Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

September 30, 2018

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 to Non-GAAP Operating Income	4
	Summary of Adjustments to Arrive at Non-GAAP Operating Income	5
	Quarterly Summary - Reconciliation from Net Income to Non-GAAP Operating Income	6
	Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income	7
	Capitalization/Book Value per Share	8
	Spread Results	9
B.	Product Summary
	Summary of Cost of Money for Deferred Annuities	9
	Annuity Account Balance Rollforward	9
	Annuity Deposits by Product Type	10
	Surrender Charge Protection and Account Values by Product Type	10
	Annuity Liability Characteristics	11
C.	Investment Summary
	Summary of Invested Assets	14
	Credit Quality of Fixed Maturity Securities	14
	Watch List Securities	14
	Fixed Maturity Securities by Sector	15
	Mortgage Loans on Commercial Real Estate	16
D.	Shareholder Information	17
E.	Research Analyst Coverage	18

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2018		December 31, 2017
Assets
Investments:
Fixed maturity securities:
Available for sale, at fair value	$	45,822,017	$	45,372,989
Held for investment, at amortized cost	77,213		77,041
Mortgage loans on real estate	2,892,155		2,665,531
Derivative instruments	1,290,387		1,568,380
Other investments	536,594		616,764
Total investments	50,618,366		50,300,705
Cash and cash equivalents	1,129,242		1,434,045
Coinsurance deposits	5,017,255		4,858,289
Accrued investment income	481,999		429,008
Deferred policy acquisition costs	3,318,733		2,714,523
Deferred sales inducements	2,384,161		2,001,892
Deferred income taxes	250,734		38,147
Income taxes recoverable	13,712		—
Other assets	234,796		254,127
Total assets	$	63,448,998	$	62,030,736
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves	$	57,992,164	$	56,142,673
Other policy funds and contract claims	271,765		282,884
Notes payable	494,464		494,093
Subordinated debentures	242,875		242,565
Amounts due under repurchase agreements	116,399		—
Income taxes payable	—		34,285
Other liabilities	1,842,035		1,984,079
Total liabilities	60,959,702		59,180,579
Stockholders' equity:
Common stock	90,278		89,331
Additional paid-in capital	807,310		791,446
Accumulated other comprehensive income	70,288		724,599
Retained earnings	1,521,420		1,244,781
Total stockholders' equity	2,489,296		2,850,157
Total liabilities and stockholders' equity	$	63,448,998	$	62,030,736

Page 1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

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,
	2018			2017			2018			2017
Revenues:
Premiums and other considerations	$	7,240		$	8,569		$	22,050		$	25,691
Annuity product charges	58,365			51,931			164,094			144,106
Net investment income	549,391			500,202			1,593,457			1,479,288
Change in fair value of derivatives	595,311			362,525			276,433			1,015,878
Net realized gains (losses) on investments, excluding other than temporary impairment ("OTTI") losses	(2,196		)	1,579			(40,275		)	7,790
OTTI losses on investments:
Total OTTI losses	(14,373		)	(273		)	(16,025		)	(273		)
Portion of OTTI losses recognized in (from) other comprehensive income	—			(191		)	(1,651		)	(1,281		)
Net OTTI losses recognized in operations	(14,373		)	(464		)	(17,676		)	(1,554		)
Loss on extinguishment of debt	—			(18,389		)	—			(18,817		)
Total revenues	1,193,738			905,953			1,998,083			2,652,382
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	10,721			10,823			32,091			32,684
Interest sensitive and index product benefits	413,089			501,028			1,355,135			1,392,763
Amortization of deferred sales inducements	55,244			14,707			233,779			110,727
Change in fair value of embedded derivatives	383,716			229,702			(585,465		)	628,845
Interest expense on notes and loan payable	6,376			7,597			19,122			23,997
Interest expense on subordinated debentures	3,942			3,502			11,450			10,260
Amortization of deferred policy acquisition costs	81,053			23,023			336,741			162,248
Other operating costs and expenses	31,924			28,782			95,704			82,325
Total benefits and expenses	986,065			819,164			1,498,557			2,443,849
Income before income taxes	207,673			86,789			499,526			208,533
Income tax expense	38,345			29,832			95,333			70,691
Net income	$	169,328		$	56,957		$	404,193		$	137,842
Earnings per common share	$	1.87		$	0.64		$	4.48		$	1.55
Earnings per common share - assuming dilution	$	1.85		$	0.63		$	4.42		$	1.53
Weighted average common shares outstanding (in thousands):
Earnings per common share	90,486			89,069			90,278			88,873
Earnings per common share - assuming dilution	91,651			90,421			91,355			90,171

