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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): November 08, 2021

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 November 8, 2021, the registrant issued a press release announcing its financial results for the quarter ended September 30, 2021, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The registrant's financial supplement for the quarter ended September 30, 2021, 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 November 8, 2021, announcing American Equity Investment Life Holding Company's financial results for the quarter ended September 30, 2021.
99.2						American Equity Investment Life Holding Company's Financial Supplement for the quarter ended September 30, 2021.
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: November 8, 2021

			AMERICAN EQUITY
			INVESTMENT LIFE HOLDING COMPANY
			By:			/s/ Scott A. Samuelson
						Scott A. Samuelson
						Vice President and Chief Accounting Officer

Exhibit 99.1

						For more information, contact:
						Steven D. Schwartz, Vice President-Investor Relations
						(515) 273-3763, [email protected]
FOR IMMEDIATE RELEASE
November 8, 2021

American Equity Reports Third Quarter 2021 Results

Company Highlights

•Third quarter 2021 net income available to common stockholders of $141.9 million, or $1.53 per diluted common share compared to net income available to common stockholders of $661.3 million, or $7.17 per diluted common share, for third quarter 2020

•Third quarter 2021 non-GAAP operating income available to common stockholders, excluding notable items1, of $136.3 million, or $1.46 per diluted common share

•Only notable item this quarter, the annual actuarial update, negatively impacted non-GAAP operating income1 by $56.8 million, or $0.61 per diluted common share

•Closed industry re-defining reinsurance partnership with Brookfield Asset Management Re

•Signed agreements with BlackRock and Conning to manage core fixed income and syndicated private placement investments in the quarter; Executed migration of over $45 billion of invested assets since quarter-end

•Deployed $375 million in private assets in the quarter bringing year-to-date as of today total to $2.5 billion; Private assets are at approximately 15% of total invested assets as part of plans to ramp to 30-40% asset allocation over time

•Book value per common share of $61.34 at September 30, 2021; Non-GAAP book value per common share excluding accumulated other comprehensive income (AOCI)1 of $40.19; Excluding both AOCI and net impact of accounting for fair value of derivatives and embedded derivatives, non-GAAP book value per common share1 of $37.33

WEST DES MOINES, Iowa (November 8, 2021) - American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs) today reported on its third quarter 2021 results. These results include substantial progress on the key goals of AEL 2.0 by closing a major reinsurance transaction with Brookfield that generates on-going fee revenues for American Equity and committing significant amounts of the cash the company had on hand to key private asset classes. The majority of investment commitments made in the third quarter represent the continued expansion of American Equity's allocation to residential and commercial real estate assets while the capital deployed in private assets was across middle market corporate loans, agriculture loans and real estate debt.

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American Equity's President and CEO, Anant Bhalla, noted the tremendous progress the company has made since the AEL 2.0 strategy was introduced last October, stating: "I am proud of the pace of execution in all three elements of the virtuous fly-wheel of our business strategy. Now we have in place the necessary building blocks of the American Equity strategy. Over the next few years, we intend to further scale up the following three areas: allocation to private assets, total assets earning fees or investment spread, and third party capital through reinsurance. This should result in the realization of the full potential of our business strategy; thereby improving shareholder returns by migration to the capital-light model we envisioned. Beyond that, AEL is re-imaging its target markets to be The Financial Dignity Company that delights customers as they realize financial dignity from our solutions well beyond their prime earnings years."

Non-GAAP operating income1 available to common stockholders for the third quarter of 2021 was $79.5 million, or $0.85 per diluted common share, compared to non-GAAP operating loss1 available to common stockholders of $(249.8) million, or $(2.72) per diluted common share, for third quarter 2020. Excluding the one notable item this quarter, the impact of actuarial assumption revisions, third quarter 2021 non-GAAP operating income1 available to common stockholders was $136.3 million, or $1.46 per diluted common share, compared to $91.1 million, or $0.98 per diluted common share, for the third quarter of 2020.

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 lifetime income benefit riders (LIBR) negatively affected non-GAAP operating income1 by $56.8 million, or $0.61 per diluted common share, in the third quarter of 2021 and by $340.9 million, or $3.70 per diluted common share, in the third quarter of 2020.

The year-over-year increase in quarterly non-GAAP operating income1 available to common stockholders excluding the impact of actuarial assumption revisions primarily reflected decreases in the change in LIBR liability as well as the amortization of the deferred acquisition cost and deferred sales inducement assets offset partly by an increase in other operating costs and expenses.

Compared to the third quarter of 2020, the change in the liability for future benefits to be paid for LIBR declined by $77 million. Excluding the impact of actuarial assumption revisions, the change in liability for future policy benefits to be paid for LIBR1 decreased by $25 million from the third quarter of 2020. In the third quarter of 2021, the change in the liability for future policy benefits to be paid for LIBR was reduced by $15 million for actual versus modeled experience; actual versus modeled experience increased the reserve by $5 million in the third quarter of 2020. The positive difference between actual versus modeled expectations in the third quarter of 2021 primarily reflected the level of equity index credits, offset partly by greater than modeled utilization of lifetime income benefit riders in certain cohorts and lower than modeled lapsation. The completed reinsurance agreement with Brookfield Asset Management Re reduced the expected increase in the liability for future policy benefits to be paid for LIBR by $7 million.

Compared to the third quarter of 2020, the change in amortization of deferred policy acquisition and sales inducement costs declined by $355 million. Excluding the impact of actuarial assumption revisions, amortization of deferred policy acquisition and sales inducement costs1 decreased $46 million from the third quarter of 2020. The change to earnings patterns resulting from the impact of the actuarial assumption revisions reduced total expected amortization for the quarter by $21 million while the completed reinsurance transaction with Brookfield Asset Management Re reduced expected total amortization by $7 million. Actual versus modeled expectations in the third quarter of 2021, primarily reflecting the level of equity index credits, reduced amortization by $12 million.

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Amortization of deferred sales inducements and policy acquisition costs was negatively affected by $10 million in the third quarter of 2020 from actual versus modeled expectations.

CONTINUED DEPLOYMENT INTO PRIVATE ASSETS AS PART OF RAMPING TO 30%-40% OF ASSET ALLOCATION OVER TIME

American Equity’s investment spread was 2.40% for the third quarter of 2021 compared to 1.95% for the second quarter of 2021 and 2.44% for the third quarter of 2020. On a sequential basis, the average yield on invested assets increased by 40 basis points while the cost of money fell by 5 basis points. Adjusted investment spread excluding non-trendable items3 increased to 2.20% in the third quarter of 2021 from 1.81% in the second quarter of 2021.

