Exhibit 99.1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - Recast for Long-Duration Targeted Improvements (a)

December 31, 2022

A.	Financial Highlights
	Condensed Consolidated Balance Sheets	1
	Consolidated Statements of Operations	2
	Quarterly Summary - Most Recent 8 Quarters	3
	Non-GAAP Financial Measures
	Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders	6
	Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders	7
	Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders	8
	Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders	10
	Capitalization/Book Value per Common Share	11
	Spread Results	13
	Investment Yields	13
B.	Product Summary
	Summary of Cost of Money for Deferred Annuities	14
	Annuity Account Balance Rollforward	14
	MRB Liability	15
	Account Values Subject to Recurring Fees Under Reinsurance Agreements	15
	Annuity Deposits by Product Type	16
	Surrender Charge Protection and Account Values by Product Type	16
	Annuity Liability Characteristics	17
C.	Investment Summary
	Summary of Invested Assets	18
	Credit Quality of Fixed Maturity Securities	18
	Watch List Securities	19
	Fixed Maturity Securities by Sector	20
	Mortgage Loans on Real Estate	21
D.	Shareholder Information	23
E.	Research Analyst Coverage	24

(a)Effective January 1, 2023, American Equity Investment Life Holding Company (the “Company”) adopted Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The Company applied this guidance as of the transition date of January 1, 2021, and retrospectively adjusted prior period amounts for years 2021 and 2022 to reflect the new guidance. This December 31, 2022 financial supplement recasts balances, to the extent impacted by LDTI, from the original December 31, 2022 financial supplement published by the Company on February 16, 2023.

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2022		December 31, 2021
Assets
Investments:
Fixed maturity securities, available for sale, at fair value	$	39,804,617	$	51,305,943
Mortgage loans on real estate	6,949,027		5,687,998
Real estate investments	1,056,063		337,939
Limited partnerships and limited liability companies	1,266,779		520,120
Derivative instruments	431,727		1,277,480
Other investments	1,817,085		1,247,024
Total investments	51,325,298		60,376,504
Cash and cash equivalents	1,919,669		4,508,982
Coinsurance deposits	13,254,956		8,988,891
Accrued investment income	497,851		445,097
Deferred policy acquisition costs	2,773,643		3,062,204
Deferred sales inducements	2,045,683		2,119,962
Deferred income taxes	438,434		—
Income taxes recoverable	55,498		166,586
Other assets	872,567		875,396
Total assets	$	73,183,599	$	80,543,622
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves	$	58,781,836	$	62,614,822
Market risk benefits	2,455,492		3,162,162
Other policy funds and contract claims	512,790		226,844
Notes and loan payable	792,073		496,250
Subordinated debentures	78,753		78,421
Deferred income taxes	—		914,417
Funds withheld for reinsurance liabilities	6,577,426		3,124,740
Other liabilities	1,614,479		2,187,249
Total liabilities	70,812,849		72,804,905
Stockholders' equity:
Preferred stock, Series A	16		16
Preferred stock, Series B	12		12
Common stock	84,810		92,514
Additional paid-in capital	1,325,316		1,614,374
Accumulated other comprehensive income (loss)	(3,746,230)		3,192,547
Retained earnings	4,685,593		2,839,254
Total stockholders' equity attributable to American Equity Investment Life Holding Company	2,349,517		7,738,717
Noncontrolling interests	21,233		—
Total stockholders' equity	2,370,750		7,738,717
Total liabilities and stockholders' equity	$	73,183,599	$	80,543,622

Page 1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended   December 31,				Year Ended   December 31,
	2022		2021		2022		2021
Revenues:
Premiums and other considerations	$	2,991	$	14,553	$	19,739	$	58,202
Annuity product charges	61,666		60,310		230,354		242,631
Net investment income	537,995		514,599		2,307,463		2,037,475
Change in fair value of derivatives	22,243		522,251		(1,138,128)		1,348,735
Net realized gains (losses) on investments	14,411		(10,478)		(47,848)		(13,242)
Other revenue	13,032		8,263		42,245		16,160
Total revenues	652,338		1,109,498		1,413,825		3,689,961
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	5,948		17,331		33,220		73,896
Interest sensitive and index product benefits	57,626		508,014		554,871		2,231,567
Market risk benefits (gains) losses	33,490		100,939		3,684		268,973
Amortization of deferred sales inducements	45,966		44,821		181,970		191,884
Change in fair value of embedded derivatives	342,409		186,802		(2,352,598)		(358,302)
Interest expense on notes and loan payable	10,228		6,259		32,098		25,581
Interest expense on subordinated debentures	1,335		1,330		5,331		5,324
Amortization of deferred policy acquisition costs	66,831		71,609		284,011		306,370
Other operating costs and expenses	62,389		65,812		239,526		241,882
Total benefits and expenses	626,222		1,002,917		(1,017,887)		2,987,175
Income before income taxes	26,116		106,581		2,431,712		702,786
Income tax expense (benefit)	(6,817)		19,615		511,135		149,763
Net income	32,933		86,966		1,920,577		553,023
Less: Net income available to noncontrolling interests	361		—		358		—
Net income available to American Equity Investment Life Holding Company stockholders	32,572		86,966		1,920,219		553,023
Less: Preferred stock dividends	10,919		10,919		43,675		43,675
Net income available to American Equity Investment Life Holding Company common stockholders	$	21,653	$	76,047	$	1,876,544	$	509,348
Earnings per common share	$	0.25	$	0.82	$	20.72	$	5.43
Earnings per common share - assuming dilution	$	0.25	$	0.81	$	20.50	$	5.39
Weighted average common shares outstanding (in thousands):
Earnings per common share	85,274		92,479		90,558		93,860
Earnings per common share - assuming dilution	86,402		93,378		91,538		94,491

