Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

March 31, 2022

A.	Financial Highlights
	Condensed Consolidated Balance Sheets	1
	Consolidated Statements of Operations	2
	Quarterly Summary - Most Recent 5 Quarters	3
	Non-GAAP Financial Measures
	Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items	5
	Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders	6
	Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items	7
	Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders	8
	Capitalization/Book Value per Common Share	9
	Spread Results	10
B.	Product Summary
	Summary of Cost of Money for Deferred Annuities	10
	Annuity Account Balance Rollforward	10
	Notional Values Subject to Recurring Fees Under Reinsurance Agreements	11
	Annuity Deposits by Product Type	11
	Surrender Charge Protection and Account Values by Product Type	12
	Annuity Liability Characteristics	12
C.	Investment Summary
	Summary of Invested Assets	15
	Credit Quality of Fixed Maturity Securities	15
	Watch List Securities	15
	Fixed Maturity Securities by Sector	16
	Mortgage Loans on Real Estate	17
D.	Shareholder Information	19
E.	Research Analyst Coverage	20

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2022		December 31, 2021
Assets
Investments:
Fixed maturity securities, available for sale, at fair value	$	49,662,120	$	51,305,943
Mortgage loans on real estate	5,734,872		5,687,998
Real estate investments	510,188		337,939
Derivative instruments	642,413		1,277,480
Other investments	1,999,113		1,767,144
Total investments	58,548,706		60,376,504
Cash and cash equivalents	1,933,899		4,508,982
Coinsurance deposits	8,713,069		8,850,608
Accrued investment income	483,902		445,097
Deferred policy acquisition costs	2,840,938		2,222,769
Deferred sales inducements	1,957,518		1,546,073
Income taxes recoverable	166,067		166,586
Other assets	255,245		232,490
Total assets	$	74,899,344	$	78,349,109
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves	$	63,730,995	$	65,477,778
Other policy funds and contract claims	425,308		226,844
Notes payable	496,425		496,250
Subordinated debentures	78,502		78,421
Deferred income taxes	219,013		541,972
Funds withheld for reinsurance liabilities	3,003,062		3,124,740
Other liabilities	1,773,869		2,079,977
Total liabilities	69,727,174		72,025,982
Stockholders' equity:
Preferred stock, Series A	16		16
Preferred stock, Series B	12		12
Common stock	95,020		92,514
Additional paid-in capital	1,689,606		1,614,374
Accumulated other comprehensive income	63,706		1,848,789
Retained earnings	3,322,726		2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company	5,171,086		6,323,127
Noncontrolling interests	1,084		—
Total stockholders' equity	5,172,170		6,323,127
Total liabilities and stockholders' equity	$	74,899,344	$	78,349,109

Page 1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended   March 31,
	2022		2021
Revenues:
Premiums and other considerations	$	10,078	$	13,213
Annuity product charges	52,355		60,082
Net investment income	567,423		497,190
Change in fair value of derivatives	(477,519)		396,305
Net realized losses on investments	(13,127)		(4,583)
Other revenue	8,589		—
Total revenues	147,799		962,207
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	12,638		16,424
Interest sensitive and index product benefits	372,662		476,595
Amortization of deferred sales inducements	143,545		122,975
Change in fair value of embedded derivatives	(1,393,649)		(282,413)
Interest expense on notes payable	6,425		6,393
Interest expense on subordinated debentures	1,317		1,326
Amortization of deferred policy acquisition costs	225,426		203,823
Other operating costs and expenses	58,120		55,865
Total benefits and expenses	(573,516)		600,988
Income before income taxes	721,315		361,219
Income tax expense	155,092		78,535
Net income	566,223		282,684
Less: Net income available to noncontrolling interests	—		—
Net income available to American Equity Investment Life Holding Company stockholders	566,223		282,684
Less: Preferred stock dividends	10,919		10,919
Net income available to American Equity Investment Life Holding Company common stockholders	$	555,304	$	271,765
Earnings per common share	$	5.73	$	2.84
Earnings per common share - assuming dilution	$	5.67	$	2.82
Weighted average common shares outstanding (in thousands):
Earnings per common share	96,866		95,735
Earnings per common share - assuming dilution	97,953		96,216

