EX-99.2 3 a2021-09x30ex992.htm FINANCIAL SUPPLEMENT Document

Exhibit 99.2



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement

September 30, 2021

A.Financial Highlights
Non-GAAP Financial Measures
B.Product Summary
C.Investment Summary
D.
E.




AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2021December 31, 2020 (a)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value$45,738,097 $47,538,893 
Mortgage loans on real estate4,288,742 4,165,489 
Real estate259,262 — 
Derivative instruments990,033 1,310,954 
Other investments1,021,226 590,078 
Total investments52,297,360 53,605,414 
Cash and cash equivalents12,684,793 9,095,522 
Coinsurance deposits8,733,096 4,844,927 
Accrued investment income413,370 398,082 
Deferred policy acquisition costs2,193,889 2,225,199 
Deferred sales inducements1,545,494 1,448,375 
Income taxes recoverable— 862 
Other assets449,961 70,198 
Total assets$78,317,963 $71,688,579 
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves$64,810,504 $62,352,882 
Other policy funds and contract claims229,199 240,904 
Notes payable496,101 495,668 
Subordinated debentures78,342 78,112 
Deferred income taxes426,176 504,000 
Income taxes payable39,478 — 
Other liabilities5,862,955 1,668,025 
Total liabilities71,942,755 65,339,591 
Stockholders' equity:
Preferred stock, Series A16 16 
Preferred stock, Series B12 12 
Common stock92,513 95,721 
Additional paid-in capital1,609,039 1,681,127 
Accumulated other comprehensive income1,956,974 2,203,557 
Retained earnings2,716,654 2,368,555 
Total stockholders' equity6,375,208 6,348,988 
Total liabilities and stockholders' equity$78,317,963 $71,688,579 
(a)The December 31, 2020 balance sheet includes reclassifications from previously reported amounts for the correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in the first quarter of 2021. This is reflected in deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, deferred income taxes and accumulated other comprehensive income.


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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
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,
2021202020212020
Revenues:
Premiums and other considerations$15,841 $10,407 $43,649 $29,103 
Annuity product charges58,480 62,277 182,321 185,264 
Net investment income526,366 543,331 1,522,876 1,660,353 
Change in fair value of derivatives(70,701)205,011 826,484 (409,201)
Net realized gains (losses) on investments4,933 (22,321)(2,764)(68,545)
Other revenue7,644 — 7,644 — 
Loss on extinguishment of debt— — — (2,024)
Total revenues542,563 798,705 2,580,210 1,394,950 
Benefits and expenses:
Insurance policy benefits and change in future policy benefits18,756 13,273 51,008 36,676 
Interest sensitive and index product benefits817,014 576,147 2,106,590 1,217,358 
Amortization of deferred sales inducements(17,172)416,983 93,283 415,396 
Change in fair value of embedded derivatives(536,404)(1,732,497)(545,104)(1,855,623)
Interest expense on notes payable6,535 6,388 19,322 19,161 
Interest expense on subordinated debentures1,342 1,323 3,994 4,232 
Amortization of deferred policy acquisition costs(1,588)622,596 185,329 623,409 
Other operating costs and expenses56,518 42,738 177,433 128,315 
Total benefits and expenses345,001 (53,049)2,091,855 588,924 
Income before income taxes197,562 851,754 488,355 806,026 
Income tax expense44,697 184,554 107,500 143,308 
Net income152,865 667,200 380,855 662,718 
Less: Preferred stock dividends10,918 5,950 32,756 18,511 
Net income available to common stockholders$141,947 $661,250 $348,099 $644,207 
Earnings per common share$1.53 $7.20 $3.69 $7.02 
Earnings per common share - assuming dilution$1.53 $7.17 $3.67 $7.00 
Weighted average common shares outstanding (in thousands):
Earnings per common share92,478 91,861 94,326 91,770 
Earnings per common share - assuming dilution93,044 92,163 94,867 92,071 