Page 2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

	Q3 2018			Q2 2018			Q1 2018			Q4 2017			Q3 2017
Revenues:
Traditional life insurance premiums	$	807		$	910		$	972		$	2,989		$	2,832
Life contingent immediate annuity considerations	6,433			4,847			8,081			5,548			5,737
Surrender charges	17,132			16,520			16,282			13,573			13,521
Lifetime income benefit rider fees	41,233			38,486			34,441			42,815			38,410
Net investment income	549,391			533,282			510,784			512,709			500,202
Change in fair value of derivatives	595,311			132,205			(451,083		)	661,993			362,525
Net realized gains (losses) on investments, excluding OTTI	(2,196		)	(38,381		)	302			2,719			1,579
Net OTTI losses recognized in operations	(14,373		)	(2,396		)	(907		)	(3,076		)	(464		)
Loss on extinguishment of debt (a)	—			—			—			—			(18,389		)
Total revenues	1,193,738			685,473			118,872			1,239,270			905,953
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits	838			981			821			1,528			1,898
Life contingent immediate annuity benefits and change in future policy benefits	9,883			8,295			11,273			9,007			8,925
Interest sensitive and index product benefits (b)	413,089			427,951			514,095			630,905			501,028
Amortization of deferred sales inducements (c)	55,244			78,112			100,423			65,885			14,707
Change in fair value of embedded derivatives	383,716			(101,949		)	(867,232		)	290,890			229,702
Interest expense on notes and loan payable	6,376			6,374			6,372			6,371			7,597
Interest expense on subordinated debentures	3,942			3,878			3,630			3,864			3,502
Amortization of deferred policy acquisition costs (c)	81,053			115,049			140,639			93,716			23,023
Other operating costs and expenses	31,924			32,540			31,240			29,366			28,782
Total benefits and expenses	986,065			571,231			(58,739		)	1,131,532			819,164
Income before income taxes	207,673			114,242			177,611			107,738			86,789
Income tax expense (d)(e)	38,345			20,339			36,649			70,935			29,832
Net income (a)(b)(c)(d)(e)	$	169,328		$	93,903		$	140,962		$	36,803		$	56,957
Earnings per common share	$	1.87		$	1.04		$	1.57		$	0.41		$	0.64
Earnings per common share - assuming dilution (a)(b)(c)(d)(e)	$	1.85		$	1.03		$	1.55		$	0.41		$	0.63
Weighted average common shares outstanding (thousands):
Earnings per common share	90,486			90,327			90,017			89,308			89,069
Earnings per common share - assuming dilution	91,651			91,271			91,139			90,727			90,421

(a) Q3 2017 includes a loss on the extinguishment of our 6.625% Notes due in 2021. The loss decreased net income and earnings per common share - assuming dilution by $10.8 million and $0.12 per share, respectively.

(b) Q3 2018 includes a benefit from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index product benefits by $53.6 million and increased net income and earnings per common share - assuming dilution by $42.0 million and $0.46 per share, respectively.

Q3 2017 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $21.6 million and decreased net income and earnings per common share - assuming dilution by $13.9 million and $0.15 per share, respectively.

(c) Q3 2018 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $21.5 million and $30.6 million, respectively, and increased net income and earnings per common share - assuming dilution by $40.8 million and $0.45 per share, respectively.

Q3 2017 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $34.3 million and $48.2 million, respectively, and increased net income and earnings per common share - assuming dilution by $53.1 million and $0.59 per share, respectively.

(d) Q3 2018 includes an income tax benefit from a worthless stock deduction related to a wholly-owned subsidiary which increased net income and earnings per common share - assuming dilution by $7.4 million and $0.08 per share, respectively.

(e) Q4 2017 includes income tax expense related to the revaluation of our deferred tax assets and liabilities using the newly enacted federal tax rate resulting from the Tax Cuts and Jobs Act of 2017. The change in the federal income tax rate decreased net income and earnings per common share - assuming dilution by $35.9 million and $0.40 per share, respectively.

Page 3

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income, we have consistently utilized non-GAAP operating income and non-GAAP operating income 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 equals net income 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 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 together with net income provides information that may enhance an investor’s understanding of our underlying results and profitability.

