Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

March 31, 2019

A.	Financial Highlights
	Condensed Consolidated Balance Sheets	1
	Consolidated Statements of Operations	2
	Quarterly Summary - Most Recent 5 Quarters	3
	Non-GAAP Financial Measures
	Reconciliation from Net Income (Loss) to Non-GAAP Operating Income	4
	Summary of Adjustments to Arrive at Non-GAAP Operating Income	5
	Quarterly Summary - Reconciliation from Net Income (Loss) 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 - March 31, 2019

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2019		December 31, 2018
Assets
Investments:
Fixed maturity securities, available for sale, at fair value	$	48,037,107	$	45,923,727
Mortgage loans on real estate	3,049,998		2,943,091
Derivative instruments	755,866		205,149
Other investments	361,804		355,531
Total investments	52,204,775		49,427,498
Cash and cash equivalents	1,115,890		344,396
Coinsurance deposits	4,995,744		4,954,068
Accrued investment income	497,464		468,729
Deferred policy acquisition costs	3,127,669		3,535,838
Deferred sales inducements	2,199,588		2,516,721
Deferred income taxes	151,988		291,169
Income taxes recoverable	24,681		26,537
Other assets	164,365		60,608
Total assets	$	64,482,164	$	61,625,564
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves	$	58,995,947	$	57,606,009
Other policy funds and contract claims	266,560		270,858
Notes payable	494,720		494,591
Subordinated debentures	243,090		242,982
Amounts due under repurchase agreements	243,331		109,298
Other liabilities	1,298,979		502,725
Total liabilities	61,542,627		59,226,463
Stockholders' equity:
Common stock	90,784		90,369
Additional paid-in capital	815,088		811,186
Accumulated other comprehensive income (loss)	513,697		(52,432		)
Retained earnings	1,519,968		1,549,978
Total stockholders' equity	2,939,537		2,399,101
Total liabilities and stockholders' equity	$	64,482,164	$	61,625,564

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended   March 31,
	2019			2018
Revenues:
Premiums and other considerations	$	5,410		$	9,053
Annuity product charges	52,966			50,723
Net investment income	558,438			510,784
Change in fair value of derivatives	384,469			(451,083		)
Net realized gains (losses) on investments, excluding other than temporary impairment ("OTTI") losses	(563		)	302
OTTI losses on investments:
Total OTTI losses	—			(907		)
Portion of OTTI losses recognized in (from) other comprehensive income	—			—
Net OTTI losses recognized in operations	—			(907		)
Total revenues	1,000,720			118,872
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	9,299			12,094
Interest sensitive and index product benefits	136,674			514,095
Amortization of deferred sales inducements	33,309			100,423
Change in fair value of embedded derivatives	766,323			(867,232		)
Interest expense on notes payable	6,379			6,372
Interest expense on subordinated debentures	4,088			3,630
Amortization of deferred policy acquisition costs	45,132			140,639
Other operating costs and expenses	38,979			31,240
Total benefits and expenses	1,040,183			(58,739		)
Income (loss) before income taxes	(39,463		)	177,611
Income tax expense (benefit)	(9,453		)	36,649
Net income (loss)	$	(30,010	)	$	140,962
Earnings (loss) per common share	$	(0.33	)	$	1.57
Earnings (loss) per common share - assuming dilution	$	(0.33	)	$	1.55
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share	90,883			90,017
Earnings (loss) per common share - assuming dilution	91,744			91,139