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
Revenues:
Traditional life insurance premiums	$	675	$	677	$	697	$	708	$	706
Life contingent immediate annuity considerations	9,403		13,876		15,144		13,887		12,507
Surrender charges	15,541		13,638		16,481		18,057		19,481
Lifetime income benefit rider fees	36,814		46,672		41,999		45,702		40,601
Net investment income	567,423		514,599		526,366		499,320		497,190
Change in fair value of derivatives	(477,519)		522,251		(70,701)		500,880		396,305
Net realized gains (losses) on investments	(13,127)		(10,478)		4,933		(3,114)		(4,583)
Other revenue (a)	8,589		8,026		7,644		—		—
Total revenues	147,799		1,109,261		542,563		1,075,440		962,207
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits	765		624		798		502		1,049
Life contingent immediate annuity benefits and change in future policy benefits	11,873		16,351		17,958		15,326		15,375
Interest sensitive and index product benefits (b)	372,662		574,816		817,014		812,981		476,595
Amortization of deferred sales inducements (c)	143,545		59,409		(17,172)		(12,520)		122,975
Change in fair value of embedded derivatives (d)	(1,393,649)		186,802		(536,404)		273,713		(282,413)
Interest expense on notes payable	6,425		6,259		6,535		6,394		6,393
Interest expense on subordinated debentures	1,317		1,330		1,342		1,326		1,326
Amortization of deferred policy acquisition costs (c)	225,426		82,999		(1,588)		(16,906)		203,823
Other operating costs and expenses	58,120		66,279		56,518		65,050		55,865
Total benefits and expenses	(573,516)		994,869		345,001		1,145,866		600,988
Income (loss) before income taxes	721,315		114,392		197,562		(70,426)		361,219
Income tax expense (benefit)	155,092		21,255		44,697		(15,732)		78,535
Net income (loss) (b)(c)(d)	566,223		93,137		152,865		(54,694)		282,684
Less: Net income (loss) available to noncontrolling interests	—		—		—		—		—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)	566,223		93,137		152,865		(54,694)		282,684
Less: Preferred stock dividends	10,919		10,919		10,918		10,919		10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)	$	555,304	$	82,218	$	141,947	$	(65,613)	$	271,765
Earnings (loss) per common share	$	5.73	$	0.89	$	1.53	$	(0.69)	$	2.84
Earnings (loss) per common share - assuming dilution (b)(c)(d)	$	5.67	$	0.88	$	1.53	$	(0.69)	$	2.82
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share	96,866		92,479		92,478		94,801		95,735
Earnings (loss) per common share - assuming dilution	97,953		93,378		93,044		95,379		96,216

(a)Other revenue consists of $2.9 million in Q1 2022, $2.8 million in Q4 2021 and $2.7 million in Q3 2021 related to asset liability management fees and $5.7 million in Q1 2022, $5.3 million in Q4 2021 and $4.9 million in Q3 2021 related to amortization of the deferred gain associated with the cost of reinsurance. The deferred gain, which is recorded in Other liabilities on the Consolidated Balance Sheets, was $349.8 million and $321.7 million at March 31, 2022 and December 31, 2021, respectively. The deferred gain consists primarily of a difference between liabilities ceded and assets transferred and the present value of the ceding commissions offset by a reduction in deferred policy acquisition costs associated with the in-force business ceded.

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

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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

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

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.