Reconciliation from Net Income to Non-GAAP Operating Income

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2018			2017			2018			2017
Net income	$	169,328		$	56,957		$	404,193		$	137,842
Adjustments to arrive at non-GAAP operating income: (a)
Net realized investment (gains) losses, including OTTI	10,278			(916		)	35,925			(4,417		)
Change in fair value of derivatives and embedded derivatives - fixed index annuities	545			47,835			(108,367		)	116,383
Change in fair value of derivatives - debt	(597		)	(357		)	(3,168		)	(139		)
Income taxes	(8,491		)	(16,281		)	6,822			(39,127		)
Non-GAAP operating income	$	171,063		$	87,238		$	335,405		$	210,542
Per common share - assuming dilution:
Net income	$	1.85		$	0.63		$	4.42		$	1.53
Adjustments to arrive at non-GAAP operating income:
Net realized investment (gains) losses, including OTTI	0.11			(0.01		)	0.39			(0.05		)
Change in fair value of derivatives and embedded derivatives - fixed index annuities	0.01			0.52			(1.19		)	1.29
Change in fair value of derivatives - debt	(0.01		)	—			(0.03		)	—
Income taxes	(0.09		)	(0.18		)	0.08			(0.44		)
Non-GAAP operating income	$	1.87		$	0.96		$	3.67		$	2.33

(a) Adjustments to net income to arrive at non-GAAP operating income are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) where applicable.

Page 4

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2018			2017			2018			2017
Net realized investment gains and losses, including OTTI:
Net realized (gains) losses on investments, including OTTI	$	16,569		$	(1,115	)	$	57,951		$	(6,236	)
Amortization of DAC and DSI	(6,291		)	199			(22,026		)	1,819
Income taxes	(1,187		)	326			(9,908		)	1,572
	$	9,091		$	(590	)	$	26,017		$	(2,845	)
Change in fair value of derivatives and embedded derivatives:
Index annuities	$	(24,367	)	$	99,909		$	(254,647	)	$	262,635
Interest rate caps and swap	(597		)	(357		)	(3,168		)	(139		)
Amortization of DAC and DSI	24,912			(52,074		)	146,280			(146,252		)
Income taxes	144			(16,607		)	24,178			(40,699		)
	$	92		$	30,871		$	(87,357	)	$	75,545
Worthless stock deduction:
Income taxes	$	(7,448	)	$	—		$	(7,448	)	$	—

Page 5

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

Reconciliation from Net Income to Non-GAAP Operating Income

	Q3 2018			Q2 2018			Q1 2018			Q4 2017			Q3 2017
Net income (a)	$	169,328		$	93,903		$	140,962		$	36,803		$	56,957
Adjustments to arrive at non-GAAP operating income: (b)
Net realized investment (gains) losses, including OTTI	10,278			25,624			23			(676		)	(916		)
Change in fair value of derivatives and embedded derivatives - fixed index annuities	545			(30,094		)	(78,818		)	5,463			47,835
Change in fair value of derivatives - debt	(597		)	(739		)	(1,832		)	(1,085		)	(357		)
Income taxes (a)	(8,491		)	(2,046		)	17,359			34,003			(16,281		)
Non-GAAP operating income (c)(d)(e)	$	171,063		$	86,648		$	77,694		$	74,508		$	87,238
Per common share - assuming dilution:
Net income (a)	$	1.85		$	1.03		$	1.55		$	0.41		$	0.63
Adjustments to arrive at non-GAAP operating income: (b)
Net realized investment (gains) losses, including OTTI	0.11			0.28			—			(0.01		)	(0.01		)
Change in fair value of derivatives and embedded derivatives - fixed index annuities	0.01			(0.33		)	(0.87		)	0.06			0.52
Change in fair value of derivatives - debt	(0.01		)	(0.01		)	(0.02		)	(0.01		)	—
Income taxes (a)	(0.09		)	(0.02		)	0.19			0.37			(0.18		)
Non-GAAP operating income (c)(d)(e)	$	1.87		$	0.95		$	0.85		$	0.82		$	0.96

(a) Q4 2017 includes income tax expense related to the revaluation of our deferred tax assets and liabilities using the newly enacted federal tax rate resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). The change in the federal income tax rate decreased net income and earnings per common share - assuming dilution by $35.9 million and $0.40 per share, respectively. The impact of Tax Reform has been excluded from non-GAAP operating income.

(b) Adjustments to net income to arrive at non-GAAP operating income are presented net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs where applicable.

(c) Q3 2018 includes a benefit from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index product benefits by $53.6 million and increased non-GAAP operating income and non-GAAP operating income per common share - assuming dilution by $42.0 million and $0.46 per share, respectively.