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters
Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
Revenues:
Traditional life insurance premiums$697 $708 $706 $701 $708 
Life contingent immediate annuity considerations15,144 13,887 12,507 9,578 9,699 
Surrender charges16,481 18,057 19,481 17,009 16,447 
Lifetime income benefit rider fees41,999 45,702 40,601 48,954 45,830 
Net investment income526,366 499,320 497,190 521,725 543,331 
Change in fair value of derivatives(70,701)500,880 396,305 443,867 205,011 
Net realized gains (losses) on investments4,933 (3,114)(4,583)(12,135)(22,321)
Other revenue (a)7,644 — — — — 
Total revenues542,563 1,075,440 962,207 1,029,699 798,705 
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits
798 502 1,049 1,091 655 
Life contingent immediate annuity benefits and change in future policy benefits
17,958 15,326 15,375 11,975 12,618 
Interest sensitive and index product benefits (b)817,014 812,981 476,595 325,912 576,147 
Amortization of deferred sales inducements (c)(17,172)(12,520)122,975 22,768 416,983 
Change in fair value of embedded derivatives (d)(536,404)273,713 (282,413)568,836 (1,732,497)
Interest expense on notes payable6,535 6,394 6,393 6,391 6,388 
Interest expense on subordinated debentures1,342 1,326 1,326 1,325 1,323 
Amortization of deferred policy acquisition costs (c)(1,588)(16,906)203,823 26,145 622,596 
Other operating costs and expenses56,518 65,050 55,865 55,321 42,738 
Total benefits and expenses345,001 1,145,866 600,988 1,019,764 (53,049)
Income (loss) before income taxes197,562 (70,426)361,219 9,935 851,754 
Income tax expense (benefit)44,697 (15,732)78,535 1,193 184,554 
Net income (loss) (a)(b)(c)152,865 (54,694)282,684 8,742 667,200 
Less: Preferred stock dividends10,918 10,919 10,919 15,004 5,950 
Net income (loss) available to common stockholders (b)(c)(d)$141,947 $(65,613)$271,765 $(6,262)$661,250 
Earnings (loss) per common share$1.53 $(0.69)$2.84 $(0.07)$7.20 
Earnings (loss) per common share - assuming dilution (b)(c)(d)$1.53 $(0.69)$2.82 $(0.07)$7.17 
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share92,478 94,801 95,735 92,904 91,861 
Earnings (loss) per common share - assuming dilution93,044 95,379 96,216 93,352 92,163 
(a)Other revenue consists of $2.7 million related to an asset liability management fee and $4.9 million related to amortization of the deferred gain associated with the cost of reinsurance. The deferred gain, which is recorded in Other Liabilities on the Consolidated Balance Sheet, was $292.9 million at September 30, 2021. The deferred gain consists primarily of a difference between liabilities ceded and assets transferred of $510.0 million and the present value of the ceding commissions of $127.0 million offset by a reduction in deferred policy acquisition costs of $341.4 million associated with the in-force business ceded.
(b)Q3 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $233.2 million and decreased both net income and net income available to common stockholders by $183.0 million and decreased earnings per common share - assuming dilution by $1.97 per share.
Q3 2020 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and decreased both net income and net income available to common stockholders by $224.4 million and decreased earnings per common share - assuming dilution by $2.44 per share.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands, except per share data)

(c)Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $51.4 million and $52.6 million, respectively, and increased both net income and net income available to common stockholders by $81.7 million and increased earnings per common share - assuming dilution by $0.88 per share.
Q3 2020 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $391.4 million and $589.2 million, respectively, and decreased both net income and net income available to common stockholders by $769.8 million and decreased earnings per common share - assuming dilution by $8.35 per share.
(d)Q3 2021 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $125.8 million and increased both net income and net income available to common stockholders by $98.7 million and increased earnings per common share - assuming dilution by $1.06 per share.
Q3 2020 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $2,111.1 million and increased both net income and net income available to common stockholders by $1,657.2 million and increased earnings per common share - assuming dilution by $17.98 per share.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
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 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 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 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 and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2021202020212020
Net income available to common stockholders$141,947 $661,250 $348,099 $644,207 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses(3,900)15,145 2,528 49,986 
Change in fair value of derivatives and embedded derivatives - fixed index annuities(75,879)(1,176,909)(172,746)(873,773)
Change in fair value of derivatives - interest rate caps and swap— — — (848)
Income taxes17,285 250,701 36,801 177,804 
Non-GAAP operating income (loss) available to common stockholders79,453 (249,813)214,682 (2,624)
Impact of notable items (b)56,801 340,895 56,801 310,117 
Non-GAAP operating income available to common stockholders, excluding notable items$136,254 $91,082 $271,483 $307,493 
Per common share - assuming dilution:
Net income available to common stockholders$1.53 $7.17 $3.67 $7.00 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss— 0.01 — — 
Net realized (gains) losses on financial assets, including credit losses(0.04)0.16 0.02 0.54 
Change in fair value of derivatives and embedded derivatives - fixed index annuities(0.82)(12.77)(1.82)(9.49)
Change in fair value of derivatives - interest rate caps and swap— — — (0.01)
Income taxes0.18 2.71 0.39 1.93 
Non-GAAP operating income (loss) available to common stockholders0.85 (2.72)2.26 (0.03)
Impact of notable items0.61 3.70 0.60 3.37 
Non-GAAP operating income available to common stockholders, excluding notable items$1.46 $0.98 $2.86 $3.34 

