EX-99.2 3 a2023-12x31ex992.htm FINANCIAL SUPPLEMENT Document

Exhibit 99.2



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement

December 31, 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 - December 31, 2023
Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2023December 31, 2022
Assets
Investments:
Fixed maturity securities, available for sale, at fair value$34,780,482 $39,804,617 
Mortgage loans on real estate7,537,594 6,949,027 
Real estate investments1,334,247 1,056,063 
Limited partnerships and limited liability companies1,089,591 1,266,779 
Derivative instruments1,207,288 431,727 
Other investments2,277,822 1,817,085 
Total investments48,227,024 51,325,298 
Cash and cash equivalents9,772,586 1,919,669 
Coinsurance deposits14,582,728 13,254,956 
Market risk benefits479,694 229,871 
Accrued investment income459,332 497,851 
Deferred policy acquisition costs3,070,280 2,773,643 
Deferred sales inducements2,367,224 2,045,683 
Deferred income taxes152,652 438,434 
Income taxes recoverable37,854 55,498 
Other assets768,928 642,696 
Total assets$79,918,302 $73,183,599 
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves$60,901,641 $58,781,836 
Market risk benefits3,146,554 2,455,492 
Other policy funds and contract claims188,856 512,790 
Notes and loan payable785,443 792,073 
Subordinated debentures79,107 78,753 
Funds withheld for reinsurance liabilities8,596,373 6,577,426 
Other liabilities3,172,554 1,614,479 
Total liabilities76,870,528 70,812,849 
Stockholders' equity:
Preferred stock, Series A16 16 
Preferred stock, Series B12 12 
Common stock79,338 84,810 
Additional paid-in capital1,071,103 1,325,316 
Accumulated other comprehensive loss(2,979,657)(3,746,230)
Retained earnings4,852,448 4,685,593 
Total stockholders' equity attributable to American Equity Investment Life Holding Company3,023,260 2,349,517 
Noncontrolling interests24,514 21,233 
Total stockholders' equity3,047,774 2,370,750 
Total liabilities and stockholders' equity$79,918,302 $73,183,599 

Page 1


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended 
 December 31,		Year Ended 
 December 31,
2023202220232022
Revenues:
Premiums and other considerations$2,657 $2,991 $11,967 $19,739 
Annuity product charges96,947 61,666 315,496 230,354 
Net investment income582,176 537,995 2,272,798 2,307,463 
Change in fair value of derivatives353,443 22,243 259,046 (1,138,128)
Net realized gains (losses) on investments
(2,065)14,411 (99,203)(47,848)
Other revenue21,973 13,032 75,866 42,245 
Total revenues1,055,131 652,338 2,835,970 1,413,825 
Benefits and expenses:
Insurance policy benefits and change in future policy benefits3,161 5,948 17,687 33,220 
Interest sensitive and index product benefits193,439 57,626 567,423 554,871 
Market risk benefits (gains) losses241,998 33,490 (14,546)3,684 
Amortization of deferred sales inducements50,346 45,966 192,252 181,970 
Change in fair value of embedded derivatives977,178 342,409 1,143,576 (2,352,598)
Interest expense on notes and loan payable11,642 10,228 45,890 32,098 
Interest expense on subordinated debentures1,341 1,335 5,355 5,331 
Amortization of deferred policy acquisition costs72,428 66,831 279,700 284,011 
Other operating costs and expenses75,250 62,389 301,581 239,526 
Total benefits and expenses1,626,783 626,222 2,538,918 (1,017,887)
Income (loss) before income taxes
(571,652)26,116 297,052 2,431,712 
Income tax expense (benefit)
(108,202)(6,817)85,133 511,135 
Net income (loss)
(463,450)32,933 211,919 1,920,577 
Less: Net income available to noncontrolling interests
1,545 361 1,389 358 
Net income (loss) available to American Equity Investment Life Holding Company stockholders
(464,995)32,572 210,530 1,920,219 
Less: Preferred stock dividends10,919 10,919 43,675 43,675 
Net income (loss) available to American Equity Investment Life Holding Company common stockholders
$(475,914)$21,653 $166,855 $1,876,544 
Earnings (loss) per common share
$(6.04)$0.25 $2.10 $20.72 
Earnings (loss) per common share - assuming dilution
$(6.04)$0.25 $2.06 $20.50 
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share
78,754 85,274 79,476 90,558 
Earnings (loss) per common share - assuming dilution
78,754 86,402 80,952 91,538 