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

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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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 Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items

	Three Months Ended   March 31,
	2022		2021
Net income available to American Equity Investment Life Holding Company common stockholders	$	555,304	$	271,765
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized losses on financial assets, including credit losses	10,285		3,516
Change in fair value of derivatives and embedded derivatives	(603,354)		(297,634)
Income taxes	127,661		63,794
Non-GAAP operating income available to common stockholders	89,896		41,441
Impact of notable items (b)	—		—
Non-GAAP operating income available to common stockholders, excluding notable items	$	89,896	$	41,441
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders	$	5.67	$	2.82
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses	0.11		0.04
Change in fair value of derivatives and embedded derivatives	(6.16)		(3.09)
Income taxes	1.30		0.66
Non-GAAP operating income available to common stockholders	0.92		0.43
Impact of notable items	—		—
Non-GAAP operating income available to common stockholders, excluding notable items	$	0.92	$	0.43

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

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

	Three Months Ended   March 31,
	2022		2021
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses	$	13,725	$	4,727
Amortization of DAC and DSI and accretion of LIBR reserves	(3,440)		(1,211)
Income taxes	(2,211)		(756)
	$	8,074	$	2,760
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities	$	(644,763)	$	(493,799)
Reinsurance contracts	(202,444)		—
Amortization of DAC and DSI	243,853		196,165
Income taxes	129,872		64,550
	$	(473,482)	$	(233,084)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	555,304	$	82,218	$	141,947	$	(65,613)	$	271,765
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses	10,285		7,771		(3,900)		2,912		3,516
Change in fair value of derivatives and embedded derivatives	(603,354)		(14,544)		(75,879)		200,767		(297,634)
Income taxes	127,661		383		17,285		(44,278)		63,794
Non-GAAP operating income available to common stockholders (b)(c)	89,896		75,828		79,453		93,788		41,441
Impact of notable items (d)	—		21,235		56,801		—		—
Non-GAAP operating income available to common stockholders, excluding notable items	$	89,896	$	97,063	$	136,254	$	93,788	$	41,441
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	5.67	$	0.88	$	1.53	$	(0.69)	$	2.82
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses	0.11		0.08		(0.04)		0.03		0.04
Change in fair value of derivatives and embedded derivatives	(6.16)		(0.15)		(0.82)		2.10		(3.09)
Income taxes	1.30		—		0.18		(0.46)		0.66
Non-GAAP operating income available to common stockholders (b)(c)	0.92		0.81		0.85		0.98		0.43
Impact of notable items (d)	—		0.23		0.61		—		—
Non-GAAP operating income available to common stockholders, excluding notable items	$	0.92	$	1.04	$	1.46	$	0.98	$	0.43

Notable Items

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates (b)(c)	$	—	$	21,235	$	56,801	$	—	$	—
Total notable items (d)	$	—	$	21,235	$	56,801	$	—	$	—

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

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

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.

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

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.

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
Net realized (gains) losses on investments	$	13,127	$	10,478	$	(4,933)	$	3,114	$	4,583
Change in fair value of derivatives	546,442		(215,961)		411,330		57,555		(211,387)
Increase (decrease) in total revenues	559,569		(205,483)		406,397		60,669		(206,804)
Amortization of deferred sales inducements	(90,361)		(4,506)		(17,682)		52,074		(69,788)
Change in fair value of embedded derivatives	1,393,649		(186,802)		536,404		(273,713)		282,413
Interest sensitive and index product benefits (a)	143		971		(944)		227		(145)
Amortization of deferred policy acquisition costs	(150,793)		(8,373)		(31,602)		78,402		(125,166)
Increase (decrease) in total benefits and expenses	1,152,638		(198,710)		486,176		(143,010)		87,314
Increase (decrease) in income (loss) before income taxes	(593,069)		(6,773)		(79,779)		203,679		(294,118)
Increase (decrease) in income tax expense (benefit)	(127,661)		(383)		(17,285)		44,278		(63,794)
Increase (decrease) in net income (loss) available to common stockholders	$	(465,408)	$	(6,390)	$	(62,494)	$	159,401	$	(230,324)

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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

