Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) and accretion of lifetime income benefit rider (LIBR) reserves where applicable.

(b)Notable items reflect the after-tax impact to non-GAAP operating income available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items primarily include the impact from actuarial assumption updates. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

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American Equity Investment Life Holding Company

Unaudited (Dollars in thousands, except share and per share data)

Book Value per Common Share

			Q4 2022
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	3,169,223
Equity available to preferred stockholders (a)			(700,000)
Total common stockholders' equity (b)			2,469,223
Accumulated other comprehensive (income) loss (AOCI)			2,155,055
Total common stockholders’ equity excluding AOCI (b)			4,624,278
Net impact of fair value accounting for derivatives and embedded derivatives			(1,150,532)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (b)			$	3,473,746
Common shares outstanding			84,810,255
Book Value per Common Share: (c)
Book value per common share			$	29.11
Book value per common share excluding AOCI (b)			$	54.52
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (b)			$	40.96

(a)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.

(b)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 derivatives and embedded derivatives, 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 derivatives and embedded derivatives, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives. Since the net impact of fair value accounting for our derivatives and embedded derivatives fluctuates from quarter to quarter and the most significant impacts relate to fair value accounting for our fixed index annuity business and are not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.

(c)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 derivatives and embedded derivatives 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 derivatives and embedded derivatives divided by the total number of shares of common stock outstanding.

Page 3

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American Equity Investment Life Holding Company

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Average Common Stockholders' Equity and Return on Average Common Stockholders' Equity

Return on average common stockholders' equity measures how efficiently we generate profits from the resources provided by our net assets.  Return on average common stockholders' equity is calculated by dividing net income available to common stockholders, for the trailing twelve months, by average equity available to common stockholders. Non-GAAP operating return on average common stockholders' equity excluding average accumulated other comprehensive income (AOCI) and average net impact of fair value accounting for derivatives and embedded derivatives is calculated by dividing non-GAAP operating income available to common stockholders, for the trailing twelve months, by average common stockholders' equity excluding average AOCI and average net impact of fair value accounting for derivatives and embedded derivatives. We exclude AOCI because AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments. We exclude the net impact of fair value accounting for derivatives and embedded derivatives as the amounts are not economic in nature but rather impact the timing of reported results.

			Twelve Months Ended
			December 31, 2022
Average Common Stockholders' Equity Attributable to American Equity Investment Life Holding Company, Excluding Average AOCI and Average Net Impact of Fair Value Accounting for Derivatives and Embedded Derivatives
Average total stockholders’ equity			$	4,746,175
Average equity available to preferred stockholders			(700,000)
Average equity available to common stockholders			4,046,175
Average AOCI			153,133
Average common stockholders' equity excluding average AOCI			4,199,308
Average net impact of fair value accounting for derivatives and embedded derivatives			(712,757)
Average common stockholders' equity excluding average AOCI and average net impact of fair value accounting for derivatives and embedded derivatives			3,486,551
Impact of excluding notable items on average common stockholders' equity excluding average AOCI and average net impact of fair value accounting for derivatives and embedded derivatives			(13,286)
Average common stockholders' equity excluding average AOCI, average net impact of fair value accounting for derivatives and embedded derivatives and notables			$	3,473,265
Net income available to American Equity Investment Life Holding Company common stockholders			$	1,177,269
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized losses on financial assets, including credit losses			36,428
Change in fair value of derivatives and embedded derivatives			(1,080,356)
Net investment income			664
Other revenue			5,969
Income taxes			222,966
Non-GAAP operating income available to common stockholders			362,940
Impact of excluding notable items (b)			(26,572)
Non-GAAP operating income available to common stockholders, excluding notable items			$	336,368
Return on Average Common Stockholders' Equity Attributable to American Equity Investment Life Holding Company
Net income available to common stockholders			29.1		%
Return on Average Common Stockholders' Equity Attributable to American Equity Investment Life Holding Company, Excluding Average AOCI and Average Net Impact of Fair Value Accounting for Derivatives and Embedded Derivatives
Non-GAAP operating income available to common stockholders			10.4		%
Non-GAAP operating income available to common stockholders, excluding notable items			9.7		%

Notable Items			Twelve Months Ended
			December 31, 2022
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates			$	26,572
Total notable items (b)			$	26,572

(a)Adjustments to net income available to common stockholders to arrive at non-GAAP operating income available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) and accretion of lifetime income benefit rider (LIBR) reserves where applicable.

(b)Notable items reflect the after-tax impact to non-GAAP operating income available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items primarily include the impact from actuarial assumption updates. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

Page 4

Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

December 31, 2022

A.			Financial Highlights
			Condensed Consolidated Balance Sheets			1
			Consolidated Statements of Operations			2
			Quarterly Summary - Most Recent 5 Quarters			3
			Non-GAAP Financial Measures
			Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items			5
			Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders			6
			Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items			7
			Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders			8
			Capitalization/Book Value per Common Share			9
			Spread Results			10
			Investment Yields			10
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			11
			Annuity Account Balance Rollforward			11
			Account Values Subject to Recurring Fees Under Reinsurance Agreements			12
			Annuity Deposits by Product Type			12
			Surrender Charge Protection and Account Values by Product Type			13
			Annuity Liability Characteristics			13
C.			Investment Summary
			Summary of Invested Assets			15
			Credit Quality of Fixed Maturity Securities			15
			Watch List Securities			16
			Fixed Maturity Securities by Sector			17
			Mortgage Loans on Real Estate			18
D.			Shareholder Information			20
E.			Research Analyst Coverage			21