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands, except per share data)

Notable Items
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2021202020212020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates$56,801 $340,895 $56,801 $340,895 
Tax benefit related to the CARES Act— — — (30,778)
Total notable items (b)$56,801 $340,895 $56,801 $310,117 
(a)Adjustments to net income available to common stockholders to arrive at non-GAAP operating income (loss) available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) and accretion of lifetime income benefit rider (LIBR) reserves where applicable.
(b)Notable items reflect the after-tax impact to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items primarily include the impact from actuarial assumption updates. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2021202020212020
Net realized (gains) losses on financial assets, including credit losses:
Net realized (gains) losses on financial assets, including credit losses$(4,016)$21,023 $3,573 $67,956 
Amortization of DAC and DSI and accretion of LIBR reserves116 (5,878)(1,045)(17,970)
Income taxes838 (3,271)(544)(10,797)
$(3,062)$11,874 $1,984 $39,189 
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities$(125,075)$(1,935,585)$(287,606)$(1,432,030)
Interest rate caps and swap— — — (848)
Amortization of DAC and DSI49,196 758,676 114,860 558,257 
Income taxes16,447 253,972 37,345 188,601 
$(59,432)$(922,937)$(135,401)$(686,020)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
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 and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items
Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
Net income (loss) available to common stockholders$141,947 $(65,613)$271,765 $(6,262)$661,250 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses(3,900)2,912 3,516 9,369 15,145 
Change in fair value of derivatives and embedded derivatives -
fixed index annuities
(75,879)200,767 (297,634)90,616 (1,176,909)
Income taxes17,285 (44,278)63,794 (21,996)250,701 
Non-GAAP operating income (loss) available to common stockholders (b)(c)79,453 93,788 41,441 71,727 (249,813)
Impact of notable items (d)56,801 — — — 340,895 
Non-GAAP operating income available to common stockholders, excluding notable items$136,254 $93,788 $41,441 $71,727 $91,082 
Per common share - assuming dilution:
Net income (loss) available to common stockholders$1.53 $(0.69)$2.82 $(0.07)$7.17 
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss— — — — 0.01 
Net realized (gains) losses on financial assets, including credit losses(0.04)0.03 0.04 0.10 0.16 
Change in fair value of derivatives and embedded derivatives - fixed index annuities
(0.82)2.10 (3.09)0.97 (12.77)
Income taxes0.18 (0.46)0.66 (0.23)2.71 
Non-GAAP operating income (loss) available to common stockholders (b)(c)0.85 0.98 0.43 0.77 (2.72)
Impact of notable items (d)0.61 — — — 3.70 
Non-GAAP operating income available to common stockholders, excluding notable items$1.46 $0.98 $0.43 $0.77 $0.98 
Notable Items
Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates (b)(c)$56,801 $— $— $— $340,895 
Total notable items (d)$56,801 $— $— $— $340,895 
(a)Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income (loss) available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) and accretion of lifetime income benefit rider (LIBR) reserves where applicable.
(b)Q3 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $233.2 million and decreased both non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per share - assuming dilution by $183.0 million and $1.97 per share, respectively.
Q3 2020 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $224.4 million and $2.44 per share, respectively.
(c)Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $73.8 million and $87.0 million, respectively, and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $126.2 million and $1.36 per share, respectively.
Q3 2020 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $57.5 million and $91.0 million, respectively, and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $116.5 million and $1.26 per share, respectively.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands, except per share data)

(d)Notable items reflect the after-tax impact to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items primarily include the impact from actuarial assumption updates. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders
Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
Net realized (gains) losses on investments$(4,933)$3,114 $4,583 $12,135 $22,321 
Change in fair value of derivatives411,330 57,555 (211,387)(416,450)(203,088)
Increase (decrease) in total revenues406,397 60,669 (206,804)(404,315)(180,767)
Amortization of deferred sales inducements(17,682)52,074 (69,788)22,785 (303,710)
Change in fair value of embedded derivatives536,404 (273,713)282,413 (568,836)1,732,497 
Interest sensitive and index product benefits (a)(944)227 (145)761 1,298 
Amortization of deferred policy acquisition costs(31,602)78,402 (125,166)40,990 (449,088)
Increase (decrease) in total benefits and expenses486,176 (143,010)87,314 (504,300)980,997 
Increase in income (loss) before income taxes(79,779)203,679 (294,118)99,985 (1,161,764)
Increase (decrease) in income tax expense (benefit)(17,285)44,278 (63,794)21,996 (250,701)
Increase (decrease) in net income (loss) available to common stockholders$(62,494)$159,401 $(230,324)$77,989 $(911,063)
(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits under a revised impairment model for financial assets measured at amortized cost which we were required to adopt on January 1, 2020. 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, 2021
Unaudited (Dollars in thousands, except share and per share data)