Capitalization/Book Value per Common Share

	Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
Capitalization:
Notes payable	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Subordinated debentures payable to subsidiary trusts	78,502			78,421			78,342			78,264			78,187
Total debt	578,502			578,421			578,342			578,264			578,187
Total stockholders’ equity attributable to American Equity Investment Life Holding Company	5,171,086			6,323,127			6,375,208			6,295,735			5,928,760
Total capitalization	5,749,588			6,901,548			6,953,550			6,873,999			6,506,947
Accumulated other comprehensive income (AOCI)	(63,706)			(1,848,789)			(1,956,974)			(2,023,911)			(1,505,260)
Total capitalization excluding AOCI (a)	$	5,685,882		$	5,052,759		$	4,996,576		$	4,850,088		$	5,001,687
Total stockholders’ equity attributable to American Equity Investment Life Holding Company	$	5,171,086		$	6,323,127		$	6,375,208		$	6,295,735		$	5,928,760
Equity available to preferred stockholders (b)	(700,000)			(700,000)			(700,000)			(700,000)			(700,000)
Total common stockholders' equity (c)	4,471,086			5,623,127			5,675,208			5,595,735			5,228,760
Accumulated other comprehensive income	(63,706)			(1,848,789)			(1,956,974)			(2,023,911)			(1,505,260)
Total common stockholders’ equity excluding AOCI (c)	4,407,380			3,774,338			3,718,234			3,571,824			3,723,500
Net impact of fair value accounting for derivatives and embedded derivatives	(750,229)			(274,981)			(265,018)			(242,423)			(399,538)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)	$	3,657,151		$	3,499,357		$	3,453,216		$	3,329,401		$	3,323,962
Common shares outstanding	95,019,904			92,513,517			92,513,517			92,553,825			95,482,733
Book Value per Common Share: (d)
Book value per common share	$	47.05		$	60.78		$	61.34		$	60.46		$	54.76
Book value per common share excluding AOCI (c)	$	46.38		$	40.80		$	40.19		$	38.59		$	39.00
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)	$	38.49		$	37.83		$	37.33		$	35.97		$	34.81
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization	8.8		%	9.9		%	10.0		%	10.3		%	10.0		%
Total debt / Total capitalization	10.2		%	11.4		%	11.6		%	11.9		%	11.6		%

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

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

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

Page 9

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

Spread Results

	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Average yield on invested assets	4.15%	3.80%	3.91%	3.51%	3.58%
Aggregate cost of money	1.64%	1.51%	1.51%	1.56%	1.58%
Aggregate investment spread	2.51%	2.29%	2.40%	1.95%	2.00%
Impact of:
Investment yield - additional prepayment income	0.03%	0.12%	0.12%	0.10%	0.11%
Cost of money effect of over hedging	0.03%	0.14%	0.08%	0.04%	0.02%
Weighted average investments	$54,728,239	$54,407,554	$53,781,352	$56,991,393	$55,712,648
Ending investments	54,838,509	54,617,968	54,197,140	57,144,563	56,838,224

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

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
Included in interest sensitive and index product benefits:
Index credits	$	224,385	$	442,568	$	475,292	$	714,291	$	345,737
Interest credited	61,334		63,974		62,804		62,637		56,477
Included in change in fair value of derivatives:
Proceeds received at option expiration	(228,092)		(459,982)		(489,902)		(720,474)		(349,119)
Pro rata amortization of option cost	160,097		153,399		150,262		162,124		164,230
Cost of money for deferred annuities	$	217,724	$	199,959	$	198,456	$	218,578	$	217,325
Weighted average liability balance outstanding	$	53,155,293	$	53,064,893	$	52,644,622	$	56,221,809	$	54,935,106