Average yield on invested assets was 3.91% in the third quarter of 2021 compared to 3.51% in the second quarter of 2021. The average adjusted yield on invested assets excluding non-trendable items3 was 3.79% in the third quarter of 2021 compared to 3.41% in the second quarter of 2021. Relative to the prior quarter, the average adjusted yield in the third quarter of 2021 benefited by 22 basis points from returns on mark-to-market assets and by 18 basis points due to lower cash holdings relative to invested assets as a result of the completed reinsurance transactions with Brookfield Asset Management Re. Average cash and equivalents in the insurance company portfolio was $6.9 billion compared to $10 billion in the second quarter of 2021.

The aggregate cost of money for annuity liabilities of 1.51% in the third quarter of 2021 was down 5 basis points from 1.56% in the second quarter of 2021. The cost of money in the third quarter of 2021 was positively affected by 8 basis points of over-hedging of index-linked credits compared to 4 basis point of hedge gain in the second quarter of 2021.

Commenting on investment activities, Jim Hamalainen, Chief Investment Officer, said: "Year to date as of today, we have deployed approximately $2.5 billion in private assets. This exceeds our plans for 2021 and was supported by our acquisition of a residential loan portfolio from the Anchor Loan platform to help support its acquisition by our residential real estate partner, Pretium. We now have access to necessary investment capabilities, and scaling to target will allow American Equity shareholders to realize the full potential of differentiated asset management with a lower risk profile than other asset intensive insurance business models.

FUNDS UNDER MANAGEMENT INCREASE 1.1% ON $1.3 BILLION OF SALES4

Policyholder funds under management at September 30, 2021 were $52.9 billion, a $588 million, or 1.1% increase from June 30, 2021, adjusted for the completion of the in-force reinsurance transaction with Brookfield Asset Management Re. Third quarter sales were $1,310 million, representing an increase of 128% from the third quarter 2020 sales level. On a sequential basis, sales increased 11% from the second quarter of 2021. Compared to the second quarter of 2021, sales of fixed index annuities at American Equity Life increased 4% while Eagle Life sales of fixed index annuities rose 2%.

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CAUTION REGARDING FORWARD-LOOKING STATEMENTS

The forward-looking statements in this release, such as believe, enable, expect, intend, may, plan, ramping to, strategy, or similar words, as well as specific 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 third quarter 2021 earnings on Tuesday, November 9, at 8:00 a.m. CT. The conference call will be webcast live on the Internet. Investors and interested parties who wish to listen to the call on the internet may do so at www.american-equity.com.

The call may also be accessed by telephone at 855-865-0606, passcode 6635087 (international callers, please dial 704-859-4382). An audio replay will be available shortly after the call on American Equity's website. An audio replay will also be available via telephone through November 16, 2021 at 855-859-2056, passcode 6635087 (international callers will need to dial 404-537-3406).

ABOUT AMERICAN EQUITY    

At American Equity Investment Life Holding Company, we think of ourselves as The Financial Dignity Company 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 slated to open in 2022 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    Pertinent notable items consist of $56,801 impact related to actuarial assumption updates made in Q3 2021 and $340,895 impact related to actuarial assumption updates made in Q3 2020. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results. For more information, see page 6 of our September 30, 2021 financial supplement.

3    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 September 30, 2021 financial supplement on page 11, “Spread Results”.

4    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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American Equity Investment Life Holding Company

Unaudited (Dollars in thousands, except per share data)

Consolidated Statements of Operations

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2021						2020						2021						2020
Revenues:
Premiums and other considerations			$	15,841					$	10,407					$	43,649					$	29,103
Annuity product charges			58,480						62,277						182,321						185,264
Net investment income			526,366						543,331						1,522,876						1,660,353
Change in fair value of derivatives			(70,701)						205,011						826,484						(409,201)
Net realized gains (losses) on investments			4,933						(22,321)						(2,764)						(68,545)
Other revenue			7,644						—						7,644						—
Loss on extinguishment of debt			—						—						—						(2,024)
Total revenues			542,563						798,705						2,580,210						1,394,950
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			18,756						13,273						51,008						36,676
Interest sensitive and index product benefits			817,014						576,147						2,106,590						1,217,358
Amortization of deferred sales inducements			(17,172)						416,983						93,283						415,396
Change in fair value of embedded derivatives			(536,404)						(1,732,497)						(545,104)						(1,855,623)
Interest expense on notes payable			6,535						6,388						19,322						19,161
Interest expense on subordinated debentures			1,342						1,323						3,994						4,232
Amortization of deferred policy acquisition costs			(1,588)						622,596						185,329						623,409
Other operating costs and expenses			56,518						42,738						177,433						128,315
Total benefits and expenses			345,001						(53,049)						2,091,855						588,924
Income before income taxes			197,562						851,754						488,355						806,026
Income tax expense			44,697						184,554						107,500						143,308
Net income			152,865						667,200						380,855						662,718
Less: Preferred stock dividends			10,918						5,950						32,756						18,511
Net income available to common stockholders			$	141,947					$	661,250					$	348,099					$	644,207
Earnings per common share			$	1.53					$	7.20					$	3.69					$	7.02
Earnings per common share - assuming dilution			$	1.53					$	7.17					$	3.67					$	7.00
Weighted average common shares outstanding (in thousands):
Earnings per common share			92,478						91,861						94,326						91,770
Earnings per common share - assuming dilution			93,044						92,163						94,867						92,071

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 available to common stockholders, we have consistently utilized non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income available to common stockholders equals net income available to common stockholders adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income available to common stockholders eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income available to common stockholders together with net income available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