Page 2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

	Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018
Revenues:
Traditional life insurance premiums	$	829		$	845		$	807		$	910		$	972
Life contingent immediate annuity considerations	4,581			3,585			6,433			4,847			8,081
Surrender charges	16,456			15,710			17,132			16,520			16,282
Lifetime income benefit rider fees	36,510			44,684			41,233			38,486			34,441
Net investment income	558,438			554,355			549,391			533,282			510,784
Change in fair value of derivatives	384,469			(1,054,281		)	595,311			132,205			(451,083		)
Net realized gains (losses) on investments, excluding OTTI	(563		)	3,097			(2,196		)	(38,381		)	302
Net OTTI losses recognized in operations	—			(18,980		)	(14,373		)	(2,396		)	(907		)
Total revenues	1,000,720			(450,985		)	1,193,738			685,473			118,872
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits	878			731			838			981			821
Life contingent immediate annuity benefits and change in future policy benefits	8,421			6,708			9,883			8,295			11,273
Interest sensitive and index product benefits (a)	136,674			255,700			413,089			427,951			514,095
Amortization of deferred sales inducements (b)	33,309			(11,578		)	55,244			78,112			100,423
Change in fair value of embedded derivatives	766,323			(804,026		)	383,716			(101,949		)	(867,232		)
Interest expense on notes payable	6,379			6,376			6,376			6,374			6,372
Interest expense on subordinated debentures	4,088			4,041			3,942			3,878			3,630
Amortization of deferred policy acquisition costs (b)	45,132			(8,750		)	81,053			115,049			140,639
Other operating costs and expenses	38,979			33,597			31,924			32,540			31,240
Total benefits and expenses	1,040,183			(517,201		)	986,065			571,231			(58,739		)
Income (loss) before income taxes	(39,463		)	66,216			207,673			114,242			177,611
Income tax expense (benefit) (c)	(9,453		)	12,393			38,345			20,339			36,649
Net income (loss) (a)(b)(c)	$	(30,010	)	$	53,823		$	169,328		$	93,903		$	140,962
Earnings (loss) per common share	$	(0.33	)	$	0.59		$	1.87		$	1.04		$	1.57
Earnings (loss) per common share - assuming dilution (a)(b)(c)	$	(0.33	)	$	0.59		$	1.85		$	1.03		$	1.55
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share	90,883			90,555			90,486			90,327			90,017
Earnings (loss) per common share - assuming dilution	91,744			91,622			91,651			91,271			91,139

(a) 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.

(b) 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.

(c) 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

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

Reconciliation from Net Income (Loss) to Non-GAAP Operating Income

	Three Months Ended   March 31,
	2019			2018
Net income (loss)	$	(30,010	)	$	140,962
Adjustments to arrive at non-GAAP operating income: (a)
Net realized investment losses, including OTTI	305			23
Change in fair value of derivatives and embedded derivatives - fixed index annuities	150,944			(78,818		)
Change in fair value of derivatives - debt	636			(1,832		)
Income taxes	(32,473		)	17,359
Non-GAAP operating income	$	89,402		$	77,694
Per common share - assuming dilution:
Net income (loss)	$	(0.33	)	$	1.55
Adjustments to arrive at non-GAAP operating income:
Net realized investment losses, including OTTI	—			—
Change in fair value of derivatives and embedded derivatives - fixed index annuities	1.64			(0.87		)
Change in fair value of derivatives - debt	0.01			(0.02		)
Income taxes	(0.35		)	0.19
Non-GAAP operating income	$	0.97		$	0.85

(a) Adjustments to net income (loss) 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income

	Three Months Ended   March 31,
	2019			2018
Net realized investment gains and losses, including OTTI:
Net realized losses on investments, including OTTI	$	563		$	605
Amortization of DAC and DSI	(258		)	(582		)
Income taxes	(66		)	(5		)
	$	239		$	18
Change in fair value of derivatives and embedded derivatives:
Index annuities	$	241,120		$	(157,811	)
Interest rate caps and swap	636			(1,832		)
Amortization of DAC and DSI	(90,176		)	78,993
Income taxes	(32,407		)	17,364
	$	119,173		$	(63,286	)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

Reconciliation from Net Income (Loss) to Non-GAAP Operating Income

	Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018
Net income (loss)	$	(30,010	)	$	53,823		$	169,328		$	93,903		$	140,962
Adjustments to arrive at non-GAAP operating income: (a)
Net realized investment losses, including OTTI	305			9,525			10,278			25,624			23
Change in fair value of derivatives and embedded derivatives - fixed index annuities	150,944			36,186			545			(30,094		)	(78,818		)
Change in fair value of derivatives - debt	636			1,276			(597		)	(739		)	(1,832		)
Income taxes	(32,473		)	(10,475		)	(8,491		)	(2,046		)	17,359
Non-GAAP operating income (b)(c)	$	89,402		$	90,335		$	171,063		$	86,648		$	77,694
Per common share - assuming dilution:
Net income (loss)	$	(0.33	)	$	0.59		$	1.85		$	1.03		$	1.55
Adjustments to arrive at non-GAAP operating income: (a)
Net realized investment losses, including OTTI	—			0.10			0.11			0.28			—
Change in fair value of derivatives and embedded derivatives - fixed index annuities	1.64			0.40			0.01			(0.33		)	(0.87		)
Change in fair value of derivatives - debt	0.01			0.01			(0.01		)	(0.01		)	(0.02		)
Income taxes	(0.35		)	(0.11		)	(0.09		)	(0.02		)	0.19
Non-GAAP operating income (b)(c)	$	0.97		$	0.99		$	1.87		$	0.95		$	0.85

(a) Adjustments to net income (loss) 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.

