EX-99.2 3 a2023-09x30ex992.htm FINANCIAL SUPPLEMENT Document

Exhibit 99.2



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement

September 30, 2023
A.Financial Highlights
Non-GAAP Financial Measures
B.Product Summary
C.Investment Summary
D.
E.
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 - September 30, 2023
Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2023December 31, 2022
Assets
Investments:
Fixed maturity securities, available for sale, at fair value$32,084,932 $39,804,617 
Mortgage loans on real estate7,494,983 6,949,027 
Real estate investments1,302,185 1,056,063 
Limited partnerships and limited liability companies1,763,551 1,266,779 
Derivative instruments733,784 431,727 
Other investments1,207,672 1,817,085 
Total investments44,587,107 51,325,298 
Cash and cash equivalents10,188,438 1,919,669 
Coinsurance deposits14,628,884 13,254,956 
Market risk benefits346,515 229,871 
Accrued investment income443,642 497,851 
Deferred policy acquisition costs2,933,304 2,773,643 
Deferred sales inducements2,257,064 2,045,683 
Deferred income taxes425,398 438,434 
Income taxes recoverable55,498 55,498 
Other assets847,047 642,696 
Total assets$76,712,897 $73,183,599 
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves$60,226,094 $58,781,836 
Market risk benefits2,552,907 2,455,492 
Other policy funds and contract claims196,299 512,790 
Notes and loan payable787,098 792,073 
Subordinated debentures79,017 78,753 
Funds withheld for reinsurance liabilities8,139,724 6,577,426 
Other liabilities2,655,213 1,614,479 
Total liabilities74,636,352 70,812,849 
Stockholders' equity:
Preferred stock, Series A16 16 
Preferred stock, Series B12 12 
Common stock78,974 84,810 
Additional paid-in capital1,071,907 1,325,316 
Accumulated other comprehensive loss(4,425,695)(3,746,230)
Retained earnings5,328,362 4,685,593 
Total stockholders' equity attributable to American Equity Investment Life Holding Company2,053,576 2,349,517 
Noncontrolling interests22,969 21,233 
Total stockholders' equity2,076,545 2,370,750 
Total liabilities and stockholders' equity$76,712,897 $73,183,599 

Page 1


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2023202220232022
Revenues:
Premiums and other considerations$2,657 $2,839 $9,310 $16,748 
Annuity product charges84,316 60,819 218,549 168,688 
Net investment income586,614 609,737 1,690,622 1,769,468 
Change in fair value of derivatives(383,026)(176,671)(94,397)(1,160,371)
Net realized losses on investments(44,672)(15,860)(97,138)(62,259)
Other revenue20,763 10,988 53,893 29,213 
Total revenues266,652 491,852 1,780,839 761,487 
Benefits and expenses:
Insurance policy benefits and change in future policy benefits2,193 6,659 14,526 27,272 
Interest sensitive and index product benefits193,686 68,982 373,984 497,245 
Market risk benefits (gains) losses(296,114)77,579 (256,544)(29,806)
Amortization of deferred sales inducements48,354 46,223 141,906 136,004 
Change in fair value of embedded derivatives(451,806)(415,374)166,398 (2,695,007)
Interest expense on notes and loan payable12,003 8,984 34,248 21,870 
Interest expense on subordinated debentures1,340 1,333 4,014 3,996 
Amortization of deferred policy acquisition costs70,561 71,726 207,272 217,180 
Other operating costs and expenses76,630 59,470 226,331 177,137 
Total benefits and expenses(343,153)(74,418)912,135 (1,644,109)
Income before income taxes609,805 566,270 868,704 2,405,596 
Income tax expense133,691 121,380 193,335 517,952 
Net income476,114 444,890 675,369 1,887,644 
Less: Net income (loss) available to noncontrolling interests
(42)1 (156)(3)
Net income available to American Equity Investment Life Holding Company stockholders476,156 444,889 675,525 1,887,647 
Less: Preferred stock dividends10,918 10,918 32,756 32,756 
Net income available to American Equity Investment Life Holding Company common stockholders$465,238 $433,971 $642,769 $1,854,891 
Earnings per common share$5.96 $4.95 $8.06 $20.09 
Earnings per common share - assuming dilution$5.82 $4.90 $7.92 $19.89 
Weighted average common shares outstanding (in thousands):
Earnings per common share78,034 87,707 79,719 92,339 
Earnings per common share - assuming dilution79,952 88,581 81,191 93,270 