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

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2021						2020						2021						2020
Net income available to common stockholders			$	141,947					$	661,250					$	348,099					$	644,207
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			(3,900)						15,145						2,528						49,986
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(75,879)						(1,176,909)						(172,746)						(873,773)
Change in fair value of derivatives - interest rate caps and swap			—						—						—						(848)
Income taxes			17,285						250,701						36,801						177,804
Non-GAAP operating income (loss) available to common stockholders			79,453						(249,813)						214,682						(2,624)
Impact of notable items (b)			56,801						340,895						56,801						310,117
Non-GAAP operating income available to common stockholders, excluding notable items			$	136,254					$	91,082					$	271,483					$	307,493
Per common share - assuming dilution:
Net income available to common stockholders			$	1.53					$	7.17					$	3.67					$	7.00
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss			—						0.01						—						—
Net realized (gains) losses on financial assets, including credit losses			(0.04)						0.16						0.02						0.54
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(0.82)						(12.77)						(1.82)						(9.49)
Change in fair value of derivatives - interest rate caps and swap			—						—						—						(0.01)
Income taxes			0.18						2.71						0.39						1.93
Non-GAAP operating income (loss) available to common stockholders			0.85						(2.72)						2.26						(0.03)
Impact of notable items			0.61						3.70						0.60						3.37
Non-GAAP operating income available to common stockholders, excluding notable items			$	1.46					$	0.98					$	2.86					$	3.34

Notable Items

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2021						2020						2021						2020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates			$	56,801					$	340,895					$	56,801					$	340,895
Tax benefit related to the CARES Act			—						—						—						(30,778)
Total notable items (b)			$	56,801					$	340,895					$	56,801					$	310,117

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

(b)Notable items reflect the after-tax impact to non-GAAP operating income (loss) 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 2

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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

			Q3 2021
Total stockholders’ equity			$	6,375,208
Equity available to preferred stockholders (a)			(700,000)
Total common stockholders' equity (b)			5,675,208
Accumulated other comprehensive income			(1,956,974)
Total common stockholders’ equity excluding AOCI (b)			3,718,234
Net impact of fair value accounting for derivatives and embedded derivatives			(265,018)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (b)			$	3,453,216
Common shares outstanding			92,513,517
Book Value per Common Share: (c)
Book value per common share			$	61.34
Book value per common share excluding AOCI (b)			$	40.19
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (b)			$	37.33

(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) 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. We exclude AOCI because AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments.

			Twelve Months Ended
			September 30, 2021
Average Common Stockholders' Equity Excluding Average AOCI
Average total stockholders' equity			$	6,146,712
Average equity available to preferred stockholders			(700,000)
Average equity available to common stockholders			5,446,712
Average AOCI			(1,934,284)
Average common stockholders' equity excluding average AOCI			3,512,428
Impact of notable items on average common stockholders' equity excluding average AOCI			28,401
Average common stockholders' equity excluding average AOCI and notables			$	3,540,829
Net income available to common stockholders			$	341,837
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized losses on financial assets, including credit losses			11,897
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(82,130)
Income taxes			14,805
Non-GAAP operating income available to common stockholders			286,409
Impact of notable items (b)			56,801
Non-GAAP operating income available to common stockholders, excluding notable items			$	343,210
Return on Average Common Stockholders' Equity
Net income available to common stockholders			6.3		%
Return on Average Common Stockholders' Equity Excluding Average AOCI
Non-GAAP operating income available to common stockholders			8.2		%
Non-GAAP operating income available to common stockholders, excluding notable items			9.7		%

Notable Items

			Twelve Months Ended
			September 30, 2021
Notable items impacting Non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates			$	56,801
Total notable items (b)			$	56,801

(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

September 30, 2021

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 Available to Common Stockholders to Non-GAAP Operating Income (Loss) 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 (Loss) Available to Common Stockholders			6
			Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) 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 (Loss) Available to Common Stockholders			9
			Capitalization/Book Value per Common Share			10
			Spread Results			11
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			11
			Annuity Account Balance Rollforward			12
			Notional Values Subject to Recurring Fees Under Reinsurance Agreements			12
			Annuity Deposits by Product Type			13
			Surrender Charge Protection and Account Values by Product Type			13
			Annuity Liability Characteristics			14
C.			Investment Summary
			Summary of Invested Assets			17
			Credit Quality of Fixed Maturity Securities			17
			Watch List Securities			17
			Fixed Maturity Securities by Sector			18
			Mortgage Loans on Real Estate			19
D.			Shareholder Information			21
E.			Research Analyst Coverage			22

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			September 30, 2021						December 31, 2020 (a)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	45,738,097					$	47,538,893
Mortgage loans on real estate			4,288,742						4,165,489
Real estate			259,262						—
Derivative instruments			990,033						1,310,954
Other investments			1,021,226						590,078
Total investments			52,297,360						53,605,414
Cash and cash equivalents			12,684,793						9,095,522
Coinsurance deposits			8,733,096						4,844,927
Accrued investment income			413,370						398,082
Deferred policy acquisition costs			2,193,889						2,225,199
Deferred sales inducements			1,545,494						1,448,375
Income taxes recoverable			—						862
Other assets			449,961						70,198
Total assets			$	78,317,963					$	71,688,579
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	64,810,504					$	62,352,882
Other policy funds and contract claims			229,199						240,904
Notes payable			496,101						495,668
Subordinated debentures			78,342						78,112
Deferred income taxes			426,176						504,000
Income taxes payable			39,478						—
Other liabilities			5,862,955						1,668,025
Total liabilities			71,942,755						65,339,591
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			92,513						95,721
Additional paid-in capital			1,609,039						1,681,127
Accumulated other comprehensive income			1,956,974						2,203,557
Retained earnings			2,716,654						2,368,555
Total stockholders' equity			6,375,208						6,348,988
Total liabilities and stockholders' equity			$	78,317,963					$	71,688,579

(a)The December 31, 2020 balance sheet includes reclassifications from previously reported amounts for the correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in the first quarter of 2021. This is reflected in deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, deferred income taxes and accumulated other comprehensive income.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2021						2020						2021						2020
Revenues:
Premiums and other considerations			$	15,841					$	10,407					$	43,649					$	29,103
Annuity product charges			58,480						62,277						182,321						185,264
Net investment income			526,366						543,331						1,522,876						1,660,353
Change in fair value of derivatives			(70,701)						205,011						826,484						(409,201)
Net realized gains (losses) on investments			4,933						(22,321)						(2,764)						(68,545)
Other revenue			7,644						—						7,644						—
Loss on extinguishment of debt			—						—						—						(2,024)
Total revenues			542,563						798,705						2,580,210						1,394,950
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			18,756						13,273						51,008						36,676
Interest sensitive and index product benefits			817,014						576,147						2,106,590						1,217,358
Amortization of deferred sales inducements			(17,172)						416,983						93,283						415,396
Change in fair value of embedded derivatives			(536,404)						(1,732,497)						(545,104)						(1,855,623)
Interest expense on notes payable			6,535						6,388						19,322						19,161
Interest expense on subordinated debentures			1,342						1,323						3,994						4,232
Amortization of deferred policy acquisition costs			(1,588)						622,596						185,329						623,409
Other operating costs and expenses			56,518						42,738						177,433						128,315
Total benefits and expenses			345,001						(53,049)						2,091,855						588,924
Income before income taxes			197,562						851,754						488,355						806,026
Income tax expense			44,697						184,554						107,500						143,308
Net income			152,865						667,200						380,855						662,718
Less: Preferred stock dividends			10,918						5,950						32,756						18,511
Net income available to common stockholders			$	141,947					$	661,250					$	348,099					$	644,207
Earnings per common share			$	1.53					$	7.20					$	3.69					$	7.02
Earnings per common share - assuming dilution			$	1.53					$	7.17					$	3.67					$	7.00
Weighted average common shares outstanding (in thousands):
Earnings per common share			92,478						91,861						94,326						91,770
Earnings per common share - assuming dilution			93,044						92,163						94,867						92,071