Annuity Account Balance Rollforward

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
Account balances at beginning of period	$	53,191,277	$	52,938,493	$	56,630,138	$	55,813,480	$	54,056,725
Reserves ceded - in-force	—		—		(4,279,394)		—		—
Account balance at beginning of period, net of reinsurance ceded	53,191,277		52,938,493		52,350,744		55,813,480		54,056,725
Net deposits	674,925		815,890		1,090,461		1,161,125		2,417,729
Premium bonuses	23,142		23,476		22,021		24,813		24,850
Fixed interest credited and index credits	285,719		506,542		538,096		776,928		402,214
Surrender charges	(15,541)		(13,638)		(16,481)		(18,057)		(19,481)
Lifetime income benefit rider fees	(36,814)		(46,672)		(41,999)		(45,702)		(40,601)
Surrenders, withdrawals, deaths, etc.	(1,003,417)		(1,032,814)		(1,004,349)		(1,082,449)		(1,027,956)
Account balances at end of period	$	53,119,291	$	53,191,277	$	52,938,493	$	56,630,138	$	55,813,480
Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment	$	2,396,587	$	2,311,842	$	2,245,040	$	2,007,394	$	1,973,223

Page 10

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

Notional Values Subject to Recurring Fees Under Reinsurance Agreements

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
Cash surrender value of business ceded at beginning of period subject to recurring fees	$	4,083,301	$	3,900,540	$	3,736,355	$	—	$	—
Cash surrender value of business ceded during the period subject to recurring fees	180,832		182,761		164,185		—		—
Cash surrender value of business ceded at end of period subject to recurring fees (a)	$	4,264,133	$	4,083,301	$	3,900,540	$	—	$	—
Asset liability management fee	0.30%		0.30%		0.30%		—		—
Weighted average ceding commission fee	0.60%		0.57%		0.53%		—		—

(a)The business ceded to Brookfield Asset Management Re receives an annual ceding commission equal to 49 basis points for business written before July 1, 2021 and 140 basis points for business written after July 1, 2021 and an annual asset liability management fee of 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.

Annuity Deposits by Product Type

	Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021
American Equity Life:
Fixed index annuities	$	755,980	$	806,238	$	727,641	$	702,605	$	516,995
Annual reset fixed rate annuities	1,062		848		1,462		1,656		2,167
Multi-year fixed rate annuities	2,345		6,640		14,196		47,674		787,192
Single premium immediate annuities	13,453		14,145		16,282		15,430		13,959
	772,840		827,871		759,581		767,365		1,320,313
Eagle Life:
Fixed index annuities	126,754		176,101		187,611		184,520		148,836
Annual reset fixed rate annuities	7		13		—		175		162
Multi-year fixed rate annuities	2,340		40,901		362,769		228,197		965,425
	129,101		217,015		550,380		412,892		1,114,423
Consolidated:
Fixed index annuities	882,734		982,339		915,252		887,125		665,831
Annual reset fixed rate annuities	1,069		861		1,462		1,831		2,329
Multi-year fixed rate annuities	4,685		47,541		376,965		275,871		1,752,617
Single premium immediate annuities	13,453		14,145		16,282		15,430		13,959
Total before coinsurance ceded	901,941		1,044,886		1,309,961		1,180,257		2,434,736
Coinsurance ceded	213,563		214,851		203,218		3,702		3,048
Net after coinsurance ceded	$	688,378	$	830,035	$	1,106,743	$	1,176,555	$	2,431,688

Page 11

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

Surrender Charge Protection and Account Values by Product Type

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

	Surrender Charge			Net Account Value
Product Type	Avg. Years At Issue	Avg. Years Remaining	Avg. % Remaining	Dollars in Thousands		%
Fixed Index Annuities	12.7	5.3	8.5%	$	47,494,210	89.4	%
Annual Reset Fixed Rate Annuities	8.3	2.1	4.0%	1,409,386		2.7	%
Multi-Year Fixed Rate Annuities	4.0	2.4	7.8%	4,215,695		7.9	%
Total	11.9	4.9	8.3%	$	53,119,291	100.0	%

Annuity Liability Characteristics

Surrender Charge Percentages:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No surrender charge	$	904,807	$	3,793,760
0.0% < 2.0%	81,888		1,741,500
2.0% < 3.0%	86,447		4,418,855
3.0% < 4.0%	37,899		1,483,101
4.0% < 5.0%	74,176		2,859,833
5.0% < 6.0%	27,129		3,104,980
6.0% < 7.0%	60,357		3,091,097
7.0% < 8.0%	82,752		2,759,497
8.0% < 9.0%	3,196,014		3,250,221
9.0% < 10.0%	747,561		3,928,587
10.0% or greater	326,051		17,062,779
	$	5,625,081	$	47,494,210