Page 2


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters
Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Revenues:
Traditional life insurance premiums$1,842 $629 $698 $626 $634 
Life contingent immediate annuity considerations815 1,887 3,439 2,365 2,205 
Surrender charges45,550 33,777 26,542 22,030 19,783 
Lifetime income benefit rider fees38,766 37,865 36,049 39,636 41,036 
Net investment income586,614 542,685 561,323 537,995 609,737 
Change in fair value of derivatives(383,026)242,739 45,890 22,243 (176,671)
Net realized gains (losses) on investments(44,672)(24,679)(27,787)14,411 (15,860)
Other revenue (a)20,763 16,736 16,394 13,032 10,988 
Total revenues266,652 851,639 662,548 652,338 491,852 
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)3,623 940 1,206 944 118 
Life contingent immediate annuity benefits and change in future policy benefits (c)(1,430)4,185 6,002 5,004 6,541 
Interest sensitive and index product benefits193,686 122,387 57,911 57,626 68,982 
Market risk benefits (gains) losses (d)(296,114)(144,124)183,694 33,490 77,579 
Amortization of deferred sales inducements48,354 46,951 46,601 45,966 46,223 
Change in fair value of embedded derivatives (e)(451,806)213,764 404,440 342,409 (415,374)
Interest expense on notes payable12,003 11,227 11,018 10,228 8,984 
Interest expense on subordinated debentures1,340 1,338 1,336 1,335 1,333 
Amortization of deferred policy acquisition costs70,561 68,476 68,235 66,831 71,726 
Other operating costs and expenses76,630 75,697 74,004 62,389 59,470 
Total benefits and expenses(343,153)400,841 854,447 626,222 (74,418)
Income (loss) before income taxes609,805 450,798 (191,899)26,116 566,270 
Income tax expense (benefit)133,691 95,652 (36,008)(6,817)121,380 
Net income (loss) (b)(c)(d)(e)476,114 355,146 (155,891)32,933 444,890 
Less: Net income (loss) available to noncontrolling interests(42)(217)103 361 1 
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)476,156 355,363 (155,994)32,572 444,889 
Less: Preferred stock dividends10,918 10,919 10,919 10,919 10,918 
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)$465,238 $344,444 $(166,913)$21,653 $433,971 
Earnings (loss) per common share$5.96 $4.43 $(2.00)$0.25 $4.95 
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)$5.82 $4.36 $(2.00)$0.25 $4.90 
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share78,034 77,767 83,417 85,274 87,707 
Earnings (loss) per common share - assuming dilution79,952 78,928 83,417 86,402 88,581 
(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 2023 includes expense from the update of assumptions used in determining the deferred profit liability. The impact increased traditional life insurance policy benefits and change in future policy benefits by $2.3 million and decreased both net income and net income available to common stockholders by $1.8 million and decreased earnings per common share - assuming dilution by $0.02 per share.
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.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands, except per share data)

(c)Q3 2023 includes benefit from the update of assumptions used in determining the liability for future policyholder benefits. The impact decreased life contingent immediate annuity benefits and change in future policy benefits by $4.6 million and increased both net income and net income available to common stockholders by $3.6 million and increased earnings per common share - assuming dilution by $0.05 per share.
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.
(d)Q3 2023 includes benefit from the update of assumptions used in determining the reserves held for market risk benefits. The impact decreased market risk benefits (gains) losses by $63.3 million and increased both net income and net income available to common stockholders by $49.7 million and increased earnings per common share - assuming dilution by $0.62 per share.
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 2023 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 $84.4 million and decreased both net income and net income available to common stockholders by $66.2 million and decreased earnings per common share - assuming dilution by $0.83 per share.
Q3 2022 includes 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 - September 30, 2023
Unaudited (Dollars in thousands, except per share data)





NON-GAAP FINANCIAL MEASURES
In addition to net income available to common stockholders, we have consistently utilized non-GAAP operating income (loss) available to common stockholders and non-GAAP operating income (loss) 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 (loss) available to common stockholders equals net income 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 (loss) 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 (loss) available to common stockholders together with net income available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.
Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2023202220232022
Net income available to American Equity Investment Life Holding Company common stockholders$465,238 $433,971 $642,769 $1,854,891 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized losses on financial assets, including credit losses46,771 16,945 93,892 67,724 
Change in fair value of derivatives and embedded derivatives(115,747)(400,952)(34,361)(1,718,972)
Capital markets impact on the change in fair value of market risk benefits(290,558)(179,509)(338,308)(395,926)
Net investment income(1,746)— 372 — 
Other revenue5,969 — 17,907 — 
Expenses incurred related to acquisition
9,714 — 9,714 — 
Income taxes75,879 120,802 55,487 441,836 
Non-GAAP operating income (loss) available to common stockholders
$195,520 $(8,743)$447,472 $249,553 
Impact of excluding notable items (a)$(20,958)$181,890 $(2,500)$181,890 
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders$5.82 $4.90 $7.92 $19.89 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized losses on financial assets, including credit losses0.58 0.19 1.16 0.73 
Change in fair value of derivatives and embedded derivatives(1.44)(4.52)(0.42)(18.43)
Capital markets impact on the change in fair value of market risk benefits(3.63)(2.03)(4.17)(4.25)
Net investment income(0.02)— — — 
Other revenue0.07 — 0.22 — 
Expenses incurred related to acquisition
0.12 — 0.12 — 
Income taxes0.95 1.36 0.68 4.74 
Non-GAAP operating income (loss) available to common stockholders
$2.45 $(0.10)$5.51 $2.68 
Impact of excluding notable items (a)$(0.26)$2.05 $(0.03)$1.95 
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2023202220232022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Expense associated with strategic incentive award$6,610 $— $25,068 $— 
Impact of actuarial assumption updates(27,568)181,890 (27,568)181,890 
Total notable items (a)$(20,958)$181,890 $(2,500)$181,890 
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands, except per share data)





