Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

March 31, 2023

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	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 (Loss) Available to Common Stockholders	7
	Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) 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
	MRB Liability	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

Effective January 1, 2023, American Equity Investment Life Holding Company (the “Company”) adopted Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The Company applied this guidance as of the transition date of January 1, 2021, and retrospectively adjusted prior period amounts to reflect the new guidance. The prior period numbers within this financial supplement have been recast, to the extent impacted by LDTI, from the original financial supplements published by the Company.

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2023		December 31, 2022
Assets
Investments:
Fixed maturity securities, available for sale, at fair value	$	39,555,624	$	39,804,617
Mortgage loans on real estate	7,199,225		6,949,027
Real estate investments	1,164,879		1,056,063
Limited partnerships and limited liability companies	1,657,415		1,266,779
Derivative instruments	684,033		431,727
Other investments	1,157,162		1,817,085
Total investments	51,418,338		51,325,298
Cash and cash equivalents	2,777,852		1,919,669
Coinsurance deposits	13,710,877		13,254,956
Market risk benefits	230,304		229,871
Accrued investment income	497,425		497,851
Deferred policy acquisition costs	2,772,175		2,773,643
Deferred sales inducements	2,044,349		2,045,683
Deferred income taxes	290,648		438,434
Income taxes recoverable	50,821		55,498
Other assets	702,937		642,696
Total assets	$	74,495,726	$	73,183,599
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves	$	59,019,189	$	58,781,836
Market risk benefits	2,653,185		2,455,492
Other policy funds and contract claims	306,359		512,790
Notes and loan payable	790,413		792,073
Subordinated debentures	78,839		78,753
Funds withheld for reinsurance liabilities	6,984,409		6,577,426
Other liabilities	2,034,523		1,614,479
Total liabilities	71,866,917		70,812,849
Stockholders' equity:
Preferred stock, Series A	16		16
Preferred stock, Series B	12		12
Common stock	77,753		84,810
Additional paid-in capital	1,045,453		1,325,316
Accumulated other comprehensive loss	(3,036,429)		(3,746,230)
Retained earnings	4,518,680		4,685,593
Total stockholders' equity attributable to American Equity Investment Life Holding Company	2,605,485		2,349,517
Noncontrolling interests	23,324		21,233
Total stockholders' equity	2,628,809		2,370,750
Total liabilities and stockholders' equity	$	74,495,726	$	73,183,599

Page 1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended   March 31,
	2023		2022
Revenues:
Premiums and other considerations	$	4,137	$	10,078
Annuity product charges	62,591		52,355
Net investment income	561,323		567,423
Change in fair value of derivatives	45,890		(477,519)
Net realized losses on investments	(27,787)		(13,127)
Other revenue	16,394		8,817
Total revenues	662,548		148,027
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	7,208		13,615
Interest sensitive and index product benefits	57,911		287,917
Market risk benefits (gains) losses	183,694		191,893
Amortization of deferred sales inducements	46,601		45,085
Change in fair value of embedded derivatives	404,440		(1,393,649)
Interest expense on notes and loan payable	11,018		6,425
Interest expense on subordinated debentures	1,336		1,317
Amortization of deferred policy acquisition costs	68,235		72,969
Other operating costs and expenses	74,004		57,795
Total benefits and expenses	854,447		(716,633)
Income (loss) before income taxes	(191,899)		864,660
Income tax expense (benefit)	(36,008)		185,195
Net income (loss)	(155,891)		679,465
Less: Net income available to noncontrolling interests	103		—
Net income (loss) available to American Equity Investment Life Holding Company stockholders	(155,994)		679,465
Less: Preferred stock dividends	10,919		10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	(166,913)	$	668,546
Earnings (loss) per common share	$	(2.00)	$	6.90
Earnings (loss) per common share - assuming dilution	$	(2.00)	$	6.83
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share	83,417		96,866
Earnings (loss) per common share - assuming dilution (a)	83,417		97,953