Surrender Charge Expiration By Year:	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
Out of Surrender Charge	$	4,698,567	0.00	%
2022	1,190,690		2.27	%
2023	4,667,934		4.01	%
2024	6,198,310		5.23	%
2025	5,873,022		5.39	%
2026	6,269,005		7.48	%
2027	4,316,718		9.00	%
2028	3,965,932		10.08	%
2029	4,113,376		11.41	%
2030	2,898,757		13.76	%
2031	4,102,549		14.42	%
2032	2,329,390		15.99	%
2033	1,113,436		17.86	%
2034	706,422		18.34	%
2035	363,293		18.85	%
2036	166,313		19.33	%
2037	114,931		19.86	%
2038	30,646		20.00	%
	$	53,119,291	8.29	%

Page 12

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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	$	1,008,599	$	1,073,212
› 0.00% - 0.25%	30,398		118,095
› 0.25% - 0.50%	219,512		6,027
› 0.50% - 1.00%	5,543		840
› 1.00% - 1.50%	8,757		—
1.00% ultimate guarantee - 2.13% wtd avg interest rate (a)	4,109,496		939,179
1.50% ultimate guarantee - 1.07% wtd avg interest rate (a)	129,832		2,772,760
1.75% ultimate guarantee - 1.80% wtd avg interest rate (a)	47,858		291,362
2.00% ultimate guarantee - 1.82% wtd avg interest rate (a)	65,086		—
2.25% ultimate guarantee - 1.63% wtd avg interest rate (a)	—		570,385
3.00% ultimate guarantee - 1.93% wtd avg interest rate (a)	—		1,165,302
Allocated to index strategies (see tables that follow)	—		40,557,048
	$	5,625,081	$	47,494,210

(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 March 31, 2022 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.13%.

Page 13

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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	$	1,193	$	88,844	$	4,675,540	$	53,449	$	121,861
1.75% - 3%	7,534,121		—		—		—		—
3% - 4%	333,079		1,937		—		—		—
4% - 5%	1,959,618		242,837		799,675		—		—
5% - 6%	559,827		158,232		27,415		—		—
6% - 7%	5,621		—		741		—		—
>= 7%	4,874		7,683		602		4,577		—

Annual Monthly Average and Point-to-Point with Participation Rates
	Minimum Guaranteed Participation Rate
	10%		20% - 25%		35%		50% +
Current Participation Rate
At minimum	$	165,042	$	540,296	$	77,121	$	86,488
< 20%	1,689,278		—		—		—
20% - 40%	3,438,717		305,640		6,157		—
40% - 60%	525,233		14,070		36,125		—
60% - 100%	1,175,042		—		—		—
> 100%	1,304,921		—		—		—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum	$	1,766,197
1.10% - 1.30%	5,858,354
1.40% - 1.60%	1,794,830
1.70% - 2.00%	362,320
>= 2.10%	22,670

Volatility Control Index
Current Asset Fee
At Maximum	$	—
0.75% - 1.75%	375,722
2.00% - 2.75%	171,912
3.00% - 3.50%	935,264
3.75% - 5.25%	3,137,914

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 0.85% based upon prices of options for the week ended April 1, 2022.