(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 September 30, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would decrease $21.0 million and increase $181.9 million, respectively, if we were to exclude the impact of notable items.
For the nine months ended September 30, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would decrease $2.5 million and increase $181.9 million, respectively, if we were to exclude the impact of notable items.
NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2023202220232022
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses$46,771 $16,945 $93,892 $67,724 
Income taxes(10,056)(3,643)(20,187)(14,560)
$36,715 $13,302 $73,705 $53,164 
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities$12,979 $(299,168)$58,831 $(1,218,988)
Reinsurance contracts(128,726)(116,230)(84,096)(518,096)
Interest rate swaps— 14,446 (9,096)18,112 
Income taxes26,461 85,850 8,956 371,271 
$(89,286)$(315,102)$(25,405)$(1,347,701)
Capital market impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits$(318,409)$(197,977)$(401,846)$(433,651)
Amortization of capital markets impact on the fair value of market risk benefits27,851 18,468 63,538 37,725 
Income taxes62,470 38,595 72,736 85,125 
$(228,088)$(140,914)$(265,572)$(310,801)
Net investment income:
Income associated with assets transferred under reinsurance treaty$(1,746)$— $372 $— 
Income taxes375 — (80)— 
$(1,371)$— $292 $— 
Other revenue:
Amortization of deferred fees associated with reinsurance treaties$5,969 $— $17,907 $— 
Income taxes(1,283)— (3,850)— 
$4,686 $— $14,057 $— 
Other operating costs and expenses:
Expenses incurred related to acquisition
$9,714 $— $9,714 $— 
Income taxes(2,088)— (2,088)— 
$7,626 $— $7,626 $— 

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 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
Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders$465,238 $344,444 $(166,913)$21,653 $433,971 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses46,771 22,737 24,384 (19,460)16,945 
Change in fair value of derivatives and embedded derivatives(115,747)(124,816)206,202 169,767 (400,952)
Capital markets impact on the change in fair value of market risk benefits(290,558)(184,700)136,950 2,309 (179,509)
Net investment income(1,746)4,609 (2,491)1,476 — 
Other revenue5,969 5,969 5,969 5,969 — 
Expenses incurred related to acquisition
9,714 — — — — 
Income taxes75,879 59,373 (79,765)(39,998)120,802 
Non-GAAP operating income (loss) available to common stockholders (c)(d)(e)
$195,520 $127,616 $124,336 $141,716 $(8,743)
Impact of excluding notable items (a)$(20,958)$8,892 $9,566 $— $181,890 
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders$5.82 $4.36 $(2.00)$0.25 $4.90 
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 losses0.58 0.29 0.29 (0.23)0.19 
Change in fair value of derivatives and embedded derivatives(1.44)(1.58)2.43 1.96 (4.52)
Capital markets impact on the change in fair value of market risk benefits(3.63)(2.34)1.62 0.03 (2.03)
Net investment income(0.02)0.06 (0.03)0.02 — 
Other revenue0.07 0.08 0.07 0.07 — 
Expenses incurred related to acquisition0.12 — — — — 
Income taxes0.95 0.75 (0.94)(0.46)1.36 
Non-GAAP operating income (loss) available to common stockholders (c)(d)(e)$2.45 $1.62 $1.47 $1.64 $(0.10)
Impact of excluding notable items (a)$(0.26)$0.11 $0.11 $— $2.05 
Notable Items
Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Expense associated with strategic incentive award$6,610 $8,892 $9,566 $— $— 
Impact of actuarial assumption updates(27,568)— — — 181,890 
Total notable items (a)$(20,958)$8,892 $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 September 30, 2023, June 30, 2023, March 31, 2023 and September 30, 2022, non-GAAP operating income available to common stockholders would decrease $21.0 million and increase $8.9 million, $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 - September 30, 2023
Unaudited (Dollars in thousands, except per share data)