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
Revenues:
Traditional life insurance premiums			$	697					$	708					$	706					$	701					$	708
Life contingent immediate annuity considerations			15,144						13,887						12,507						9,578						9,699
Surrender charges			16,481						18,057						19,481						17,009						16,447
Lifetime income benefit rider fees			41,999						45,702						40,601						48,954						45,830
Net investment income			526,366						499,320						497,190						521,725						543,331
Change in fair value of derivatives			(70,701)						500,880						396,305						443,867						205,011
Net realized gains (losses) on investments			4,933						(3,114)						(4,583)						(12,135)						(22,321)
Other revenue (a)			7,644						—						—						—						—
Total revenues			542,563						1,075,440						962,207						1,029,699						798,705
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			798						502						1,049						1,091						655
Life contingent immediate annuity benefits and change in future policy benefits			17,958						15,326						15,375						11,975						12,618
Interest sensitive and index product benefits (b)			817,014						812,981						476,595						325,912						576,147
Amortization of deferred sales inducements (c)			(17,172)						(12,520)						122,975						22,768						416,983
Change in fair value of embedded derivatives (d)			(536,404)						273,713						(282,413)						568,836						(1,732,497)
Interest expense on notes payable			6,535						6,394						6,393						6,391						6,388
Interest expense on subordinated debentures			1,342						1,326						1,326						1,325						1,323
Amortization of deferred policy acquisition costs (c)			(1,588)						(16,906)						203,823						26,145						622,596
Other operating costs and expenses			56,518						65,050						55,865						55,321						42,738
Total benefits and expenses			345,001						1,145,866						600,988						1,019,764						(53,049)
Income (loss) before income taxes			197,562						(70,426)						361,219						9,935						851,754
Income tax expense (benefit)			44,697						(15,732)						78,535						1,193						184,554
Net income (loss) (a)(b)(c)			152,865						(54,694)						282,684						8,742						667,200
Less: Preferred stock dividends			10,918						10,919						10,919						15,004						5,950
Net income (loss) available to common stockholders (b)(c)(d)			$	141,947					$	(65,613)					$	271,765					$	(6,262)					$	661,250
Earnings (loss) per common share			$	1.53					$	(0.69)					$	2.84					$	(0.07)					$	7.20
Earnings (loss) per common share - assuming dilution (b)(c)(d)			$	1.53					$	(0.69)					$	2.82					$	(0.07)					$	7.17
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			92,478						94,801						95,735						92,904						91,861
Earnings (loss) per common share - assuming dilution			93,044						95,379						96,216						93,352						92,163

(a)Other revenue consists of $2.7 million related to an asset liability management fee and $4.9 million 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 Sheet, was $292.9 million at September 30, 2021. The deferred gain consists primarily of a difference between liabilities ceded and assets transferred of $510.0 million and the present value of the ceding commissions of $127.0 million offset by a reduction in deferred policy acquisition costs of $341.4 million associated with the in-force business ceded.

(b)Q3 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 $233.2 million and decreased both net income and net income available to common stockholders by $183.0 million and decreased earnings per common share - assuming dilution by $1.97 per share.

Q3 2020 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 $285.8 million and decreased both net income and net income available to common stockholders by $224.4 million and decreased earnings per common share - assuming dilution by $2.44 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

(c)Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $51.4 million and $52.6 million, respectively, and increased both net income and net income available to common stockholders by $81.7 million and increased earnings per common share - assuming dilution by $0.88 per share.

Q3 2020 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $391.4 million and $589.2 million, respectively, and decreased both net income and net income available to common stockholders by $769.8 million and decreased earnings per common share - assuming dilution by $8.35 per share.

(d)Q3 2021 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 $125.8 million and increased both net income and net income available to common stockholders by $98.7 million and increased earnings per common share - assuming dilution by $1.06 per share.

Q3 2020 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 $2,111.1 million and increased both net income and net income available to common stockholders by $1,657.2 million and increased earnings per common share - assuming dilution by $17.98 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income available to common stockholders, we have consistently utilized non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income available to common stockholders equals net income available to common stockholders adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income available to common stockholders eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income available to common stockholders together with net income available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

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

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2021						2020						2021						2020
Net income available to common stockholders			$	141,947					$	661,250					$	348,099					$	644,207
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			(3,900)						15,145						2,528						49,986
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(75,879)						(1,176,909)						(172,746)						(873,773)
Change in fair value of derivatives - interest rate caps and swap			—						—						—						(848)
Income taxes			17,285						250,701						36,801						177,804
Non-GAAP operating income (loss) available to common stockholders			79,453						(249,813)						214,682						(2,624)
Impact of notable items (b)			56,801						340,895						56,801						310,117
Non-GAAP operating income available to common stockholders, excluding notable items			$	136,254					$	91,082					$	271,483					$	307,493
Per common share - assuming dilution:
Net income available to common stockholders			$	1.53					$	7.17					$	3.67					$	7.00
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss			—						0.01						—						—
Net realized (gains) losses on financial assets, including credit losses			(0.04)						0.16						0.02						0.54
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(0.82)						(12.77)						(1.82)						(9.49)
Change in fair value of derivatives - interest rate caps and swap			—						—						—						(0.01)
Income taxes			0.18						2.71						0.39						1.93
Non-GAAP operating income (loss) available to common stockholders			0.85						(2.72)						2.26						(0.03)
Impact of notable items			0.61						3.70						0.60						3.37
Non-GAAP operating income available to common stockholders, excluding notable items			$	1.46					$	0.98					$	2.86					$	3.34

