Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

September 30, 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 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 - September 30, 2019

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2019		December 31, 2018
Assets
Investments:
Fixed maturity securities, available for sale, at fair value	$	51,854,384	$	45,923,727
Mortgage loans on real estate	3,212,075		2,943,091
Derivative instruments	963,081		205,149
Other investments	694,416		355,531
Total investments	56,723,956		49,427,498
Cash and cash equivalents	1,138,737		344,396
Coinsurance deposits	5,072,015		4,954,068
Accrued investment income	497,291		468,729
Deferred policy acquisition costs	2,883,599		3,535,838
Deferred sales inducements	1,952,353		2,516,721
Deferred income taxes	—		291,169
Income taxes recoverable	30,277		26,537
Other assets	31,765		60,608
Total assets	$	68,329,993	$	61,625,564
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves	$	61,348,138	$	57,606,009
Other policy funds and contract claims	259,939		270,858
Notes payable	494,982		494,591
Subordinated debentures	243,311		242,982
Amounts due under repurchase agreements	48,931		109,298
Deferred income taxes	143,195		—
Other liabilities	1,664,781		502,725
Total liabilities	64,203,277		59,226,463
Stockholders' equity:
Common stock	91,007		90,369
Additional paid-in capital	820,362		811,186
Accumulated other comprehensive income (loss)	1,639,429		(52,432		)
Retained earnings	1,575,918		1,549,978
Total stockholders' equity	4,126,716		2,399,101
Total liabilities and stockholders' equity	$	68,329,993	$	61,625,564

Page 1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

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,
	2019			2018			2019			2018
Revenues:
Premiums and other considerations	$	5,152		$	7,240		$	14,688		$	22,050
Annuity product charges	63,647			58,365			177,313			164,094
Net investment income	590,412			549,391			1,719,418			1,593,457
Change in fair value of derivatives	(20,042		)	595,311			440,472			276,433
Net realized gains (losses) on investments, excluding other than temporary impairment ("OTTI") losses	4,328			(2,196		)	(67		)	(40,275		)
OTTI losses on investments:
Total OTTI losses	(101		)	(14,373		)	(1,099		)	(16,025		)
Portion of OTTI losses recognized from other comprehensive income	—			—			(215		)	(1,651		)
Net OTTI losses recognized in operations	(101		)	(14,373		)	(1,314		)	(17,676		)
Total revenues	643,396			1,193,738			2,350,510			1,998,083
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	7,627			10,721			23,865			32,091
Interest sensitive and index product benefits	500,285			413,089			888,062			1,355,135
Amortization of deferred sales inducements	(55,769		)	55,244			(2,675		)	233,779
Change in fair value of embedded derivatives	212,278			383,716			1,306,163			(585,465		)
Interest expense on notes payable	6,382			6,376			19,141			19,122
Interest expense on subordinated debentures	3,968			3,942			12,113			11,450
Amortization of deferred policy acquisition costs	(120,934		)	81,053			(45,856		)	336,741
Other operating costs and expenses	38,554			31,924			114,959			95,704
Total benefits and expenses	592,391			986,065			2,315,772			1,498,557
Income before income taxes	51,005			207,673			34,738			499,526
Income tax expense	13,645			38,345			8,798			95,333
Net income	$	37,360		$	169,328		$	25,940		$	404,193
Earnings per common share	$	0.41		$	1.87		$	0.28		$	4.48
Earnings per common share - assuming dilution	$	0.41		$	1.85		$	0.28		$	4.42
Weighted average common shares outstanding (in thousands):
Earnings per common share	91,252			90,486			91,081			90,278
Earnings per common share - assuming dilution	91,711			91,651			91,748			91,355