Q3 2017 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $21.6 million and decreased non-GAAP operating income and non-GAAP operating income per common share - assuming dilution by $13.9 million and $0.15 per share, respectively.

(d) Q3 2018 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $20.5 million and $28.7 million, respectively, and increased non-GAAP operating income and non-GAAP operating income per common share- assuming dilution by $38.5 million and $0.42 per share, respectively.

Q3 2017 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $31.3 million and $43.7 million, respectively, and increased non-GAAP operating income and non-GAAP operating income per common share- assuming dilution by $48.3 million and $0.53 per share, respectively.

(e) Q3 2017 includes a loss on the extinguishment of our 6.625% Notes due in 2021. The loss decreased non-GAAP operating income and non-GAAP operating income per common share - assuming dilution by $10.8 million and $0.12 per share, respectively.

Page 6

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income

	Q3 2018			Q2 2018			Q1 2018			Q4 2017			Q3 2017
Net realized (gains) losses on investments	$	2,196		$	38,381		$	(302	)	$	(2,719	)	$	(1,579	)
Net OTTI losses recognized in operations	14,373			2,396			907			3,076			464
Change in fair value of derivatives	(408,680		)	28,741			707,589			(283,801		)	(130,150		)
Increase (decrease) in total revenues	(392,111		)	69,518			708,194			(283,444		)	(131,265		)
Amortization of deferred sales inducements	(7,219		)	(9,888		)	(33,212		)	1,499			22,442
Change in fair value of embedded derivatives	(383,716		)	101,949			867,232			(290,890		)	(229,702		)
Amortization of deferred policy acquisition costs	(11,402		)	(17,334		)	(45,199		)	2,245			29,433
Increase (decrease) in total benefits and expenses	(402,337		)	74,727			788,821			(287,146		)	(177,827		)
Increase (decrease) in income before income taxes	10,226			(5,209		)	(80,627		)	3,702			46,562
Increase (decrease) in income tax expense	8,491			2,046			(17,359		)	(34,003		)	16,281
Increase (decrease) in net income	$	1,735		$	(7,255	)	$	(63,268	)	$	37,705		$	30,281

Page 7

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

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

Capitalization/Book Value per Share

	Q3 2018			Q2 2018			Q1 2018			Q4 2017			Q3 2017
Capitalization:
Notes and loan payable	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Subordinated debentures payable to subsidiary trusts	247,096			247,032			246,969			246,908			246,847
Total debt	747,096			747,032			746,969			746,908			746,847
Total stockholders’ equity	2,489,296			2,426,825			2,546,990			2,850,157			2,762,667
Total capitalization	3,236,392			3,173,857			3,293,959			3,597,065			3,509,514
Accumulated other comprehensive income (AOCI)	(70,288		)	(180,406		)	(399,982		)	(724,599		)	(659,491		)
Total capitalization excluding AOCI (a)	$	3,166,104		$	2,993,451		$	2,893,977		$	2,872,466		$	2,850,023
Total stockholders’ equity	$	2,489,296		$	2,426,825		$	2,546,990		$	2,850,157		$	2,762,667
Accumulated other comprehensive income	(70,288		)	(180,406		)	(399,982		)	(724,599		)	(659,491		)
Total stockholders’ equity excluding AOCI(a)	$	2,419,008		$	2,246,419		$	2,147,008		$	2,125,558		$	2,103,176
Common shares outstanding	90,277,626			90,233,346			89,983,823			89,331,087			88,948,986
Book Value per Share: (b)
Book value per share including AOCI	$	27.57		$	26.89		$	28.30		$	31.91		$	31.06
Book value per share excluding AOCI (a)	$	26.80		$	24.90		$	23.86		$	23.79		$	23.64
Debt-to-Capital Ratios: (c)
Senior debt / Total capitalization	15.8		%	16.7		%	17.3		%	17.4		%	17.5		%
Adjusted debt / Total capitalization	15.8		%	16.7		%	17.3		%	17.4		%	17.5		%

(a) Total capitalization, total stockholders’ equity and book value per share excluding AOCI, non-GAAP financial measures, are based on 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 investments, we believe these non-GAAP financial measures provide useful supplemental information.

(b) Book value per share including and excluding AOCI is calculated as total stockholders’ equity and total stockholders’ equity excluding AOCI divided by the total number of shares of common stock outstanding.