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			December 31, 2022						December 31, 2021
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	39,804,617					$	51,305,943
Mortgage loans on real estate			6,949,027						5,687,998
Real estate investments			1,056,063						337,939
Limited partnerships and limited liability companies			1,266,779						520,120
Derivative instruments			431,727						1,277,480
Other investments			1,817,085						1,247,024
Total investments			51,325,298						60,376,504
Cash and cash equivalents			1,919,669						4,508,982
Coinsurance deposits			13,208,399						8,850,608
Accrued investment income			497,851						445,097
Deferred policy acquisition costs			3,562,075						2,222,769
Deferred sales inducements			2,593,350						1,546,073
Deferred income taxes			220,873						—
Income taxes recoverable			55,498						166,586
Other assets			543,128						232,490
Total assets			$	73,926,141					$	78,349,109
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	61,118,134					$	65,477,778
Other policy funds and contract claims			512,790						226,844
Notes and loan payable			792,073						496,250
Subordinated debentures			78,753						78,421
Deferred income taxes			—						541,972
Funds withheld for reinsurance liabilities			6,577,426						3,124,740
Other liabilities			1,656,509						2,079,977
Total liabilities			70,735,685						72,025,982
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			84,810						92,514
Additional paid-in capital			1,325,316						1,614,374
Accumulated other comprehensive income (loss)			(2,155,055)						1,848,789
Retained earnings			3,914,124						2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company			3,169,223						6,323,127
Noncontrolling interests			21,233						—
Total stockholders' equity			3,190,456						6,323,127
Total liabilities and stockholders' equity			$	73,926,141					$	78,349,109

Page 1

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Revenues:
Premiums and other considerations			$	2,991					$	14,553					$	19,739					$	58,202
Annuity product charges			61,666						60,310						230,354						242,631
Net investment income			537,995						514,599						2,307,463						2,037,475
Change in fair value of derivatives			22,243						522,251						(1,138,128)						1,348,735
Net realized gains (losses) on investments			14,411						(10,478)						(47,848)						(13,242)
Other revenue			15,148						8,026						43,921						15,670
Total revenues			654,454						1,109,261						1,415,501						3,689,471
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			5,663						16,975						31,099						67,983
Interest sensitive and index product benefits			160,243						574,816						889,650						2,681,406
Amortization of deferred sales inducements			46,773						59,409						408,548						152,692
Change in fair value of embedded derivatives			342,409						186,802						(2,352,598)						(358,302)
Interest expense on notes and loan payable			10,228						6,259						32,098						25,581
Interest expense on subordinated debentures			1,335						1,330						5,331						5,324
Amortization of deferred policy acquisition costs			64,338						82,999						615,300						268,328
Other operating costs and expenses			62,041						66,279						239,616						243,712
Total benefits and expenses			693,030						994,869						(130,956)						3,086,724
Income (loss) before income taxes			(38,576)						114,392						1,546,457						602,747
Income tax expense (benefit)			(20,478)						21,255						325,155						128,755
Net income (loss)			(18,098)						93,137						1,221,302						473,992
Less: Net income available to noncontrolling interests			361						—						358						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders			(18,459)						93,137						1,220,944						473,992
Less: Preferred stock dividends			10,919						10,919						43,675						43,675
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(29,378)					$	82,218					$	1,177,269					$	430,317
Earnings (loss) per common share			$	(0.34)					$	0.89					$	13.00					$	4.58
Earnings (loss) per common share - assuming dilution			$	(0.34)					$	0.88					$	12.86					$	4.55
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share			85,274						92,479						90,558						93,860
Earnings (loss) per common share - assuming dilution			86,402						93,378						91,538						94,491

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
Revenues:
Traditional life insurance premiums			$	626					$	634					$	691					$	675					$	677
Life contingent immediate annuity considerations			2,365						2,205						3,140						9,403						13,876
Surrender charges			22,030						19,783						15,345						15,541						13,638
Lifetime income benefit rider fees			39,636						41,036						40,169						36,814						46,672
Net investment income			537,995						609,737						592,308						567,423						514,599
Change in fair value of derivatives			22,243						(176,671)						(506,181)						(477,519)						522,251
Net realized gains (losses) on investments			14,411						(15,860)						(33,272)						(13,127)						(10,478)
Other revenue (a)			15,148						10,989						9,195						8,589						8,026
Total revenues			654,454						491,853						121,395						147,799						1,109,261
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			703						424						785						765						624
Life contingent immediate annuity benefits and change in future policy benefits			4,960						5,283						6,306						11,873						16,351
Interest sensitive and index product benefits (b)			160,243						121,890						234,855						372,662						574,816
Amortization of deferred sales inducements (c)			46,773						127,784						90,446						143,545						59,409
Change in fair value of embedded derivatives (d)			342,409						(415,374)						(885,984)						(1,393,649)						186,802
Interest expense on notes payable			10,228						8,984						6,461						6,425						6,259
Interest expense on subordinated debentures			1,335						1,333						1,346						1,317						1,330
Amortization of deferred policy acquisition costs (c)			64,338						183,182						142,354						225,426						82,999
Other operating costs and expenses			62,041						59,532						59,923						58,120						66,279
Total benefits and expenses			693,030						93,038						(343,508)						(573,516)						994,869
Income (loss) before income taxes			(38,576)						398,815						464,903						721,315						114,392
Income tax expense (benefit)			(20,478)						86,214						104,327						155,092						21,255
Net income (loss) (b)(c)(d)			(18,098)						312,601						360,576						566,223						93,137
Less: Net income (loss) available to noncontrolling interests			361						1						(4)						—						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)			(18,459)						312,600						360,580						566,223						93,137
Less: Preferred stock dividends			10,919						10,918						10,919						10,919						10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)			$	(29,378)					$	301,682					$	349,661					$	555,304					$	82,218
Earnings (loss) per common share			$	(0.34)					$	3.44					$	3.78					$	5.73					$	0.89
Earnings (loss) per common share - assuming dilution (b)(c)(d)			$	(0.34)					$	3.41					$	3.74					$	5.67					$	0.88
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			85,274						87,707						92,544						96,866						92,479
Earnings (loss) per common share - assuming dilution			86,402						88,581						93,375						97,953						93,378