Page 14

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

Summary of Invested Assets

	March 31, 2022				December 31, 2021
	Carrying Amount		Percent		Carrying Amount		Percent
Fixed maturity securities:
United States Government full faith and credit	$	38,666	0.1	%	$	37,793	0.1	%
United States Government sponsored agencies	174,845		0.3	%	1,040,953		1.7	%
United States municipalities, states and territories	3,812,510		6.5	%	3,927,201		6.5	%
Foreign government obligations	405,166		0.7	%	402,545		0.7	%
Corporate securities	33,873,527		57.8	%	34,660,234		57.4	%
Residential mortgage backed securities	1,210,559		2.1	%	1,125,049		1.9	%
Commercial mortgage backed securities	4,769,867		8.1	%	4,840,311		8.0	%
Other asset backed securities	5,376,980		9.2	%	5,271,857		8.7	%
Total fixed maturity securities	49,662,120		84.8	%	51,305,943		85.0	%
Mortgage loans on real estate	5,734,872		9.8	%	5,687,998		9.4	%
Real estate investments	510,188		0.9	%	337,939		0.6	%
Derivative instruments	642,413		1.1	%	1,277,480		2.1	%
Other investments	1,999,113		3.4	%	1,767,144		2.9	%
	$	58,548,706	100.0	%	$	60,376,504	100.0	%

Credit Quality of Fixed Maturity Securities - March 31, 2022

NAIC Designation	Carrying Amount		Percent		Rating Agency Rating	Carrying Amount		Percent
1	$	28,064,072	56.5	%	Aaa/Aa/A	$	27,771,213	55.9	%
2	20,701,013		41.7	%	Baa	20,986,780		42.3	%
3	748,881		1.6	%	Ba	711,175		1.4	%
4	122,867		0.2	%	B	104,496		0.2	%
5	3,259		—	%	Caa	32,177		0.1	%
6	22,028		—	%	Ca and lower	56,279		0.1	%
	$	49,662,120	100.0	%		$	49,662,120	100.0	%

Watch List Securities - March 31, 2022

General Description (a)	Amortized Cost		Allowance for Credit Losses		Amortized Cost, Net of Allowance		Net Unrealized Gains (Losses), Net of Allowance		Fair Value
Corporate securities - Public securities	$	726	$	—	$	726	$	(600)	$	126
Corporate securities - Private placement securities	10,646		(3,825)		6,821		(966)		5,855
Residential mortgage backed securities	29,030		(743)		28,287		(1,424)		26,863
Commercial mortgage backed securities	143,502		—		143,502		(875)		142,627
Other asset backed securities	3,259		—		3,259		—		3,259
United States municipalities, states and territories	19,062		(2,009)		17,053		—		17,053
	$	206,225	$	(6,577)	$	199,648	$	(3,865)	$	195,783

(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 15

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

	March 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies	$	197,898	$	213,511	$	1,046,029	$	1,078,746
United States municipalities, states and territories	3,694,146		3,812,510		3,495,563		3,927,201
Foreign government obligations	415,227		405,166		380,646		402,545
Corporate securities:
Capital goods	2,354,168		2,438,541		2,357,470		2,694,887
Consumer discretionary	7,199,325		7,298,694		6,396,009		7,210,975
Energy	2,032,392		2,085,993		2,120,185		2,365,991
Financials	9,234,613		9,165,561		8,043,912		8,761,157
Government non-guaranteed	469,263		498,041		471,015		541,233
Industrials	517,605		496,684		465,334		514,635
Information technology	2,022,554		2,033,129		1,885,278		2,083,179
Materials	1,716,224		1,762,769		1,702,910		1,906,150
Other	311,909		335,867		350,641		401,207
Telecommunications	1,949,788		1,948,644		1,750,183		1,937,493
Transportation	1,390,430		1,413,466		1,344,629		1,486,405
Utilities	4,351,747		4,396,138		4,197,063		4,756,922
Residential mortgage backed securities:
Government agency	597,165		608,468		455,136		500,698
Prime	526,423		516,675		537,559		544,084
Alt-A	61,013		74,922		59,129		75,361
Sub prime	10,835		10,494		4,954		4,906
Commercial mortgage backed securities:
Government agency	377,940		386,655		380,339		415,026
Non-agency	4,496,040		4,383,212		4,328,539		4,425,285
Other asset backed securities:
Auto	204,742		202,466		218,106		222,364
Energy	48,186		47,972		7,091		8,353
Financials	3,259		3,259		4,441		4,887
Industrials	32,618		32,529		33,381		34,357
Collateralized loan obligations	3,901,120		3,807,277		3,861,962		3,817,352
Military housing	462,165		505,298		464,321		531,689
Other	786,120		778,179		637,358		652,855
	$	49,364,915	$	49,662,120	$	46,999,183	$	51,305,943