Page 2


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters
Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Revenues:
Traditional life insurance premiums$2,041 $1,842 $629 $698 $626 
Life contingent immediate annuity considerations616 815 1,887 3,439 2,365 
Surrender charges57,876 45,550 33,777 26,542 22,030 
Lifetime income benefit rider fees39,071 38,766 37,865 36,049 39,636 
Net investment income582,176 586,614 542,685 561,323 537,995 
Change in fair value of derivatives353,443 (383,026)242,739 45,890 22,243 
Net realized gains (losses) on investments(2,065)(44,672)(24,679)(27,787)14,411 
Other revenue (a)21,973 20,763 16,736 16,394 13,032 
Total revenues1,055,131 266,652 851,639 662,548 652,338 
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)(118)3,623 940 1,206 944 
Life contingent immediate annuity benefits and change in future policy benefits (c)3,279 (1,430)4,185 6,002 5,004 
Interest sensitive and index product benefits193,439 193,686 122,387 57,911 57,626 
Market risk benefits (gains) losses (d)241,998 (296,114)(144,124)183,694 33,490 
Amortization of deferred sales inducements50,346 48,354 46,951 46,601 45,966 
Change in fair value of embedded derivatives (e)977,178 (451,806)213,764 404,440 342,409 
Interest expense on notes payable11,642 12,003 11,227 11,018 10,228 
Interest expense on subordinated debentures1,341 1,340 1,338 1,336 1,335 
Amortization of deferred policy acquisition costs72,428 70,561 68,476 68,235 66,831 
Other operating costs and expenses75,250 76,630 75,697 74,004 62,389 
Total benefits and expenses1,626,783 (343,153)400,841 854,447 626,222 
Income (loss) before income taxes(571,652)609,805 450,798 (191,899)26,116 
Income tax expense (benefit)(108,202)133,691 95,652 (36,008)(6,817)
Net income (loss) (b)(c)(d)(e)(463,450)476,114 355,146 (155,891)32,933 
Less: Net income (loss) available to noncontrolling interests1,545 (42)(217)103 361 
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)(464,995)476,156 355,363 (155,994)32,572 
Less: Preferred stock dividends10,919 10,918 10,919 10,919 10,919 
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)$(475,914)$465,238 $344,444 $(166,913)$21,653 
Earnings (loss) per common share$(6.04)$5.96 $4.43 $(2.00)$0.25 
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)$(6.04)$5.82 $4.36 $(2.00)$0.25 
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share78,754 78,034 77,767 83,417 85,274 
Earnings (loss) per common share - assuming dilution78,754 79,952 78,928 83,417 86,402 
(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.
(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.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands, except per share data)

(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.
(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.
Page 4


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 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 
 December 31,		Year Ended 
 December 31,
2023202220232022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders
$(475,914)$21,653 $166,855 $1,876,544 
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized gains (losses) on financial assets, including credit losses
(2,277)(19,460)91,615 48,264 
Change in fair value of derivatives and embedded derivatives583,961 169,767 549,600 (1,549,205)
Capital markets impact on the change in fair value of market risk benefits216,214 2,309 (122,094)(393,617)
Net investment income(1,509)1,476 (1,137)1,476 
Other revenue5,969 5,969 23,876 5,969 
Expenses incurred related to acquisition
3,750 — 13,464 — 
Income taxes(170,603)(39,998)(115,116)401,838 
Non-GAAP operating income available to common stockholders
$159,591 $141,716 $607,063 $391,269 
Impact of excluding notable items (a)$13,255 $— $10,755 $181,890 
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders
$(6.04)$0.25 $2.06 $20.50 
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Anti-dilutive impact for losses (b)0.11 — — — 
Net realized gains (losses) on financial assets, including credit losses
(0.03)(0.23)1.13 0.53 
Change in fair value of derivatives and embedded derivatives7.28 1.96 6.79 (16.92)
Capital markets impact on the change in fair value of market risk benefits2.70 0.03 (1.51)(4.30)
Net investment income(0.02)0.02 (0.01)— 
Other revenue0.07 0.07 0.29 0.01 
Expenses incurred related to acquisition
0.05 — 0.17 0.06 
Income taxes(2.13)(0.46)(1.42)4.39 
Non-GAAP operating income available to common stockholders
$1.99 $1.64 $7.50 $4.27 
Impact of excluding notable items (a)$0.17 $— $0.13 $1.99 

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands, except per share data)