(c) Debt-to-capital ratios are computed using total capitalization excluding AOCI. Adjusted debt includes notes and loan payable and the portion of the total subordinated debentures payable to subsidiary trusts outstanding (qualifying trust preferred securities) that exceeds 15% of total capitalization excluding AOCI.

Page 8

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended   September 30,
2018	2017		Q3 2018	Q2 2018	Q1 2018	Q4 2017	Q3 2017
4.46%	4.45%	Average yield on invested assets	4.54%	4.47%	4.36%	4.47%	4.43%
1.84%	1.75%	Aggregate cost of money	1.87%	1.83%	1.82%	1.72%	1.73%
2.62%	2.70%	Aggregate investment spread	2.67%	2.64%	2.54%	2.75%	2.70%
		Impact of:
0.08%	0.06%	Investment yield - additional prepayment income	0.11%	0.07%	0.03%	0.11%	0.05%
0.05%	0.06%	Cost of money effect of over hedging	0.07%	0.06%	0.02%	0.08%	0.06%
$47,720,190	$44,386,981	Weighted average investments	$48,466,817	$47,795,388	$46,898,365	$46,031,966	$45,228,136

Weighted average investments include fixed maturity securities at amortized cost and equity securities at cost. 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,
2018			2017				Q3 2018			Q2 2018			Q1 2018			Q4 2017			Q3 2017
						Included in interest sensitive and index product benefits:
$	1,127,556		$	1,068,522		Index credits	$	369,011		$	334,605		$	423,940		$	526,200		$	375,019
160,607			190,833			Interest credited	52,618			52,922			55,067			59,065			62,725
						Included in change in fair value of derivatives:
(1,145,322		)	(1,088,018		)	Proceeds received at option expiration	(378,149		)	(341,616		)	(425,557		)	(535,328		)	(382,949		)
540,559			437,208			Pro rata amortization of option cost	191,362			180,465			168,732			156,782			150,163
$	683,400		$	608,545		Cost of money for deferred annuities	$	234,842		$	226,376		$	222,182		$	206,719		$	204,958
$	49,530,043		$	46,457,851		Weighted average liability balance outstanding	$	50,273,893		$	49,541,746		$	48,774,490		$	48,014,427		$	47,281,417

Annuity Account Balance Rollforward

Nine Months Ended   September 30,
2018			2017				Q3 2018			Q2 2018			Q1 2018			Q4 2017			Q3 2017
$	48,400,755		$	45,204,015		Account balances at beginning of period	$	49,935,266		$	49,148,224		$	48,400,755		$	47,628,099		$	46,934,736
2,927,071			2,890,032			Net deposits	929,480			1,066,857			930,734			874,952			826,885
135,015			175,074			Premium bonuses	41,878			49,467			43,670			41,098			46,982
1,288,163			1,259,355			Fixed interest credited and index credits	421,629			387,527			479,007			585,265			437,744
(49,934		)	(41,051		)	Surrender charges	(17,132		)	(16,520		)	(16,282		)	(13,573		)	(13,521		)
(114,160		)	(103,055		)	Lifetime income benefit rider fees	(41,233		)	(38,486		)	(34,441		)	(42,815		)	(38,410		)
(1,974,391		)	(1,756,271		)	Surrenders, withdrawals, deaths, etc.	(657,369		)	(661,803		)	(655,219		)	(672,271		)	(566,317		)
$	50,612,519		$	47,628,099		Account balances at end of period	$	50,612,519		$	49,935,266		$	49,148,224		$	48,400,755		$	47,628,099

Page 9

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended   September 30,
2018		2017			Q3 2018		Q2 2018		Q1 2018		Q4 2017		Q3 2017
				American Equity:
$	2,616,784	$	2,632,984	Fixed index annuities	$	830,759	$	952,675	$	833,350	$	757,160	$	738,257
40,062		55,855		Annual reset fixed rate annuities	8,390		15,455		16,217		18,974		20,142
3,249		19,651		Multi-year fixed rate annuities	360		888		2,001		3,773		5,717
20,920		17,037		Single premium immediate annuities	4,977		5,313		10,630		7,909		6,505
2,681,015		2,725,527			844,486		974,331		862,198		787,816		770,621
				Eagle Life:
497,554		388,807		Fixed index annuities	163,871		173,119		160,564		187,888		133,503
1,071		—		Annual reset fixed rate annuities	450		348		273		—		—
96,294		54,219		Multi-year fixed rate annuities	34,851		53,419		8,024		32,953		10,717
594,919		443,026			199,172		226,886		168,861		220,841		144,220
				Consolidated:
3,114,338		3,021,791		Fixed index annuities	994,630		1,125,794		993,914		945,048		871,760
41,133		55,855		Annual reset fixed rate annuities	8,840		15,803		16,490		18,974		20,142
99,543		73,870		Multi-year fixed rate annuities	35,211		54,307		10,025		36,726		16,434
20,920		17,037		Single premium immediate annuities	4,977		5,313		10,630		7,909		6,505
3,275,934		3,168,553		Total before coinsurance ceded	1,043,658		1,201,217		1,031,059		1,008,657		914,841
327,943		261,484		Coinsurance ceded	109,201		129,047		89,695		125,796		81,451
$	2,947,991	$	2,907,069	Net after coinsurance ceded	$	934,457	$	1,072,170	$	941,364	$	882,861	$	833,390