Page 2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 8 Quarters

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

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

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

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

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

Page 3

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

(e)Q3 2022 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $94.8 million and increased both net income and net income available to common stockholders by $74.4 million and increased earnings per common share - assuming dilution by $0.84 per share.

Quarterly Summary - Most Recent 8 Quarters, continued

	Q4 2021		Q3 2021		Q2 2021		Q1 2021
Revenues:
Traditional life insurance premiums	$	677	$	697	$	708	$	706
Life contingent immediate annuity considerations	13,876		15,144		13,887		12,507
Surrender charges	13,638		16,481		18,057		19,481
Lifetime income benefit rider fees	46,672		41,999		45,702		40,601
Net investment income	514,599		526,366		499,320		497,190
Change in fair value of derivatives	522,251		(70,701)		500,880		396,305
Net realized gains (losses) on investments	(10,478)		4,933		(3,114)		(4,583)
Other revenue (a)	8,263		7,897		—		—
Total revenues	1,109,498		542,816		1,075,440		962,207
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)	60		(3,971)		443		949
Life contingent immediate annuity benefits and change in future policy benefits (c)	17,271		26,622		16,656		15,866
Interest sensitive and index product benefits	508,014		540,883		778,810		403,860
Market risk benefits (gains) losses (d)	100,939		310,544		252,412		(394,922)
Amortization of deferred sales inducements	44,821		45,219		50,719		51,125
Change in fair value of embedded derivatives (e)	186,802		(536,404)		273,713		(282,413)
Interest expense on notes payable	6,259		6,535		6,394		6,393
Interest expense on subordinated debentures	1,330		1,342		1,326		1,326
Amortization of deferred policy acquisition costs	71,609		71,201		82,017		81,543
Other operating costs and expenses	65,812		56,020		64,590		55,460
Total benefits and expenses	1,002,917		517,991		1,527,080		(60,813)
Income (loss) before income taxes	106,581		24,825		(451,640)		1,023,020
Income tax expense (benefit)	19,615		8,421		(95,787)		217,514
Net income (loss) (b)(c)(d)(e)	86,966		16,404		(355,853)		805,506
Less: Net income (loss) available to noncontrolling interests	—		—		—		—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)	86,966		16,404		(355,853)		805,506
Less: Preferred stock dividends	10,919		10,918		10,919		10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)	$	76,047	$	5,486	$	(366,772)	$	794,587
Earnings (loss) per common share	$	0.82	$	0.06	$	(3.87)	$	8.30
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)	$	0.81	$	0.06	$	(3.87)	$	8.26
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share	92,479		92,478		94,801		95,735
Earnings (loss) per common share - assuming dilution	93,378		93,044		95,379		96,216

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

(b)Q3 2021 includes benefit from the update of assumptions used in determining the deferred profit liability. The impact decreased traditional life insurance policy benefits and change in future policy benefits by $4.8 million and increased both net income and net income available to common stockholders by $3.8 million and increased earnings per common share - assuming dilution by $0.04 per share.

Page 4

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

(c)Q3 2021 includes expense from the update of assumptions used in determining the liability for future policyholder benefits. The impact increased life contingent immediate annuity benefits and change in future policy benefits by $7.9 million and decreased both net income and net income available to common stockholders by $6.2 million and decreased earnings per common share - assuming dilution by $0.07 per share

(d)Q4 2021 includes expense from the update of assumptions used in determining the reserves held for market risk benefits. The impact increased market risk benefits (gains) losses by $13.0 million and decreased both net income and net income available to common stockholders by $10.3 million and decreased earnings per common share - assuming dilution by $0.11 per share.

Q3 2021 includes expense from the update of assumptions used in determining the reserves held for market risk benefits. The impact increased market risk benefits (gains) losses by $385.8 million and decreased both net income and net income available to common stockholders by $304.8 million and decreased earnings per common share - assuming dilution by $3.27 per share.

(e)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.