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Revenues:
Traditional life insurance premiums	$	778		$	799		$	829		$	845		$	807
Life contingent immediate annuity considerations	4,374			3,327			4,581			3,585			6,433
Surrender charges	20,537			19,480			16,456			15,710			17,132
Lifetime income benefit rider fees	43,110			41,220			36,510			44,684			41,233
Net investment income	590,412			570,568			558,438			554,355			549,391
Change in fair value of derivatives	(20,042		)	76,045			384,469			(1,054,281		)	595,311
Net realized gains (losses) on investments, excluding OTTI	4,328			(3,832		)	(563		)	3,097			(2,196		)
Net OTTI losses recognized in operations	(101		)	(1,213		)	—			(18,980		)	(14,373		)
Total revenues	643,396			706,394			1,000,720			(450,985		)	1,193,738
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits	758			576			878			731			838
Life contingent immediate annuity benefits and change in future policy benefits	6,869			6,363			8,421			6,708			9,883
Interest sensitive and index product benefits (a)	500,285			251,103			136,674			255,700			413,089
Amortization of deferred sales inducements (b)	(55,769		)	19,785			33,309			(11,578		)	55,244
Change in fair value of embedded derivatives (c)	212,278			327,562			766,323			(804,026		)	383,716
Interest expense on notes payable	6,382			6,380			6,379			6,376			6,376
Interest expense on subordinated debentures	3,968			4,057			4,088			4,041			3,942
Amortization of deferred policy acquisition costs (b)	(120,934		)	29,946			45,132			(8,750		)	81,053
Other operating costs and expenses	38,554			37,426			38,979			33,597			31,924
Total benefits and expenses	592,391			683,198			1,040,183			(517,201		)	986,065
Income (loss) before income taxes	51,005			23,196			(39,463		)	66,216			207,673
Income tax expense (benefit) (d)	13,645			4,606			(9,453		)	12,393			38,345
Net income (loss) (a)(b)(c)(d)	$	37,360		$	18,590		$	(30,010	)	$	53,823		$	169,328
Earnings (loss) per common share	$	0.41		$	0.20		$	(0.33	)	$	0.59		$	1.87
Earnings (loss) per common share - assuming dilution (a)(b)(c)(d)	$	0.41		$	0.20		$	(0.33	)	$	0.59		$	1.85
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share	91,252			91,103			90,883			90,555			90,486
Earnings (loss) per common share - assuming dilution	91,711			91,785			91,744			91,622			91,651

(a) Q3 2019 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 $315.4 million and decreased net income and earnings per common share - assuming dilution by $247.3 million and $2.70 per share, respectively.

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 2019 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $104.7 million and $193.0 million, respectively, and increased net income and earnings per common share - assuming dilution by $233.4 million and $2.54 per share, respectively.

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 2019 includes expense from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact increased change in fair value of embedded derivatives by $28.2 million and decreased net income and earnings per common share - assuming dilution by $22.1 million and $0.24 per share. respectively.

Q3 2018 includes expense from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact increased change in fair value of embedded derivatives by $8.5 million and decreased net income and earnings per common share - assuming dilution by $6.6 million and $0.07 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

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,
	2019			2018			2019			2018
Net income	$	37,360		$	169,328		$	25,940		$	404,193
Adjustments to arrive at non-GAAP operating income: (a)
Net realized investment gains/losses, including OTTI	(3,175		)	10,278			(245		)	35,925
Change in fair value of derivatives and embedded derivatives - fixed index annuities	250,186			545			500,998			(108,367		)
Change in fair value of derivatives - debt	(76		)	(597		)	1,414			(3,168		)
Income taxes	(50,940		)	(8,491		)	(105,759		)	6,822
Non-GAAP operating income	$	233,355		$	171,063		$	422,348		$	335,405
Per common share - assuming dilution:
Net income	$	0.41		$	1.85		$	0.28		$	4.42
Adjustments to arrive at non-GAAP operating income:
Net realized investment gains/losses, including OTTI	(0.04		)	0.11			—			0.39
Change in fair value of derivatives and embedded derivatives - fixed index annuities	2.73			0.01			5.46			(1.19		)
Change in fair value of derivatives - debt	—			(0.01		)	0.01			(0.03		)
Income taxes	(0.56		)	(0.09		)	(1.15		)	0.08
Non-GAAP operating income	$	2.54		$	1.87		$	4.60		$	3.67