(c)Q3 2023 includes expense from the update of assumptions used in determining the deferred profit liability. The impact increased traditional life insurance policy benefits and change in future policy benefits by $2.3 million and decreased non-GAAP operating income available to common stockholders by $1.8 million and decreased non-GAAP operating earnings per common share - assuming dilution by $0.02 per share.
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 non-GAAP operating income available to common stockholders by $0.4 million and did not impact non-GAAP operating earnings per common share - assuming dilution.
(d)Q3 2023 includes benefit from the update of assumptions used in determining the liability for future policyholder benefits. The impact decreased life contingent immediate annuity benefits and change in future policy benefits by $4.6 million and increased non-GAAP operating income available to common stockholders by $3.6 million and increased non-GAAP operating earnings per common share - assuming dilution by $0.05 per share.
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 non-GAAP operating income available to common stockholders by $1.0 million and decreased non-GAAP operating earnings per common share - assuming dilution by $0.01 per share.
(e)Q3 2023 includes benefit from the update of assumptions used in determining the reserves held for market risk benefits. The impact decreased market risk benefits (gains) losses by $32.8 million and increased non-GAAP operating income available to common stockholders by $25.8 million and increased non-GAAP operating earnings per common share - assuming dilution by $0.32 per share.
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 $231.0 million and decreased non-GAAP operating income available to common stockholders by $181.3 million and decreased non-GAAP operating earnings per common share - assuming dilution by $2.05 per share.
NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders
Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Net realized (gains) losses on investments$44,672 $24,679 $27,787 $(14,411)$15,860 
Net investment income(1,746)4,609 (2,491)1,476 — 
Other revenue5,969 5,969 5,969 5,969 — 
Change in fair value of derivatives336,059 (338,579)(198,239)(172,643)14,423 
Increase (decrease) in total revenues384,954 (303,322)(166,974)(179,609)30,283 
Change in fair value of embedded derivatives451,806 (213,764)(404,440)(342,409)415,374 
Market risk benefits (gains) losses290,558 184,700 (136,950)(2,309)179,509 
Interest sensitive and index product benefits (a)(2,099)1,943 3,402 5,048 (1,084)
Other operating costs and expenses(9,714)— — — — 
Increase (decrease) in total benefits and expenses730,551 (27,121)(537,988)(339,670)593,799 
Increase (decrease) in income (loss) before income taxes(345,597)(276,201)371,014 160,061 (563,516)
Increase (decrease) in income tax expense benefit(75,879)(59,373)79,765 39,998 (120,802)
Increase (decrease) in net income (loss) available to common stockholders$(269,718)$(216,828)$291,249 $120,063 $(442,714)
(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 - September 30, 2023
Unaudited (Dollars in thousands, except share and per share data)

Capitalization/Book Value per Common Share
Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Capitalization:
Notes and loan payable$800,000 $800,000 $800,000 $800,000 $800,000 
Subordinated debentures payable to subsidiary trusts79,017 78,927 78,839 78,753 78,668 
Total debt
879,017 878,927 878,839 878,753 878,668 
Total stockholders’ equity attributable to American Equity Investment Life Holding Company2,053,576 2,571,915 2,605,485 2,349,517 2,157,667 
Total capitalization2,932,593 3,450,842 3,484,324 3,228,270 3,036,335 
Accumulated other comprehensive loss (AOCI)4,425,695 3,425,248 3,036,429 3,746,230 3,984,496 
Total capitalization excluding AOCI (a)
$7,358,288 $6,876,090 $6,520,753 $6,974,500 $7,020,831 
Total stockholders’ equity attributable to American Equity Investment Life Holding Company$2,053,576 $2,571,915 $2,605,485 $2,349,517 $2,157,667 
Equity available to preferred stockholders (b)(700,000)(700,000)(700,000)(700,000)(700,000)
Total common stockholders' equity (c)
1,353,576 1,871,915 1,905,485 1,649,517 1,457,667 
Accumulated other comprehensive loss4,425,695 3,425,248 3,036,429 3,746,230 3,984,496 
Total common stockholders’ equity excluding AOCI (c)
5,779,271 5,297,163 4,941,914 5,395,747 5,442,163 
Net impact of fair value accounting for derivatives and embedded derivatives(1,689,153)(1,587,599)(1,490,297)(1,652,169)(1,721,324)
Net capital markets impact on the fair value of market risk benefits(866,530)(638,442)(493,452)(600,958)(602,772)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)
$3,223,588 $3,071,122 $2,958,165 $3,142,620 $3,118,067 
Common shares outstanding78,974,095 78,047,941 77,753,194 84,810,255 85,966,505 
Book Value per Common Share: (d)
Book value per common share$17.14 $23.98 $24.51 $19.45 $16.96 
Book value per common share excluding AOCI (c)$73.18 $67.87 $63.56 $63.62 $63.31 
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)$40.82 $39.35 $38.05 $37.05 $36.27 
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization10.9 %11.6 %12.3 %11.5 %11.4 %
Total debt / Total capitalization11.9 %12.8 %13.5 %12.6 %12.5 %
(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 - September 30, 2023
Unaudited (Dollars in thousands)