(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 non-GAAP operating income and non-GAAP operating income per common share - assuming dilution by $42.0 million and $0.46 per share, respectively.

(c) 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income

	Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018
Net realized (gains) losses on investments	$	563		$	(3,097	)	$	2,196		$	38,381		$	(302	)
Net OTTI losses recognized in operations	—			18,980			14,373			2,396			907
Change in fair value of derivatives	(524,567		)	1,017,555			(408,680		)	28,741			707,589
Increase (decrease) in total revenues	(524,004		)	1,033,438			(392,111		)	69,518			708,194
Amortization of deferred sales inducements	35,494			77,745			(7,219		)	(9,888		)	(33,212		)
Change in fair value of embedded derivatives	(766,323		)	804,026			(383,716		)	101,949			867,232
Amortization of deferred policy acquisition costs	54,940			104,680			(11,402		)	(17,334		)	(45,199		)
Increase (decrease) in total benefits and expenses	(675,889		)	986,451			(402,337		)	74,727			788,821
Increase (decrease) in income (loss) before income taxes	151,885			46,987			10,226			(5,209		)	(80,627		)
Increase (decrease) in income tax expense (benefit)	32,473			10,475			8,491			2,046			(17,359		)
Increase (decrease) in net income (loss)	$	119,412		$	36,512		$	1,735		$	(7,255	)	$	(63,268	)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

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

Capitalization/Book Value per Share

	Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018
Capitalization:
Notes payable	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Subordinated debentures payable to subsidiary trusts	247,227			247,161			247,096			247,032			246,969
Total debt	747,227			747,161			747,096			747,032			746,969
Total stockholders’ equity	2,939,537			2,399,101			2,489,296			2,426,825			2,546,990
Total capitalization	3,686,764			3,146,262			3,236,392			3,173,857			3,293,959
Accumulated other comprehensive (income) loss (AOCI)	(513,697		)	52,432			(70,288		)	(180,406		)	(399,982		)
Total capitalization excluding AOCI (a)	$	3,173,067		$	3,198,694		$	3,166,104		$	2,993,451		$	2,893,977
Total stockholders’ equity	$	2,939,537		$	2,399,101		$	2,489,296		$	2,426,825		$	2,546,990
Accumulated other comprehensive (income) loss	(513,697		)	52,432			(70,288		)	(180,406		)	(399,982		)
Total stockholders’ equity excluding AOCI(a)	$	2,425,840		$	2,451,533		$	2,419,008		$	2,246,419		$	2,147,008
Common shares outstanding	90,784,123			90,369,229			90,277,626			90,233,346			89,983,823
Book Value per Share: (b)
Book value per share including AOCI	$	32.38		$	26.55		$	27.57		$	26.89		$	28.30
Book value per share excluding AOCI (a)	$	26.72		$	27.13		$	26.80		$	24.90		$	23.86
Debt-to-Capital Ratios: (c)
Senior debt / Total capitalization	15.8		%	15.6		%	15.8		%	16.7		%	17.3		%
Adjusted debt / Total capitalization	15.8		%	15.6		%	15.8		%	16.7		%	17.3		%

(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 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

Spread Results

	Q1 2019	Q4 2018	Q3 2018	Q2 2018	Q1 2018
Average yield on invested assets	4.48%	4.51%	4.54%	4.47%	4.36%
Aggregate cost of money	1.90%	1.95%	1.87%	1.83%	1.82%
Aggregate investment spread	2.58%	2.56%	2.67%	2.64%	2.54%
Impact of:
Investment yield - additional prepayment income	0.01%	0.09%	0.11%	0.07%	0.03%
Cost of money effect of over hedging	0.02%	0.03%	0.07%	0.06%	0.02%
Weighted average investments	$49,908,718	$49,258,548	$48,466,817	$47,795,388	$46,898,365

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

	Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018
Included in interest sensitive and index product benefits:
Index credits	$	55,925		$	157,999		$	369,011		$	334,605		$	423,940
Interest credited	47,436			53,559			52,618			52,922			55,067
Included in change in fair value of derivatives:
Proceeds received at option expiration	(58,460		)	(162,433		)	(378,149		)	(341,616		)	(425,557		)
Pro rata amortization of option cost	198,497			198,999			191,362			180,465			168,732
Cost of money for deferred annuities	$	243,398		$	248,124		$	234,842		$	226,376		$	222,182
Weighted average liability balance outstanding	$	51,328,715		$	50,832,984		$	50,273,893		$	49,541,746		$	48,774,490