Page 5

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income available to common stockholders, we have consistently utilized non-GAAP operating income (loss) available to common stockholders and non-GAAP operating income (loss) available to common stockholders per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income (loss) available to common stockholders equals net income available to common stockholders adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income (loss) available to common stockholders eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income (loss) available to common stockholders together with net income available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

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

	Three Months Ended   December 31,				Year Ended   December 31,
	2022		2021		2022		2021
Net income available to American Equity Investment Life Holding Company common stockholders	$	21,653	$	76,047	$	1,876,544	$	509,348
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses	(19,460)		10,045		48,264		13,618
Change in fair value of derivatives and embedded derivatives	169,767		(29,158)		(1,549,205)		(316,765)
Capital markets impact on the change in fair value of market risk benefits	2,309		22,119		(393,617)		(371,935)
Net investment income	1,476		—		1,476		—
Other revenue	5,969		—		5,969		—
Income taxes	(39,998)		(4,539)		401,838		143,806
Non-GAAP operating income (loss) available to common stockholders	$	141,716	$	74,514	$	391,269	$	(21,928)
Impact of excluding notable items (a)	$	—	$	10,265	$	181,890	$	317,425
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders	$	0.25	$	0.81	$	20.50	$	5.39
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive impact for losses (b)	—		—		—		0.01
Net realized (gains) losses on financial assets, including credit losses	(0.23)		0.11		0.53		0.14
Change in fair value of derivatives and embedded derivatives	1.96		(0.31)		(16.92)		(3.35)
Capital markets impact on the change in fair value of market risk benefits	0.03		0.24		(4.30)		(3.94)
Net investment income	0.02		—		0.01		—
Other revenue	0.07		—		0.06		—
Income taxes	(0.46)		(0.05)		4.39		1.52
Non-GAAP operating income (loss) available to common stockholders	$	1.64	$	0.80	$	4.27	$	(0.23)
Impact of excluding notable items (a)	$	—	$	0.11	$	1.99	$	3.36

Page 6

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Notable Items

	Three Months Ended   December 31,				Year Ended   December 31,
	2022		2021		2022		2021
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates	$	—	$	10,265	$	181,890	$	317,425
Total notable items (a)	$	—	$	10,265	$	181,890	$	317,425

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

For the years ended December 31, 2022 and 2021, non-GAAP operating income available to common stockholders would increase $181.9 million and $317.4 million, respectively, if we were to exclude the impact of notable items. For the three months ended December 31, 2021, non-GAAP operating income available to common stockholders would increase $10.3 million if we were to exclude the impact of notable items.

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

NON-GAAP FINANCIAL MEASURES

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

	Three Months Ended   December 31,				Year Ended   December 31,
	2022		2021		2022		2021
Net realized (gains) losses on financial assets, including credit losses:
Net realized (gains) losses on financial assets, including credit losses	$	(19,460)	$	10,045	$	48,264	$	13,618
Income taxes	4,183		(2,160)		(10,377)		(2,928)
	$	(15,277)	$	7,885	$	37,887	$	10,690
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities	$	89,662	$	(26,796)	$	(1,129,326)	$	(314,403)
Reinsurance contracts	78,594		(2,362)		(439,502)		(2,362)
Interest rate swaps	1,511		—		19,623		—
Income taxes	(42,083)		2,376		329,188		66,768
	$	127,684	$	(26,782)	$	(1,220,017)	$	(249,997)
Capital markets impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits	$	(16,236)	$	14,143	$	(449,887)	$	(405,610)
Amortization of capital markets impact on the fair value of market risk benefits	18,545		7,976		56,270		33,675
Income taxes	(498)		(4,755)		84,627		79,966
	$	1,811	$	17,364	$	(308,990)	$	(291,969)
Net investment income:
Income associated with assets transferred under reinsurance treaty	$	1,476	$	—	$	1,476	$	—
Income taxes	(317)		—		(317)		—
	$	1,159	$	—	$	1,159	$	—
Other revenue:
Amortization of deferred fees associated with reinsurance treaties	$	5,969	$	—	$	5,969	$	—
Income taxes	(1,283)		—		(1,283)		—
	$	4,686	$	—	$	4,686	$	—

Page 7

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 8 Quarters

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

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

Notable Items

	Q4 2022		Q3 2022		Q2 2022		Q1 2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates	$	—	$	181,890	$	—	$	—
Total notable items (a)	$	—	$	181,890	$	—	$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results. For the three months ended September 30, 2022, non-GAAP operating income available to common stockholders would increase $181.9 million if we were to exclude the impact of notable items.