(a)Weighted average common shares outstanding - assuming dilution were 84,751 excluding the impact of anti-dilution related to the net loss for the three month period ended March 31, 2023.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Revenues:
Traditional life insurance premiums	$	698	$	626	$	634	$	691	$	675
Life contingent immediate annuity considerations	3,439		2,365		2,205		3,140		9,403
Surrender charges	26,542		22,030		19,783		15,345		15,541
Lifetime income benefit rider fees	36,049		39,636		41,036		40,169		36,814
Net investment income	561,323		537,995		609,737		592,308		567,423
Change in fair value of derivatives	45,890		22,243		(176,671)		(506,181)		(477,519)
Net realized gains (losses) on investments	(27,787)		14,411		(15,860)		(33,272)		(13,127)
Other revenue (a)	16,394		13,032		10,988		9,408		8,817
Total revenues	662,548		652,338		491,852		121,608		148,027
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)	1,206		944		118		495		1,491
Life contingent immediate annuity benefits and change in future policy benefits (c)	6,002		5,004		6,541		6,503		12,124
Interest sensitive and index product benefits	57,911		57,626		68,982		140,346		287,917
Market risk benefits (gains) losses (d)	183,694		33,490		77,579		(299,278)		191,893
Amortization of deferred sales inducements	46,601		45,966		46,223		44,696		45,085
Change in fair value of embedded derivatives (e)	404,440		342,409		(415,374)		(885,984)		(1,393,649)
Interest expense on notes payable	11,018		10,228		8,984		6,461		6,425
Interest expense on subordinated debentures	1,336		1,335		1,333		1,346		1,317
Amortization of deferred policy acquisition costs	68,235		66,831		71,726		72,485		72,969
Other operating costs and expenses	74,004		62,389		59,470		59,872		57,795
Total benefits and expenses	854,447		626,222		(74,418)		(853,058)		(716,633)
Income (loss) before income taxes	(191,899)		26,116		566,270		974,666		864,660
Income tax expense (benefit)	(36,008)		(6,817)		121,380		211,377		185,195
Net income (loss) (b)(c)(d)(e)	(155,891)		32,933		444,890		763,289		679,465
Less: Net income (loss) available to noncontrolling interests	103		361		1		(4)		—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)	(155,994)		32,572		444,889		763,293		679,465
Less: Preferred stock dividends	10,919		10,919		10,918		10,919		10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)	$	(166,913)	$	21,653	$	433,971	$	752,374	$	668,546
Earnings (loss) per common share	$	(2.00)	$	0.25	$	4.95	$	8.13	$	6.90
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)	$	(2.00)	$	0.25	$	4.90	$	8.06	$	6.83
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share	83,417		85,274		87,707		92,544		96,866
Earnings (loss) per common share - assuming dilution	83,417		86,402		88,581		93,375		97,953

(a)Other revenue consists of reinsurance related fee revenue including asset liability management fees and amortization of the deferred gain associated with the cost of reinsurance.

(b)Q3 2022 includes benefit from the update of assumptions used in determining the deferred profit liability. The impact decreased traditional life insurance policy benefits and change in future policy benefits by $0.5 million and increased both net income and net income available to common stockholders by $0.4 million and did not impact earnings per common share - assuming dilution.

(c)Q3 2022 includes expense from the update of assumptions used in determining the liability for future policyholder benefits. The impact increased life contingent immediate annuity benefits and change in future policy benefits by $1.3 million and decreased both net income and net income available to common stockholders by $1.0 million and decreased earnings per common share - assuming dilution by $0.01 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

(d)Q3 2022 includes expense from the update of assumptions used in determining the reserves held for market risk benefits. The impact increased market risk benefits (gains) losses by $229.4 million and decreased both net income and net income available to common stockholders by $181.3 million and decreased earnings per common share - assuming dilution by $2.05 per share.

(e)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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

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

	Three Months Ended   March 31,
	2023		2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	(166,913)	$	668,546
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses	24,384		13,725
Change in fair value of derivatives and embedded derivatives	206,202		(847,207)
Capital markets impact on the change in fair value of market risk benefits	136,950		118,913
Net investment income	(2,491)		—
Other revenue	5,969		—
Income taxes	(79,765)		153,090
Non-GAAP operating income available to common stockholders	$	124,336	$	107,067
Impact of excluding notable items (a)	$	9,566	$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	(2.00)	$	6.83
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Anti-dilutive impact for losses (b)	0.03		—
Net realized losses on financial assets, including credit losses	0.29		0.14
Change in fair value of derivatives and embedded derivatives	2.43		(8.65)
Capital markets impact on the change in fair value of market risk benefits	1.62		1.21
Net investment income	(0.03)		—
Other revenue	0.07		—
Income taxes	(0.94)		1.56
Non-GAAP operating income available to common stockholders	$	1.47	$	1.09
Impact of excluding notable items (a)	$	0.11	$	—

	Three Months Ended   March 31,
	2023		2022
Notable items impacting non-GAAP operating income available to common stockholders:
Expense associated with strategic incentive award	$	9,566	$	—
Total notable items (a)	$	9,566	$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results.