Three Months Ended 
 December 31,		Year Ended 
 December 31,
2023202220232022
Notable items impacting non-GAAP operating income available to common stockholders:
Expense associated with strategic incentive award$13,255 $— $38,323 $— 
Impact of actuarial assumption updates— — (27,568)181,890 
Total notable items (a)$13,255 $— $10,755 $181,890 
(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results.
For the three months ended December 31, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would increase $13.3 million and $0.0 million, respectively, if we were to exclude the impact of notable items.
For the year ended December 31, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would increase $10.8 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.
NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders
Three Months Ended 
 December 31,		Year Ended 
 December 31,
2023202220232022
Net realized gains (losses) on financial assets, including credit losses:
Net realized gains (losses) on financial assets, including credit losses
$(2,277)$(19,460)$91,615 $48,264 
Income taxes490 4,183 (19,697)(10,377)
$(1,787)$(15,277)$71,918 $37,887 
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities$314,777 $89,662 $373,608 $(1,129,326)
Reinsurance contracts269,184 78,594 185,088 (439,502)
Interest rate swaps— 1,511 (9,096)19,623 
Income taxes(122,841)(42,083)(113,885)329,188 
$461,120 $127,684 $435,715 $(1,220,017)
Capital market impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits$194,164 $(16,236)$(207,682)$(449,887)
Amortization of capital markets impact on the fair value of market risk benefits22,050 18,545 85,588 56,270 
Income taxes(46,486)(498)26,250 84,627 
$169,728 $1,811 $(95,844)$(308,990)
Net investment income:
Income associated with assets transferred under reinsurance treaty$(1,509)$1,476 $(1,137)$1,476 
Income taxes324 (317)244 (317)
$(1,185)$1,159 $(893)$1,159 
Other revenue:
Amortization of deferred fees associated with reinsurance treaties$5,969 $5,969 $23,876 $5,969 
Income taxes(1,283)(1,283)(5,133)(1,283)
$4,686 $4,686 $18,743 $4,686 
Other operating costs and expenses:
Expenses incurred related to acquisition
$3,750 $— $13,464 $— 
Income taxes(807)— (2,895)— 
$2,943 $— $10,569 $— 
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 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 Available to Common Stockholders
Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders$(475,914)$465,238 $344,444 $(166,913)$21,653 
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses(2,277)46,771 22,737 24,384 (19,460)
Change in fair value of derivatives and embedded derivatives583,961 (115,747)(124,816)206,202 169,767 
Capital markets impact on the change in fair value of market risk benefits216,214 (290,558)(184,700)136,950 2,309 
Net investment income(1,509)(1,746)4,609 (2,491)1,476 
Other revenue5,969 5,969 5,969 5,969 5,969 
Expenses incurred related to acquisition
3,750 9,714 — — — 
Income taxes(170,603)75,879 59,373 (79,765)(39,998)
Non-GAAP operating income available to common stockholders (c)(d)(e)
$159,591 $195,520 $127,616 $124,336 $141,716 
Impact of excluding notable items (a)$13,255 $(20,958)$8,892 $9,566 $— 
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders$(6.04)$5.82 $4.36 $(2.00)$0.25 
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Anti-dilutive impact for losses (b)0.11 — — 0.03 — 
Net realized (gains) losses on financial assets, including credit losses(0.03)0.58 0.29 0.29 (0.23)
Change in fair value of derivatives and embedded derivatives7.28 (1.44)(1.58)2.43 1.96 
Capital markets impact on the change in fair value of market risk benefits2.70 (3.63)(2.34)1.62 0.03 
Net investment income(0.02)(0.02)0.06 (0.03)0.02 
Other revenue0.07 0.07 0.08 0.07 0.07 
Expenses incurred related to acquisition0.05 0.12 — — — 
Income taxes(2.13)0.95 0.75 (0.94)(0.46)
Non-GAAP operating income available to common stockholders (c)(d)(e)$1.99 $2.45 $1.62 $1.47 $1.64 
Impact of excluding notable items (a)$0.17 $(0.26)$0.11 $0.11 $— 
Notable Items
Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Notable items impacting non-GAAP operating income available to common stockholders:
Expense associated with strategic incentive award$13,255 $6,610 $8,892 $9,566 $— 
Impact of actuarial assumption updates— (27,568)— — — 
Total notable items (a)$13,255 $(20,958)$8,892 $9,566 $— 
(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results. For the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, non-GAAP operating income available to common stockholders would increase $13.3 million, decrease $21.0 million, increase $8.9 million and $9.6 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 - December 31, 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.
(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.
(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.
NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders
Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Net realized (gains) losses on investments$2,065 $44,672 $24,679 $27,787 $(14,411)
Net investment income(1,509)(1,746)4,609 (2,491)1,476 
Other revenue5,969 5,969 5,969 5,969 5,969 
Change in fair value of derivatives(393,217)336,059 (338,579)(198,239)(172,643)
Increase (decrease) in total revenues(386,692)384,954 (303,322)(166,974)(179,609)
Change in fair value of embedded derivatives(977,178)451,806 (213,764)(404,440)(342,409)
Market risk benefits (gains) losses(216,214)290,558 184,700 (136,950)(2,309)
Interest sensitive and index product benefits (a)4,342 (2,099)1,943 3,402 5,048 
Other operating costs and expenses(3,750)(9,714)— — — 
Increase (decrease) in total benefits and expenses(1,192,800)730,551 (27,121)(537,988)(339,670)
Increase (decrease) in income (loss) before income taxes806,108 (345,597)(276,201)371,014 160,061 
Increase (decrease) in income tax expense benefit170,603 (75,879)(59,373)79,765 39,998 
Increase (decrease) in net income (loss) available to common stockholders$635,505 $(269,718)$(216,828)$291,249 $120,063 
(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits. The change in this allowance is reflected in the net realized (gains) losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.
Page 8