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

Page 8

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 8 Quarters, continued

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

	Q4 2021		Q3 2021		Q2 2021		Q1 2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	76,047	$	5,486	$	(366,772)	$	794,587
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses	10,045		(4,016)		2,862		4,727
Change in fair value of derivatives and embedded derivatives	(29,158)		(125,076)		331,269		(493,800)
Capital markets impact on the change in fair value of market risk benefits	22,119		(138,995)		206,951		(462,010)
Net investment income	—		—		—		—
Other revenue	—		—		—		—
Income taxes	(4,539)		61,496		(114,858)		201,707
Non-GAAP operating income (loss) available to common stockholders	$	74,514	$	(201,105)	$	59,452	$	45,211
Impact of excluding notable items (a)	$	10,265	$	307,159	$	—	$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders	$	0.81	$	0.06	$	(3.87)	$	8.26
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive impact for losses (b)	—		0.01		0.02		—
Net realized (gains) losses on financial assets, including credit losses	0.11		(0.05)		0.03		0.05
Change in fair value of derivatives and embedded derivatives	(0.31)		(1.35)		3.47		(5.13)
Capital markets impact on the change in fair value of market risk benefits	0.24		(1.50)		2.17		(4.80)
Net investment income	—		—		—		—
Other revenue	—		—		—		—
Income taxes	(0.05)		0.66		(1.20)		2.09
Non-GAAP operating income (loss) available to common stockholders	$	0.80	$	(2.17)	$	0.62	$	0.47
Impact of excluding notable items (a)	$	0.11	$	3.30	$	—	$	—

Notable Items

	Q4 2021		Q3 2021		Q2 2021		Q1 2021
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates	$	10,265	$	307,159	$	—	$	—
Total notable items (a)	$	10,265	$	307,159	$	—	$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results. For the three months ended December 31 and September 30, 2021, respectively, non-GAAP operating income available to common stockholders would increase $10.3 million and $307.2 million if we were to exclude the impact of notable items.

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

Page 9

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

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

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

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

	Q4 2021		Q3 2021		Q2 2021		Q1 2021
Net realized (gains) losses on investments	$	10,478	$	(4,933)	$	3,114	$	4,583
Net investment income	—		—		—		—
Other revenue	—		—		—		—
Change in fair value of derivatives	(215,962)		411,329		57,556		(211,387)
Increase (decrease) in total revenues	(205,484)		406,396		60,670		(206,804)
Change in fair value of embedded derivatives	(186,802)		536,404		(273,713)		282,413
Market risk benefits (gains) losses	(22,119)		138,995		(206,951)		462,010
Interest sensitive and index product benefits (a)	431		(916)		252		(144)
Increase (decrease) in total benefits and expenses	(208,490)		674,483		(480,412)		744,279
Increase (decrease) in income (loss) before income taxes	3,006		(268,087)		541,082		(951,083)
Increase (decrease) in income tax expense benefit	4,539		(61,496)		114,858		(201,707)
Increase (decrease) in net income (loss) available to common stockholders	$	(1,533)	$	(206,591)	$	426,224	$	(749,376)

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

Page 10

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

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

Capitalization/Book Value per Common Share

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

(a)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.

(b)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.

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

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

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

Page 11

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

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

Capitalization/Book Value per Common Share, continued

	Q4 2021			Q3 2021			Q2 2021			Q1 2021
Capitalization:
Notes and loan payable	$	500,000		$	500,000		$	500,000		$	500,000
Subordinated debentures payable to subsidiary trusts	78,421			78,342			78,264			78,187
Total debt	578,421			578,342			578,264			578,187
Total stockholders’ equity attributable to American Equity Investment Life Holding Company	7,738,717			7,799,987			8,075,883			7,623,297
Total capitalization	8,317,138			8,378,329			8,654,147			8,201,484
Accumulated other comprehensive (income) loss (AOCI)	(3,192,547)			(3,303,752)			(3,589,584)			(2,684,172)
Total capitalization excluding AOCI (a)	$	5,124,591		$	5,074,577		$	5,064,563		$	5,517,312
Total stockholders’ equity attributable to American Equity Investment Life Holding Company	$	7,738,717		$	7,799,987		$	8,075,883		$	7,623,297
Equity available to preferred stockholders (b)	(700,000)			(700,000)			(700,000)			(700,000)
Total common stockholders' equity (c)	7,038,717			7,099,987			7,375,883			6,923,297
Accumulated other comprehensive (income) loss	(3,192,547)			(3,303,752)			(3,589,584)			(2,684,172)
Total common stockholders’ equity excluding AOCI (c)	3,846,170			3,796,235			3,786,299			4,239,125
Net impact of fair value accounting for derivatives and embedded derivatives	(383,284)			(358,862)			(332,010)			(593,531)
Net capital markets impact on the fair value of market risk benefits	(291,696)			(309,332)			(200,221)			(362,677)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)	$	3,171,190		$	3,128,041		$	3,254,068		$	3,282,917
Common shares outstanding	92,513,517			92,513,517			92,553,825			95,482,733
Book Value per Common Share: (d)
Book value per common share	$	76.08		$	76.75		$	79.69		$	72.51
Book value per common share excluding AOCI (c)	$	41.57		$	41.03		$	40.91		$	44.40
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)	$	34.28		$	33.81		$	35.16		$	34.38
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization	9.8		%	9.9		%	9.9		%	9.1		%
Total debt / Total capitalization	11.3		%	11.4		%	11.4		%	10.5		%

(a)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.

(b)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.