For the three months ended March 31, 2023, non-GAAP operating income available to common stockholders would increase $9.6 million if we were to exclude the impact of notable items.

(b)For periods with a loss, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

	Three Months Ended   March 31,
	2023		2022
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses	$	24,384	$	13,725
Income taxes	(5,243)		(2,951)
	$	19,141	$	10,774
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities	$	142,947	$	(644,763)
Reinsurance contracts	64,380		(202,444)
Interest rate swaps	(1,125)		—
Income taxes	(44,330)		181,607
	$	161,872	$	(665,600)
Capital market impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits	$	121,342	$	113,002
Amortization of capital markets impact on the fair value of market risk benefits	15,608		5,911
Income taxes	(29,444)		(25,566)
	$	107,506	$	93,347
Net investment income:
Income associated with assets transferred under reinsurance treaty	$	(2,491)	$	—
Income taxes	535		—
	$	(1,956)	$	—
Other revenue:
Amortization of deferred fees associated with reinsurance treaties	$	5,969	$	—
Income taxes	(1,283)		—
	$	4,686	$	—

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	(166,913)	$	21,653	$	433,971	$	752,374	$	668,546
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses	24,384		(19,460)		16,945		37,054		13,725
Change in fair value of derivatives and embedded derivatives	206,202		169,767		(400,952)		(470,813)		(847,207)
Capital markets impact on the change in fair value of market risk benefits	136,950		2,309		(179,509)		(335,330)		118,913
Net investment income	(2,491)		1,476		—		—		—
Other revenue	5,969		5,969		—		—		—
Income taxes	(79,765)		(39,998)		120,802		167,944		153,090
Non-GAAP operating income (loss) available to common stockholders	$	124,336	$	141,716	$	(8,743)	$	151,229	$	107,067
Impact of excluding notable items (a)	$	9,566	$	—	$	181,890	$	—	$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	(2.00)	$	0.25	$	4.90	$	8.06	$	6.83
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive impact for losses (b)	0.03		—		—		—		—
Net realized (gains) losses on financial assets, including credit losses	0.29		(0.23)		0.19		0.39		0.14
Change in fair value of derivatives and embedded derivatives	2.43		1.96		(4.52)		(5.04)		(8.65)
Capital markets impact on the change in fair value of market risk benefits	1.62		0.03		(2.03)		(3.59)		1.21
Net investment income	(0.03)		0.02		—		—		—
Other revenue	0.07		0.07		—		—		—
Income taxes	(0.94)		(0.46)		1.36		1.80		1.56
Non-GAAP operating income (loss) available to common stockholders	$	1.47	$	1.64	$	(0.10)	$	1.62	$	1.09
Impact of excluding notable items (a)	$	0.11	$	—	$	2.05	$	—	$	—

Notable Items

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Expense associated with strategic incentive award	$	9,566	$	—	$	—	$	—	$	—
Impact of actuarial assumption updates	—		—		181,890		—		—
Total notable items (a)	$	9,566	$	—	$	181,890	$	—	$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results. For the three months ended March 31, 2023 and September 30, 2022, non-GAAP operating income available to common stockholders would increase $9.6 million and $181.9 million, respectively, if we were to exclude the impact of notable items.