(a)Other revenue consists of $3.5 million in Q4 2022, $3.3 million in Q3 2022, $3.0 million in Q2 2022, $2.9 million in Q1 2022 and $2.8 million in Q4 2021 related to asset liability management fees and $11.7 million in Q4 2022, $7.7 million in Q3 2022, $6.2 million in Q2 2022, $5.7 million in Q1 2022 and $5.3 million in Q4 2021 related to amortization of the deferred gain associated with the cost of reinsurance. The deferred gain, which is recorded in Other liabilities on the Consolidated Balance Sheets, was $607.5 million and $321.7 million at December 31, 2022 and 2021, respectively. The deferred gain consists primarily of a difference between liabilities ceded and assets transferred and the present value of the ceding commissions offset by a reduction in deferred policy acquisition costs associated with the in-force business ceded.

(b)Q3 2022 includes a benefit from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index products by $53.0 million and increased both net income and net income available to common stockholders by $41.6 million and increased earnings per common share - assuming dilution by $0.47 per share.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Q4 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $10.5 million and decreased both net income and net income available to common stockholders by $8.2 million and decreased earnings per common share - assuming dilution by $0.09 per share.

(c)Q3 2022 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $45.7 million and $56.9 million, respectively, and decreased both net income and net income available to common stockholders by $80.5 million and decreased earnings per common share - assuming dilution by $0.91 per share.

Q4 2021 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $6.3 million and $6.9 million, respectively, and decreased both net income and net income available to common stockholders by $10.4 million and decreased earnings per common share - assuming dilution by $0.11 per share

(d)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.

Q4 2021 includes expense from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact increased change in fair value of embedded derivatives by $3.5 million and decreased both net income and net income available to common stockholders by $2.7 million and decreased earnings per common share - assuming dilution by $0.03 per share.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income (loss) 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 (loss) 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 (loss) available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(29,378)					$	82,218					$	1,177,269					$	430,317
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses (a)			(15,167)						7,771						36,428						10,299
Change in fair value of derivatives and embedded derivatives (a)			138,966						(14,544)						(1,080,356)						(187,290)
Net investment income (a)			664						—						664						—
Other revenue			5,969						—						5,969						—
Income taxes			(33,154)						383						222,966						37,184
Non-GAAP operating income available to common stockholders			67,900						75,828						362,940						290,510
Impact of excluding notable items (b)			—						21,235						(26,572)						78,036
Non-GAAP operating income available to common stockholders, excluding notable items			$	67,900					$	97,063					$	336,368					$	368,546
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(0.34)					$	0.88					$	12.86					$	4.55
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			(0.18)						0.08						0.40						0.11
Change in fair value of derivatives and embedded derivatives			1.61						(0.15)						(11.80)						(1.98)
Net investment income			0.01						—						0.01						—
Other revenue			0.07						—						0.06						—
Income taxes			(0.38)						—						2.43						0.39
Non-GAAP operating income available to common stockholders			0.79						0.81						3.96						3.07
Impact of excluding notable items			—						0.23						(0.29)						0.83
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.79					$	1.04					$	3.67					$	3.90

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Notable Items

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates			$	—					$	(21,235)					$	26,572					$	(78,036)
Total notable items (b)			$	—					$	(21,235)					$	26,572					$	(78,036)

(a)Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) and accretion of lifetime income benefit rider (LIBR) reserves where applicable.

(b)Notable items reflect the after-tax impact to non-GAAP operating income available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items primarily include the impact from actuarial assumption updates. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Net realized (gains) losses on financial assets, including credit losses:
Net realized (gains) losses on financial assets, including credit losses			$	(19,460)					$	10,045					$	48,264					$	13,618
Amortization of DAC and DSI and accretion of LIBR reserves			4,293						(2,274)						(11,836)						(3,319)
Income taxes			3,261						(1,670)						(7,832)						(2,214)
			$	(11,906)					$	6,101					$	28,596					$	8,085
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	89,662					$	(26,797)					$	(1,129,326)					$	(314,403)
Reinsurance contracts			78,594						(2,362)						(439,502)						(2,362)
Interest rate swaps			1,511						—						19,623						—
Amortization of DAC and DSI			(30,801)						14,615						468,849						129,475
Income taxes			(34,989)						2,053						232,224						39,398
			$	103,977					$	(12,491)					$	(848,132)					$	(147,892)
Net investment income:
Income associated with assets transferred under reinsurance treaty			$	1,476					$	—					$	1,476					$	—
Amortization of DAC and DSI			(812)						—						(812)						—
Income taxes			(143)						—						(143)						—
			$	521					$	—					$	521					$	—
Other revenue:
Amortization of deferred fees associated with reinsurance treaties			$	5,969					$	—					$	5,969					$	—
Income taxes			(1,283)						—						(1,283)						—
			$	4,686					$	—					$	4,686					$	—

