Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

December 31, 2022

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

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

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

Page 1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

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

Page 2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

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

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

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

Page 3

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

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

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

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

(d)Q3 2022 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $94.8 million and increased both net income and net income available to common stockholders by $74.4 million and increased earnings per common share - assuming dilution by $0.84 per share.

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

Page 4

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

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

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

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

Page 5

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Notable Items

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

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

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

NON-GAAP FINANCIAL MEASURES

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

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

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

Notable Items

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

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

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

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

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

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

Page 7

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

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

NON-GAAP FINANCIAL MEASURES

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

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

(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits. The change in this allowance is reflected in the net realized (gains) losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.

Page 8

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

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

Capitalization/Book Value per Common Share

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

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

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

(c)Total common stockholders' equity, total common stockholders' equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, exclude equity available to preferred stockholders. Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives. Since the net impact of fair value accounting for our derivatives and embedded derivatives fluctuates from quarter to quarter and the most significant impacts relate to fair value accounting for our fixed index annuity business and are not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.

(d)Book value per common share including and excluding AOCI and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives are calculated as total common stockholders’ equity, total common stockholders’ equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives divided by the total number of shares of common stock outstanding.

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

Page 9

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Spread Results

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

Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.

Investment Yields

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

(a)Net of investment expenses

(b)Non-GAAP investment income is comprised of GAAP Net Investment Income adjusted to remove income associated with cash held by the Parent Company for corporate activities and to gross up income related to the tax benefit of tax exempt investment income, in addition to the adjustments shown in the reconciliation of Net Income to Non-GAAP Operating Income on page 5. The net impact of the adjustments for income associated with cash held by the Parent Company and tax exempt investment income was $1,578 thousand in Q4 2022, $740 thousand in Q3 2022, $890 thousand in Q2 2022, $926 thousand in Q1 2022, and $2,574 thousand in Q4 2021.

Page 10

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

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

Annuity Account Balance Rollforward

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

Page 11

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Account Values Subject to Recurring Fees Under Reinsurance Agreements

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

(a)Non-GAAP operating revenue associated with recurring fees is comprised of GAAP Other Revenue adjusted for the amortization of gains on assets transferred under a reinsurance transaction. See page 5 for the reconciliation of Net Income to Non-GAAP Operating Income and page 6 for the summary of adjustments to arrive at Non-GAAP Operating Income

Annuity Deposits by Product Type

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

Page 12

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands, except per share data)

Surrender Charge Protection and Account Values by Product Type

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

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

Annuity Liability Characteristics

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

Page 13

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

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

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of December 31, 2022 for the $11.9 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.21%.

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums on the $35.6 billion of account value allocated to index strategies, the cost of options would decrease by 1.03% based upon prices of options for the week ended January 1, 2023.

Page 14

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Summary of Invested Assets

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

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Credit Quality of Fixed Maturity Securities - December 31, 2022

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

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 15

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Watch List Securities - December 31, 2022

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

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

Page 16

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

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

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

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

	Commercial			Agricultural
	Amortized Cost		Average LTV	Amortized Cost		Average LTV
As of December 31, 2022:
Debt Service Coverage Ratio:
Greater than or equal to 1.5	$	2,358,793	53%	$	266,695	45%
Greater than or equal to 1.2 and less than 1.5	505,644		61%	236,589		48%
Greater than or equal to 1.0 and less than 1.2	475,315		50%	15,075		39%
Less than 1.0	44,756		66%	47,604		33%
	3,384,508		54%	565,963		45%
Coinsurance investments (a)	170,050		61%	—		—%
	$	3,554,558	54%	$	565,963	45%
As of December 31, 2021:
Debt Service Coverage Ratio:
Greater than or equal to 1.5	$	2,491,464	55%	$	180,113	49%
Greater than or equal to 1.2 and less than 1.5	555,055		65%	202,031		48%
Greater than or equal to 1.0 and less than 1.2	466,517		53%	16,304		44%
Less than 1.0	77,948		65%	8,551		59%
	3,590,984		56%	406,999		48%
Coinsurance investments (a)	37,518		51%	—		—%
	$	3,628,502	56%	$	406,999	48%

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Unaudited (Dollars in thousands)