Page 16

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

	March 31, 2022				December 31, 2021
	Principal		Percent		Principal		Percent
Geographic distribution: commercial mortgage loans
East	$	596,667	16.5	%	$	614,406	16.9	%
Middle Atlantic	296,015		8.2	%	293,494		8.1	%
Mountain	459,562		12.7	%	452,818		12.5	%
New England	59,996		1.7	%	60,172		1.6	%
Pacific	884,983		24.5	%	863,879		23.8	%
South Atlantic	758,905		21.0	%	785,679		21.6	%
West North Central	225,801		6.3	%	235,864		6.5	%
West South Central	328,943		9.1	%	326,819		9.0	%
	$	3,610,872	100.0	%	$	3,633,131	100.0	%
Property type distribution: commercial mortgage loans
Office	$	353,011	9.8	%	$	315,374	8.7	%
Medical Office	10,688		0.3	%	10,827		0.3	%
Retail	997,613		27.6	%	1,016,101		28.0	%
Industrial/Warehouse	900,747		24.9	%	924,779		25.4	%
Apartment	850,404		23.6	%	864,580		23.8	%
Hotel	285,010		7.9	%	283,500		7.8	%
Mixed Use/Other	213,399		5.9	%	217,970		6.0	%
	$	3,610,872	100.0	%	$	3,633,131	100.0	%

Page 17

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

	March 31, 2022
	Commercial		Agricultural		Residential		Total
Credit exposure - by payment activity
Performing	$	3,610,872	$	464,431	$	1,657,534	$	5,732,837
In workout	—		—		—		—
Delinquent	—		—		12,363		12,363
Principal outstanding	3,610,872		464,431		1,669,897		5,745,200
Unamortized discounts and premiums, net	—		—		23,726		23,726
Deferred fees and costs, net	(4,873)		(1,344)		1,432		(4,785)
Amortized cost	3,605,999		463,087		1,695,055		5,764,141
Valuation allowance	(24,587)		(558)		(4,124)		(29,269)
Carrying value	$	3,581,412	$	462,529	$	1,690,931	$	5,734,872
	December 31, 2021
	Commercial		Agricultural		Residential		Total
Credit exposure - by payment activity
Performing	$	3,633,131	$	408,135	$	1,645,905	$	5,687,171
In workout	—		—		—		—
Delinquent	—		—		7,005		7,005
Principal outstanding	3,633,131		408,135		1,652,910		5,694,176
Unamortized discounts and premiums, net	—		—		22,143		22,143
Deferred fees and costs, net	(4,629)		(1,136)		1,468		(4,297)
Amortized cost	3,628,502		406,999		1,676,521		5,712,022
Valuation allowance	(17,926)		(519)		(5,579)		(24,024)
Carrying value	$	3,610,576	$	406,480	$	1,670,942	$	5,687,998

Page 18

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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”

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

Transfer Agent:

Computershare Trust Company, N.A.

P.O. Box 43010

Providence, RI 02940-0310

Phone: (877) 282-1169

Fax: (781) 575-2723

www.computershare.com

Annual Report and Other Information:

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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

Daniel Bergman

Jefferies

(617) 345-8688

dbergman@jefferies.com

Pablo Singzon II

JP Morgan

(212) 622-2295

pablo.s.singzon@jpmorgan.com

Ryan Krueger

Keefe, Bruyette & Woods

(860) 722-5930

rkrueger@kbw.com

Nigel Dally

Morgan Stanley Research

(212) 761-4132

Nigel.Dally@morganstanley.com

John Barnidge

Piper Sandler & Co.

(312) 281-3412

John.Barnidge@psc.com

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

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