Capitalization/Book Value per Common Share
Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
Capitalization:
Notes payable$500,000 $500,000 $500,000 $500,000 $500,000 
Subordinated debentures payable to subsidiary trusts78,342 78,264 78,187 78,112 78,037 
Total debt
578,342 578,264 578,187 578,112 578,037 
Total stockholders’ equity (a)
6,375,208 6,295,735 5,928,760 6,348,988 5,918,216 
Total capitalization (a)
6,953,550 6,873,999 6,506,947 6,927,100 6,496,253 
Accumulated other comprehensive income (AOCI) (a)(1,956,974)(2,023,911)(1,505,260)(2,203,557)(1,911,593)
Total capitalization excluding AOCI (b)
$4,996,576 $4,850,088 $5,001,687 $4,723,543 $4,584,660 
Total stockholders’ equity (a)
$6,375,208 $6,295,735 $5,928,760 $6,348,988 $5,918,216 
Equity available to preferred stockholders (c)(700,000)(700,000)(700,000)(700,000)(700,000)
Total common stockholders' equity (a)(d)
5,675,208 5,595,735 5,228,760 5,648,988 5,218,216 
Accumulated other comprehensive income (a)(1,956,974)(2,023,911)(1,505,260)(2,203,557)(1,911,593)
Total common stockholders’ equity excluding AOCI (d)
3,718,234 3,571,824 3,723,500 3,445,431 3,306,623 
Net impact of fair value accounting for derivatives and embedded derivatives
(265,018)(242,423)(399,538)(166,453)(237,099)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)
$3,453,216 $3,329,401 $3,323,962 $3,278,978 $3,069,524 
Common shares outstanding92,513,517 92,553,825 95,482,733 95,720,622 91,931,837 
Book Value per Common Share: (e)
Book value per common share (a)$61.34 $60.46 $54.76 $59.02 $56.76 
Book value per common share excluding AOCI (d)$40.19 $38.59 $39.00 $35.99 $35.97 
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)$37.33 $35.97 $34.81 $34.26 $33.39 
Debt-to-Capital Ratios: (f)
Senior debt / Total capitalization10.0 %10.3 %10.0 %10.6 %10.9 %
Total debt / Total capitalization11.6 %11.9 %11.6 %12.2 %12.6 %
(a)Q3 2020 and Q4 2020 include the impact of a correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in Q1 2021. This had the impact of reducing AOCI as of December 31, 2020 by $225.7 million and decreased book value per common share by $2.35 compared to amounts previously reported.
(b)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.
(c)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.
(d)Total common stockholders' equity, total common stockholders' equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, exclude equity available to preferred stockholders. Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives. Since the net impact of fair value accounting for our derivatives and embedded derivatives fluctuates from quarter to quarter and the most significant impacts relate to fair value accounting for our fixed index annuity business and are not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.
(e)Book value per common share including and excluding AOCI and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives are calculated as total common stockholders’ equity, total common stockholders’ equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives divided by the total number of shares of common stock outstanding.
(f)Debt-to-capital ratios are computed using total capitalization excluding AOCI.
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Spread Results
Nine Months Ended 
 September 30,
20212020Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
3.71%4.20%Average yield on invested assets3.91%3.51%3.58%3.88%4.10%
1.55%1.71%Aggregate cost of money1.51%1.56%1.58%1.63%1.66%
2.16%2.49%Aggregate investment spread2.40%1.95%2.00%2.25%2.44%
Impact of:
0.11%0.06%
Investment yield - additional prepayment income
0.12%0.10%0.11%0.11%0.10%
0.05%0.03%Cost of money effect of over (under) hedging0.08%0.04%0.02%0.01%0.03%
$54,865,298$52,849,751Weighted average investments$53,781,352$56,991,393$55,712,648$53,836,378$53,024,798
54,197,14053,085,683Ending investments54,197,14057,144,56356,838,22454,587,07253,085,683
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.
Summary of Cost of Money for Deferred Annuities
Nine Months Ended 
 September 30,
20212020Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
Included in interest sensitive and index product benefits:
$1,535,320 $551,562 Index credits$475,292 $714,291 $345,737 $195,927 $174,747 
181,918 142,917 Interest credited62,804 62,637 56,477 49,551 47,376 
Included in change in fair value of derivatives:
(1,559,495)(560,683)Proceeds received at option expiration(489,902)(720,474)(349,119)(197,921)(178,405)
476,616 546,352 Pro rata amortization of option cost150,262 162,124 164,230 170,505 176,481 
$634,359 $680,148 Cost of money for deferred annuities$198,456 $218,578 $217,325 $218,062 $220,199 
$54,600,512 $53,182,845 
Weighted average liability balance outstanding
$52,644,622 $56,221,809 $54,935,106 $53,531,441 $53,059,376 
Page 11