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands, except share and per share data)

Capitalization/Book Value per Common Share
Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Capitalization:
Notes and loan payable$800,000 $800,000 $800,000 $800,000 $800,000 
Subordinated debentures payable to subsidiary trusts79,107 79,017 78,927 78,839 78,753 
Total debt
879,107 879,017 878,927 878,839 878,753 
Total stockholders’ equity attributable to American Equity Investment Life Holding Company3,023,260 2,053,576 2,571,915 2,605,485 2,349,517 
Total capitalization3,902,367 2,932,593 3,450,842 3,484,324 3,228,270 
Accumulated other comprehensive loss (AOCI)2,979,657 4,425,695 3,425,248 3,036,429 3,746,230 
Total capitalization excluding AOCI (a)
$6,882,024 $7,358,288 $6,876,090 $6,520,753 $6,974,500 
Total stockholders’ equity attributable to American Equity Investment Life Holding Company$3,023,260 $2,053,576 $2,571,915 $2,605,485 $2,349,517 
Equity available to preferred stockholders (b)(700,000)(700,000)(700,000)(700,000)(700,000)
Total common stockholders' equity (c)
2,323,260 1,353,576 1,871,915 1,905,485 1,649,517 
Accumulated other comprehensive loss2,979,657 4,425,695 3,425,248 3,036,429 3,746,230 
Total common stockholders’ equity excluding AOCI (c)
5,302,917 5,779,271 5,297,163 4,941,914 5,395,747 
Net impact of fair value accounting for derivatives and embedded derivatives(1,240,397)(1,689,153)(1,587,599)(1,490,297)(1,652,169)
Net capital markets impact on the fair value of market risk benefits(698,808)(866,530)(638,442)(493,452)(600,958)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)
$3,363,712 $3,223,588 $3,071,122 $2,958,165 $3,142,620 
Common shares outstanding79,337,818 78,974,095 78,047,941 77,753,194 84,810,255 
Book Value per Common Share: (d)
Book value per common share$29.28 $17.14 $23.98 $24.51 $19.45 
Book value per common share excluding AOCI (c)$66.84 $73.18 $67.87 $63.56 $63.62 
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)$42.40 $40.82 $39.35 $38.05 $37.05 
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization11.6 %10.9 %11.6 %12.3 %11.5 %
Total debt / Total capitalization12.8 %11.9 %12.8 %13.5 %12.6 %
(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 - December 31, 2023
Unaudited (Dollars in thousands)