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

Notable Items

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2021						2020						2021						2020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates			$	56,801					$	340,895					$	56,801					$	340,895
Tax benefit related to the CARES Act			—						—						—						(30,778)
Total notable items (b)			$	56,801					$	340,895					$	56,801					$	310,117

(a)Adjustments to net income available to common stockholders to arrive at non-GAAP operating income (loss) 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 (loss) 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 (Loss) Available to Common Stockholders

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2021						2020						2021						2020
Net realized (gains) losses on financial assets, including credit losses:
Net realized (gains) losses on financial assets, including credit losses			$	(4,016)					$	21,023					$	3,573					$	67,956
Amortization of DAC and DSI and accretion of LIBR reserves			116						(5,878)						(1,045)						(17,970)
Income taxes			838						(3,271)						(544)						(10,797)
			$	(3,062)					$	11,874					$	1,984					$	39,189
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	(125,075)					$	(1,935,585)					$	(287,606)					$	(1,432,030)
Interest rate caps and swap			—						—						—						(848)
Amortization of DAC and DSI			49,196						758,676						114,860						558,257
Income taxes			16,447						253,972						37,345						188,601
			$	(59,432)					$	(922,937)					$	(135,401)					$	(686,020)

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

			Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
Net income (loss) available to common stockholders			$	141,947					$	(65,613)					$	271,765					$	(6,262)					$	661,250
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			(3,900)						2,912						3,516						9,369						15,145
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(75,879)						200,767						(297,634)						90,616						(1,176,909)
Income taxes			17,285						(44,278)						63,794						(21,996)						250,701
Non-GAAP operating income (loss) available to common stockholders (b)(c)			79,453						93,788						41,441						71,727						(249,813)
Impact of notable items (d)			56,801						—						—						—						340,895
Non-GAAP operating income available to common stockholders, excluding notable items			$	136,254					$	93,788					$	41,441					$	71,727					$	91,082
Per common share - assuming dilution:
Net income (loss) available to common stockholders			$	1.53					$	(0.69)					$	2.82					$	(0.07)					$	7.17
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss			—						—						—						—						0.01
Net realized (gains) losses on financial assets, including credit losses			(0.04)						0.03						0.04						0.10						0.16
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(0.82)						2.10						(3.09)						0.97						(12.77)
Income taxes			0.18						(0.46)						0.66						(0.23)						2.71
Non-GAAP operating income (loss) available to common stockholders (b)(c)			0.85						0.98						0.43						0.77						(2.72)
Impact of notable items (d)			0.61						—						—						—						3.70
Non-GAAP operating income available to common stockholders, excluding notable items			$	1.46					$	0.98					$	0.43					$	0.77					$	0.98

Notable Items

			Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates (b)(c)			$	56,801					$	—					$	—					$	—					$	340,895
Total notable items (d)			$	56,801					$	—					$	—					$	—					$	340,895

(a)Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income (loss) 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 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 $233.2 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 $183.0 million and $1.97 per share, respectively.

Q3 2020 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 $285.8 million and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $224.4 million and $2.44 per share, respectively.

(c)Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $73.8 million and $87.0 million, respectively, and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $126.2 million and $1.36 per share, respectively.

Q3 2020 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $57.5 million and $91.0 million, respectively, and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $116.5 million and $1.26 per share, respectively.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

(d)Notable items reflect the after-tax impact to non-GAAP operating income (loss) 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

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

			Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
Net realized (gains) losses on investments			$	(4,933)					$	3,114					$	4,583					$	12,135					$	22,321
Change in fair value of derivatives			411,330						57,555						(211,387)						(416,450)						(203,088)
Increase (decrease) in total revenues			406,397						60,669						(206,804)						(404,315)						(180,767)
Amortization of deferred sales inducements			(17,682)						52,074						(69,788)						22,785						(303,710)
Change in fair value of embedded derivatives			536,404						(273,713)						282,413						(568,836)						1,732,497
Interest sensitive and index product benefits (a)			(944)						227						(145)						761						1,298
Amortization of deferred policy acquisition costs			(31,602)						78,402						(125,166)						40,990						(449,088)
Increase (decrease) in total benefits and expenses			486,176						(143,010)						87,314						(504,300)						980,997
Increase in income (loss) before income taxes			(79,779)						203,679						(294,118)						99,985						(1,161,764)
Increase (decrease) in income tax expense (benefit)			(17,285)						44,278						(63,794)						21,996						(250,701)
Increase (decrease) in net income (loss) available to common stockholders			$	(62,494)					$	159,401					$	(230,324)					$	77,989					$	(911,063)

(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits under a revised impairment model for financial assets measured at amortized cost which we were required to adopt on January 1, 2020. The change in this allowance is reflected in the net realized (gains) losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

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

Capitalization/Book Value per Common Share

			Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
Capitalization:
Notes payable			$	500,000					$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,342						78,264						78,187						78,112						78,037
Total debt			578,342						578,264						578,187						578,112						578,037
Total stockholders’ equity (a)			6,375,208						6,295,735						5,928,760						6,348,988						5,918,216
Total capitalization (a)			6,953,550						6,873,999						6,506,947						6,927,100						6,496,253
Accumulated other comprehensive income (AOCI) (a)			(1,956,974)						(2,023,911)						(1,505,260)						(2,203,557)						(1,911,593)
Total capitalization excluding AOCI (b)			$	4,996,576					$	4,850,088					$	5,001,687					$	4,723,543					$	4,584,660
Total stockholders’ equity (a)			$	6,375,208					$	6,295,735					$	5,928,760					$	6,348,988					$	5,918,216
Equity available to preferred stockholders (c)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (a)(d)			5,675,208						5,595,735						5,228,760						5,648,988						5,218,216
Accumulated other comprehensive income (a)			(1,956,974)						(2,023,911)						(1,505,260)						(2,203,557)						(1,911,593)
Total common stockholders’ equity excluding AOCI (d)			3,718,234						3,571,824						3,723,500						3,445,431						3,306,623
Net impact of fair value accounting for derivatives and embedded derivatives			(265,018)						(242,423)						(399,538)						(166,453)						(237,099)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)			$	3,453,216					$	3,329,401					$	3,323,962					$	3,278,978					$	3,069,524
Common shares outstanding			92,513,517						92,553,825						95,482,733						95,720,622						91,931,837
Book Value per Common Share: (e)
Book value per common share (a)			$	61.34					$	60.46					$	54.76					$	59.02					$	56.76
Book value per common share excluding AOCI (d)			$	40.19					$	38.59					$	39.00					$	35.99					$	35.97
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)			$	37.33					$	35.97					$	34.81					$	34.26					$	33.39
Debt-to-Capital Ratios: (f)
Senior debt / Total capitalization			10.0		%				10.3		%				10.0		%				10.6		%				10.9		%
Total debt / Total capitalization			11.6		%				11.9		%				11.6		%				12.2		%				12.6		%

(a)Q3 2020 and Q4 2020 include the impact of a correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in Q1 2021. This had the impact of reducing AOCI as of December 31, 2020 by $225.7 million and decreased book value per common share by $2.35 compared to amounts previously reported.