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

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,
	2019			2018			2019			2018
Net realized investment gains and losses, including OTTI:
Net realized gains/losses on investments, including OTTI	$	(4,227	)	$	16,569		$	1,381		$	57,951
Amortization of DAC and DSI	1,052			(6,291		)	(1,626		)	(22,026		)
Income taxes	3,151			(1,187		)	2,518			(9,908		)
	$	(24	)	$	9,091		$	2,273		$	26,017
Change in fair value of derivatives and embedded derivatives:
Index annuities	$	132,411		$	(24,367	)	$	591,577		$	(254,647	)
Interest rate caps and swap	(76		)	(597		)	1,414			(3,168		)
Amortization of DAC and DSI	117,775			24,912			(90,579		)	146,280
Income taxes	(54,091		)	144			(108,277		)	24,178
	$	196,019		$	92		$	394,135		$	(87,357	)
Worthless stock deduction:
Income taxes	$	—		$	(7,448	)	$	—		$	(7,448	)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 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

	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Net income (loss)	$	37,360		$	18,590		$	(30,010	)	$	53,823		$	169,328
Adjustments to arrive at non-GAAP operating income: (a)
Net realized investment gains/losses, including OTTI	(3,175		)	2,625			305			9,525			10,278
Change in fair value of derivatives and embedded derivatives - fixed index annuities	250,186			99,868			150,944			36,186			545
Change in fair value of derivatives - debt	(76		)	854			636			1,276			(597		)
Income taxes	(50,940		)	(22,346		)	(32,473		)	(10,475		)	(8,491		)
Non-GAAP operating income (b)(c)	$	233,355		$	99,591		$	89,402		$	90,335		$	171,063
Per common share - assuming dilution:
Net income (loss)	$	0.41		$	0.20		$	(0.33	)	$	0.59		$	1.85
Adjustments to arrive at non-GAAP operating income:
Net realized investment gains/losses, including OTTI	(0.04		)	0.03			—			0.10			0.11
Change in fair value of derivatives and embedded derivatives - fixed index annuities	2.73			1.09			1.64			0.40			0.01
Change in fair value of derivatives - debt	—			0.01			0.01			0.01			(0.01		)
Income taxes	(0.56		)	(0.24		)	(0.35		)	(0.11		)	(0.09		)
Non-GAAP operating income (b)(c)	$	2.54		$	1.09		$	0.97		$	0.99		$	1.87

(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 2019 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 $315.4 million and decreased non-GAAP operating income and non-GAAP operating income per common share - assuming dilution by $247.3 million and $2.70 per share, respectively.

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 2019 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $184.9 million and $288.3 million, respectively, and increased non-GAAP operating income and non-GAAP operating income per common share- assuming dilution by $371.0 million and $4.05 per share, respectively.

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 - September 30, 2019

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income

	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Net realized (gains) losses on investments	$	(4,328	)	$	3,832		$	563		$	(3,097	)	$	2,196
Net OTTI losses recognized in operations	101			1,213			—			18,980			14,373
Change in fair value of derivatives	(79,943		)	(108,662		)	(524,567		)	1,017,555			(408,680		)
Increase (decrease) in total revenues	(84,170		)	(103,617		)	(524,004		)	1,033,438			(392,111		)
Amortization of deferred sales inducements	(57,408		)	49,101			35,494			77,745			(7,219		)
Change in fair value of embedded derivatives	(212,278		)	(327,562		)	(766,323		)	804,026			(383,716		)
Amortization of deferred policy acquisition costs	(61,419		)	71,497			54,940			104,680			(11,402		)
Increase (decrease) in total benefits and expenses	(331,105		)	(206,964		)	(675,889		)	986,451			(402,337		)
Increase in income (loss) before income taxes	246,935			103,347			151,885			46,987			10,226
Increase in income tax expense (benefit)	50,940			22,346			32,473			10,475			8,491
Increase in net income (loss)	$	195,995		$	81,001		$	119,412		$	36,512		$	1,735