(b)For periods with a loss, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Net realized (gains) losses on investments	$	27,787	$	(14,411)	$	15,860	$	33,272	$	13,127
Net investment income	(2,491)		1,476		—		—		—
Other revenue	5,969		5,969		—		—		—
Change in fair value of derivatives	(198,239)		(172,643)		14,423		415,171		546,442
Increase (decrease) in total revenues	(166,974)		(179,609)		30,283		448,443		559,569
Change in fair value of embedded derivatives	(404,440)		(342,409)		415,374		885,984		1,393,649
Market risk benefits (gains) losses	(136,950)		(2,309)		179,509		335,330		(118,913)
Interest sensitive and index product benefits (a)	3,402		5,048		(1,084)		(3,782)		(598)
Increase (decrease) in total benefits and expenses	(537,988)		(339,670)		593,799		1,217,532		1,274,138
Increase (decrease) in income (loss) before income taxes	371,014		160,061		(563,516)		(769,089)		(714,569)
Increase (decrease) in income tax expense benefit	79,765		39,998		(120,802)		(167,944)		(153,090)
Increase (decrease) in net income (loss) available to common stockholders	$	291,249	$	120,063	$	(442,714)	$	(601,145)	$	(561,479)

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

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

Capitalization/Book Value per Common Share

	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
Capitalization:
Notes and loan payable	$	800,000		$	800,000		$	800,000		$	500,000		$	500,000
Subordinated debentures payable to subsidiary trusts	78,839			78,753			78,668			78,584			78,502
Total debt	878,839			878,753			878,668			578,584			578,502
Total stockholders’ equity attributable to American Equity Investment Life Holding Company	2,605,485			2,349,517			2,157,667			3,625,377			5,718,944
Total capitalization	3,484,324			3,228,270			3,036,335			4,203,961			6,297,446
Accumulated other comprehensive (income) loss (AOCI)	3,036,429			3,746,230			3,984,496			2,231,594			(426,490)
Total capitalization excluding AOCI (a)	$	6,520,753		$	6,974,500		$	7,020,831		$	6,435,555		$	5,870,956
Total stockholders’ equity attributable to American Equity Investment Life Holding Company	$	2,605,485		$	2,349,517		$	2,157,667		$	3,625,377		$	5,718,944
Equity available to preferred stockholders (b)	(700,000)			(700,000)			(700,000)			(700,000)			(700,000)
Total common stockholders' equity (c)	1,905,485			1,649,517			1,457,667			2,925,377			5,018,944
Accumulated other comprehensive (income) loss	3,036,429			3,746,230			3,984,496			2,231,594			(426,490)
Total common stockholders’ equity excluding AOCI (c)	4,941,914			5,395,747			5,442,163			5,156,971			4,592,454
Net impact of fair value accounting for derivatives and embedded derivatives	(1,735,943)			(1,652,169)			(1,721,324)			(1,418,244)			(1,051,245)
Net capital markets impact on the fair value of market risk benefits	(247,806)			(600,958)			(602,772)			(461,856)			(198,622)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)	$	2,958,165		$	3,142,620		$	3,118,067		$	3,276,871		$	3,342,587
Common shares outstanding	77,753,194			84,810,255			85,966,505			90,168,512			95,019,904
Book Value per Common Share: (d)
Book value per common share	$	24.51		$	19.45		$	16.96		$	32.44		$	52.82
Book value per common share excluding AOCI (c)	$	63.56		$	63.62		$	63.31		$	57.19		$	48.33
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)	$	38.05		$	37.05		$	36.27		$	36.34		$	35.18
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization	12.3		%	11.5		%	11.4		%	7.8		%	8.5		%
Total debt / Total capitalization	13.5		%	12.6		%	12.5		%	9.0		%	9.9		%

(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 fixed index annuities, 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 fixed index annuities, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities. Since the net impact of fair value accounting for our fixed index annuity business is 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 fixed index annuities 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 fixed index annuities 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 - March 31, 2023

Unaudited (Dollars in thousands)

Spread Results

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Average yield on invested assets	4.48%		4.30%		4.48%		4.33%		4.15%
Aggregate cost of money	1.81%		1.76%		1.75%		1.69%		1.64%
Aggregate investment spread	2.67%		2.54%		2.73%		2.64%		2.51%
Impact of:
Investment yield - additional prepayment income	—%		0.01%		0.03%		0.05%		0.03%
Cost of money effect of over hedging	—%		—%		—%		0.02%		0.03%
Weighted average investments	$	49,304,219	$	50,040,228	$	54,378,154	$	54,768,966	$	54,728,239
Ending investments	48,852,319		49,811,623		54,056,886		54,699,422		54,838,509