Spread Results
Nine Months Ended 
 September 30,
20232022Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
4.52%4.33%Average yield on invested assets4.69%4.42%4.48%4.30%4.48%
1.87%1.69%Aggregate cost of money1.96%1.85%1.81%1.76%1.75%
2.65%2.64%Aggregate investment spread2.73%2.57%2.67%2.54%2.73%
Impact of:
0.01%0.04%
Investment yield - additional prepayment income
—%0.01%—%0.01%0.03%
0.03%0.02%Cost of money effect of over hedging0.05%0.03%—%—%—%
$49,430,113 $54,553,196 Weighted average investments$49,528,255 $49,125,197 $49,304,219 $50,040,228 $54,378,154 
49,658,435 54,056,886 Ending investments49,658,435 49,398,076 48,852,319 49,811,623 54,056,886 
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
Nine Months Ended 
 September 30,
20232022Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Investment income:
$1,606,636 $1,597,011 
Fixed income (a)
$539,584 $533,930 $533,122 $511,077 $547,326 
69,562 173,533 Mark-to-market private asset income (a)40,900 9,035 19,627 26,816 61,671 
$1,676,198 $1,770,544 Total non-GAAP investment income (b)$580,484 $542,965 $552,749 $537,893 $608,997 
Investment yield:
4.56%4.01%Fixed income investment yield4.61%4.57%4.52%4.26%4.16%
3.75%16.44%Mark-to-market private asset yield6.12%1.48%3.61%5.29%13.89%
4.52%4.33%Total investment yield4.69%4.42%4.48%4.30%4.48%
Weighted average investments:
$46,959,205 $53,146,050 Fixed income investments$46,853,771 $46,684,803 $47,129,120 $48,012,311 $52,602,319 
2,470,908 1,407,146 Mark-to-market private assets2,674,484 2,440,394 2,175,099 2,027,917 1,775,835 
$49,430,113 $54,553,196 Total weighted average investments$49,528,255 $49,125,197 $49,304,219 $50,040,228 $54,378,154 
(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 (loss) 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 $4,384 thousand in Q3 2023, $4,329 thousand in Q2 2023, $6,083 thousand in Q1 2023, $1,578 thousand in Q4 2022, and $740 thousand in Q3 2022, respectively.
Page 10


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities
Nine Months Ended 
 September 30,
20232022Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Included in interest sensitive and index product benefits:
$189,934 $301,431 Index credits$120,894 $65,507 $3,533 $3,861 $4,648 
175,097 184,487 Interest credited61,546 57,235 56,316 56,402 62,383 
Included in change in fair value of derivatives:
(199,800)(308,072)Proceeds received at option expiration(126,750)(69,449)(3,601)(4,061)(4,865)
496,866 492,669 Pro rata amortization of option cost175,603 163,992 157,271 154,463 167,197 
$662,097 $670,515 Cost of money for deferred annuities$231,293 $217,285 $213,519 $210,665 $229,363 
$47,273,505 $52,811,080 
Weighted average liability balance outstanding
$47,280,339 $47,086,271 $47,266,672 $47,802,219 $52,337,208 
Annuity Account Balance Rollforward
Nine Months Ended 
 September 30,
20232022Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
$47,504,615 $53,191,277 Account balances at beginning of period$47,143,582 $47,031,605 $47,504,615 $51,913,689 $52,762,558 
— (257,779)Reserves ceded - in-force— — — (3,810,982)(257,779)
47,504,615 52,933,498 Account balance at beginning of period, net of reinsurance ceded47,143,582 47,031,605 47,504,615 48,102,707 52,504,779 
3,273,742 1,734,231 Net deposits1,366,125 1,174,953 732,664 613,084 496,940 
353,287 74,074 Premium bonuses171,164 136,856 45,267 33,617 27,385 
365,031 485,918 Fixed interest credited and index credits182,440 122,742 59,849 60,263 67,031 
(105,869)(50,669)Surrender charges(45,550)(33,777)(26,542)(22,030)(19,783)
(112,680)(118,019)Lifetime income benefit rider fees(38,766)(37,865)(36,049)(39,636)(41,036)
(3,858,709)(3,145,344)Surrenders, withdrawals, deaths, etc.(1,359,578)(1,250,932)(1,248,199)(1,243,390)(1,121,627)
$47,419,417 $51,913,689 Account balances at end of period$47,419,417 $47,143,582 $47,031,605 $47,504,615 $51,913,689 
Page 11


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands, except per share data)

MRB Liability
Nine Months Ended 
 September 30,
20232022Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
$1,521,954 $2,362,947 MRB balance at beginning of period$1,587,694 $1,632,918 $1,521,954 $1,762,629 $1,721,376 
— 4,496 Reserves ceded - in-force— — — (331,020)4,496 
(2,202)6,199 Issuances(3,052)(2,071)2,921 1,230 1,366 
95,288 42,288 Interest accrual32,355 33,374 29,559 23,910 20,626 
85,798 87,901 Attributed fees collected29,354 28,247 28,197 29,585 29,010 
— — Benefits payments— — — — — 
(368,525)(433,651)Effect of changes in interest rates and equity markets(284,238)(202,709)118,422 (16,236)(197,978)
(69,648)268,853 Effect of changes in assumptions and policyholder behavior(70,544)(974)1,870 (5,023)224,522 
205,606 (576,404)Effect of changes in instrument specific credit risk176,702 98,909 (70,005)56,879 (40,789)
1,468,271 1,762,629 MRB balance at end of period, net (a)1,468,271 1,587,694 1,632,918 1,521,954 1,762,629 
1,103,860 767,862 MRB net deferred capital markets impact, end of period1,103,860 813,302 628,602 765,552 767,862 
$2,572,131 $2,530,491 Non-GAAP MRB balance, end of period (b)$2,572,131 $2,400,996 $2,261,520 $2,287,506 $2,530,491 
(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.
(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 9 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
Nine Months Ended 
 September 30,
20232022Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
$9,642,336 $4,660,690 Account value of business ceded subject to fee income at beginning of period $10,863,738 $10,155,767 $9,642,336 $5,612,098 $5,065,538 
— 257,779 In-force account value ceded subject to fee income — — — 3,810,982 257,779 
2,325,594 693,629 Premiums on business ceded subject to fee income 870,021 821,413 634,160 351,971 288,781 
(375,263)— Disbursements on business ceded subject to fee income (141,092)(113,442)(120,729)(132,715)— 
$11,592,667 $5,612,098 Account value of business ceded subject to fee income at end of period $11,592,667 $10,863,738 $10,155,767 $9,642,336 $5,612,098 
$71,800 $29,213 Non-GAAP operating revenue associated with recurring fees (a)$26,732 $22,705 $22,363 $19,001 $10,988 
(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 7 for the reconciliation of Net Income (Loss) to Non-GAAP Operating Income (Loss) and page 8 for the summary of adjustments to arrive at Non-GAAP Operating Income (Loss).
Page 12