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

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

Capitalization/Book Value per Share

	Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
Capitalization:
Notes payable	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Subordinated debentures payable to subsidiary trusts	247,362			247,294			247,227			247,161			247,096
Total debt	747,362			747,294			747,227			747,161			747,096
Total stockholders’ equity	4,126,716			3,497,475			2,939,537			2,399,101			2,489,296
Total capitalization	4,874,078			4,244,769			3,686,764			3,146,262			3,236,392
Accumulated other comprehensive (income) loss (AOCI)	(1,639,429		)	(1,049,984		)	(513,697		)	52,432			(70,288		)
Total capitalization excluding AOCI (a)	$	3,234,649		$	3,194,785		$	3,173,067		$	3,198,694		$	3,166,104
Total stockholders’ equity	$	4,126,716		$	3,497,475		$	2,939,537		$	2,399,101		$	2,489,296
Accumulated other comprehensive (income) loss	(1,639,429		)	(1,049,984		)	(513,697		)	52,432			(70,288		)
Total stockholders’ equity excluding AOCI(a)	$	2,487,287		$	2,447,491		$	2,425,840		$	2,451,533		$	2,419,008
Common shares outstanding	91,006,950			90,936,324			90,784,123			90,369,229			90,277,626
Book Value per Share: (b)
Book value per share including AOCI	$	45.35		$	38.46		$	32.38		$	26.55		$	27.57
Book value per share excluding AOCI (a)	$	27.33		$	26.91		$	26.72		$	27.13		$	26.80
Debt-to-Capital Ratios: (c)
Senior debt / Total capitalization	15.5		%	15.7		%	15.8		%	15.6		%	15.8		%
Total debt / Total capitalization	23.1		%	23.4		%	23.5		%	23.4		%	23.6		%

(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 securities, 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended   September 30,
2019	2018		Q3 2019	Q2 2019	Q1 2019	Q4 2018	Q3 2018
4.53%	4.46%	Average yield on invested assets	4.59%	4.51%	4.48%	4.51%	4.54%
1.87%	1.84%	Aggregate cost of money	1.84%	1.88%	1.90%	1.95%	1.87%
2.66%	2.62%	Aggregate investment spread	2.75%	2.63%	2.58%	2.56%	2.67%
		Impact of:
0.06%	0.08%	Investment yield - additional prepayment income	0.11%	0.04%	0.01%	0.09%	0.11%
0.04%	0.05%	Cost of money effect of over hedging	0.02%	0.04%	0.02%	0.03%	0.07%
$50,716,178	$47,720,190	Weighted average investments	$51,529,850	$50,709,966	$49,908,718	$49,258,548	$48,466,817

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,
2019			2018				Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
						Included in interest sensitive and index product benefits:
$	310,020		$	1,127,556		Index credits	$	92,343		$	161,752		$	55,925		$	157,999		$	369,011
147,425			160,607			Interest credited	49,511			50,478			47,436			53,559			52,618
						Included in change in fair value of derivatives:
(320,381		)	(1,145,322		)	Proceeds received at option expiration	(95,491		)	(166,430		)	(58,460		)	(162,433		)	(378,149		)
592,857			540,559			Pro rata amortization of option cost	195,354			199,006			198,497			198,999			191,362
$	729,921		$	683,400		Cost of money for deferred annuities	$	241,717		$	244,806		$	243,398		$	248,124		$	234,842
$	52,007,003		$	49,530,043		Weighted average liability balance outstanding	$	52,682,886		$	52,009,407		$	51,328,715		$	50,832,984		$	50,273,893

Annuity Account Balance Rollforward

Nine Months Ended   September 30,
2019			2018				Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018
$	51,053,450		$	48,400,755		Account balances at beginning of period	$	52,414,835		$	51,603,979		$	51,053,450		$	50,612,519		$	49,935,266
3,822,410			2,927,071			Net deposits	1,216,720			1,425,325			1,180,365			1,040,857			929,480
140,959			135,015			Premium bonuses	46,968			48,370			45,621			44,450			41,878
457,445			1,288,163			Fixed interest credited and index credits	141,854			212,230			103,361			211,558			421,629
(56,473		)	(49,934		)	Surrender charges	(20,537		)	(19,480		)	(16,456		)	(15,710		)	(17,132		)
(120,840		)	(114,160		)	Lifetime income benefit rider fees	(43,110		)	(41,220		)	(36,510		)	(44,684		)	(41,233		)
(2,346,014		)	(1,974,391		)	Surrenders, withdrawals, deaths, etc.	(805,793		)	(814,369		)	(725,852		)	(795,540		)	(657,369		)
$	52,950,937		$	50,612,519		Account balances at end of period	$	52,950,937		$	52,414,835		$	51,603,979		$	51,053,450		$	50,612,519