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

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 Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items

			Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(29,378)					$	301,682					$	349,661					$	555,304					$	82,218
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses (a)			(15,167)						9,738						31,572						10,285						7,771
Change in fair value of derivatives and embedded derivatives (a)			138,966						(248,823)						(367,145)						(603,354)						(14,544)
Net investment income (a)			664						—						—						—						—
Other revenue			5,969						—						—						—						—
Income taxes			(33,154)						51,403						77,056						127,661						383
Non-GAAP operating income available to common stockholders (b)(c)			67,900						114,000						91,144						89,896						75,828
Impact of excluding notable items (d)			—						(26,572)						—						—						21,235
Non-GAAP operating income available to common stockholders, excluding notable items			$	67,900					$	87,428					$	91,144					$	89,896					$	97,063
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(0.34)					$	3.41					$	3.74					$	5.67					$	0.88
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			(0.18)						0.11						0.34						0.11						0.08
Change in fair value of derivatives and embedded derivatives			1.61						(2.81)						(3.93)						(6.16)						(0.15)
Net investment income			0.01						—						—						—						—
Other revenue			0.07						—						—						—						—
Income taxes			(0.38)						0.58						0.83						1.30						—
Non-GAAP operating income available to common stockholders (b)(c)			0.79						1.29						0.98						0.92						0.81
Impact of excluding notable items (d)			—						(0.30)						—						—						0.23
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.79					$	0.99					$	0.98					$	0.92					$	1.04

Notable Items

			Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates (b)(c)			$	—					$	26,572					$	—					$	—					$	(21,235)
Total notable items (d)			$	—					$	26,572					$	—					$	—					$	(21,235)

(a)Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) and accretion of lifetime income benefit rider (LIBR) reserves where applicable.

(b)Q3 2022 includes a benefit from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index products by $53.0 million and increased both non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per share - assuming dilution by $41.6 million and $0.47 per share, respectively.

Q4 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $10.5 million and decreased both non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per share - assuming dilution by $8.2 million and $0.09 per share, respectively.

(c)Q3 2022 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $8.7 million and $10.5 million, respectively, and decreased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $15.1 million and $0.17 per share, respectively.

Q4 2021 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $7.7 million and $8.8 million, respectively, and decreased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $13.0 million and $0.14 per share, respectively.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

(d)Notable items reflect the after-tax impact to non-GAAP operating income available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items primarily include the impact from actuarial assumption updates. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders

			Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
Net realized (gains) losses on investments			$	(14,411)					$	15,860					$	33,272					$	13,127					$	10,478
Net investment income			1,476						—						—						—						—
Other revenue			5,969						—						—						—						—
Change in fair value of derivatives			(172,643)						14,423						415,171						546,442						(215,961)
Increase (decrease) in total revenues			(179,609)						30,283						448,443						559,569						(205,483)
Amortization of deferred sales inducements			13,417						(59,647)						(37,179)						(90,361)						(4,506)
Change in fair value of embedded derivatives			(342,409)						415,374						885,984						1,393,649						(186,802)
Interest sensitive and index product benefits (a)			4,087						502						(2,569)						143						971
Amortization of deferred policy acquisition costs			14,864						(86,861)						(62,220)						(150,793)						(8,373)
Increase (decrease) in total benefits and expenses			(310,041)						269,368						784,016						1,152,638						(198,710)
Increase (decrease) in income (loss) before income taxes			130,432						(239,085)						(335,573)						(593,069)						(6,773)
Increase (decrease) in income tax expense benefit			33,154						(51,403)						(77,056)						(127,661)						(383)
Increase (decrease) in net income (loss) available to common stockholders			$	97,278					$	(187,682)					$	(258,517)					$	(465,408)					$	(6,390)

(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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except share and per share data)