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

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

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

Page 12

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Spread Results

Year Ended   December 31,
2022		2021			Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
4.34%		3.73%		Average yield on invested assets	4.30%		4.48%		4.33%		4.15%		3.80%
1.71%		1.55%		Aggregate cost of money	1.76%		1.75%		1.69%		1.64%		1.51%
2.63%		2.18%		Aggregate investment spread	2.54%		2.73%		2.64%		2.51%		2.29%
				Impact of:
0.03%		0.11%		Investment yield - additional prepayment income	0.01%		0.03%		0.05%		0.03%		0.12%
0.01%		0.07%		Cost of money effect of over hedging	—%		—%		0.02%		0.03%		0.14%
$	53,225,871	$	54,750,862	Weighted average investments	$	50,040,228	$	54,378,154	$	54,768,966	$	54,728,239	$	54,407,554
49,811,623		54,617,968		Ending investments	49,811,623		54,056,886		54,699,422		54,838,509		54,617,968

Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.

Investment Yields

Year Ended   December 31,
2022		2021			Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
				Investment income:
$	2,108,088	$	1,967,496	Fixed income (a)	$	511,077	$	547,326	$	539,382	$	510,303	$	500,577
200,349		73,990		Mark-to-market private asset income (a)	26,816		61,671		53,816		58,046		16,596
$	2,308,437	$	2,041,486	Total non-GAAP investment income (b)	$	537,893	$	608,997	$	593,198	$	568,349	$	517,173
				Investment yield:
4.08%		3.62%		Fixed income investment yield	4.26%		4.16%		4.04%		3.80%		3.73%
12.95%		16.53%		Mark-to-market private asset yield	5.29%		13.89%		15.15%		22.36%		9.60%
4.34%		3.73%		Total investment yield	4.30%		4.48%		4.33%		4.15%		3.80%
				Weighted average investments:
$	51,678,469	$	54,303,353	Fixed income investments	$	48,012,311	$	52,602,319	$	53,347,874	$	53,689,782	$	53,716,356
1,547,402		447,509		Mark-to-market private assets	2,027,917		1,775,835		1,421,092		1,038,457		691,199
$	53,225,871	$	54,750,862	Total weighted average investments	$	50,040,228	$	54,378,154	$	54,768,966	$	54,728,239	$	54,407,555

(a)Net of investment expenses

(b)Non-GAAP investment income is comprised of GAAP Net Investment Income adjusted to remove income associated with cash held by the Parent Company for corporate activities and to gross up income related to the tax benefit of tax exempt investment income, in addition to the adjustments shown in the reconciliation of Net Income to Non-GAAP Operating Income on page 5. The net impact of the adjustments for income associated with cash held by the Parent Company and tax exempt investment income was $1,578 thousand in Q4 2022, $740 thousand in Q3 2022, $890 thousand in Q2 2022, $926 thousand in Q1 2022, and $2,574 thousand in Q4 2021.

Page 13

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

Year Ended   December 31,
2022		2021			Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
				Included in interest sensitive and index product benefits:
$	305,292	$	1,977,888	Index credits	$	3,861	$	4,648	$	72,398	$	224,385	$	442,568
240,889		245,892		Interest credited	56,402		62,383		60,770		61,334		63,974
				Included in change in fair value of derivatives:
(312,133)		(2,019,477)		Proceeds received at option expiration	(4,061)		(4,865)		(75,115)		(228,092)		(459,982)
647,132		630,015		Pro rata amortization of option cost	154,463		167,197		165,375		160,097		153,399
$	881,180	$	834,318	Cost of money for deferred annuities	$	210,665	$	229,363	$	223,428	$	217,724	$	199,959
$	51,558,865	$	53,681,684	Weighted average liability balance outstanding	$	47,802,219	$	52,337,208	$	52,940,739	$	53,155,293	$	53,064,893

Annuity Account Balance Rollforward

Year Ended   December 31,
2022		2021			Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
$	53,191,277	$	54,056,725	Account balances at beginning of period	$	51,913,689	$	52,762,558	$	53,119,291	$	53,191,277	$	52,938,493
(4,068,761)		(4,279,394)		Reserves ceded - in-force	(3,810,982)		(257,779)		—		—		—
49,122,516		49,777,331		Account balance at beginning of period, net of reinsurance ceded	48,102,707		52,504,779		53,119,291		53,191,277		52,938,493
2,347,315		5,485,205		Net deposits	613,084		496,940		562,366		674,925		815,890
107,691		95,160		Premium bonuses	33,617		27,385		23,547		23,142		23,476
546,181		2,223,780		Fixed interest credited and index credits	60,263		67,031		133,168		285,719		506,542
(72,699)		(67,657)		Surrender charges	(22,030)		(19,783)		(15,345)		(15,541)		(13,638)
(157,655)		(174,974)		Lifetime income benefit rider fees	(39,636)		(41,036)		(40,169)		(36,814)		(46,672)
(4,388,734)		(4,147,568)		Surrenders, withdrawals, deaths, etc.	(1,243,390)		(1,121,627)		(1,020,300)		(1,003,417)		(1,032,814)
$	47,504,615	$	53,191,277	Account balances at end of period	$	47,504,615	$	51,913,689	$	52,762,558	$	53,119,291	$	53,191,277