Annuity Account Balance Rollforward

	Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018
Account balances at beginning of period	$	51,053,450		$	50,612,519		$	49,935,266		$	49,148,224		$	48,400,755
Net deposits	1,180,365			1,040,857			929,480			1,066,857			930,734
Premium bonuses	45,621			44,450			41,878			49,467			43,670
Fixed interest credited and index credits	103,361			211,558			421,629			387,527			479,007
Surrender charges	(16,456		)	(15,710		)	(17,132		)	(16,520		)	(16,282		)
Lifetime income benefit rider fees	(36,510		)	(44,684		)	(41,233		)	(38,486		)	(34,441		)
Surrenders, withdrawals, deaths, etc.	(725,852		)	(795,540		)	(657,369		)	(661,803		)	(655,219		)
Account balances at end of period	$	51,603,979		$	51,053,450		$	50,612,519		$	49,935,266		$	49,148,224

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

	Q1 2019		Q4 2018		Q3 2018		Q2 2018		Q1 2018
American Equity:
Fixed index annuities	$	1,027,658	$	944,097	$	830,759	$	952,675	$	833,350
Annual reset fixed rate annuities	3,448		5,574		8,390		15,455		16,217
Multi-year fixed rate annuities	148		332		360		888		2,001
Single premium immediate annuities	2,068		2,893		4,977		5,313		10,630
	1,033,322		952,896		844,486		974,331		862,198
Eagle Life:
Fixed index annuities	177,480		162,847		163,871		173,119		160,564
Annual reset fixed rate annuities	127		484		450		348		273
Multi-year fixed rate annuities	25,568		12,802		34,851		53,419		8,024
	203,175		176,133		199,172		226,886		168,861
Consolidated:
Fixed index annuities	1,205,138		1,106,944		994,630		1,125,794		993,914
Annual reset fixed rate annuities	3,575		6,058		8,840		15,803		16,490
Multi-year fixed rate annuities	25,716		13,134		35,211		54,307		10,025
Single premium immediate annuities	2,068		2,893		4,977		5,313		10,630
Total before coinsurance ceded	1,236,497		1,129,029		1,043,658		1,201,217		1,031,059
Coinsurance ceded	54,064		85,279		109,201		129,047		89,695
Net after coinsurance ceded	$	1,182,433	$	1,043,750	$	934,457	$	1,072,170	$	941,364

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at March 31, 2019:

	Surrender Charge			Net Account Value
Product Type	Avg. Years At Issue	Avg. Years Remaining	Avg. % Remaining	Dollars in Thousands		%
Fixed Index Annuities	13.3	7.5	12.1%	$	49,512,369	95.9	%
Annual Reset Fixed Rate Annuities	9.6	3.7	6.6%	1,491,629		2.9	%
Multi-Year Fixed Rate Annuities	4.6	1.0	2.3%	599,981		1.2	%
Total	13.1	7.3	11.8%	$	51,603,979	100.0	%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No surrender charge	$	865,580	$	2,483,530
0.0% < 2.0%	8,072		188,169
2.0% < 3.0%	9,215		322,226
3.0% < 4.0%	21,125		286,266
4.0% < 5.0%	25,267		648,394
5.0% < 6.0%	49,460		1,451,738
6.0% < 7.0%	204,904		1,455,750
7.0% < 8.0%	220,780		3,316,557
8.0% < 9.0%	52,374		3,517,953
9.0% < 10.0%	54,507		3,366,509
10.0% or greater	580,326		32,475,277
	$	2,091,610	$	49,512,369

Surrender Charge Expiration By Year:	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
Out of Surrender Charge	$	3,349,110	0.00	%
2019	355,194		2.28	%
2020	792,391		3.90	%
2021	1,281,530		5.57	%
2022	1,852,814		6.82	%
2023	4,588,828		8.22	%
2024	5,240,379		9.88	%
2025	6,009,810		10.53	%
2026	5,264,383		11.88	%
2027	4,417,292		13.39	%
2028	4,672,056		14.13	%
2029	3,686,282		16.12	%
2030	2,660,075		17.94	%
2031	3,237,822		18.42	%
2032	2,206,831		18.84	%
2033	1,176,627		19.32	%
2034	716,080		19.82	%
2035	96,475		20.00	%
	$	51,603,979	11.81	%