(b)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.

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

(d)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.

(e)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.

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

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended   September 30,
2021						2020						Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
3.71%						4.20%			Average yield on invested assets			3.91%						3.51%						3.58%						3.88%						4.10%
1.55%						1.71%			Aggregate cost of money			1.51%						1.56%						1.58%						1.63%						1.66%
2.16%						2.49%			Aggregate investment spread			2.40%						1.95%						2.00%						2.25%						2.44%
									Impact of:
0.11%						0.06%			Investment yield - additional prepayment income			0.12%						0.10%						0.11%						0.11%						0.10%
0.05%						0.03%			Cost of money effect of over (under) hedging			0.08%						0.04%						0.02%						0.01%						0.03%
$54,865,298						$52,849,751			Weighted average investments			$53,781,352						$56,991,393						$55,712,648						$53,836,378						$53,024,798
54,197,140						53,085,683			Ending investments			54,197,140						57,144,563						56,838,224						54,587,072						53,085,683

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.

Summary of Cost of Money for Deferred Annuities

Nine Months Ended   September 30,
2021						2020						Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
									Included in interest sensitive and index product benefits:
$	1,535,320					$	551,562		Index credits			$	475,292					$	714,291					$	345,737					$	195,927					$	174,747
181,918						142,917			Interest credited			62,804						62,637						56,477						49,551						47,376
									Included in change in fair value of derivatives:
(1,559,495)						(560,683)			Proceeds received at option expiration			(489,902)						(720,474)						(349,119)						(197,921)						(178,405)
476,616						546,352			Pro rata amortization of option cost			150,262						162,124						164,230						170,505						176,481
$	634,359					$	680,148		Cost of money for deferred annuities			$	198,456					$	218,578					$	217,325					$	218,062					$	220,199
$	54,600,512					$	53,182,845		Weighted average liability balance outstanding			$	52,644,622					$	56,221,809					$	54,935,106					$	53,531,441					$	53,059,376

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

Annuity Account Balance Rollforward

Nine Months Ended   September 30,
2021						2020						Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
$	54,056,725					$	53,233,898		Account balances at beginning of period			$	56,630,138					$	55,813,480					$	54,056,725					$	53,006,150					$	53,112,600
(4,279,394)						—			Reserves ceded - in-force			(4,279,394)						—						—						—						—
49,777,331						53,233,898			Account balance at beginning of period, net of reinsurance ceded			52,350,744						55,813,480						54,056,725						53,006,150						53,112,600
4,669,315						1,782,453			Net deposits			1,090,461						1,161,125						2,417,729						1,830,816						557,675
71,684						68,467			Premium bonuses			22,021						24,813						24,850						25,143						21,205
1,717,238						694,479			Fixed interest credited and index credits			538,096						776,928						402,214						245,478						222,123
(54,019)						(55,542)			Surrender charges			(16,481)						(18,057)						(19,481)						(17,009)						(16,447)
(128,302)						(129,722)			Lifetime income benefit rider fees			(41,999)						(45,702)						(40,601)						(48,954)						(45,830)
(3,114,754)						(2,587,883)			Surrenders, withdrawals, deaths, etc.			(1,004,349)						(1,082,449)						(1,027,956)						(984,899)						(845,176)
$	52,938,493					$	53,006,150		Account balances at end of period			$	52,938,493					$	56,630,138					$	55,813,480					$	54,056,725					$	53,006,150
$	2,245,040					$	1,821,169		Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment			$	2,245,040					$	2,007,394					$	1,973,223					$	1,900,487					$	1,821,169

Notional Values Subject to Recurring Fees Under Reinsurance Agreements

Nine Months Ended   September 30,
2021						2020						Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
$	3,736,355					$	—		Initial cash surrender value of in-force business ceded (a)			$	3,736,355					$	—					$	—					$	—					$	—
164,185						—			Initial cash surrender value of flow business ceded (b)			164,185						—						—						—						—

(a)The in-force business ceded as of September 30, 2021 to Brookfield Asset Management Re receives an annual ceding commission equal to 49 basis points and an annual asset liability management fee equal to 30 basis points calculated based on initial cash surrender value of liabilities ceded. These annual fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties.

(b)The flow business ceded as of September 30, 2021 to Brookfield Asset Management Re receives an annual ceding commission equal to 140 basis points and an annual asset liability management fee equal to 30 basis points calculated based on initial cash surrender value of liabilities ceded. These annual fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended   September 30,
2021						2020						Q3 2021						Q2 2021						Q1 2021						Q4 2020						Q3 2020
									American Equity Life:
$	1,947,241					$	1,491,564		Fixed index annuities			$	727,641					$	702,605					$	516,995					$	500,495					$	432,602
5,285						6,464			Annual reset fixed rate annuities			1,462						1,656						2,167						1,664						1,817
849,062						983			Multi-year fixed rate annuities			14,196						47,674						787,192						394,999						531
45,671						25,687			Single premium immediate annuities			16,282						15,430						13,959						7,774						10,205
2,847,259						1,524,698						759,581						767,365						1,320,313						904,932						445,155
									Eagle Life:
520,967						239,349			Fixed index annuities			187,611						184,520						148,836						106,170						60,476
337						97			Annual reset fixed rate annuities			—						175						162						—						39
1,556,391						73,386			Multi-year fixed rate annuities			362,769						228,197						965,425						833,765						68,206
2,077,695						312,832						550,380						412,892						1,114,423						939,935						128,721
									Consolidated:
2,468,208						1,730,913			Fixed index annuities			915,252						887,125						665,831						606,665						493,078
5,622						6,561			Annual reset fixed rate annuities			1,462						1,831						2,329						1,664						1,856
2,405,453						74,369			Multi-year fixed rate annuities			376,965						275,871						1,752,617						1,228,764						68,737
45,671						25,687			Single premium immediate annuities			16,282						15,430						13,959						7,774						10,205
4,924,954						1,837,530			Total before coinsurance ceded			1,309,961						1,180,257						2,434,736						1,844,867						573,876
209,968						29,390			Coinsurance ceded			203,218						3,702						3,048						6,277						5,996
$	4,714,986					$	1,808,140		Net after coinsurance ceded			$	1,106,743					$	1,176,555					$	2,431,688					$	1,838,590					$	567,880