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

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Investment income:
Fixed income (a)	$	533,122	$	511,077	$	547,326	$	539,382	$	510,303
Mark-to-market private asset income (a)	19,627		26,816		61,671		53,816		58,046
Total non-GAAP investment income (b)	$	552,749	$	537,893	$	608,997	$	593,198	$	568,349
Investment yield:
Fixed income investment yield	4.52%		4.26%		4.16%		4.04%		3.80%
Mark-to-market private asset yield	3.61%		5.29%		13.89%		15.15%		22.36%
Total investment yield	4.48%		4.30%		4.48%		4.33%		4.15%
Weighted average investments:
Fixed income investments	$	47,129,120	$	48,012,311	$	52,602,319	$	53,347,874	$	53,689,782
Mark-to-market private assets	2,175,099		2,027,917		1,775,835		1,421,092		1,038,457
Total weighted average investments	$	49,304,219	$	50,040,228	$	54,378,154	$	54,768,966	$	54,728,239

(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 Holding Company and tax exempt investment income was $6,083 in Q1 2023, $1,578 thousand in Q4 2022, $740 thousand in Q3 2022, $890 thousand in Q2 2022, and $926 thousand in Q1 2022, respectively.

Page 10

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Included in interest sensitive and index product benefits:
Index credits	$	3,533	$	3,861	$	4,648	$	72,398	$	224,385
Interest credited	56,316		56,402		62,383		60,770		61,334
Included in change in fair value of derivatives:
Proceeds received at option expiration	(3,601)		(4,061)		(4,865)		(75,115)		(228,092)
Pro rata amortization of option cost	157,271		154,463		167,197		165,375		160,097
Cost of money for deferred annuities	$	213,519	$	210,665	$	229,363	$	223,428	$	217,724
Weighted average liability balance outstanding	$	47,266,672	$	47,802,219	$	52,337,208	$	52,940,739	$	53,155,293

Annuity Account Balance Rollforward

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Account balances at beginning of period	$	47,504,615	$	51,913,689	$	52,762,558	$	53,119,291	$	53,191,277
Reserves ceded - in-force	—		(3,810,982)		(257,779)		—		—
Account balance at beginning of period, net of reinsurance ceded	47,504,615		48,102,707		52,504,779		53,119,291		53,191,277
Net deposits	732,664		613,084		496,940		562,366		674,925
Premium bonuses	45,267		33,617		27,385		23,547		23,142
Fixed interest credited and index credits	59,849		60,263		67,031		133,168		285,719
Surrender charges	(26,542)		(22,030)		(19,783)		(15,345)		(15,541)
Lifetime income benefit rider fees	(36,049)		(39,636)		(41,036)		(40,169)		(36,814)
Surrenders, withdrawals, deaths, etc.	(1,248,199)		(1,243,390)		(1,121,627)		(1,020,300)		(1,003,417)
Account balances at end of period	$	47,031,605	$	47,504,615	$	51,913,689	$	52,762,558	$	53,119,291

MRB Liability

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
MRB balance at beginning of period	$	1,521,954	$	1,762,629	$	1,721,376	$	2,075,033	$	2,362,947
Reserves ceded - in-force	—		(331,020)		4,496		—		—
Issuances	2,921		1,230		1,366		913		3,920
Interest accrual	29,559		23,910		20,626		12,424		9,238
Attributed fees collected	28,197		29,585		29,010		29,378		29,513
Benefits payments	—		—		—		—		—
Effect of changes in interest rates and equity markets	118,422		(16,236)		(197,978)		(348,675)		113,002
Effect of changes in assumptions and policyholder behavior	1,870		(5,023)		224,522		7,220		37,111
Effect of changes in instrument specific credit risk	(70,005)		56,879		(40,789)		(54,917)		(480,698)
MRB balance at end of period, net (a)	1,632,918		1,521,954		1,762,629		1,721,376		2,075,033
MRB net deferred capital markets impact, end of period	628,602		765,552		767,862		588,352		253,022
Non-GAAP MRB balance, end of period (b)	$	2,261,520	$	2,287,506	$	2,530,491	$	2,309,728	$	2,328,055

(a)The MRB balance is the MRB liability net of the MRB asset and reinsurance recoverable asset associated with the ceded MRB. The reinsurance recoverable asset associated with the ceded MRB is included in coinsurance deposits on the Consolidated Balance Sheet.