Spread Results
Year Ended 
 December 31,
20232022Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
4.55%4.34%Average yield on invested assets4.65%4.69%4.42%4.48%4.30%
1.90%1.71%Aggregate cost of money2.01%1.96%1.85%1.81%1.76%
2.65%2.63%Aggregate investment spread2.64%2.73%2.57%2.67%2.54%
Impact of:
0.01%0.03%
Investment yield - additional prepayment income
0.01%—%0.01%—%0.01%
0.04%0.01%Cost of money effect of over hedging0.07%0.05%0.03%—%—%
$49,485,288 $53,225,871 Weighted average investments$49,682,210 $49,528,255 $49,125,197 $49,304,219 $50,040,228 
49,705,986 49,811,623 Ending investments49,705,986 49,658,435 49,398,076 48,852,319 49,811,623 
Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.
Investment Yields
Year Ended 
 December 31,
20232022Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Investment income:
$2,150,881 $2,108,088 
Fixed income (a)
$544,245 $539,584 $533,930 $533,122 $511,077 
102,472 200,349 Mark-to-market private asset income (a)32,910 40,900 9,035 19,627 26,816 
$2,253,353 $2,308,437 Total non-GAAP investment income (b)$577,155 $580,484 $542,965 $552,749 $537,893 
Investment yield:
4.59%4.08%Fixed income investment yield4.65%4.61%4.57%4.52%4.26%
3.97%12.95%Mark-to-market private asset yield4.52%6.12%1.48%3.61%5.29%
4.55%4.34%Total investment yield4.65%4.69%4.42%4.48%4.30%
Weighted average investments:
$46,901,060 $51,678,469 Fixed income investments$46,766,942 $46,853,771 $46,684,803 $47,129,120 $48,012,311 
2,584,228 1,547,402 Mark-to-market private assets2,915,268 2,674,484 2,440,394 2,175,099 2,027,917 
$49,485,288 $53,225,871 Total weighted average investments$49,682,210 $49,528,255 $49,125,197 $49,304,219 $50,040,228 
(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 (Loss) to Non-GAAP Operating Income on page 5. The net impact of these adjustments were $3,512 thousand in Q4 2023, $4,384 thousand in Q3 2023, $4,329 thousand in Q2 2023, $6,083 thousand in Q1 2023, and $1,578 thousand in Q4 2022, respectively.
Page 10


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities
Year Ended 
 December 31,
20232022Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Included in interest sensitive and index product benefits:
$326,471 $305,292 Index credits$136,537 $120,894 $65,507 $3,533 $3,861 
236,403 240,889 Interest credited61,306 61,546 57,235 56,316 56,402 
Included in change in fair value of derivatives:
(344,876)(312,133)Proceeds received at option expiration(145,076)(126,750)(69,449)(3,601)(4,061)
682,918 647,132 Pro rata amortization of option cost186,052 175,603 163,992 157,271 154,463 
$900,916 $881,180 Cost of money for deferred annuities$238,819 $231,293 $217,285 $213,519 $210,665 
$47,330,279 $51,558,865 
Weighted average liability balance outstanding
$47,487,836 $47,280,339 $47,086,271 $47,266,672 $47,802,219 
Annuity Account Balance Rollforward
Year Ended 
 December 31,
20232022Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
$47,504,615 $53,191,277 Account balances at beginning of period$47,419,417 $47,143,582 $47,031,605 $47,504,615 $51,913,689 
— (4,068,761)Reserves ceded - in-force— — — — (3,810,982)
47,504,615 49,122,516 Account balance at beginning of period, net of reinsurance ceded47,419,417 47,143,582 47,031,605 47,504,615 48,102,707 
5,223,294 2,347,315 Net deposits1,949,552 1,366,125 1,174,953 732,664 613,084 
513,793 107,691 Premium bonuses160,506 171,164 136,856 45,267 33,617 
562,874 546,181 Fixed interest credited and index credits197,843 182,440 122,742 59,849 60,263 
(163,745)(72,699)Surrender charges(57,876)(45,550)(33,777)(26,542)(22,030)
(151,751)(157,655)Lifetime income benefit rider fees(39,071)(38,766)(37,865)(36,049)(39,636)
(5,930,590)(4,388,734)Surrenders, withdrawals, deaths, etc.(2,071,881)(1,359,578)(1,250,932)(1,248,199)(1,243,390)
$47,558,490 $47,504,615 Account balances at end of period$47,558,490 $47,419,417 $47,143,582 $47,031,605 $47,504,615 
Page 11


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands, except per share data)