Page 9

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended   September 30,
2019		2018			Q3 2019		Q2 2019		Q1 2019		Q4 2018		Q3 2018
				American Equity Life:
$	3,293,458	$	2,616,784	Fixed index annuities	$	1,054,796	$	1,211,004	$	1,027,658	$	944,097	$	830,759
9,402		40,062		Annual reset fixed rate annuities	2,340		3,614		3,448		5,574		8,390
1,307		3,249		Multi-year fixed rate annuities	593		566		148		332		360
7,129		20,920		Single premium immediate annuities	3,314		1,747		2,068		2,893		4,977
3,311,296		2,681,015			1,061,043		1,216,931		1,033,322		952,896		844,486
				Eagle Life:
579,119		497,554		Fixed index annuities	166,081		235,558		177,480		162,847		163,871
193		1,071		Annual reset fixed rate annuities	—		66		127		484		450
151,572		96,294		Multi-year fixed rate annuities	79,000		47,004		25,568		12,802		34,851
730,884		594,919			245,081		282,628		203,175		176,133		199,172
				Consolidated:
3,872,577		3,114,338		Fixed index annuities	1,220,877		1,446,562		1,205,138		1,106,944		994,630
9,595		41,133		Annual reset fixed rate annuities	2,340		3,680		3,575		6,058		8,840
152,879		99,543		Multi-year fixed rate annuities	79,593		47,570		25,716		13,134		35,211
7,129		20,920		Single premium immediate annuities	3,314		1,747		2,068		2,893		4,977
4,042,180		3,275,934		Total before coinsurance ceded	1,306,124		1,499,559		1,236,497		1,129,029		1,043,658
212,641		327,943		Coinsurance ceded	86,090		72,487		54,064		85,279		109,201
$	3,829,539	$	2,947,991	Net after coinsurance ceded	$	1,220,034	$	1,427,072	$	1,182,433	$	1,043,750	$	934,457

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2019:

	Surrender Charge			Net Account Value
Product Type	Avg. Years At Issue	Avg. Years Remaining	Avg. % Remaining	Dollars in Thousands		%
Fixed Index Annuities	13.0	7.2	11.5%	$	50,911,448	96.2	%
Annual Reset Fixed Rate Annuities	9.7	3.5	6.4%	1,433,066		2.7	%
Multi-Year Fixed Rate Annuities	4.3	0.8	2.0%	606,423		1.1	%
Total	12.9	7.0	11.2%	$	52,950,937	100.0	%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No surrender charge	$	816,680	$	2,569,974
0.0% < 2.0%	13,842		160,899
2.0% < 3.0%	9,747		443,704
3.0% < 4.0%	49,957		1,173,519
4.0% < 5.0%	32,387		896,308
5.0% < 6.0%	73,734		2,221,579
6.0% < 7.0%	306,995		1,335,479
7.0% < 8.0%	82,220		4,419,217
8.0% < 9.0%	40,890		3,575,909
9.0% < 10.0%	83,122		4,031,440
10.0% or greater	529,915		30,083,420
	$	2,039,489	$	50,911,448

Surrender Charge Expiration By Year:	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
Out of Surrender Charge	$	3,386,654	0.00	%
2019	98,380		2.44	%
2020	757,416		3.12	%
2021	1,241,156		4.86	%
2022	1,783,700		5.98	%
2023	4,366,059		6.63	%
2024	5,283,230		8.89	%
2025	5,980,535		9.75	%
2026	5,274,141		11.22	%
2027	4,473,036		12.68	%
2028	4,752,511		13.51	%
2029	5,423,066		14.67	%
2030	2,603,811		17.54	%
2031	3,171,271		18.20	%
2032	2,161,827		18.62	%
2033	1,225,799		19.06	%
2034	705,818		19.56	%
2035	262,527		20.00	%
	$	52,950,937	11.25	%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 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	$	968,928	$	1,363,992
› 0.0% - 0.25%	52,478		177,132
› 0.25% - 0.5%	243,066		5,966
› 0.5% - 1.0%	41,586		12,523
› 1.0% - 1.5%	11,128		—
1.00% ultimate guarantee - 2.38% wtd avg interest rate (a)	460,406		681,514
1.50% ultimate guarantee - 1.20% wtd avg interest rate (a)	147,075		3,486,537
1.75% ultimate guarantee - 2.04% wtd avg interest rate (a)	32,518		347,917
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)	82,304		—
2.25% ultimate guarantee - 1.85% wtd avg interest rate (a)	—		842,104
3.00% ultimate guarantee - 2.05% wtd avg interest rate (a)	—		1,610,670
Allocated to index strategies (see tables that follow)	—		42,383,093
	$	2,039,489	$	50,911,448