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2018:

	Surrender Charge			Net Account Value
Product Type	Avg. Years At Issue	Avg. Years Remaining	Avg. % Remaining	Dollars in Thousands		%
Fixed Index Annuities	13.4	7.8	12.6%	$	48,490,245	95.8	%
Annual Reset Fixed Rate Annuities	10.0	3.9	6.9%	1,491,269		2.9	%
Multi-Year Fixed Rate Annuities	6.2	2.0	4.6%	631,005		1.3	%
Total	13.2	7.6	12.3%	$	50,612,519	100.0	%

Page 10

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No surrender charge	$	832,232	$	2,469,659
0.0% < 2.0%	29,664		171,994
2.0% < 3.0%	11,370		245,336
3.0% < 4.0%	19,453		164,670
4.0% < 5.0%	23,303		622,584
5.0% < 6.0%	58,566		790,108
6.0% < 7.0%	87,390		1,172,890
7.0% < 8.0%	308,662		2,604,862
8.0% < 9.0%	92,143		3,131,476
9.0% < 10.0%	45,591		3,116,656
10.0% or greater	613,900		34,000,010
	$	2,122,274	$	48,490,245

Surrender Charge Expiration By Year:	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
Out of Surrender Charge	$	3,301,891	0.00	%
2018	151,402		2.68	%
2019	483,778		2.78	%
2020	825,149		4.68	%
2021	1,321,631		6.43	%
2022	1,914,692		7.68	%
2023	4,708,963		9.04	%
2024	5,300,468		10.79	%
2025	6,056,362		11.32	%
2026	5,252,501		12.57	%
2027	4,385,201		14.10	%
2028	3,999,699		14.87	%
2029	2,953,157		17.55	%
2030	2,722,450		18.24	%
2031	3,306,680		18.64	%
2032	2,184,882		19.10	%
2033	1,159,510		19.57	%
2034	584,103		19.96	%
	$	50,612,519	12.31	%

Page 11

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

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	$	1,023,034	$	1,407,470
› 0.0% - 0.25%	56,792		226,398
› 0.25% - 0.5%	246,020		3,849
› 0.5% - 1.0%	62,387		17,542
› 1.0% - 1.5%	11,396		—
1.00% ultimate guarantee - 2.43% wtd avg interest rate (a)	479,459		535,761
1.50% ultimate guarantee - 1.25% wtd avg interest rate (a)	154,614		3,754,930
2.00% ultimate guarantee - 1.86% wtd avg interest rate (a)	88,572		—
2.25% ultimate guarantee - 1.95% wtd avg interest rate (a)	—		925,394
3.00% ultimate guarantee - 2.15% wtd avg interest rate (a)	—		1,753,350
Allocated to index strategies (see tables that follow)	—		39,865,551
	$	2,122,274	$	48,490,245

(a) The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy is 1.00%. 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, 2018 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.17%.

Page 12

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

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	$	1,747	$	91,932	$	2,579,255	$	80,081	$	190,190
1.75% - 3%	6,551,080		—		—		—		—
3% - 4%	964,918		13,068		—		—		—
4% - 5%	489,055		192,638		4,092,427		—		—
5% - 6%	487,429		153,541		40,227		—		—
6% - 7%	—		—		120		—		—
>= 7%	3,751		7,047		797		7,930		598

Annual Monthly Average and Point-to-Point with Participation Rates
	Minimum Guaranteed Participation Rate
	10%		20% - 25%		35%		50% +
Current Participation Rate
At minimum	$	616	$	405,675	$	121,927	$	138,637
< 20%	597,031		—		—		—
20% - 40%	921,667		179,396		—		—
40% - 60%	1,637,513		108,531		69,040		—
>= 60%	67,906		—		—		—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum	$	1,007,088
1.10% - 1.30%	6,279,172
1.40% - 1.60%	4,183,439
1.70% - 2.00%	2,628,695
>= 2.10%	1,819

Volatility Control Index
Current Asset Fee
At Maximum	$	—
0.75% - 1.75%	374,868
2.25% - 2.75%	1,063,791
3.00% - 4.00%	3,429,726

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 0.78% based upon prices of options for the week ended October 16, 2018.