Capitalization/Book Value per Common Share

			Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
Capitalization:
Notes and loan payable			$	800,000					$	800,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,753						78,668						78,584						78,502						78,421
Total debt			878,753						878,668						578,584						578,502						578,421
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			3,169,223						3,207,698						3,882,217						5,171,086						6,323,127
Total capitalization			4,047,976						4,086,366						4,460,801						5,749,588						6,901,548
Accumulated other comprehensive (income) loss (AOCI)			2,155,055						2,214,388						1,387,968						(63,706)						(1,848,789)
Total capitalization excluding AOCI (a)			$	6,203,031					$	6,300,754					$	5,848,769					$	5,685,882					$	5,052,759
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	3,169,223					$	3,207,698					$	3,882,217					$	5,171,086					$	6,323,127
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			2,469,223						2,507,698						3,182,217						4,471,086						5,623,127
Accumulated other comprehensive (income) loss			2,155,055						2,214,388						1,387,968						(63,706)						(1,848,789)
Total common stockholders’ equity excluding AOCI (c)			4,624,278						4,722,086						4,570,185						4,407,380						3,774,338
Net impact of fair value accounting for derivatives and embedded derivatives			(1,150,532)						(1,217,754)						(1,031,257)						(750,229)						(274,981)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	3,473,746					$	3,504,332					$	3,538,928					$	3,657,151					$	3,499,357
Common shares outstanding			84,810,255						85,966,505						90,168,512						95,019,904						92,513,517
Book Value per Common Share: (d)
Book value per common share			$	29.11					$	29.17					$	35.29					$	47.05					$	60.78
Book value per common share excluding AOCI (c)			$	54.52					$	54.93					$	50.68					$	46.38					$	40.80
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	40.96					$	40.76					$	39.25					$	38.49					$	37.83
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			12.9		%				12.7		%				8.5		%				8.8		%				9.9		%
Total debt / Total capitalization			14.2		%				13.9		%				9.9		%				10.2		%				11.4		%

(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 derivatives and embedded derivatives, 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 derivatives and embedded derivatives, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives. Since the net impact of fair value accounting for our derivatives and embedded derivatives fluctuates from quarter to quarter and the most significant impacts relate to fair value accounting for our fixed index annuity business and are 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 derivatives and embedded derivatives 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 derivatives and embedded derivatives divided by the total number of shares of common stock outstanding.

(e)Debt-to-capital ratios are computed using total capitalization excluding AOCI.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Spread Results

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
4.34%						3.73%			Average yield on invested assets			4.30%						4.48%						4.33%						4.15%						3.80%
1.71%						1.55%			Aggregate cost of money			1.76%						1.75%						1.69%						1.64%						1.51%
2.63%						2.18%			Aggregate investment spread			2.54%						2.73%						2.64%						2.51%						2.29%
									Impact of:
0.03%						0.11%			Investment yield - additional prepayment income			0.01%						0.03%						0.05%						0.03%						0.12%
0.01%						0.07%			Cost of money effect of over hedging			—%						—%						0.02%						0.03%						0.14%
$	53,225,871					$	54,750,862		Weighted average investments			$	50,040,228					$	54,378,154					$	54,768,966					$	54,728,239					$	54,407,554
49,811,623						54,617,968			Ending investments			49,811,623						54,056,886						54,699,422						54,838,509						54,617,968

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

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
									Investment income:
$	2,108,088					$	1,967,496		Fixed income (a)			$	511,077					$	547,326					$	539,382					$	510,303					$	500,577
200,349						73,990			Mark-to-market private asset income (a)			26,816						61,671						53,816						58,046						16,596
$	2,308,437					$	2,041,486		Total non-GAAP investment income (b)			$	537,893					$	608,997					$	593,198					$	568,349					$	517,173
									Investment yield:
4.08%						3.62%			Fixed income investment yield			4.26%						4.16%						4.04%						3.80%						3.73%
12.95%						16.53%			Mark-to-market private asset yield			5.29%						13.89%						15.15%						22.36%						9.60%
4.34%						3.73%			Total investment yield			4.30%						4.48%						4.33%						4.15%						3.80%
									Weighted average investments:
$	51,678,469					$	54,303,353		Fixed income investments			$	48,012,311					$	52,602,319					$	53,347,874					$	53,689,782					$	53,716,356
1,547,402						447,509			Mark-to-market private assets			2,027,917						1,775,835						1,421,092						1,038,457						691,199
$	53,225,871					$	54,750,862		Total weighted average investments			$	50,040,228					$	54,378,154					$	54,768,966					$	54,728,239					$	54,407,555

(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 Parent Company and tax exempt investment income was $1,578 thousand in Q4 2022, $740 thousand in Q3 2022, $890 thousand in Q2 2022, $926 thousand in Q1 2022, and $2,574 thousand in Q4 2021.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
									Included in interest sensitive and index product benefits:
$	305,292					$	1,977,888		Index credits			$	3,861					$	4,648					$	72,398					$	224,385					$	442,568
240,889						245,892			Interest credited			56,402						62,383						60,770						61,334						63,974
									Included in change in fair value of derivatives:
(312,133)						(2,019,477)			Proceeds received at option expiration			(4,061)						(4,865)						(75,115)						(228,092)						(459,982)
647,132						630,015			Pro rata amortization of option cost			154,463						167,197						165,375						160,097						153,399
$	881,180					$	834,318		Cost of money for deferred annuities			$	210,665					$	229,363					$	223,428					$	217,724					$	199,959
$	51,558,865					$	53,681,684		Weighted average liability balance outstanding			$	47,802,219					$	52,337,208					$	52,940,739					$	53,155,293					$	53,064,893