Page 14

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

MRB Liability

Year Ended   December 31,
2022		2021			Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
$	2,362,947	$	2,136,146	MRB balance at beginning of period	$	1,762,629	$	1,721,376	$	2,075,033	$	2,362,947	$	2,288,670
(326,524)		(63,215)		Reserves ceded - in-force	(331,020)		4,496		—		—		—
7,429		(5,236)		Issuances	1,230		1,366		913		3,920		1,290
66,198		40,186		Interest accrual	23,910		20,626		12,424		9,238		11,772
102,665		114,178		Attributed fees collected	25,933		25,484		25,627		25,621		28,213
—		—		Benefits payments	—		—		—		—		—
(449,887)		(405,610)		Effect of changes in interest rates and equity markets	(16,236)		(197,978)		(348,675)		113,002		14,142
278,651		527,984		Effect of changes in assumptions and policyholder behavior	(1,371)		228,048		10,971		41,003		46,567
(519,525)		18,514		Effect of changes in instrument specific credit risk	56,879		(40,789)		(54,917)		(480,698)		(27,707)
1,521,954		2,362,947		MRB balance at end of period, net (a)	1,521,954		1,762,629		1,721,376		2,075,033		2,362,947
765,552		371,935		MRB net deferred capital markets impact, end of period	765,552		767,862		588,352		253,022		371,935
$	2,287,506	$	2,734,882	Non-GAAP MRB balance, end of period (b)	$	2,287,506	$	2,530,491	$	2,309,728	$	2,328,055	$	2,734,882

(a)The MRB balance is the MRB liability net of the MRB asset, MRB host, and reinsurance recoverable asset associated with the ceded MRB. The MRB asset, MRB host and reinsurance recoverable asset associated with the ceded MRB are included in Other assets on the Consolidated Balance Sheets.

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

Account Values Subject to Recurring Fees Under Reinsurance Agreements

Year Ended   December 31,
2022		2021			Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
$	4,660,690	$	—	Account value of business ceded subject to fee income at beginning of period	$	5,612,098	$	5,065,538	$	4,859,360	$	4,660,690	$	4,459,858
4,068,761		4,279,394		In-force account value ceded subject to fee income	3,810,982		257,779		—		—		—
1,045,600		381,296		Premiums on business ceded subject to fee income	351,971		288,781		206,178		198,670		200,832
(132,715)		—		Disbursements on business ceded subject to fee income	(132,715)		—		—		—		—
$	9,642,336	$	4,660,690	Account value of business ceded subject to fee income at end of period	$	9,642,336	$	5,612,098	$	5,065,538	$	4,859,360	$	4,660,690
$	48,214	$	16,160	Non-GAAP operating revenue associated with recurring fees (a)	$	19,001	$	10,988	$	9,408	$	8,817	$	8,263

(a)Non-GAAP operating revenue associated with recurring fees is comprised of GAAP Other Revenue adjusted for the amortization of gains on assets transferred under a reinsurance transaction. See page 5 for the reconciliation of Net Income to Non-GAAP Operating Income and page 6 for the summary of adjustments to arrive at Non-GAAP Operating Income

Page 15

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Year Ended   December 31,
2022		2021			Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021
				American Equity Life:
$	2,692,141	$	2,753,479	Fixed index annuities	$	637,021	$	627,444	$	671,696	$	755,980	$	806,238
5,329		6,133		Annual reset fixed rate annuities	1,856		1,271		1,140		1,062		848
56,511		855,702		Multi-year fixed rate annuities	49,216		4,465		485		2,345		6,640
18,935		59,816		Single premium immediate annuities	494		1,915		3,073		13,453		14,145
2,772,916		3,675,130			688,587		635,095		676,394		772,840		827,871
				Eagle Life:
479,279		697,068		Fixed index annuities	145,772		102,379		104,374		126,754		176,101
380		350		Annual reset fixed rate annuities	230		143		—		7		13
82,581		1,597,292		Multi-year fixed rate annuities	65,434		14,684		123		2,340		40,901
562,240		2,294,710			211,436		117,206		104,497		129,101		217,015
				Consolidated:
3,171,420		3,450,547		Fixed index annuities	782,793		729,823		776,070		882,734		982,339
5,709		6,483		Annual reset fixed rate annuities	2,086		1,414		1,140		1,069		861
139,092		2,452,994		Multi-year fixed rate annuities	114,650		19,149		608		4,685		47,541
18,935		59,816		Single premium immediate annuities	494		1,915		3,073		13,453		14,145
3,335,156		5,969,840		Total before coinsurance ceded	900,023		752,301		780,891		901,941		1,044,886
968,906		424,819		Coinsurance ceded	286,445		253,446		215,452		213,563		214,851
$	2,366,250	$	5,545,021	Net after coinsurance ceded	$	613,578	$	498,855	$	565,439	$	688,378	$	830,035