MRB Liability
Year Ended 
 December 31,
20232022Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
$1,521,954 $2,362,947 MRB balance at beginning of period$1,468,271 $1,587,694 $1,632,918 $1,521,954 $1,762,629 
— (326,524)Reserves ceded - in-force— — — — (331,020)
8,572 7,429 Issuances10,774 (3,052)(2,071)2,921 1,230 
124,374 66,198 Interest accrual29,086 32,355 33,374 29,559 23,910 
117,185 117,486 Attributed fees collected31,387 29,354 28,247 28,197 29,585 
— — Benefits payments— — — — — 
(185,333)(449,887)Effect of changes in interest rates and equity markets183,192 (284,238)(202,709)118,422 (16,236)
(82,111)263,830 Effect of changes in assumptions and policyholder behavior(12,463)(70,544)(974)1,870 (5,023)
330,251 (519,525)Effect of changes in instrument specific credit risk124,645 176,702 98,909 (70,005)56,879 
1,834,892 1,521,954 MRB balance at end of period, net (a)1,834,892 1,468,271 1,587,694 1,632,918 1,521,954 
887,646 765,552 MRB net deferred capital markets impact, end of period887,646 1,103,860 813,302 628,602 765,552 
$2,722,538 $2,287,506 Non-GAAP MRB balance, end of period (b)$2,722,538 $2,572,131 $2,400,996 $2,261,520 $2,287,506 
(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
Year Ended 
 December 31,
20232022Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
$9,642,336 $4,660,690 Account value of business ceded subject to fee income at beginning of period $11,592,667 $10,863,738 $10,155,767 $9,642,336 $5,612,098 
— 4,068,761 In-force account value ceded subject to fee income — — — — 3,810,982 
2,369,765 1,045,600 Premiums on business ceded subject to fee income 44,171 870,021 821,413 634,160 351,971 
(523,974)(132,715)Disbursements on business ceded subject to fee income (148,711)(141,092)(113,442)(120,729)(132,715)
$11,488,127 $9,642,336 Account value of business ceded subject to fee income at end of period $11,488,127 $11,592,667 $10,863,738 $10,155,767 $9,642,336 
$99,742 $48,214 Non-GAAP operating revenue associated with recurring fees (a)$27,942 $26,732 $22,705 $22,363 $19,001 
(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 and page 8 for the summary of adjustments to arrive at Non-GAAP Operating Income.
Page 12


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands)

Annuity Deposits by Product Type
Year Ended 
 December 31,
20232022Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
American Equity Life:
$5,470,434 $2,692,141 Fixed index annuities$1,547,595 $1,715,362 $1,471,638 $735,839 $637,021 
2,053 5,329 Annual reset fixed rate annuities276 250 834 693 1,856 
216,172 56,511 Multi-year fixed rate annuities9,979 13,127 37,032 156,034 49,216 
1,224 18,935 Single premium immediate annuities309 210 278 427 494 
5,689,883 2,772,916 1,558,159 1,728,949 1,509,782 892,993 688,587 
Eagle Life:
1,563,992 479,279 Fixed index annuities430,689 498,431 406,273 228,599 145,772 
3,039 380 Annual reset fixed rate annuities— — 1,770 1,269 230 
349,616 82,581 Multi-year fixed rate annuities7,839 10,616 82,932 248,229 65,434 
1,916,647 562,240 438,528 509,047 490,975 478,097 211,436 
Consolidated:
7,034,426 3,171,420 Fixed index annuities1,978,284 2,213,793 1,877,911 964,438 782,793 
5,092 5,709 Annual reset fixed rate annuities276 250 2,604 1,962 2,086 
565,788 139,092 Multi-year fixed rate annuities17,818 23,743 119,964 404,263 114,650 
1,224 18,935 Single premium immediate annuities309 210 278 427 494 
7,606,530 3,335,156 Total before coinsurance ceded1,996,687 2,237,996 2,000,757 1,371,090 900,023 
2,382,012 968,906 Coinsurance ceded46,826 871,661 825,526 637,999 286,445 
$5,224,518 $2,366,250 Net after coinsurance ceded$1,949,861 $1,366,335 $1,175,231 $733,091 $613,578 
Surrender Charge Protection and Account Values by Product Type
Annuity Surrender Charges and Net (of Coinsurance) Account Values at December 31, 2023:
Surrender ChargeNet Account Value
Product TypeAvg.
Years
At Issue		Avg.
Years
Remaining		Avg.
%
Remaining		Dollars in Thousands%
Fixed Index Annuities12.04.98.2%$42,708,093 89.8 %
Annual Reset Fixed Rate Annuities7.21.43.0%1,119,156 2.4 %
Multi-Year Fixed Rate Annuities4.11.26.1%3,731,241 7.8 %
Total11.24.67.9%$47,558,490 100.0 %
Page 13


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands)