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 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	$	1,431	$	91,506	$	4,688,839	$	68,772	$	164,070
1.75% - 3%	8,028,431		—		—		—		—
3% - 4%	279,597		12,471		—		—		—
4% - 5%	742,666		232,303		1,777,382		—		—
5% - 6%	591,323		201,145		33,210		—		—
6% - 7%	—		—		422		—		—
>= 7%	9,965		7,482		718		6,219		—

Annual Monthly Average and Point-to-Point with Participation Rates
	Minimum Guaranteed Participation Rate
	10%		20% - 25%		35%		50% +
Current Participation Rate
At minimum	$	945	$	367,788	$	103,666	$	114,499
< 20%	732,716		—		—		—
20% - 40%	937,898		162,923		—		—
40% - 60%	2,969,785		95,549		60,382		—
60% - 100%	382,016		—		—		—
> 100%	263,083		—		—		—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum	$	1,465,331
1.10% - 1.30%	7,524,703
1.40% - 1.60%	3,153,919
1.70% - 2.00%	466,712
>= 2.10%	981

Volatility Control Index
Current Asset Fee
At Maximum	$	—
0.75% - 1.75%	414,144
2.25% - 2.75%	264,590
3.00% - 3.50%	3,216,657
3.75% - 4.50%	1,492,327

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 0.70% based upon prices of options for the week ended October 15, 2019.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

Unaudited (Dollars in thousands)

Summary of Invested Assets

	September 30, 2019				December 31, 2018
	Carrying Amount		Percent		Carrying Amount		Percent
Fixed maturity securities:
United States Government full faith and credit	$	12,343	—	%	$	11,652	—	%
United States Government sponsored agencies	695,030		1.2	%	1,138,529		2.3	%
United States municipalities, states and territories	4,517,661		8.0	%	4,126,267		8.3	%
Foreign government obligations	207,420		0.4	%	230,274		0.5	%
Corporate securities	32,897,127		58.0	%	28,371,514		57.4	%
Residential mortgage backed securities	1,557,156		2.7	%	1,202,159		2.4	%
Commercial mortgage backed securities	5,839,510		10.3	%	5,379,003		10.9	%
Other asset backed securities	6,128,137		10.8	%	5,464,329		11.1	%
Total fixed maturity securities	51,854,384		91.4	%	45,923,727		92.9	%
Mortgage loans on real estate	3,212,075		5.7	%	2,943,091		6.0	%
Derivative instruments	963,081		1.7	%	205,149		0.4	%
Other investments	694,416		1.2	%	355,531		0.7	%
	$	56,723,956	100.0	%	$	49,427,498	100.0	%

Credit Quality of Fixed Maturity Securities - September 30, 2019

NAIC Designation	Carrying Amount		Percent		Rating Agency Rating	Carrying Amount		Percent
1	$	30,351,227	58.5	%	Aaa/Aa/A	$	30,619,526	59.0	%
2	20,232,420		39.0	%	Baa	19,931,665		38.4	%
3	1,145,174		2.2	%	Ba	1,022,165		2.0	%
4	101,830		0.2	%	B	84,566		0.2	%
5	16,920		0.1	%	Caa	102,503		0.2	%
6	6,813		—	%	Ca and lower	93,959		0.2	%
	$	51,854,384	100.0	%		$	51,854,384	100.0	%

Watch List Securities - September 30, 2019

General Description	Amortized Cost		Unrealized Gains (Losses)			Fair Value		Months Below Amortized Cost
Below investment grade
Corporate securities:
Consumer discretionary	$	52,607	$	(6,089	)	$	46,518	0 - 56
Energy	55,696		(23,734		)	31,962		31 - 61
Industrials	563		(38		)	525		4
Materials	3,990		980			4,970		—
Other asset backed securities:
Financials	977		326			1,303		—
Industrials	8,559		(2,628		)	5,931		47
	$	122,392	$	(31,183	)	$	91,209