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands, except per share data)

Annuity Account Balance Rollforward
Nine Months Ended 
 September 30,
20212020Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
$54,056,725 $53,233,898 Account balances at beginning of period$56,630,138 $55,813,480 $54,056,725 $53,006,150 $53,112,600 
(4,279,394)— Reserves ceded - in-force(4,279,394)— — — — 
49,777,331 53,233,898 Account balance at beginning of period, net of reinsurance ceded52,350,744 55,813,480 54,056,725 53,006,150 53,112,600 
4,669,315 1,782,453 Net deposits1,090,461 1,161,125 2,417,729 1,830,816 557,675 
71,684 68,467 Premium bonuses22,021 24,813 24,850 25,143 21,205 
1,717,238 694,479 Fixed interest credited and index credits538,096 776,928 402,214 245,478 222,123 
(54,019)(55,542)Surrender charges(16,481)(18,057)(19,481)(17,009)(16,447)
(128,302)(129,722)Lifetime income benefit rider fees(41,999)(45,702)(40,601)(48,954)(45,830)
(3,114,754)(2,587,883)Surrenders, withdrawals, deaths, etc.(1,004,349)(1,082,449)(1,027,956)(984,899)(845,176)
$52,938,493 $53,006,150 Account balances at end of period$52,938,493 $56,630,138 $55,813,480 $54,056,725 $53,006,150 
$2,245,040 $1,821,169 Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment$2,245,040 $2,007,394 $1,973,223 $1,900,487 $1,821,169 
Notional Values Subject to Recurring Fees Under Reinsurance Agreements
Nine Months Ended 
 September 30,
20212020Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
$3,736,355 $— Initial cash surrender value of in-force business ceded (a)$3,736,355 $— $— $— $— 
164,185 — Initial cash surrender value of flow business ceded (b)164,185 — — — — 
(a)The in-force business ceded as of September 30, 2021 to Brookfield Asset Management Re receives an annual ceding commission equal to 49 basis points and an annual asset liability management fee equal to 30 basis points calculated based on initial cash surrender value of liabilities ceded. These annual fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties.
(b)The flow business ceded as of September 30, 2021 to Brookfield Asset Management Re receives an annual ceding commission equal to 140 basis points and an annual asset liability management fee equal to 30 basis points calculated based on initial cash surrender value of liabilities ceded. These annual fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties.
Page 12


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Annuity Deposits by Product Type
Nine Months Ended 
 September 30,
20212020Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020
American Equity Life:
$1,947,241 $1,491,564 Fixed index annuities$727,641 $702,605 $516,995 $500,495 $432,602 
5,285 6,464 Annual reset fixed rate annuities1,462 1,656 2,167 1,664 1,817 
849,062 983 Multi-year fixed rate annuities14,196 47,674 787,192 394,999 531 
45,671 25,687 Single premium immediate annuities16,282 15,430 13,959 7,774 10,205 
2,847,259 1,524,698 759,581 767,365 1,320,313 904,932 445,155 
Eagle Life:
520,967 239,349 Fixed index annuities187,611 184,520 148,836 106,170 60,476 
337 97 Annual reset fixed rate annuities— 175 162 — 39 
1,556,391 73,386 Multi-year fixed rate annuities362,769 228,197 965,425 833,765 68,206 
2,077,695 312,832 550,380 412,892 1,114,423 939,935 128,721 
Consolidated:
2,468,208 1,730,913 Fixed index annuities915,252 887,125 665,831 606,665 493,078 
5,622 6,561 Annual reset fixed rate annuities1,462 1,831 2,329 1,664 1,856 
2,405,453 74,369 Multi-year fixed rate annuities376,965 275,871 1,752,617 1,228,764 68,737 
45,671 25,687 Single premium immediate annuities16,282 15,430 13,959 7,774 10,205 
4,924,954 1,837,530 Total before coinsurance ceded1,309,961 1,180,257 2,434,736 1,844,867 573,876 
209,968 29,390 Coinsurance ceded203,218 3,702 3,048 6,277 5,996 
$4,714,986 $1,808,140 Net after coinsurance ceded$1,106,743 $1,176,555 $2,431,688 $1,838,590 $567,880 
Surrender Charge Protection and Account Values by Product Type
Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2021:
Surrender ChargeNet Account Value
Product TypeAvg.
Years
At Issue		Avg.
Years
Remaining		Avg.
%
Remaining		Dollars in Thousands%
Fixed Index Annuities12.85.69.0%$47,343,398 89.4 %
Annual Reset Fixed Rate Annuities8.62.44.6%1,396,436 2.7 %
Multi-Year Fixed Rate Annuities4.02.88.5%4,198,659 7.9 %
Total12.05.38.8%$52,938,493 100.0 %