Page 13

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

Summary of Invested Assets

	September 30, 2018				December 31, 2017
	Carrying Amount		Percent		Carrying Amount		Percent
Fixed maturity securities:
United States Government full faith and credit	$	10,962	—	%	$	11,876	—	%
United States Government sponsored agencies	1,224,587		2.4	%	1,305,017		2.6	%
United States municipalities, states and territories	4,142,257		8.2	%	4,166,812		8.3	%
Foreign government obligations	226,500		0.5	%	239,360		0.5	%
Corporate securities	28,556,816		56.4	%	29,956,012		59.6	%
Residential mortgage backed securities	1,181,682		2.3	%	1,105,567		2.2	%
Commercial mortgage backed securities	5,337,368		10.5	%	5,544,850		11.0	%
Other asset backed securities	5,219,058		10.3	%	3,120,536		6.2	%
Total fixed maturity securities	45,899,230		90.6	%	45,450,030		90.4	%
Mortgage loans on real estate	2,892,155		5.7	%	2,665,531		5.3	%
Derivative instruments	1,290,387		2.6	%	1,568,380		3.1	%
Other investments	536,594		1.1	%	616,764		1.2	%
	$	50,618,366	100.0	%	$	50,300,705	100.0	%

Credit Quality of Fixed Maturity Securities - September 30, 2018

NAIC Designation	Carrying Amount		Percent		Rating Agency Rating	Carrying Amount		Percent
1	$	27,478,961	59.9	%	Aaa/Aa/A	$	27,405,387	59.7	%
2	16,868,800		36.8	%	Baa	16,773,927		36.6	%
3	1,371,247		3.0	%	Ba	1,293,678		2.8	%
4	156,449		0.3	%	B	152,999		0.3	%
5	16,898		—	%	Caa	148,582		0.3	%
6	6,875		—	%	Ca and lower	124,657		0.3	%
	$	45,899,230	100.0	%		$	45,899,230	100.0	%

Watch List Securities - September 30, 2018

General Description	Amortized Cost		Unrealized Gains (Losses)			Fair Value		Months Below Amortized Cost
Below investment grade
Corporate securities:
Consumer discretionary	$	25,962	$	(5,287	)	$	20,675	10 - 44
Energy	29,051		(4,642		)	24,409		8 - 49
Industrials	2,766		(479		)	2,287		47
Materials	3,990		823			4,813		—
Other asset backed securities:
Financials	3,838		(1,783		)	2,055		64 - 90
	$	65,607	$	(11,368	)	$	54,239

Page 14

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

	September 30, 2018				December 31, 2017
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies	$	1,319,886	$	1,235,549	$	1,320,151	$	1,316,893
United States municipalities, states and territories	3,949,293		4,142,257		3,804,360		4,166,812
Foreign government obligations	226,931		226,500		228,214		239,360
Corporate securities:
Capital goods	2,454,657		2,457,541		2,405,102		2,570,734
Consumer discretionary	5,736,614		5,716,133		5,889,227		6,232,728
Energy	2,617,622		2,610,019		2,554,199		2,666,172
Financials	6,019,984		6,038,048		6,004,618		6,369,575
Industrials	327,301		319,288		283,915		291,174
Information technology	1,809,891		1,822,730		1,829,396		1,932,131
Materials	1,741,922		1,747,918		1,801,312		1,901,090
Other	991,446		994,919		989,641		1,052,676
Telecommunications	1,501,847		1,500,789		1,461,536		1,539,840
Transportation	1,369,071		1,363,654		1,152,637		1,218,964
Utilities	3,835,827		3,908,564		3,756,070		4,103,887
Residential mortgage backed securities:
Government agency	611,933		628,584		628,320		668,641
Prime	403,931		415,976		269,407		282,360
Alt-A	113,312		137,122		130,757		154,566
Commercial mortgage backed securities:
Government agency	444,415		426,839		554,514		564,400
Non-agency	4,989,629		4,910,529		4,977,408		4,980,450
Other asset backed securities:
Auto	268,464		268,340		298,142		299,688
Financials	9,810		10,488		11,371		12,382
Industrials	219,747		220,297		243,859		251,321
Collateralized loan obligations	4,176,067		4,154,215		1,965,349		1,973,877
Military housing	434,299		452,592		433,840		461,452
Other	114,443		113,126		123,414		121,816
	$	45,688,342	$	45,822,017	$	43,116,759	$	45,372,989
Held for investment:
Corporate security - financials	$	77,213	$	71,113	$	77,041	$	76,460