Page 11

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

(b)Non-GAAP MRB balance is comprised of the GAAP MRB balance adjusted for the pre-tax cumulative effect of the deferral of capital markets impact on the fair value of MRB. See page 11 and page 12 for the non-GAAP definition and reconciliation of total common stockholders' equity to total common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities which includes the adjustment for the after-tax cumulative effect of the deferral of capital markets impact on the fair value of MRB.

Account Values Subject to Recurring Fees Under Reinsurance Agreements

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Account value of business ceded subject to fee income at beginning of period	$	9,642,336	$	5,612,098	$	5,065,538	$	4,859,360	$	4,660,690
In-force account value ceded subject to fee income	—		3,810,982		257,779		—		—
Premiums on business ceded subject to fee income	634,160		351,971		288,781		206,178		198,670
Disbursements on business ceded subject to fee income	(120,729)		(132,715)		—		—		—
Account value of business ceded subject to fee income at end of period	$	10,155,767	$	9,642,336	$	5,612,098	$	5,065,538	$	4,859,360
Non-GAAP operating revenue associated with recurring fees (a)	$	22,363	$	19,001	$	10,988	$	9,408	$	8,817

(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 (Loss) 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

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
American Equity Life:
Fixed index annuities	$	735,839	$	637,021	$	627,444	$	671,696	$	755,980
Annual reset fixed rate annuities	693		1,856		1,271		1,140		1,062
Multi-year fixed rate annuities	156,034		49,216		4,465		485		2,345
Single premium immediate annuities	427		494		1,915		3,073		13,453
	892,993		688,587		635,095		676,394		772,840
Eagle Life:
Fixed index annuities	228,599		145,772		102,379		104,374		126,754
Annual reset fixed rate annuities	1,269		230		143		—		7
Multi-year fixed rate annuities	248,229		65,434		14,684		123		2,340
	478,097		211,436		117,206		104,497		129,101
Consolidated:
Fixed index annuities	964,438		782,793		729,823		776,070		882,734
Annual reset fixed rate annuities	1,962		2,086		1,414		1,140		1,069
Multi-year fixed rate annuities	404,263		114,650		19,149		608		4,685
Single premium immediate annuities	427		494		1,915		3,073		13,453
Total before coinsurance ceded	1,371,090		900,023		752,301		780,891		901,941
Coinsurance ceded	637,999		286,445		253,446		215,452		213,563
Net after coinsurance ceded	$	733,091	$	613,578	$	498,855	$	565,439	$	688,378

Page 12

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

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 March 31, 2023:

	Surrender Charge			Net Account Value
Product Type	Avg. Years At Issue	Avg. Years Remaining	Avg. % Remaining	Dollars in Thousands		%
Fixed Index Annuities	12.4	4.9	7.9%	$	41,404,188	88.0	%
Annual Reset Fixed Rate Annuities	7.3	1.7	3.3%	1,339,807		2.9	%
Multi-Year Fixed Rate Annuities	4.0	1.6	7.0%	4,287,610		9.1	%
Total	11.5	4.5	7.7%	$	47,031,605	100.0	%

Annuity Liability Characteristics

Surrender Charge Percentages:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No surrender charge	$	888,445	$	3,834,335
0.0% < 2.0%	50,686		2,505,840
2.0% < 3.0%	44,152		4,153,052
3.0% < 4.0%	49,464		800,303
4.0% < 5.0%	5,090		2,890,227
5.0% < 6.0%	41,888		2,388,250
6.0% < 7.0%	66,204		2,563,019
7.0% < 8.0%	3,181,971		2,657,664
8.0% < 9.0%	923,445		2,154,631
9.0% < 10.0%	161,317		3,439,889
10.0% or greater	214,755		14,016,978
	$	5,627,417	$	41,404,188

Page 13

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Surrender Charge Expiration By Year:	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
Out of Surrender Charge	$	4,722,780	0.00	%
2023	3,753,879		3.20	%
2024	3,829,960		4.81	%
2025	5,278,723		4.18	%
2026	4,762,948		5.56	%
2027	4,158,392		7.36	%
2028	3,890,062		8.60	%
2029	4,074,565		10.10	%
2030	2,845,400		12.40	%
2031	3,820,329		13.59	%
2032	3,072,979		14.11	%
2033	1,388,042		15.98	%
2034	664,622		17.84	%
2035	344,605		18.37	%
2036	195,296		18.86	%
2037	118,244		19.34	%
2038	103,533		19.84	%
2039	7,246		20.00	%
	$	47,031,605	7.71	%

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, 2023 for the $12.2 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.23%.