Page 13


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Annuity Liability Characteristics
Surrender Charge Percentages:Fixed
Annuities
Account Value		Fixed Index
Annuities
Account Value
No surrender charge$870,624 $3,391,529 
0.0% < 2.0%43,833 1,183,380 
2.0% < 3.0%60,933 3,462,733 
3.0% < 4.0%74,092 1,997,991 
4.0% < 5.0%106,566 2,616,027 
5.0% < 6.0%50,693 2,827,075 
6.0% < 7.0%61,360 3,136,458 
7.0% < 8.0%64,239 3,188,685 
8.0% < 9.0%141,324 3,394,191 
9.0% < 10.0%3,734,375 3,664,393 
10.0% or greater387,056 18,480,936 
$5,595,095 $47,343,398 
Surrender Charge Expiration By Year:Fixed and
Fixed Index
Annuities
Account Value		Weighted
Average
Surrender
Charge
Out of Surrender Charge$4,262,153 0.00 %
2021339,887 2.71 %
20221,556,757 2.73 %
20234,821,166 4.64 %
20246,336,133 5.89 %
20256,067,967 6.24 %
20266,198,532 8.25 %
20274,310,393 9.86 %
20283,940,219 10.76 %
20294,086,648 12.03 %
20302,935,656 14.35 %
20313,678,975 15.31 %
20321,957,432 17.56 %
20331,133,130 18.12 %
2034716,047 18.56 %
2035354,586 19.07 %
2036157,194 19.60 %
203785,618 20.00 %
$52,938,493 8.81 %
Page 14


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Annuity Liability Characteristics
Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:Fixed
Annuities
Account Value		Fixed Index
Annuities
Account Value
No differential$977,575 $1,133,503 
› 0.00% - 0.25%42,032 129,948 
› 0.25% - 0.50%226,316 6,388 
› 0.50% - 1.00%6,967 882 
› 1.00% - 1.50%10,914 — 
1.00% ultimate guarantee - 2.14% wtd avg interest rate (a)4,082,018 876,578 
1.50% ultimate guarantee - 1.08% wtd avg interest rate (a)133,463 2,940,603 
1.75% ultimate guarantee - 1.78% wtd avg interest rate (a)48,439 302,751 
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)67,371 — 
2.25% ultimate guarantee - 1.64% wtd avg interest rate (a)— 614,805 
3.00% ultimate guarantee - 1.95% wtd avg interest rate (a)— 1,253,600 
Allocated to index strategies (see tables that follow)— 40,084,340 
$5,595,095 $47,343,398 
(a)The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy ranges from 0.5% - 1.75%. The ultimate guaranteed rate is applied on less than 100% of the premium.
If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of September 30, 2021 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.13%.
Page 15


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Annuity Liability Characteristics
FIXED INDEX ANNUITIES ACCOUNT VALUE - INDEX STRATEGIES
Annual Monthly Average and Point-to-Point with Caps
Minimum Guaranteed Cap
1%3%4%7%8% +
Current Cap
At minimum$1,269 $94,841 $4,776,825 $57,009 $128,169 
1.75% - 3%7,985,608 — — — — 
3% - 4%208,041 2,054 — — — 
4% - 5%1,793,063 206,081 990,208 — — 
5% - 6%688,302 186,365 28,556 — — 
6% - 7%2,065 — 741 — — 
>= 7%— 8,124 605 4,717 — 
Annual Monthly Average and Point-to-Point with Participation Rates
Minimum Guaranteed Participation Rate
10%20% - 25%35%50% +
Current Participation Rate
At minimum$137,948 $505,442 $82,486 $88,507 
< 20%1,562,664 — — — 
20% - 40%3,407,021 287,414 6,111 — 
40% - 60%426,869 13,044 40,490 — 
60% - 100%766,574 — — — 
> 100%935,686 — — — 
S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum$1,769,059 
1.10% - 1.30%5,834,268 
1.40% - 1.60%1,804,754 
1.70% - 2.00%324,401 
>= 2.10%15,734 
Volatility Control Index
Current Asset Fee
At Maximum$— 
0.75% - 1.75%372,320 
2.00% - 2.75%176,772 
3.00% - 3.50%1,075,244 
3.75% - 5.25%3,149,972 
If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums, the cost of options would decrease by 0.73% based upon prices of options for the week ended October 1, 2021.
Page 16