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands)

Annuity Deposits by Product Type
Nine Months Ended 
 September 30,
20232022Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022
American Equity Life:
$3,922,839 $2,055,120 Fixed index annuities$1,715,362 $1,471,638 $735,839 $637,021 $627,444 
1,777 3,473 Annual reset fixed rate annuities250 834 693 1,856 1,271 
206,193 7,295 Multi-year fixed rate annuities13,127 37,032 156,034 49,216 4,465 
915 18,441 Single premium immediate annuities210 278 427 494 1,915 
4,131,724 2,084,329 1,728,949 1,509,782 892,993 688,587 635,095 
Eagle Life:
1,133,303 333,507 Fixed index annuities498,431 406,273 228,599 145,772 102,379 
3,039 150 Annual reset fixed rate annuities— 1,770 1,269 230 143 
341,777 17,147 Multi-year fixed rate annuities10,616 82,932 248,229 65,434 14,684 
1,478,119 350,804 509,047 490,975 478,097 211,436 117,206 
Consolidated:
5,056,142 2,388,627 Fixed index annuities2,213,793 1,877,911 964,438 782,793 729,823 
4,816 3,623 Annual reset fixed rate annuities250 2,604 1,962 2,086 1,414 
547,970 24,442 Multi-year fixed rate annuities23,743 119,964 404,263 114,650 19,149 
915 18,441 Single premium immediate annuities210 278 427 494 1,915 
5,609,843 2,435,133 Total before coinsurance ceded2,237,996 2,000,757 1,371,090 900,023 752,301 
2,335,186 682,461 Coinsurance ceded871,661 825,526 637,999 286,445 253,446 
$3,274,657 $1,752,672 Net after coinsurance ceded$1,366,335 $1,175,231 $733,091 $613,578 $498,855 
Surrender Charge Protection and Account Values by Product Type
Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2023:
Surrender ChargeNet Account Value
Product TypeAvg.
Years
At Issue		Avg.
Years
Remaining		Avg.
%
Remaining		Dollars in Thousands%
Fixed Index Annuities12.14.88.0%$41,949,830 88.5 %
Annual Reset Fixed Rate Annuities7.21.53.1%1,153,026 2.4 %
Multi-Year Fixed Rate Annuities3.91.26.9%4,316,561 9.1 %
Total11.34.47.7%$47,419,417 100.0 %
Page 13


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands)

Annuity Liability Characteristics
Surrender Charge Percentages:Fixed
Annuities
Account Value		Fixed Index
Annuities
Account Value
No surrender charge$884,374 $4,935,647 
0.0% < 2.0%69,501 2,720,098 
2.0% < 3.0%21,420 3,207,130 
3.0% < 4.0%11,004 710,847 
4.0% < 5.0%6,347 2,913,937 
5.0% < 6.0%44,961 2,044,412 
6.0% < 7.0%72,481 2,386,991 
7.0% < 8.0%3,716,813 2,063,075 
8.0% < 9.0%322,400 3,543,497 
9.0% < 10.0%140,766 3,301,744 
10.0% or greater179,520 14,122,452 
$5,469,587 $41,949,830 
Page 14


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 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$5,820,021 0.00 %
20231,758,500 4.68 %
20243,655,105 4.51 %
20254,894,123 3.59 %
20264,439,164 5.12 %
20273,855,433 6.50 %
20283,916,461 7.93 %
20293,892,192 9.37 %
20303,599,233 10.97 %
20313,680,800 13.05 %
20323,147,057 13.74 %
20333,345,772 15.83 %
2034642,054 17.52 %
2035332,756 18.16 %
2036191,196 18.61 %
2037119,832 19.12 %
2038100,996 19.60 %
203928,722 20.00 %
$47,419,417 7.73 %
If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of September 30, 2023 for the $12.3 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.26%.
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 $35.1 billion of account value allocated to index strategies, the cost of options would decrease by 1.59% based upon prices of options for the week ended September 30, 2023.
Page 15