Annuity Account Balance Rollforward

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
$	53,191,277					$	54,056,725		Account balances at beginning of period			$	51,913,689					$	52,762,558					$	53,119,291					$	53,191,277					$	52,938,493
(4,068,761)						(4,279,394)			Reserves ceded - in-force			(3,810,982)						(257,779)						—						—						—
49,122,516						49,777,331			Account balance at beginning of period, net of reinsurance ceded			48,102,707						52,504,779						53,119,291						53,191,277						52,938,493
2,347,315						5,485,205			Net deposits			613,084						496,940						562,366						674,925						815,890
107,691						95,160			Premium bonuses			33,617						27,385						23,547						23,142						23,476
546,181						2,223,780			Fixed interest credited and index credits			60,263						67,031						133,168						285,719						506,542
(72,699)						(67,657)			Surrender charges			(22,030)						(19,783)						(15,345)						(15,541)						(13,638)
(157,655)						(174,974)			Lifetime income benefit rider fees			(39,636)						(41,036)						(40,169)						(36,814)						(46,672)
(4,388,734)						(4,147,568)			Surrenders, withdrawals, deaths, etc.			(1,243,390)						(1,121,627)						(1,020,300)						(1,003,417)						(1,032,814)
$	47,504,615					$	53,191,277		Account balances at end of period			$	47,504,615					$	51,913,689					$	52,762,558					$	53,119,291					$	53,191,277
$	2,243,215					$	2,311,842		Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment			$	2,243,215					$	2,542,651					$	2,491,096					$	2,396,587					$	2,311,842

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Account Values Subject to Recurring Fees Under Reinsurance Agreements

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
$	4,660,690					$	—		Account value of business ceded subject to fee income at beginning of period			$	5,612,098					$	5,065,538					$	4,859,360					$	4,660,690					$	4,459,858
4,068,761						4,279,394			In-force account value ceded subject to fee income			3,810,982						257,779						—						—						—
1,045,600						381,296			Premiums on business ceded subject to fee income			351,971						288,781						206,178						198,670						200,832
(132,715)						—			Disbursements on business ceded subject to fee income			(132,715)						—						—						—						—
$	9,642,336					$	4,660,690		Account value of business ceded subject to fee income at end of period			$	9,642,336					$	5,612,098					$	5,065,538					$	4,859,360					$	4,660,690
$	50,488					$	15,670		Non-GAAP operating revenue associated with recurring fees (a)			$	21,117					$	10,988					$	9,196					$	8,589					$	8,026

(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 5 for the reconciliation of Net Income to Non-GAAP Operating Income and page 6 for the summary of adjustments to arrive at Non-GAAP Operating Income

Annuity Deposits by Product Type

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
									American Equity Life:
$	2,692,141					$	2,753,479		Fixed index annuities			$	637,021					$	627,444					$	671,696					$	755,980					$	806,238
5,329						6,133			Annual reset fixed rate annuities			1,856						1,271						1,140						1,062						848
56,511						855,702			Multi-year fixed rate annuities			49,216						4,465						485						2,345						6,640
18,935						59,816			Single premium immediate annuities			494						1,915						3,073						13,453						14,145
2,772,916						3,675,130						688,587						635,095						676,394						772,840						827,871
									Eagle Life:
479,279						697,068			Fixed index annuities			145,772						102,379						104,374						126,754						176,101
380						350			Annual reset fixed rate annuities			230						143						—						7						13
82,581						1,597,292			Multi-year fixed rate annuities			65,434						14,684						123						2,340						40,901
562,240						2,294,710						211,436						117,206						104,497						129,101						217,015
									Consolidated:
3,171,420						3,450,547			Fixed index annuities			782,793						729,823						776,070						882,734						982,339
5,709						6,483			Annual reset fixed rate annuities			2,086						1,414						1,140						1,069						861
139,092						2,452,994			Multi-year fixed rate annuities			114,650						19,149						608						4,685						47,541
18,935						59,816			Single premium immediate annuities			494						1,915						3,073						13,453						14,145
3,335,156						5,969,840			Total before coinsurance ceded			900,023						752,301						780,891						901,941						1,044,886
968,906						424,819			Coinsurance ceded			286,445						253,446						215,452						213,563						214,851
$	2,366,250					$	5,545,021		Net after coinsurance ceded			$	613,578					$	498,855					$	565,439					$	688,378					$	830,035

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at December 31, 2022:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.5						5.0						8.1%						$	41,992,352					88.4		%
Annual Reset Fixed Rate Annuities						7.4						1.7						3.4%						1,247,151						2.6		%
Multi-Year Fixed Rate Annuities						3.9						1.7						7.4%						4,265,112						9.0		%
Total						11.6						4.6						7.9%						$	47,504,615					100.0		%

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	898,320					$	3,616,403
0.0% < 2.0%			41,672						2,062,990
2.0% < 3.0%			65,004						4,321,344
3.0% < 4.0%			68,626						982,289
4.0% < 5.0%			6,436						2,772,450
5.0% < 6.0%			36,179						2,608,334
6.0% < 7.0%			71,838						2,548,367
7.0% < 8.0%			1,420,984						2,812,800
8.0% < 9.0%			2,547,819						2,219,917
9.0% < 10.0%			112,829						3,337,952
10.0% or greater			242,556						14,709,506
			$	5,512,263					$	41,992,352

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	4,514,723					0.00		%
2023			4,336,011						3.03		%
2024			3,919,595						5.38		%
2025			5,453,784						4.44		%
2026			4,892,384						5.96		%
2027			4,283,172						7.81		%
2028			3,714,323						9.00		%
2029			4,143,581						10.42		%
2030			2,775,742						12.89		%
2031			3,900,824						13.80		%
2032			3,060,964						14.38		%
2033			1,068,172						17.39		%
2034			676,085						18.03		%
2035			350,543						18.50		%
2036			196,242						18.99		%
2037			113,435						19.50		%
2038			105,035						20.00		%
			$	47,504,615					7.92		%

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 December 31, 2022 for the $11.9 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.21%.