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Summary of Invested Assets
September 30, 2021December 31, 2020
Carrying
Amount		PercentCarrying
Amount		Percent
Fixed maturity securities:
United States Government full faith and credit$38,486 0.1 %$39,771 0.1 %
United States Government sponsored agencies1,043,351 2.0 %1,039,551 1.9 %
United States municipalities, states and territories3,596,256 6.9 %3,776,131 7.0 %
Foreign government obligations195,341 0.4 %202,706 0.4 %
Corporate securities31,021,887 59.3 %31,156,827 58.1 %
Residential mortgage backed securities1,053,983 2.0 %1,512,831 2.8 %
Commercial mortgage backed securities4,138,078 7.9 %4,261,227 8.0 %
Other asset backed securities4,650,715 8.9 %5,549,849 10.4 %
Total fixed maturity securities45,738,097 87.5 %47,538,893 88.7 %
Mortgage loans on real estate4,288,742 8.2 %4,165,489 7.8 %
Real estate259,262 0.5 %— — %
Derivative instruments990,033 1.9 %1,310,954 2.4 %
Other investments1,021,226 1.9 %590,078 1.1 %
$52,297,360 100.0 %$53,605,414 100.0 %
Credit Quality of Fixed Maturity Securities - September 30, 2021
NAIC DesignationCarrying
Amount		PercentRating Agency RatingCarrying
Amount		Percent
1$25,508,437 55.8 %Aaa/Aa/A$26,662,952 58.3 %
218,928,256 41.4 %Baa18,109,280 39.6 %
31,107,418 2.4 %Ba786,584 1.7 %
4157,196 0.3 %B79,414 0.2 %
515,860 — %Caa40,126 0.1 %
620,930 0.1 %Ca and lower59,741 0.1 %
$45,738,097 100.0 %$45,738,097 100.0 %
Watch List Securities - September 30, 2021
General Description (a)Amortized
Cost		Allowance for Credit LossesAmortized Cost, Net of AllowanceNet Unrealized
Losses,
Net of Allowance		Fair Value
Corporate securities - Public securities$6,351 $(209)$6,142 $— $6,142 
Corporate securities - Private placement securities36,589 (797)35,792 (742)35,050 
Residential mortgage backed securities21,470 (296)21,174 (284)20,890 
Commercial mortgage backed securities68,232 — 68,232 (2,989)65,243 
United States municipalities, states and territories19,044 (2,772)16,272 (575)15,697 
$151,686 $(4,074)$147,612 $(4,590)$143,022 
(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those we have taken credit losses on.

Page 17


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector
September 30, 2021December 31, 2020
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Available for sale:
United States Government full faith and credit and sponsored agencies$1,046,092 $1,081,837 $1,032,936 $1,079,322 
United States municipalities, states and territories3,142,857 3,596,256 3,236,767 3,776,131 
Foreign government obligations177,101 195,341 177,062 202,706 
Corporate securities:
Capital goods2,273,954 2,612,972 2,295,927 2,721,465 
Consumer discretionary5,857,998 6,686,473 5,674,845 6,734,249 
Energy1,951,542 2,207,667 2,140,768 2,359,893 
Financials6,215,665 6,965,987 5,971,097 6,877,472 
Government non-guaranteed496,262 571,543 539,148 632,178 
Industrials377,678 420,393 276,352 319,823 
Information technology1,636,824 1,851,285 1,556,654 1,840,942 
Materials1,561,874 1,770,068 1,543,032 1,803,501 
Other287,547 334,297 315,628 370,204 
Telecommunications1,541,013 1,736,390 1,340,484 1,582,329 
Transportation1,303,221 1,441,665 1,362,858 1,511,499 
Utilities3,838,830 4,423,147 3,728,403 4,403,272 
Residential mortgage backed securities:
Government agency479,278 529,059 549,677 627,201 
Prime438,637 445,575 771,031 788,933 
Alt-A62,923 79,349 79,248 96,697 
Commercial mortgage backed securities:
Government agency382,685 422,726 398,141 447,726 
Non-agency3,581,048 3,715,352 3,721,509 3,813,501 
Other asset backed securities:
Auto168,011 174,115 258,286 266,065 
Energy7,103 8,320 7,301 8,946 
Financials4,441 4,364 4,441 3,911 
Industrials39,320 40,637 60,894 61,147 
Collateralized loan obligations3,416,238 3,370,252 4,255,839 4,112,318 
Military housing466,176 536,627 464,684 538,356 
Other493,222 516,400 541,724 559,106 
$41,247,540 $45,738,097 $42,304,736 $47,538,893 