	December 31, 2022
	Commercial		Agricultural		Residential		Total
Credit exposure - by payment activity
Performing	$	3,389,271	$	564,495	$	2,773,251	$	6,727,017
In workout	—		—		—		—
Delinquent	—		3,135		34,401		37,536
Principal outstanding	3,389,271		567,630		2,807,652		6,764,553
Unamortized discounts and premiums, net	—		—		55,917		55,917
Deferred fees and costs, net	(4,763)		(1,667)		1,909		(4,521)
Amortized cost	3,384,508		565,963		2,865,478		6,815,949
Valuation allowance	(22,428)		(1,021)		(13,523)		(36,972)
Carrying value	3,362,080		564,942		2,851,955		6,778,977
Coinsurance investments (a)	170,050		—		—		170,050
	$	3,532,130	$	564,942	$	2,851,955	$	6,949,027
	December 31, 2021
	Commercial		Agricultural		Residential		Total
Credit exposure - by payment activity
Performing	$	3,595,314	$	408,135	$	1,645,905	$	5,649,354
In workout	—		—		—		—
Delinquent	—		—		7,005		7,005
Principal outstanding	3,595,314		408,135		1,652,910		5,656,359
Unamortized discounts and premiums, net	—		—		22,143		22,143
Deferred fees and costs, net	(4,330)		(1,136)		1,468		(3,998)
Amortized cost	3,590,984		406,999		1,676,521		5,674,504
Valuation allowance	(17,926)		(519)		(5,579)		(24,024)
Carrying value	3,573,058		406,480		1,670,942		5,650,480
Coinsurance investments (a)	37,518		—		—		37,518
	$	3,610,576	$	406,480	$	1,670,942	$	5,687,998

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 19

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Shareholder Information

	A.M. Best	S&P	Fitch
Financial Strength Ratings
American Equity Investment Life Insurance Company	A- (stable)	A- (stable)	A- (stable)
American Equity Investment Life Insurance Company of New York	A- (stable)	A- (stable)	A- (stable)
Eagle Life Insurance Company	A- (stable)	A- (stable)	A- (stable)
Credit Ratings
American Equity Investment Life Holding Company	bbb- (stable)	BBB-	BBB
Senior unsecured debt	bbb- (stable)	BBB-	BBB-
Perpetual, non-cumulative preferred stock	bb (stable)	BB	BB

Corporate Offices:

American Equity Investment Life Holding Company

6000 Westown Parkway

West Des Moines, IA 50266

Inquiries:

Steven Schwartz, Vice President-Investor Relations

(515) 273-3763, sschwartz@american-equity.com

Common Stock and Dividend Information:

New York Stock Exchange symbol: “AEL”

	High	Low	Close	Dividend Declared
2022
First Quarter	$44.49	$35.05	$39.91	$0.00
Second Quarter	$42.18	$32.65	$36.57	$0.00
Third Quarter	$43.55	$33.22	$37.29	$0.00
Fourth Quarter	$46.76	$28.05	$45.62	$0.36
2021
First Quarter	$32.54	$26.21	$31.53	$0.00
Second Quarter	$33.68	$29.18	$32.32	$0.00
Third Quarter	$33.79	$27.12	$29.57	$0.00
Fourth Quarter	$39.88	$29.46	$38.92	$0.34
2020
First Quarter	$34.16	$9.07	$18.80	$0.00
Second Quarter	$27.09	$14.76	$24.71	$0.00
Third Quarter	$27.32	$19.06	$21.99	$0.00
Fourth Quarter	$34.25	$22.37	$27.66	$0.32

Transfer Agent:

Computershare Trust Company, N.A.

P.O. Box 43010

Providence, RI 02940-0310

Phone: (877) 282-1169

Fax: (781) 575-2723

www.computershare.com

Annual Report and Other Information:

Shareholders may receive when available, without charge, a copy of American Equity’s Annual Report, SEC filings and/or press releases by calling Steven Schwartz, Vice President-Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.

Page 20

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

ebass@autonomous.com

Andrew Kligerman

Credit Suisse Securities

(919) 593-7737

andrew.kligerman@credit-suisse.com

Thomas Gallagher

Evercore ISI

(212) 446-9439

thomas.gallagher@evercoreisi.com

Daniel Bergman

Jefferies

(617) 345-8688

dbergman@jefferies.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

Nigel Dally

Morgan Stanley Research

(212) 761-4132

Nigel.Dally@morganstanley.com

John Barnidge

Piper Sandler & Co.

(312) 281-3412

John.Barnidge@psc.com

Wilma Burdis

Raymond James & Associates, Inc.

(727) 567-9371

wilma.burdis@raymondjames.com

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

mark.dwelle@rbccm.com

Mark Hughes

Truist Securities

(615) 748-4422

mark.hughes@research.truist.com

Page 21