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 $35.6 billion of account value allocated to index strategies, the cost of options would decrease by 1.03% based upon prices of options for the week ended January 1, 2023.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Summary of Invested Assets

			December 31, 2022												December 31, 2021
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
U.S. Government and agencies			$	169,071					0.4		%				$	1,078,746					1.9		%
States, municipalities and territories			3,822,943						8.5		%				3,758,761						6.5		%
Foreign corporate securities and foreign governments			616,938						1.4		%				375,097						0.6		%
Corporate securities			20,201,774						44.8		%				32,631,189						57.0		%
Residential mortgage backed securities			1,366,927						3.0		%				1,125,049						2.0		%
Commercial mortgage backed securities			3,447,075						7.6		%				4,682,900						8.2		%
Other asset backed securities			5,155,254						11.4		%				5,146,567						9.0		%
Total fixed maturity securities			34,779,982						77.1		%				48,798,309						85.2		%
Mortgage loans on real estate			6,778,977						15.0		%				5,650,480						9.9		%
Real estate investments			1,056,063						2.3		%				337,939						0.6		%
Limited partnerships and limited liability companies			1,266,779						2.8		%				520,120						0.9		%
Derivative instruments			431,727						1.0		%				1,277,480						2.2		%
Other investments			829,900						1.8		%				690,344						1.2		%
Total investments, net of modified coinsurance investments			45,143,428						100.0		%				57,274,672						100.0		%
Coinsurance investments (a)			6,181,870												3,101,832
Total investments			$	51,325,298											$	60,376,504

(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 - December 31, 2022

NAIC Designation			Amortized Cost						Carrying Amount						Percent						Rating Agency Rating			Amortized Cost						Carrying Amount						Percent
1			$	24,466,961					$	21,752,775					62.5		%				Aaa/Aa/A			$	24,462,459					$	21,723,282					62.5		%
2			14,185,506						12,398,001						35.7		%				Baa			14,228,490						12,434,302						35.7		%
3			562,190						490,198						1.4		%				Ba			554,605						485,166						1.4		%
4			109,409						91,495						0.3		%				B			94,185						79,058						0.2		%
5			61,721						36,738						0.1		%				Caa			20,020						18,540						0.1		%
6			14,636						10,775						—		%				Ca and lower			40,664						39,634						0.1		%
			39,400,423						34,779,982						100.0		%							39,400,423						34,779,982						100.0		%
Coinsurance investments (a)			5,465,596						5,024,635												Coinsurance investments (a)			5,465,596						5,024,635
			$	44,866,019					$	39,804,617														$	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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Watch List Securities - December 31, 2022

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Losses, Net of Allowance						Fair Value
States, municipalities and territories						$	20,657					$	—					$	20,657					$	(3,344)					$	17,313
Corporate securities - Public securities						20,860						—						20,860						(1,050)						19,810
Corporate securities - Private placement securities						10,646						(3,214)						7,432						—						7,432
Residential mortgage backed securities						25,095						(133)						24,962						(2,954)						22,008
Commercial mortgage backed securities						41,899						—						41,899						(2,752)						39,147
Other asset backed securities						2,314						—						2,314						—						2,314
Collateralized loan obligations						103,907						—						103,907						(21,239)						82,668
						$	225,378					$	(3,347)					$	222,031					$	(31,339)					$	190,692

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			December 31, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
U.S. Government and agencies			$	173,638					$	169,071					$	1,046,029					$	1,078,746
States, municipalities and territories			4,356,191						3,822,943						3,325,468						3,758,761
Foreign corporate securities and foreign governments			680,263						616,938						353,198						375,097
Corporate securities:
Capital goods			1,601,113						1,395,595						2,329,169						2,666,627
Consumer discretionary			5,086,479						4,320,219						6,132,199						6,946,585
Energy			1,219,370						1,111,891						1,968,576						2,214,513
Financials			6,467,052						5,634,229						6,998,286						7,714,869
Government non-guaranteed			202,740						179,440						471,015						541,233
Industrials			166,061						138,999						377,631						425,201
Information technology			1,344,461						1,160,067						1,718,596						1,918,197
Materials			1,169,188						1,021,288						1,672,144						1,875,276
Telecommunications			1,306,495						1,090,868						1,569,176						1,756,741
Transportation			1,100,681						975,393						1,312,909						1,454,391
Utilities			3,620,946						3,115,520						4,156,578						4,716,397
Other			58,184						58,265						350,592						401,159
Residential mortgage backed securities:
Government agency			806,999						754,349						455,136						500,698
Prime			387,838						334,613						537,559						544,084
Alt-A			54,910						58,091						59,129						75,361
Non-qualified mortgage			169,847						157,960						—						—
Other			62,235						61,914						4,954						4,906
Commercial mortgage backed securities:
Government agency			170,307						157,903						380,339						415,026
Non-agency			3,668,300						3,289,172						4,169,970						4,267,874
Other asset backed securities:
Auto			44,450						41,896						218,106						222,364
Consumer discretionary			122,068						118,843						—						—
Financials			283,238						252,493						4,441						4,887
Collateralized loan obligations			4,071,929						3,775,347						3,789,984						3,745,452
Other			1,005,440						966,675						1,088,751						1,173,864
			39,400,423						34,779,982						44,489,935						48,798,309
Coinsurance investments (a)			5,465,596						5,024,635						2,509,248						2,507,634
			$	44,866,019					$	39,804,617					$	46,999,183					$	51,305,943