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

	September 30, 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	$	675,494	$	707,373	$	1,220,340	$	1,150,181
United States municipalities, states and territories	4,053,836		4,517,661		3,880,703		4,126,267
Foreign government obligations	186,979		207,420		226,860		230,274
Corporate securities:
Capital goods	2,618,615		2,883,293		2,491,620		2,485,845
Consumer discretionary	6,101,839		6,690,920		5,742,182		5,665,192
Energy	2,549,042		2,700,232		2,543,114		2,468,545
Financials	6,733,044		7,341,141		6,046,859		6,054,591
Government non-guaranteed	564,480		636,547		564,912		578,657
Industrials	311,290		341,756		302,078		298,620
Information technology	1,930,629		2,118,411		1,794,676		1,781,800
Materials	1,962,087		2,107,763		1,771,359		1,759,325
Other	439,453		484,585		434,228		432,739
Telecommunications	1,547,428		1,703,894		1,604,307		1,594,978
Transportation	1,492,222		1,616,676		1,438,723		1,428,378
Utilities	3,792,460		4,271,909		3,749,080		3,822,844
Residential mortgage backed securities:
Government agency	602,364		667,143		604,998		636,632
Prime	733,166		770,877		420,350		434,991
Alt-A	98,586		119,136		109,275		130,536
Commercial mortgage backed securities:
Government agency	416,731		453,683		442,287		438,063
Non-agency	5,148,140		5,385,827		5,049,984		4,940,940
Other asset backed securities:
Auto	404,638		414,360		315,439		318,616
Energy	7,506		8,781		—		—
Financials	4,967		5,520		8,322		8,931
Industrials	161,240		165,904		217,358		216,724
Collateralized loan obligations	4,819,438		4,630,960		4,579,467		4,320,168
Military housing	475,030		554,481		438,350		464,071
Other	339,852		348,131		134,319		135,819
	$	48,170,556	$	51,854,384	$	46,131,190	$	45,923,727

Page 15

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2019

Unaudited (Dollars in thousands)

Mortgage Loans on Commercial Real Estate

	September 30, 2019						December 31, 2018
	Principal			Percent			Principal		Percent
Geographic distribution
East	$	600,204		18.6		%	$	586,773	19.9	%
Middle Atlantic	240,241			7.5		%	168,969		5.7	%
Mountain	372,437			11.6		%	357,642		12.1	%
New England	9,220			0.3		%	9,418		0.3	%
Pacific	579,831			18.0		%	521,363		17.7	%
South Atlantic	739,498			22.9		%	694,599		23.5	%
West North Central	281,067			8.7		%	291,890		9.9	%
West South Central	398,654			12.4		%	321,810		10.9	%
	$	3,221,152		100.0		%	$	2,952,464	100.0	%
Property type distribution
Office	$	249,703		7.7		%	$	268,932	9.1	%
Medical office	30,930			1.0		%	33,467		1.1	%
Retail	1,185,510			36.8		%	1,091,627		37.0	%
Industrial/Warehouse	859,410			26.7		%	762,887		25.8	%
Apartment	695,726			21.6		%	600,638		20.3	%
Agricultural	39,205			1.2		%	25,000		0.9	%
Mixed use/other	160,668			5.0		%	169,913		5.8	%
	$	3,221,152		100.0		%	$	2,952,464	100.0	%
	September 30, 2019			December 31, 2018
Credit exposure - by payment activity
Performing	$	3,221,152		$	2,952,464
In workout	—			—
Delinquent	—			—
Collateral dependent	—			—
	3,221,152			2,952,464
Specific loan loss allowance	(229		)	(229		)
General loan loss allowance	(7,850		)	(8,010		)
Deferred prepayment fees	(998		)	(1,134		)
	$	3,212,075		$	2,943,091

Page 16

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 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
Second Quarter	$30.91	$25.84	$27.16	$0.00
Third Quarter	$27.80	$20.16	$24.20	$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 - September 30, 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