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2021:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.8						5.6						9.0%						$	47,343,398					89.4		%
Annual Reset Fixed Rate Annuities						8.6						2.4						4.6%						1,396,436						2.7		%
Multi-Year Fixed Rate Annuities						4.0						2.8						8.5%						4,198,659						7.9		%
Total						12.0						5.3						8.8%						$	52,938,493					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	870,624					$	3,391,529
0.0% < 2.0%			43,833						1,183,380
2.0% < 3.0%			60,933						3,462,733
3.0% < 4.0%			74,092						1,997,991
4.0% < 5.0%			106,566						2,616,027
5.0% < 6.0%			50,693						2,827,075
6.0% < 7.0%			61,360						3,136,458
7.0% < 8.0%			64,239						3,188,685
8.0% < 9.0%			141,324						3,394,191
9.0% < 10.0%			3,734,375						3,664,393
10.0% or greater			387,056						18,480,936
			$	5,595,095					$	47,343,398

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	4,262,153					0.00		%
2021			339,887						2.71		%
2022			1,556,757						2.73		%
2023			4,821,166						4.64		%
2024			6,336,133						5.89		%
2025			6,067,967						6.24		%
2026			6,198,532						8.25		%
2027			4,310,393						9.86		%
2028			3,940,219						10.76		%
2029			4,086,648						12.03		%
2030			2,935,656						14.35		%
2031			3,678,975						15.31		%
2032			1,957,432						17.56		%
2033			1,133,130						18.12		%
2034			716,047						18.56		%
2035			354,586						19.07		%
2036			157,194						19.60		%
2037			85,618						20.00		%
			$	52,938,493					8.81		%

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No differential			$	977,575					$	1,133,503
› 0.00% - 0.25%			42,032						129,948
› 0.25% - 0.50%			226,316						6,388
› 0.50% - 1.00%			6,967						882
› 1.00% - 1.50%			10,914						—
1.00% ultimate guarantee - 2.14% wtd avg interest rate (a)			4,082,018						876,578
1.50% ultimate guarantee - 1.08% wtd avg interest rate (a)			133,463						2,940,603
1.75% ultimate guarantee - 1.78% wtd avg interest rate (a)			48,439						302,751
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)			67,371						—
2.25% ultimate guarantee - 1.64% wtd avg interest rate (a)			—						614,805
3.00% ultimate guarantee - 1.95% wtd avg interest rate (a)			—						1,253,600
Allocated to index strategies (see tables that follow)			—						40,084,340
			$	5,595,095					$	47,343,398

(a)The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy ranges from 0.5% - 1.75%. The ultimate guaranteed rate is applied on less than 100% of the premium.

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 September 30, 2021 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.13%.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

FIXED INDEX ANNUITIES ACCOUNT VALUE - INDEX STRATEGIES

Annual Monthly Average and Point-to-Point with Caps
			Minimum Guaranteed Cap
			1%						3%						4%						7%						8% +
Current Cap
At minimum			$	1,269					$	94,841					$	4,776,825					$	57,009					$	128,169
1.75% - 3%			7,985,608						—						—						—						—
3% - 4%			208,041						2,054						—						—						—
4% - 5%			1,793,063						206,081						990,208						—						—
5% - 6%			688,302						186,365						28,556						—						—
6% - 7%			2,065						—						741						—						—
>= 7%			—						8,124						605						4,717						—

Annual Monthly Average and Point-to-Point with Participation Rates
			Minimum Guaranteed Participation Rate
			10%												20% - 25%						35%						50% +
Current Participation Rate
At minimum			$	137,948											$	505,442					$	82,486					$	88,507
< 20%			1,562,664												—						—						—
20% - 40%			3,407,021												287,414						6,111						—
40% - 60%			426,869												13,044						40,490						—
60% - 100%			766,574												—						—						—
> 100%			935,686												—						—						—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum			$	1,769,059
1.10% - 1.30%			5,834,268
1.40% - 1.60%			1,804,754
1.70% - 2.00%			324,401
>= 2.10%			15,734

Volatility Control Index
Current Asset Fee
At Maximum			$	—
0.75% - 1.75%			372,320
2.00% - 2.75%			176,772
3.00% - 3.50%			1,075,244
3.75% - 5.25%			3,149,972

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums, the cost of options would decrease by 0.73% based upon prices of options for the week ended October 1, 2021.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Summary of Invested Assets

			September 30, 2021												December 31, 2020
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
United States Government full faith and credit			$	38,486					0.1		%				$	39,771					0.1		%
United States Government sponsored agencies			1,043,351						2.0		%				1,039,551						1.9		%
United States municipalities, states and territories			3,596,256						6.9		%				3,776,131						7.0		%
Foreign government obligations			195,341						0.4		%				202,706						0.4		%
Corporate securities			31,021,887						59.3		%				31,156,827						58.1		%
Residential mortgage backed securities			1,053,983						2.0		%				1,512,831						2.8		%
Commercial mortgage backed securities			4,138,078						7.9		%				4,261,227						8.0		%
Other asset backed securities			4,650,715						8.9		%				5,549,849						10.4		%
Total fixed maturity securities			45,738,097						87.5		%				47,538,893						88.7		%
Mortgage loans on real estate			4,288,742						8.2		%				4,165,489						7.8		%
Real estate			259,262						0.5		%				—						—		%
Derivative instruments			990,033						1.9		%				1,310,954						2.4		%
Other investments			1,021,226						1.9		%				590,078						1.1		%
			$	52,297,360					100.0		%				$	53,605,414					100.0		%