Page 11

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

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	$	1,022,914	$	1,381,352
› 0.0% - 0.25%	54,398		196,875
› 0.25% - 0.5%	245,068		3,563
› 0.5% - 1.0%	45,564		15,764
› 1.0% - 1.5%	11,255		—
1.00% ultimate guarantee - 2.39% wtd avg interest rate (a)	469,299		652,778
1.50% ultimate guarantee - 1.23% wtd avg interest rate (a)	151,913		3,571,081
1.75% ultimate guarantee - 1.94% wtd avg interest rate (a)	5,825		97,659
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)	85,374		—
2.25% ultimate guarantee - 1.91% wtd avg interest rate (a)	—		886,616
3.00% ultimate guarantee - 2.11% wtd avg interest rate (a)	—		1,673,972
Allocated to index strategies (see tables that follow)	—		41,032,709
	$	2,091,610	$	49,512,369

(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 March 31, 2019 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.16%.

Page 12

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

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	$	1,834	$	90,319	$	3,401,822	$	73,974	$	176,204
1.75% - 3%	7,110,499		—		—		—		—
3% - 4%	572,254		12,940		—		—		—
4% - 5%	586,328		230,222		3,096,202		—		—
5% - 6%	525,406		194,490		38,706		—		—
6% - 7%	—		—		119		—		—
>= 7%	6,412		7,859		792		7,172		—

Annual Monthly Average and Point-to-Point with Participation Rates
	Minimum Guaranteed Participation Rate
	10%		20% - 25%		35%		50% +
Current Participation Rate
At minimum	$	757	$	384,630	$	113,082	$	127,323
< 20%	645,295		—		—		—
20% - 40%	916,046		172,653		—		—
40% - 60%	2,259,826		100,661		64,194		—
60% - 100%	197,719		—		—		—
> 100%	87,926		—		—		—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum	$	1,474,075
1.10% - 1.30%	7,383,598
1.40% - 1.60%	3,213,112
1.70% - 2.00%	1,293,746
>= 2.10%	951

Volatility Control Index
Current Asset Fee
At Maximum	$	—
0.75% - 1.75%	416,663
2.25% - 2.75%	708,069
3.00% - 3.50%	3,310,763
3.75% - 4.50%	1,105,291

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 0.72% based upon prices of options for the week ended April 16, 2019.

Page 13

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

Summary of Invested Assets

	March 31, 2019				December 31, 2018
	Carrying Amount		Percent		Carrying Amount		Percent
Fixed maturity securities:
United States Government full faith and credit	$	11,701	—	%	$	11,652	—	%
United States Government sponsored agencies	1,187,340		2.3	%	1,138,529		2.3	%
United States municipalities, states and territories	4,174,846		8.0	%	4,126,267		8.3	%
Foreign government obligations	235,542		0.5	%	230,274		0.5	%
Corporate securities	30,014,197		57.5	%	28,371,514		57.4	%
Residential mortgage backed securities	1,201,332		2.3	%	1,202,159		2.4	%
Commercial mortgage backed securities	5,543,512		10.6	%	5,379,003		10.9	%
Other asset backed securities	5,668,637		10.9	%	5,464,329		11.1	%
Total fixed maturity securities	48,037,107		92.1	%	45,923,727		92.9	%
Mortgage loans on real estate	3,049,998		5.8	%	2,943,091		6.0	%
Derivative instruments	755,866		1.4	%	205,149		0.4	%
Other investments	361,804		0.7	%	355,531		0.7	%
	$	52,204,775	100.0	%	$	49,427,498	100.0	%

Credit Quality of Fixed Maturity Securities - March 31, 2019

NAIC Designation	Carrying Amount		Percent		Rating Agency Rating	Carrying Amount		Percent
1	$	27,929,128	58.1	%	Aaa/Aa/A	$	28,011,527	58.3	%
2	18,615,641		38.8	%	Baa	18,454,984		38.4	%
3	1,275,240		2.7	%	Ba	1,158,640		2.4	%
4	147,717		0.3	%	B	138,572		0.3	%
5	5,017		—	%	Caa	108,368		0.2	%
6	64,364		0.1	%	Ca and lower	165,016		0.4	%
	$	48,037,107	100.0	%		$	48,037,107	100.0	%