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 $34.8 billion of account value allocated to index strategies, the cost of options would decrease by 1.04% based upon prices of options for the week ended April 1, 2023.

Page 14

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Summary of Invested Assets

	March 31, 2023				December 31, 2022
	Carrying Amount		Percent		Carrying Amount		Percent
Fixed maturity securities:
U.S. Government and agencies	$	177,878	0.4	%	$	169,071	0.4	%
States, municipalities and territories	3,665,674		8.0	%	3,822,943		8.5	%
Foreign corporate securities and foreign governments	622,583		1.4	%	616,938		1.4	%
Corporate securities	19,584,731		43.0	%	20,201,774		44.8	%
Residential mortgage backed securities	1,283,590		2.8	%	1,366,927		3.0	%
Commercial mortgage backed securities	3,409,589		7.5	%	3,447,075		7.6	%
Other asset backed securities	5,817,083		12.8	%	5,155,254		11.4	%
Total fixed maturity securities	34,561,128		75.9	%	34,779,982		77.1	%
Mortgage loans on real estate	6,986,882		15.3	%	6,778,977		15.0	%
Real estate investments	1,164,879		2.6	%	1,056,063		2.3	%
Limited partnerships and limited liability companies	1,657,415		3.6	%	1,266,779		2.8	%
Derivative instruments	684,033		1.5	%	431,727		1.0	%
Other investments	497,523		1.1	%	829,900		1.8	%
Total investments, net of modified coinsurance investments	45,551,860		100.0	%	45,143,428		100.0	%
Coinsurance investments (a)	5,866,478				6,181,870
Total investments	$	51,418,338			$	51,325,298

(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 - March 31, 2023

NAIC Designation	Amortized Cost		Carrying Amount		Percent		Rating Agency Rating	Amortized Cost		Carrying Amount		Percent
1	$	23,863,099	$	21,622,202	62.6	%	Aaa/Aa/A	$	23,751,792	$	21,527,275	62.3	%
2	13,802,465		12,303,113		35.6	%	Baa	13,892,051		12,373,819		35.8	%
3	579,165		503,236		1.5	%	Ba	568,020		494,809		1.4	%
4	151,304		116,477		0.3	%	B	146,297		113,418		0.3	%
5	7,171		7,595		—	%	Caa	19,684		18,397		0.1	%
6	11,648		8,505		—	%	Ca and lower	37,008		33,410		0.1	%
	38,414,852		34,561,128		100.0	%		38,414,852		34,561,128		100.0	%
Coinsurance investments (a)	5,369,579		4,994,496				Coinsurance investments (a)	5,369,579		4,994,496
	$	43,784,431	$	39,555,624				$	43,784,431	$	39,555,624

(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 - March 31, 2023

Unaudited (Dollars in thousands)

Watch List Securities - March 31, 2023

General Description (a)	Amortized Cost		Allowance for Credit Losses		Amortized Cost, Net of Allowance		Net Unrealized Gains (Losses), Net of Allowance		Fair Value
States, municipalities and territories	$	20,657	$	—	$	20,657	$	(3,409)	$	17,248
Corporate securities - Public securities	48,310		—		48,310		(21,420)		26,890
Corporate securities - Private placement securities	7,658		(1,914)		5,744		—		5,744
Residential mortgage backed securities	48,492		(133)		48,359		(13,874)		34,485
Commercial mortgage backed securities	93,472		—		93,472		(10,907)		82,565
Other asset backed securities	2,284		—		2,284		100		2,384
Collateralized loan obligations	134,318		—		134,318		(27,040)		107,278
	$	355,191	$	(2,047)	$	353,144	$	(76,550)	$	276,594