Credit Quality of Fixed Maturity Securities - September 30, 2021

NAIC Designation						Carrying Amount						Percent						Rating Agency Rating						Carrying Amount						Percent
1						$	25,508,437					55.8		%				Aaa/Aa/A						$	26,662,952					58.3		%
2						18,928,256						41.4		%				Baa						18,109,280						39.6		%
3						1,107,418						2.4		%				Ba						786,584						1.7		%
4						157,196						0.3		%				B						79,414						0.2		%
5						15,860						—		%				Caa						40,126						0.1		%
6						20,930						0.1		%				Ca and lower						59,741						0.1		%
						$	45,738,097					100.0		%										$	45,738,097					100.0		%

Watch List Securities - September 30, 2021

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Losses, Net of Allowance						Fair Value
Corporate securities - Public securities						$	6,351					$	(209)					$	6,142					$	—					$	6,142
Corporate securities - Private placement securities						36,589						(797)						35,792						(742)						35,050
Residential mortgage backed securities						21,470						(296)						21,174						(284)						20,890
Commercial mortgage backed securities						68,232						—						68,232						(2,989)						65,243
United States municipalities, states and territories						19,044						(2,772)						16,272						(575)						15,697
						$	151,686					$	(4,074)					$	147,612					$	(4,590)					$	143,022

(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those we have taken credit losses on.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			September 30, 2021												December 31, 2020
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies			$	1,046,092					$	1,081,837					$	1,032,936					$	1,079,322
United States municipalities, states and territories			3,142,857						3,596,256						3,236,767						3,776,131
Foreign government obligations			177,101						195,341						177,062						202,706
Corporate securities:
Capital goods			2,273,954						2,612,972						2,295,927						2,721,465
Consumer discretionary			5,857,998						6,686,473						5,674,845						6,734,249
Energy			1,951,542						2,207,667						2,140,768						2,359,893
Financials			6,215,665						6,965,987						5,971,097						6,877,472
Government non-guaranteed			496,262						571,543						539,148						632,178
Industrials			377,678						420,393						276,352						319,823
Information technology			1,636,824						1,851,285						1,556,654						1,840,942
Materials			1,561,874						1,770,068						1,543,032						1,803,501
Other			287,547						334,297						315,628						370,204
Telecommunications			1,541,013						1,736,390						1,340,484						1,582,329
Transportation			1,303,221						1,441,665						1,362,858						1,511,499
Utilities			3,838,830						4,423,147						3,728,403						4,403,272
Residential mortgage backed securities:
Government agency			479,278						529,059						549,677						627,201
Prime			438,637						445,575						771,031						788,933
Alt-A			62,923						79,349						79,248						96,697
Commercial mortgage backed securities:
Government agency			382,685						422,726						398,141						447,726
Non-agency			3,581,048						3,715,352						3,721,509						3,813,501
Other asset backed securities:
Auto			168,011						174,115						258,286						266,065
Energy			7,103						8,320						7,301						8,946
Financials			4,441						4,364						4,441						3,911
Industrials			39,320						40,637						60,894						61,147
Collateralized loan obligations			3,416,238						3,370,252						4,255,839						4,112,318
Military housing			466,176						536,627						464,684						538,356
Other			493,222						516,400						541,724						559,106
			$	41,247,540					$	45,738,097					$	42,304,736					$	47,538,893

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			September 30, 2021												December 31, 2020
			Principal						Percent						Principal						Percent
Geographic distribution: commercial mortgage loans
East			$	672,882					20.2		%				$	699,741					19.5		%
Middle Atlantic			292,152						8.8		%				281,971						7.9		%
Mountain			349,747						10.5		%				391,025						10.9		%
New England			24,325						0.7		%				24,774						0.7		%
Pacific			634,074						19.1		%				659,743						18.4		%
South Atlantic			746,152						22.5		%				832,739						23.3		%
West North Central			243,396						7.3		%				266,050						7.4		%
West South Central			362,643						10.9		%				424,111						11.9		%
			$	3,325,371					100.0		%				$	3,580,154					100.0		%
Property type distribution: commercial mortgage loans
Office			$	290,702					8.7		%				$	297,065					8.3		%
Medical Office			15,752						0.5		%				20,584						0.6		%
Retail			1,062,830						32.0		%				1,187,484						33.2		%
Industrial/Warehouse			902,412						27.1		%				929,325						25.9		%
Apartment			885,655						26.6		%				939,084						26.2		%
Mixed use/Other			168,020						5.1		%				206,612						5.8		%
			$	3,325,371					100.0		%				$	3,580,154					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

			September 30, 2021
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,325,371					$	354,743					$	603,721					$	4,283,835
In workout			—						—						—						—
Delinquent			—						—						6,914						6,914
Principal outstanding			3,325,371						354,743						610,635						4,290,749
Unamortized discounts and premiums, net			—						—						20,461						20,461
Deferred fees and costs, net			(1,387)						(1,002)						1,479						(910)
Amortized cost			3,323,984						353,741						632,575						4,310,300
Valuation allowance			(17,690)						(628)						(3,240)						(21,558)
Carrying value			$	3,306,294					$	353,113					$	629,335					$	4,288,742
			December 31, 2020
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,580,154					$	245,807					$	366,047					$	4,192,008
In workout			—						—						—						—
Delinquent			—						—						273						273
Principal outstanding			3,580,154						245,807						366,320						4,192,281
Unamortized discounts and premiums, net			—						—						5,212						5,212
Deferred fees and costs, net			(1,266)						(634)						925						(975)
Amortized cost			3,578,888						245,173						372,457						4,196,518
Valuation allowance			(25,529)						(2,130)						(3,370)						(31,029)
Carrying value			$	3,553,359					$	243,043					$	369,087					$	4,165,489

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Shareholder Information

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
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
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
2019
First Quarter			$33.57						$26.34						$27.02						$0.00
Second Quarter			$30.91						$25.84						$27.16						$0.00
Third Quarter			$27.80						$20.16						$24.20						$0.00
Fourth Quarter			$30.96						$21.75						$29.93						$0.30

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 - September 30, 2021

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

[email protected]

Wilma Burdis

Credit Suisse Securities

Equity Research | Life Insurance

(919) 306-1023

[email protected]

Thomas Gallagher

Evercore ISI

(212) 446-9439

[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]

C. Gregory Peters

Raymond James & Associates, Inc.

(727) 567-1534

[email protected]

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

[email protected]

Mark Hughes

Truist Securities

(615) 748-4422

[email protected]

Page 22