Annuity Liability Characteristics
Surrender Charge Percentages:Fixed
Annuities
Account Value		Fixed Index
Annuities
Account Value
No surrender charge$1,201,886 $5,291,934 
0.0% < 2.0%74,758 2,821,053 
2.0% < 3.0%13,799 2,747,252 
3.0% < 4.0%7,551 823,508 
4.0% < 5.0%6,799 2,787,498 
5.0% < 6.0%55,957 1,807,736 
6.0% < 7.0%370,963 2,240,692 
7.0% < 8.0%2,470,779 1,840,104 
8.0% < 9.0%331,773 4,252,724 
9.0% < 10.0%154,684 3,135,064 
10.0% or greater161,448 14,960,528 
$4,850,397 $42,708,093 
Surrender Charge Expiration By Year:Fixed and
Fixed Index
Annuities
Account Value		Weighted
Average
Surrender
Charge
Out of Surrender Charge$6,493,820 0.00 %
20243,569,836 4.42 %
20254,672,248 3.17 %
20264,340,338 5.01 %
20273,690,236 6.04 %
20283,811,466 7.59 %
20293,765,240 9.03 %
20303,956,253 10.46 %
20313,531,481 12.80 %
20323,278,755 13.57 %
20335,072,207 16.08 %
2034629,134 17.39 %
2035324,974 18.08 %
2036187,883 18.50 %
2037118,697 19.00 %
203899,474 19.50 %
203916,448 20.00 %
$47,558,490 7.88 %
If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of December 31, 2023 for the $11.8 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.25%.
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 $35.8 billion of account value allocated to index strategies, the cost of options would decrease by 1.55% based upon prices of options for the week ended December 31, 2023.
Page 14


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands)

Summary of Invested Assets
December 31, 2023December 31, 2022
Carrying
Amount		PercentCarrying
Amount		Percent
Fixed maturity securities:
U.S. Government and agencies$171,141 0.4 %$169,071 0.4 %
States, municipalities and territories3,075,024 7.7 %3,822,943 8.5 %
Foreign corporate securities and foreign governments408,936 1.0 %616,938 1.4 %
Corporate securities16,076,506 40.0 %20,201,774 44.8 %
Residential mortgage backed securities1,208,317 3.0 %1,366,927 3.0 %
Commercial mortgage backed securities2,624,123 6.5 %3,447,075 7.6 %
Other asset backed securities5,202,395 12.9 %5,155,254 11.4 %
Total fixed maturity securities28,766,442 71.5 %34,779,982 77.1 %
Mortgage loans on real estate7,231,667 18.0 %6,778,977 15.0 %
Real estate investments1,334,247 3.3 %1,056,063 2.3 %
Limited partnerships and limited liability companies1,089,591 2.7 %1,266,779 2.8 %
Derivative instruments1,207,288 3.0 %431,727 1.0 %
Other investments590,271 1.5 %829,900 1.8 %
Total investments, net of modified coinsurance investments40,219,506 100.0 %45,143,428 100.0 %
Coinsurance investments (a)8,007,518 6,181,870 
Total investments$48,227,024 $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 - December 31, 2023
NAIC Designation (b)
Amortized
Cost		Carrying
Amount		Percent
Rating Agency Rating (b)
Amortized
Cost		Carrying
Amount		Percent
1$19,330,614 $17,116,519 60.1 %Aaa/Aa/A$19,237,683 $17,030,736 59.8 %
211,895,433 10,680,088 37.5 %Baa12,036,591 10,801,336 37.9 %
3517,425 476,419 1.7 %Ba539,417 489,286 1.7 %
4168,694 147,692 0.5 %B144,657 128,150 0.4 %
588,581 68,538 0.2 %Caa21,295 18,497 0.1 %
69,400 10,132 — %Ca and lower30,504 31,383 0.1 %
32,010,147 28,499,388 100.0 %32,010,147 28,499,388 100.0 %
Coinsurance investments (a)6,277,105 6,014,040 Coinsurance investments (a)6,277,105 6,014,040 
$38,287,252 $34,513,428 $38,287,252 $34,513,428 
(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 $250,210 and carrying amount of $267,054 as of December 31, 2023.
Page 15


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands)

Watch List Securities - December 31, 2023
General Description (a)Amortized
Cost		Allowance for Credit LossesAmortized Cost, Net of Allowance
Net Unrealized Gains (Losses),
Net of Allowance
Fair Value
States, municipalities and territories$22,715 $— $22,715 $(5,491)$17,224 
Corporate securities - Public securities31,502 — 31,502 (768)30,734 
Corporate securities - Private placement securities5,180 (3,412)1,768 (58)1,710 
Residential mortgage backed securities55,054 — 55,054 (8,050)47,004 
Commercial mortgage backed securities139,961 — 139,961 (27,340)112,621 
Other asset backed securities1,524 — 1,524 131 1,655 
Collateralized loan obligations159,600 (618)158,982 (19,980)139,002 
$415,536 $(4,030)$411,506 $(61,556)$349,950 
(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those on which we have taken credit losses.
Page 16