Surrender Charge Protection and Account Values by Product Type

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

	Surrender Charge			Net Account Value
Product Type	Avg. Years At Issue	Avg. Years Remaining	Avg. % Remaining	Dollars in Thousands		%
Fixed Index Annuities	12.5	5.0	8.1%	$	41,992,352	88.4	%
Annual Reset Fixed Rate Annuities	7.4	1.7	3.4%	1,247,151		2.6	%
Multi-Year Fixed Rate Annuities	3.9	1.7	7.4%	4,265,112		9.0	%
Total	11.6	4.6	7.9%	$	47,504,615	100.0	%

Page 16

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No surrender charge	$	898,320	$	3,616,403
0.0% < 2.0%	41,672		2,062,990
2.0% < 3.0%	65,004		4,321,344
3.0% < 4.0%	68,626		982,289
4.0% < 5.0%	6,436		2,772,450
5.0% < 6.0%	36,179		2,608,334
6.0% < 7.0%	71,838		2,548,367
7.0% < 8.0%	1,420,984		2,812,800
8.0% < 9.0%	2,547,819		2,219,917
9.0% < 10.0%	112,829		3,337,952
10.0% or greater	242,556		14,709,506
	$	5,512,263	$	41,992,352

Surrender Charge Expiration By Year:	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
Out of Surrender Charge	$	4,514,723	0.00	%
2023	4,336,011		3.03	%
2024	3,919,595		5.38	%
2025	5,453,784		4.44	%
2026	4,892,384		5.96	%
2027	4,283,172		7.81	%
2028	3,714,323		9.00	%
2029	4,143,581		10.42	%
2030	2,775,742		12.89	%
2031	3,900,824		13.80	%
2032	3,060,964		14.38	%
2033	1,068,172		17.39	%
2034	676,085		18.03	%
2035	350,543		18.50	%
2036	196,242		18.99	%
2037	113,435		19.50	%
2038	105,035		20.00	%
	$	47,504,615	7.92	%

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of December 31, 2022 for the $11.9 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.21%.

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums on the $35.6 billion of account value allocated to index strategies, the cost of options would decrease by 1.03% based upon prices of options for the week ended January 1, 2023.

Page 17

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Summary of Invested Assets

	December 31, 2022				December 31, 2021
	Carrying Amount		Percent		Carrying Amount		Percent
Fixed maturity securities:
U.S. Government and agencies	$	169,071	0.4	%	$	1,078,746	1.9	%
States, municipalities and territories	3,822,943		8.5	%	3,758,761		6.5	%
Foreign corporate securities and foreign governments	616,938		1.4	%	375,097		0.6	%
Corporate securities	20,201,774		44.8	%	32,631,189		57.0	%
Residential mortgage backed securities	1,366,927		3.0	%	1,125,049		2.0	%
Commercial mortgage backed securities	3,447,075		7.6	%	4,682,900		8.2	%
Other asset backed securities	5,155,254		11.4	%	5,146,567		9.0	%
Total fixed maturity securities	34,779,982		77.1	%	48,798,309		85.2	%
Mortgage loans on real estate	6,778,977		15.0	%	5,650,480		9.9	%
Real estate investments	1,056,063		2.3	%	337,939		0.6	%
Limited partnerships and limited liability companies	1,266,779		2.8	%	520,120		0.9	%
Derivative instruments	431,727		1.0	%	1,277,480		2.2	%
Other investments	829,900		1.8	%	690,344		1.2	%
Total investments, net of modified coinsurance investments	45,143,428		100.0	%	57,274,672		100.0	%
Coinsurance investments (a)	6,181,870				3,101,832
Total investments	$	51,325,298			$	60,376,504

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Credit Quality of Fixed Maturity Securities - December 31, 2022

NAIC Designation	Amortized Cost		Carrying Amount		Percent		Rating Agency Rating	Amortized Cost		Carrying Amount		Percent
1	$	24,466,961	$	21,752,775	62.5	%	Aaa/Aa/A	$	24,462,459	$	21,723,282	62.5	%
2	14,185,506		12,398,001		35.7	%	Baa	14,228,490		12,434,302		35.7	%
3	562,190		490,198		1.4	%	Ba	554,605		485,166		1.4	%
4	109,409		91,495		0.3	%	B	94,185		79,058		0.2	%
5	61,721		36,738		0.1	%	Caa	20,020		18,540		0.1	%
6	14,636		10,775		—	%	Ca and lower	40,664		39,634		0.1	%
	39,400,423		34,779,982		100.0	%		39,400,423		34,779,982		100.0	%
Coinsurance investments (a)	5,465,596		5,024,635				Coinsurance investments (a)	5,465,596		5,024,635
	$	44,866,019	$	39,804,617				$	44,866,019	$	39,804,617

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 18

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Watch List Securities - December 31, 2022

General Description (a)	Amortized Cost		Allowance for Credit Losses		Amortized Cost, Net of Allowance		Net Unrealized Losses, Net of Allowance		Fair Value
States, municipalities and territories	$	20,657	$	—	$	20,657	$	(3,344)	$	17,313
Corporate securities - Public securities	20,860		—		20,860		(1,050)		19,810
Corporate securities - Private placement securities	10,646		(3,214)		7,432		—		7,432
Residential mortgage backed securities	25,095		(133)		24,962		(2,954)		22,008
Commercial mortgage backed securities	41,899		—		41,899		(2,752)		39,147
Other asset backed securities	2,314		—		2,314		—		2,314
Collateralized loan obligations	103,907		—		103,907		(21,239)		82,668
	$	225,378	$	(3,347)	$	222,031	$	(31,339)	$	190,692

(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those on which we have taken credit losses.