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands)

Summary of Invested Assets
September 30, 2023December 31, 2022
Carrying
Amount		PercentCarrying
Amount		Percent
Fixed maturity securities:
U.S. Government and agencies$162,885 0.4 %$169,071 0.4 %
States, municipalities and territories2,564,632 6.6 %3,822,943 8.5 %
Foreign corporate securities and foreign governments376,549 1.0 %616,938 1.4 %
Corporate securities15,327,047 39.2 %20,201,774 44.8 %
Residential mortgage backed securities1,179,159 3.0 %1,366,927 3.0 %
Commercial mortgage backed securities2,666,615 6.8 %3,447,075 7.6 %
Other asset backed securities4,544,208 11.6 %5,155,254 11.4 %
Total fixed maturity securities26,821,095 68.6 %34,779,982 77.1 %
Mortgage loans on real estate7,253,036 18.6 %6,778,977 15.0 %
Real estate investments1,302,185 3.3 %1,056,063 2.3 %
Limited partnerships and limited liability companies1,763,551 4.5 %1,266,779 2.8 %
Derivative instruments733,784 1.9 %431,727 1.0 %
Other investments1,207,672 3.1 %829,900 1.8 %
Total investments, net of modified coinsurance investments39,081,323 100.0 %45,143,428 100.0 %
Coinsurance investments (a)5,505,784 6,181,870 
Total investments$44,587,107 $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 - September 30, 2023
NAIC Designation (b)
Amortized
Cost		Carrying
Amount		Percent
Rating Agency Rating (b)
Amortized
Cost		Carrying
Amount		Percent
1$19,327,495 $16,056,424 60.0 %Aaa/Aa/A$19,135,971 $15,898,906 59.4 %
211,960,953 10,118,937 37.8 %Baa12,120,183 10,243,694 38.3 %
3486,580 424,137 1.6 %Ba465,323 408,223 1.6 %
4116,264 98,929 0.4 %B134,646 113,734 0.4 %
561,334 45,253 0.2 %Caa72,400 55,761 0.2 %
610,000 7,127 — %Ca and lower34,103 30,489 0.1 %
31,962,626 26,750,807 100.0 %31,962,626 26,750,807 100.0 %
Coinsurance investments (a)5,792,530 5,263,837 Coinsurance investments (a)5,792,530 5,263,837 
$37,755,156 $32,014,644 $37,755,156 $32,014,644 
(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.
(b)The table excludes residual tranche securities that are not rated with an amortized cost of $58,394 and carrying amount of $70,288 as of September 30, 2023.
Page 16


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands)

Watch List Securities - September 30, 2023
General Description (a)Amortized
Cost		Allowance for Credit LossesAmortized Cost, Net of Allowance
Net Unrealized Losses,
Net of Allowance
Fair Value
States, municipalities and territories$20,657 $— $20,657 $(5,211)$15,446 
Corporate securities - Public securities31,490 — 31,490 (3,174)28,316 
Corporate securities - Private placement securities5,902 (2,911)2,991 (1,220)1,771 
Residential mortgage backed securities56,503 (97)56,406 (9,757)46,649 
Commercial mortgage backed securities140,270 — 140,270 (29,352)110,918 
Other asset backed securities1,632 — 1,632 (17)1,615 
Collateralized loan obligations159,599 (610)158,989 (22,537)136,452 
$416,053 $(3,618)$412,435 $(71,268)$341,167 
(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 17


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector
September 30, 2023December 31, 2022
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Available for sale:
U.S. Government and agencies$172,650 $162,885 $173,638 $169,071 
States, municipalities and territories3,198,030 2,564,632 4,356,191 3,822,943 
Foreign corporate securities and foreign governments471,253 376,549 680,263 616,938 
Corporate securities:
Capital goods1,196,803 955,857 1,601,113 1,395,595 
Consumer discretionary3,986,069 3,098,900 5,086,479 4,320,219 
Energy898,830 777,821 1,219,370 1,111,891 
Financials5,912,712 4,993,005 6,467,052 5,634,229 
Government non-guaranteed172,445 140,264 202,740 179,440 
Industrials105,153 74,555 166,061 138,999 
Information technology951,613 751,771 1,344,461 1,160,067 
Materials838,165 662,877 1,169,188 1,021,288 
Telecommunications1,054,950 801,928 1,306,495 1,090,868 
Transportation872,240 728,781 1,100,681 975,393 
Utilities2,861,062 2,272,475 3,620,946 3,115,520 
Other71,761 68,813 58,184 58,265 
Residential mortgage backed securities:
Government agency741,965 666,154 806,999 754,349 
Prime359,188 292,854 387,838 334,613 
Alt-A54,056 52,653 54,910 58,091 
Non-qualified mortgage161,973 149,121 169,847 157,960 
Other18,355 18,377 62,235 61,914 
Commercial mortgage backed securities:
Government agency145,436 131,881 170,307 157,903 
Non-agency3,011,835 2,534,734 3,668,300 3,289,172 
Other asset backed securities:
Auto248,005 244,709 44,450 41,896 
Consumer discretionary567,460 527,291 122,068 118,843 
Financials307,945 282,731 283,238 252,493 
Collateralized loan obligations3,004,676 2,870,726 4,071,929 3,775,347 
Other636,390 618,751 1,005,440 966,675 
32,021,020 26,821,095 39,400,423 34,779,982 
Coinsurance investments (a)5,792,530 5,263,837 5,465,596 5,024,635 
$37,813,550 $32,084,932 $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 18