Page 18


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate
September 30, 2021December 31, 2020
PrincipalPercentPrincipalPercent
Geographic distribution: commercial mortgage loans
East$672,882 20.2 %$699,741 19.5 %
Middle Atlantic292,152 8.8 %281,971 7.9 %
Mountain349,747 10.5 %391,025 10.9 %
New England24,325 0.7 %24,774 0.7 %
Pacific634,074 19.1 %659,743 18.4 %
South Atlantic746,152 22.5 %832,739 23.3 %
West North Central243,396 7.3 %266,050 7.4 %
West South Central362,643 10.9 %424,111 11.9 %
$3,325,371 100.0 %$3,580,154 100.0 %
Property type distribution: commercial mortgage loans
Office$290,702 8.7 %$297,065 8.3 %
Medical Office15,752 0.5 %20,584 0.6 %
Retail1,062,830 32.0 %1,187,484 33.2 %
Industrial/Warehouse902,412 27.1 %929,325 25.9 %
Apartment885,655 26.6 %939,084 26.2 %
Mixed use/Other168,020 5.1 %206,612 5.8 %
$3,325,371 100.0 %$3,580,154 100.0 %

Page 19


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021
Unaudited (Dollars in thousands)

September 30, 2021
CommercialAgriculturalResidentialTotal
Credit exposure - by payment activity
Performing$3,325,371 $354,743 $603,721 $4,283,835 
In workout— — — — 
Delinquent— — 6,914 6,914 
Principal outstanding3,325,371 354,743 610,635 4,290,749 
Unamortized discounts and premiums, net— — 20,461 20,461 
Deferred fees and costs, net(1,387)(1,002)1,479 (910)
Amortized cost3,323,984 353,741 632,575 4,310,300 
Valuation allowance(17,690)(628)(3,240)(21,558)
Carrying value$3,306,294 $353,113 $629,335 $4,288,742 
December 31, 2020
CommercialAgriculturalResidentialTotal
Credit exposure - by payment activity
Performing$3,580,154 $245,807 $366,047 $4,192,008 
In workout— — — — 
Delinquent— — 273 273 
Principal outstanding3,580,154 245,807 366,320 4,192,281 
Unamortized discounts and premiums, net— — 5,212 5,212 
Deferred fees and costs, net(1,266)(634)925 (975)
Amortized cost3,578,888 245,173 372,457 4,196,518 
Valuation allowance(25,529)(2,130)(3,370)(31,029)
Carrying value$3,553,359 $243,043 $369,087 $4,165,489 



Page 20


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021

Shareholder Information
Corporate Offices:
American Equity Investment Life Holding Company
6000 Westown Parkway
West Des Moines, IA 50266
Inquiries:
Steven Schwartz, Vice President-Investor Relations
(515) 273-3763, sschwartz@american-equity.com
Common Stock and Dividend Information:
New York Stock Exchange symbol: “AEL”
HighLowCloseDividend Declared
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
2020
First Quarter$34.16$9.07$18.80$0.00
Second Quarter$27.09$14.76$24.71$0.00
Third Quarter$27.32$19.06$21.99$0.00
Fourth Quarter$34.25$22.37$27.66$0.32
2019
First Quarter$33.57$26.34$27.02$0.00
Second Quarter$30.91$25.84$27.16$0.00
Third Quarter$27.80$20.16$24.20$0.00
Fourth Quarter$30.96$21.75$29.93$0.30
Transfer Agent:
Computershare Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940-0310
Phone: (877) 282-1169
Fax: (781) 575-2723
www.computershare.com
Annual Report and Other Information:
Shareholders may receive when available, without charge, a copy of American Equity’s Annual Report, SEC filings and/or press releases by calling Steven Schwartz, Vice President-Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.


Page 21


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - September 30, 2021

Research Analyst Coverage
Erik Bass
Autonomous Research US LP
(646) 561-6248
ebass@autonomous.com
Wilma Burdis
Credit Suisse Securities
Equity Research | Life Insurance
(919) 306-1023
wilma.burdis@credit-suisse.com
Thomas Gallagher
Evercore ISI
(212) 446-9439
thomas.gallagher@evercoreisi.com
Pablo Singzon II
JP Morgan
(212) 622-2295
pablo.s.singzon@jpmorgan.com
Ryan Krueger
Keefe, Bruyette & Woods
(860) 722-5930
rkrueger@kbw.com

Nigel Dally
Morgan Stanley Research
(212) 761-4132
Nigel.Dally@morganstanley.com
John Barnidge
Piper Sandler & Co.
(312) 281-3412
John.Barnidge@psc.com
C. Gregory Peters
Raymond James & Associates, Inc.
(727) 567-1534
greg.peters@raymondjames.com
Mark A. Dwelle
RBC Capital Markets, LLC
(804) 782-4008
mark.dwelle@rbccm.com
Mark Hughes
Truist Securities
(615) 748-4422
mark.hughes@research.truist.com


Page 22