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2023
Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector
December 31, 2023December 31, 2022
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Available for sale:
U.S. Government and agencies$172,683 $171,141 $173,638 $169,071 
States, municipalities and territories3,615,861 3,075,024 4,356,191 3,822,943 
Foreign corporate securities and foreign governments
471,188 408,936 680,263 616,938 
Corporate securities:
Capital goods1,180,367 1,036,451 1,601,113 1,395,595 
Consumer discretionary3,613,225 3,121,655 5,086,479 4,320,219 
Energy881,404 811,482 1,219,370 1,111,891 
Financials5,795,094 5,198,811 6,467,052 5,634,229 
Government non-guaranteed167,059 145,579 202,740 179,440 
Industrials16,966 16,206 166,061 138,999 
Information technology963,228 835,461 1,344,461 1,160,067 
Materials834,268 722,468 1,169,188 1,021,288 
Telecommunications1,047,936 882,396 1,306,495 1,090,868 
Transportation899,832 803,538 1,100,681 975,393 
Utilities2,838,788 2,437,216 3,620,946 3,115,520 
Other66,440 65,243 58,184 58,265 
Residential mortgage backed securities:
Government agency732,557 689,920 806,999 754,349 
Prime352,524 299,353 387,838 334,613 
Alt-A52,923 52,493 54,910 58,091 
Non-qualified mortgage156,648 148,516 169,847 157,960 
Other17,759 18,035 62,235 61,914 
Commercial mortgage backed securities:
Government agency144,372 134,737 170,307 157,903 
Non-agency2,892,601 2,489,386 3,668,300 3,289,172 
Other asset backed securities:
Auto239,142 237,596 44,450 41,896 
Consumer discretionary544,455 520,327 122,068 118,843 
Financials307,150 285,018 283,238 252,493 
Collateralized loan obligations3,503,091 3,410,445 4,071,929 3,775,347 
Other752,796 749,009 1,005,440 966,675 
32,260,357 28,766,442 39,400,423 34,779,982 
Coinsurance investments (a)6,277,105 6,014,040 5,465,596 5,024,635 
$38,537,462 $34,780,482 $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 - December 31, 2023
Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate
December 31, 2023December 31, 2022
PrincipalPercentPrincipalPercent
Property type distribution
Commercial mortgage loans:
Office$239,086 3.3 %$277,767 4.1 %
Retail784,047 10.9 %878,352 13.0 %
Industrial/Warehouse895,966 12.4 %853,215 12.6 %
Apartment965,474 13.4 %893,910 13.2 %
Hotel280,733 3.9 %285,271 4.2 %
Mixed Use/Other76,039 1.0 %200,756 3.0 %
Agricultural mortgage loans581,287 8.1 %567,630 8.4 %
Residential mortgage loans3,384,737 47.0 %2,807,652 41.5 %
7,207,369 100.0 %6,764,553 100.0 %
Coinsurance investments (a)308,859 171,633 
$7,516,228 $6,936,186 
CommercialAgricultural
Amortized
Cost		Average
LTV		Amortized
Cost		Average
LTV
As of December 31, 2023:
Debt Service Coverage Ratio:
Greater than or equal to 1.5$2,256,505 50%$259,384 50%
Greater than or equal to 1.2 and less than 1.5388,135 58%186,598 51%
Greater than or equal to 1.0 and less than 1.2456,845 47%17,216 53%
Less than 1.0136,172 53%116,435 45%
3,237,657 51%579,633 49%
Coinsurance investments (a)307,342 51%— —%
$3,544,999 51%$579,633 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 1.5505,644 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 - December 31, 2023
Unaudited (Dollars in thousands)

December 31, 2023
CommercialAgriculturalResidentialTotal
Credit exposure - by payment activity
Performing$3,241,345 $568,691 $3,287,763 $7,097,799 
In workout— — — — 
Delinquent— 12,596 96,974 109,570 
Principal outstanding3,241,345 581,287 3,384,737 7,207,369 
Unamortized discounts and premiums, net(902)— 65,802 64,900 
Deferred fees and costs, net(2,786)(1,654)558 (3,882)
Amortized cost3,237,657 579,633 3,451,097 7,268,387 
Valuation allowance(16,487)(2,590)(17,643)(36,720)
Carrying value3,221,170 577,043 3,433,454 7,231,667 
Coinsurance investments (a)305,927 — — 305,927 
$3,527,097 $577,043 $3,433,454 $7,537,594 
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 - December 31, 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
Fourth Quarter$56.09$52.70$55.80$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.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 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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