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023
Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate
September 30, 2023December 31, 2022
PrincipalPercentPrincipalPercent
Property type distribution
Commercial mortgage loans:
Office$248,345 3.4 %$277,767 4.1 %
Retail806,724 11.2 %878,352 13.0 %
Industrial/Warehouse887,129 12.3 %853,215 12.6 %
Apartment986,690 13.6 %893,910 13.2 %
Hotel285,271 3.9 %285,271 4.2 %
Mixed Use/Other77,140 1.1 %200,756 3.0 %
Agricultural mortgage loans585,020 8.1 %567,630 8.4 %
Residential mortgage loans3,359,939 46.4 %2,807,652 41.5 %
7,236,258 100.0 %6,764,553 100.0 %
Coinsurance investments (a)243,203 171,633 
$7,479,461 $6,936,186 
CommercialAgricultural
Amortized
Cost		Average
LTV		Amortized
Cost		Average
LTV
As of September 30, 2023:
Debt Service Coverage Ratio:
Greater than or equal to 1.5$2,322,151 50%$275,965 49%
Greater than or equal to 1.2 and less than 1.5332,692 60%247,369 52%
Greater than or equal to 1.0 and less than 1.2575,795 47%15,741 43%
Less than 1.056,421 54%44,238 41%
3,287,059 51%583,313 50%
Coinsurance investments (a)241,947 50%— —%
$3,529,006 51%$583,313 50%
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 1.5505,644 61%236,589 48%
Greater than or equal to 1.0 and less than 1.2475,315 50%15,075 39%
Less than 1.044,756 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 - September 30, 2023
Unaudited (Dollars in thousands)

September 30, 2023
CommercialAgriculturalResidentialTotal
Credit exposure - by payment activity
Performing$3,291,299 $585,020 $3,266,094 $7,142,413 
In workout— — — — 
Delinquent— — 93,845 93,845 
Principal outstanding3,291,299 585,020 3,359,939 7,236,258 
Unamortized discounts and premiums, net(958)— 67,138 66,180 
Deferred fees and costs, net(3,282)(1,707)669 (4,320)
Amortized cost3,287,059 583,313 3,427,746 7,298,118 
Valuation allowance(21,802)(1,105)(22,175)(45,082)
Carrying value3,265,257 582,208 3,405,571 7,253,036 
Coinsurance investments (a)241,947 — — 241,947 
$3,507,204 $582,208 $3,405,571 $7,494,983 
December 31, 2022
CommercialAgriculturalResidentialTotal
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 outstanding3,389,271 567,630 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 cost3,384,508 565,963 2,865,478 6,815,949 
Valuation allowance(22,428)(1,021)(13,523)(36,972)
Carrying value3,362,080 564,942 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 - September 30, 2023

Shareholder Information
A.M. BestS&PFitch
Financial Strength Ratings
American Equity Investment Life Insurance Company
A- (watch)
A- (watch)
A- (stable)
American Equity Investment Life Insurance Company of New York
A- (watch)
A- (watch)
A- (stable)
Eagle Life Insurance Company
A- (watch)
A- (watch)
A- (stable)
Credit Ratings
American Equity Investment Life Holding Company
bbb- (watch)
BBB- (watch)
BBB
Senior unsecured debt
bbb- (watch)
BBB-BBB-
Perpetual, non-cumulative preferred stock
bb (watch)
BBBB
Corporate Offices:
American Equity Investment Life Holding Company
6000 Westown Parkway
West Des Moines, IA 50266
Inquiries:
Steven Schwartz, Head of Investor Relations
(515) 273-3763, sschwartz@american-equity.com
Common Stock and Dividend Information:
New York Stock Exchange symbol: “AEL”
HighLowCloseDividend Declared
2023
First Quarter$48.37$31.57$36.49$0.00
Second Quarter$53.68$35.22$52.11$0.00
Third Quarter$54.44$51.73$53.64$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, Head of Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.
Page 21


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2023

Research Analyst Coverage
Thomas Gallagher
Evercore ISI
(212) 446-9439
thomas.gallagher@evercoreisi.com
Suneet Kamath
Jefferies
(212) 778-8602
skamath@jefferies.com
Ryan Krueger
Keefe, Bruyette & Woods
(860) 722-5930
rkrueger@kbw.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 Hughes
Truist Securities
(615) 748-4422
mark.hughes@research.truist.com


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