Page 15

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Unaudited (Dollars in thousands)

Mortgage Loans on Commercial Real Estate

	September 30, 2018						December 31, 2017
	Principal			Percent			Principal		Percent
Geographic distribution
East	$	598,239		20.6		%	$	548,067	20.5	%
Middle Atlantic	170,836			5.9		%	163,485		6.1	%
Mountain	348,233			12.0		%	308,486		11.5	%
New England	9,482			0.3		%	12,265		0.5	%
Pacific	494,791			17.1		%	466,030		17.4	%
South Atlantic	667,043			23.0		%	609,736		22.8	%
West North Central	309,332			10.7		%	324,808		12.2	%
West South Central	302,502			10.4		%	241,438		9.0	%
	$	2,900,458		100.0		%	$	2,674,315	100.0	%
Property type distribution
Office	$	267,017		9.2		%	$	283,926	10.6	%
Medical office	33,950			1.2		%	34,338		1.3	%
Retail	1,076,573			37.1		%	1,040,028		38.9	%
Industrial/Warehouse	743,787			25.7		%	677,770		25.3	%
Apartment	604,120			20.8		%	462,897		17.3	%
Mixed use/other	175,011			6.0		%	175,356		6.6	%
	$	2,900,458		100.0		%	$	2,674,315	100.0	%
	September 30, 2018			December 31, 2017
Credit exposure - by payment activity
Performing	$	2,898,538		$	2,670,657
In workout	—			1,436
Delinquent	—			—
Collateral dependent	1,920			2,222
	2,900,458			2,674,315
Specific loan loss allowance	(1,484		)	(1,418		)
General loan loss allowance	(5,630		)	(6,100		)
Deferred prepayment fees	(1,189		)	(1,266		)
	$	2,892,155		$	2,665,531

Page 16

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

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, sschwartz@american-equity.com

Common Stock and Dividend Information:

New York Stock Exchange symbol: “AEL”

	High	Low	Close	Dividend Declared
2018
First Quarter	$35.79	$28.90	$29.36	$0.00
Second Quarter	$37.16	$27.06	$36.00	$0.00
Third Quarter	$38.57	$34.51	$35.36	$0.00
2017
First Quarter	$28.00	$21.66	$23.63	$0.00
Second Quarter	$26.65	$22.23	$26.28	$0.00
Third Quarter	$29.43	$25.43	$29.08	$0.00
Fourth Quarter	$32.54	$28.06	$30.73	$0.26
2016
First Quarter	$23.65	$12.65	$16.80	$0.00
Second Quarter	$16.96	$12.77	$14.25	$0.00
Third Quarter	$18.32	$13.07	$17.73	$0.00
Fourth Quarter	$23.41	$15.39	$22.54	$0.24

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.

Page 17

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2018

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

ebass@autonomous.com

Randy Binner

B. Riley FBR, Inc.

(703) 312-1890

rbinner@fbr.com

Daniel Bergman

Citi Research

(212) 816-2132

daniel.bergman@citi.com

Thomas Gallagher

Evercore ISI

(212) 446-9439

thomas.gallagher@evercoreisi.com

Alex Scott

Goldman Sachs & Co. LLC

(917) 343-7160

alex.scott@gs.com

Pablo Singzon II

JP Morgan

(212) 622-2295

pablo.s.singzon@jpmorgan.com

Ryan Krueger

Keefe, Bruyette & Woods

(860) 722-5930

rkrueger@kbw.com

C. Gregory Peters

Raymond James & Associates, Inc.

(727) 567-1534

greg.peters@raymondjames.com

Kenneth S. Lee

RBC Capital Markets, LLC

(212) 905-5995

kenneth.s.lee@rbccm.com

John Barnidge

Sandler O'Neill & Partners, L.P.

(312) 281-3412

jbarnidge@sandleroneill.com

Mark Hughes

SunTrust Robinson Humphrey

(615) 748-4422

mark.hughes@suntrust.com

John Nadel

UBS Investment Bank

(212) 713-4299

john.nadel@ubs.com

Page 18