(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 - March 31, 2023

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

	March 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale:
U.S. Government and agencies	$	179,026	$	177,878	$	173,638	$	169,071
States, municipalities and territories	4,066,537		3,665,674		4,356,191		3,822,943
Foreign corporate securities and foreign governments	675,154		622,583		680,263		616,938
Corporate securities:
Capital goods	1,466,737		1,311,002		1,601,113		1,395,595
Consumer discretionary	4,772,337		4,146,563		5,086,479		4,320,219
Energy	1,090,897		1,011,671		1,219,370		1,111,891
Financials	6,514,732		5,779,472		6,467,052		5,634,229
Government non-guaranteed	203,412		182,341		202,740		179,440
Industrials	166,491		142,156		166,061		138,999
Information technology	1,278,878		1,129,887		1,344,461		1,160,067
Materials	1,096,259		968,675		1,169,188		1,021,288
Telecommunications	1,237,937		1,059,994		1,306,495		1,090,868
Transportation	1,055,812		957,791		1,100,681		975,393
Utilities	3,247,641		2,837,812		3,620,946		3,115,520
Other	57,078		57,367		58,184		58,265
Residential mortgage backed securities:
Government agency	775,682		738,757		806,999		754,349
Prime	383,652		329,998		387,838		334,613
Alt-A	53,691		54,029		54,910		58,091
Non-qualified mortgage	134,128		124,534		169,847		157,960
Other	36,375		36,272		62,235		61,914
Commercial mortgage backed securities:
Government agency	169,170		158,785		170,307		157,903
Non-agency	3,625,682		3,250,804		3,668,300		3,289,172
Other asset backed securities:
Auto	206,092		204,601		44,450		41,896
Consumer discretionary	65,252		63,218		122,068		118,843
Financials	312,983		286,603		283,238		252,493
Collateralized loan obligations	4,369,026		4,101,569		4,071,929		3,775,347
Other	1,174,191		1,161,092		1,005,440		966,675
	38,414,852		34,561,128		39,400,423		34,779,982
Coinsurance investments (a)	5,369,579		4,994,496		5,465,596		5,024,635
	$	43,784,431	$	39,555,624	$	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 17

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

	March 31, 2023				December 31, 2022
	Principal		Percent		Principal		Percent
Property type distribution
Commercial mortgage loans:
Office	$	256,699	3.7	%	$	277,767	4.1	%
Retail	840,628		12.1	%	878,352		13.0	%
Industrial/Warehouse	893,753		12.8	%	853,215		12.6	%
Apartment	1,000,680		14.3	%	893,910		13.2	%
Hotel	285,271		4.1	%	285,271		4.2	%
Mixed Use/Other	79,421		1.1	%	200,756		3.0	%
Agricultural mortgage loans	609,026		8.7	%	567,630		8.4	%
Residential mortgage loans	3,011,666		43.2	%	2,807,652		41.5	%
	6,977,144		100.0	%	6,764,553		100.0	%
Coinsurance investments (a)	213,862				171,633
	$	7,191,006			$	6,936,186

	Commercial			Agricultural
	Amortized Cost		Average LTV	Amortized Cost		Average LTV
As of March 31, 2023:
Debt Service Coverage Ratio:
Greater than or equal to 1.5	$	2,297,191	53%	$	300,977	49%
Greater than or equal to 1.2 and less than 1.5	490,237		61%	243,811		52%
Greater than or equal to 1.0 and less than 1.2	493,075		46%	14,914		41%
Less than 1.0	71,061		60%	47,564		39%
	3,351,564		53%	607,266		49%
Coinsurance investments (a)	212,343		53%	—		—%
	$	3,563,907	53%	$	607,266	49%
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%

(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 - March 31, 2023

Unaudited (Dollars in thousands)

	March 31, 2023
	Commercial		Agricultural		Residential		Total
Credit exposure - by payment activity
Performing	$	3,356,452	$	603,683	$	2,966,679	$	6,926,814
In workout	—		—		—		—
Delinquent	—		5,343		44,987		50,330
Principal outstanding	3,356,452		609,026		3,011,666		6,977,144
Unamortized discounts and premiums, net	—		—		60,685		60,685
Deferred fees and costs, net	(4,888)		(1,759)		1,326		(5,321)
Amortized cost	3,351,564		607,267		3,073,677		7,032,508
Valuation allowance	(25,082)		(1,356)		(19,188)		(45,626)
Carrying value	3,326,482		605,911		3,054,489		6,986,882
Coinsurance investments (a)	212,343		—		—		212,343
	$	3,538,825	$	605,911	$	3,054,489	$	7,199,225
	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

(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 - March 31, 2023

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
2023
First Quarter	$48.37	$31.57	$36.49	$0.00
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

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 - March 31, 2023

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