(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 - December 31, 2022

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			December 31, 2022												December 31, 2021
			Principal						Percent						Principal						Percent
Property type distribution
Commercial mortgage loans:
Office			$	267,502					4.0		%				$	287,557					5.1		%
Medical Office			10,265						0.1		%				10,827						0.2		%
Retail			878,352						13.0		%				1,016,101						18.0		%
Industrial/Warehouse			853,215						12.6		%				924,779						16.3		%
Apartment			893,910						13.2		%				854,580						15.1		%
Hotel			285,271						4.2		%				283,500						5.0		%
Mixed Use/Other			200,756						3.0		%				217,970						3.9		%
Agricultural mortgage loans			567,630						8.4		%				408,135						7.2		%
Residential mortgage loans			2,807,652						41.5		%				1,652,910						29.2		%
			6,764,553						100.0		%				5,656,359						100.0		%
Coinsurance investments (a)			171,633												37,817
			$	6,936,186											$	5,694,176

			Commercial												Agricultural
			Amortized Cost						Average LTV						Amortized Cost						Average LTV
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 1.5			505,644						61%						236,589						48%
Greater than or equal to 1.0 and less than 1.2			475,315						50%						15,075						39%
Less than 1.0			44,756						66%						47,604						33%
			3,384,508						54%						565,963						45%
Coinsurance investments (a)			170,050						61%						—						—%
			$	3,554,558					54%						$	565,963					45%
As of December 31, 2021:
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	2,491,464					55%						$	180,113					49%
Greater than or equal to 1.2 and less than 1.5			555,055						65%						202,031						48%
Greater than or equal to 1.0 and less than 1.2			466,517						53%						16,304						44%
Less than 1.0			77,948						65%						8,551						59%
			3,590,984						56%						406,999						48%
Coinsurance investments (a)			37,518						51%						—						—%
			$	3,628,502					56%						$	406,999					48%

(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 - December 31, 2022

Unaudited (Dollars in thousands)

			December 31, 2022
			Commercial						Agricultural						Residential						Total
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 outstanding			3,389,271						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 cost			3,384,508						565,963						2,865,478						6,815,949
Valuation allowance			(22,428)						(1,021)						(13,523)						(36,972)
Carrying value			3,362,080						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
			December 31, 2021
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,595,314					$	408,135					$	1,645,905					$	5,649,354
In workout			—						—						—						—
Delinquent			—						—						7,005						7,005
Principal outstanding			3,595,314						408,135						1,652,910						5,656,359
Unamortized discounts and premiums, net			—						—						22,143						22,143
Deferred fees and costs, net			(4,330)						(1,136)						1,468						(3,998)
Amortized cost			3,590,984						406,999						1,676,521						5,674,504
Valuation allowance			(17,926)						(519)						(5,579)						(24,024)
Carrying value			3,573,058						406,480						1,670,942						5,650,480
Coinsurance investments (a)			37,518						—						—						37,518
			$	3,610,576					$	406,480					$	1,670,942					$	5,687,998

(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 - December 31, 2022

Shareholder Information

A.M. Best

S&P

Fitch

Financial Strength Ratings

American Equity Investment Life Insurance Company

A- (stable)

A- (stable)

A- (stable)

American Equity Investment Life Insurance Company of New York

A- (stable)

A- (stable)

A- (stable)

Eagle Life Insurance Company

A- (stable)

A- (stable)

A- (stable)

Credit Ratings

American Equity Investment Life Holding Company

bbb- (stable)

BBB-

BBB

Senior unsecured debt

bbb- (stable)

BBB-

BBB-

Perpetual, non-cumulative preferred stock

bb (stable)

BB

BB

Corporate Offices:

American Equity Investment Life Holding Company

6000 Westown Parkway

West Des Moines, IA 50266

Inquiries:

Steven Schwartz, Vice President-Investor Relations

(515) 273-3763, [email protected]

Common Stock and Dividend Information:

New York Stock Exchange symbol: “AEL”

			High						Low						Close						Dividend Declared
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
2020
First Quarter			$34.16						$9.07						$18.80						$0.00
Second Quarter			$27.09						$14.76						$24.71						$0.00
Third Quarter			$27.32						$19.06						$21.99						$0.00
Fourth Quarter			$34.25						$22.37						$27.66						$0.32

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, Vice President-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 - December 31, 2022

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

[email protected]

Andrew Kligerman

Credit Suisse Securities

(919) 593-7737

[email protected]

Thomas Gallagher

Evercore ISI

(212) 446-9439

[email protected]

Daniel Bergman

Jefferies

(617) 345-8688

[email protected]

Pablo Singzon II

JP Morgan

(212) 622-2295

[email protected]

Ryan Krueger

Keefe, Bruyette & Woods

(860) 722-5930

[email protected]

Nigel Dally

Morgan Stanley Research

(212) 761-4132

[email protected]

John Barnidge

Piper Sandler & Co.

(312) 281-3412

[email protected]

Wilma Burdis

Raymond James & Associates, Inc.

(727) 567-9371

[email protected]

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

[email protected]

Mark Hughes

Truist Securities

(615) 748-4422

[email protected]

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