Watch List Securities - March 31, 2019

General Description	Amortized Cost		Unrealized Gains (Losses)			Fair Value		Months Below Amortized Cost
Below investment grade
Corporate securities:
Consumer discretionary	$	52,516	$	(7,506	)	$	45,010	0 - 50
Energy	71,955		(13,138		)	58,817		1 - 55
Industrials	635		115			750		—
Materials	3,990		455			4,445		—
Utilities	59,754		(2,151		)	57,603		0 - 18
Other asset backed securities:
Financials	1,642		(84		)	1,558		1 - 3
	$	190,492	$	(22,309	)	$	168,183

Page 14

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

	March 31, 2019				December 31, 2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies	$	1,220,168	$	1,199,041	$	1,220,340	$	1,150,181
United States municipalities, states and territories	3,861,080		4,174,846		3,880,703		4,126,267
Foreign government obligations	226,233		235,542		226,860		230,274
Corporate securities:
Capital goods	2,552,536		2,634,637		2,491,620		2,485,845
Consumer discretionary	5,810,888		5,965,896		5,742,182		5,665,192
Energy	2,549,390		2,604,752		2,543,114		2,468,545
Financials	6,201,701		6,424,348		6,046,859		6,054,591
Industrials	302,036		309,175		302,078		298,620
Information technology	1,857,289		1,922,634		1,794,676		1,781,800
Materials	1,858,836		1,911,253		1,771,359		1,759,325
Other	1,136,249		1,188,897		999,140		1,011,396
Telecommunications	1,567,434		1,619,061		1,604,307		1,594,978
Transportation	1,422,859		1,460,537		1,438,723		1,428,378
Utilities	3,766,491		3,973,007		3,749,080		3,822,844
Residential mortgage backed securities:
Government agency	599,086		640,831		604,998		636,632
Prime	411,934		432,425		420,350		434,991
Alt-A	105,698		128,076		109,275		130,536
Commercial mortgage backed securities:
Government agency	440,109		446,357		442,287		438,063
Non-agency	5,052,973		5,097,155		5,049,984		4,940,940
Other asset backed securities:
Auto	340,500		345,502		315,439		318,616
Energy	7,598		8,433		—		—
Financials	7,375		8,061		8,322		8,931
Industrials	205,746		207,356		217,358		216,724
Collateralized loan obligations	4,648,024		4,487,775		4,579,467		4,320,168
Military housing	436,866		471,720		438,350		464,071
Other	137,951		139,790		134,319		135,819
	$	46,727,050	$	48,037,107	$	46,131,190	$	45,923,727

Page 15

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

Unaudited (Dollars in thousands)

Mortgage Loans on Commercial Real Estate

	March 31, 2019						December 31, 2018
	Principal			Percent			Principal		Percent
Geographic distribution
East	$	578,066		18.9		%	$	586,773	19.9	%
Middle Atlantic	197,754			6.5		%	168,969		5.7	%
Mountain	366,235			12.0		%	357,642		12.1	%
New England	9,352			0.3		%	9,418		0.3	%
Pacific	549,935			18.0		%	521,363		17.7	%
South Atlantic	713,449			23.3		%	694,599		23.5	%
West North Central	292,494			9.5		%	291,890		9.9	%
West South Central	351,980			11.5		%	321,810		10.9	%
	$	3,059,265		100.0		%	$	2,952,464	100.0	%
Property type distribution
Office	$	262,455		8.6		%	$	268,932	9.1	%
Medical office	33,005			1.1		%	33,467		1.1	%
Retail	1,135,366			37.1		%	1,091,627		37.0	%
Industrial/Warehouse	813,667			26.6		%	762,887		25.8	%
Apartment	610,399			19.9		%	600,638		20.3	%
Agricultural	32,274			1.1		%	25,000		0.9	%
Mixed use/other	172,099			5.6		%	169,913		5.8	%
	$	3,059,265		100.0		%	$	2,952,464	100.0	%
	March 31, 2019			December 31, 2018
Credit exposure - by payment activity
Performing	$	3,059,265		$	2,952,464
In workout	—			—
Delinquent	—			—
Collateral dependent	—			—
	3,059,265			2,952,464
Specific loan loss allowance	(229		)	(229		)
General loan loss allowance	(7,950		)	(8,010		)
Deferred prepayment fees	(1,088		)	(1,134		)
	$	3,049,998		$	2,943,091

Page 16

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2019

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
2019
First Quarter	$33.57	$26.34	$27.02	$0.00
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
Fourth Quarter	$36.39	$25.27	$27.94	$0.28
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

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 - March 31, 2019

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

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

mark.dwelle@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