Page 19

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

	December 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale:
U.S. Government and agencies	$	173,638	$	169,071	$	1,046,029	$	1,078,746
States, municipalities and territories	4,356,191		3,822,943		3,325,468		3,758,761
Foreign corporate securities and foreign governments	680,263		616,938		353,198		375,097
Corporate securities:
Capital goods	1,601,113		1,395,595		2,329,169		2,666,627
Consumer discretionary	5,086,479		4,320,219		6,132,199		6,946,585
Energy	1,219,370		1,111,891		1,968,576		2,214,513
Financials	6,467,052		5,634,229		6,998,286		7,714,869
Government non-guaranteed	202,740		179,440		471,015		541,233
Industrials	166,061		138,999		377,631		425,201
Information technology	1,344,461		1,160,067		1,718,596		1,918,197
Materials	1,169,188		1,021,288		1,672,144		1,875,276
Telecommunications	1,306,495		1,090,868		1,569,176		1,756,741
Transportation	1,100,681		975,393		1,312,909		1,454,391
Utilities	3,620,946		3,115,520		4,156,578		4,716,397
Other	58,184		58,265		350,592		401,159
Residential mortgage backed securities:
Government agency	806,999		754,349		455,136		500,698
Prime	387,838		334,613		537,559		544,084
Alt-A	54,910		58,091		59,129		75,361
Non-qualified mortgage	169,847		157,960		—		—
Other	62,235		61,914		4,954		4,906
Commercial mortgage backed securities:
Government agency	170,307		157,903		380,339		415,026
Non-agency	3,668,300		3,289,172		4,169,970		4,267,874
Other asset backed securities:
Auto	44,450		41,896		218,106		222,364
Consumer discretionary	122,068		118,843		—		—
Financials	283,238		252,493		4,441		4,887
Collateralized loan obligations	4,071,929		3,775,347		3,789,984		3,745,452
Other	1,005,440		966,675		1,088,751		1,173,864
	39,400,423		34,779,982		44,489,935		48,798,309
Coinsurance investments (a)	5,465,596		5,024,635		2,509,248		2,507,634
	$	44,866,019	$	39,804,617	$	46,999,183	$	51,305,943

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 20

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

	December 31, 2022				December 31, 2021
	Principal		Percent		Principal		Percent
Property type distribution
Commercial mortgage loans:
Office	$	267,502	4.0	%	$	287,557	5.1	%
Medical Office	10,265		0.1	%	10,827		0.2	%
Retail	878,352		13.0	%	1,016,101		18.0	%
Industrial/Warehouse	853,215		12.6	%	924,779		16.3	%
Apartment	893,910		13.2	%	854,580		15.1	%
Hotel	285,271		4.2	%	283,500		5.0	%
Mixed Use/Other	200,756		3.0	%	217,970		3.9	%
Agricultural mortgage loans	567,630		8.4	%	408,135		7.2	%
Residential mortgage loans	2,807,652		41.5	%	1,652,910		29.2	%
	6,764,553		100.0	%	5,656,359		100.0	%
Coinsurance investments (a)	171,633				37,817
	$	6,936,186			$	5,694,176

	Commercial			Agricultural
	Amortized Cost		Average LTV	Amortized Cost		Average LTV
As of December 31, 2022:
Debt Service Coverage Ratio:
Greater than or equal to 1.5	$	2,358,793	53%	$	266,695	45%
Greater than or equal to 1.2 and less than 1.5	505,644		61%	236,589		48%
Greater than or equal to 1.0 and less than 1.2	475,315		50%	15,075		39%
Less than 1.0	44,756		66%	47,604		33%
	3,384,508		54%	565,963		45%
Coinsurance investments (a)	170,050		61%	—		—%
	$	3,554,558	54%	$	565,963	45%
As of December 31, 2021:
Debt Service Coverage Ratio:
Greater than or equal to 1.5	$	2,491,464	55%	$	180,113	49%
Greater than or equal to 1.2 and less than 1.5	555,055		65%	202,031		48%
Greater than or equal to 1.0 and less than 1.2	466,517		53%	16,304		44%
Less than 1.0	77,948		65%	8,551		59%
	3,590,984		56%	406,999		48%
Coinsurance investments (a)	37,518		51%	—		—%
	$	3,628,502	56%	$	406,999	48%

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 21

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

	December 31, 2022
	Commercial		Agricultural		Residential		Total
Credit exposure - by payment activity
Performing	$	3,389,271	$	564,495	$	2,773,251	$	6,727,017
In workout	—		—		—		—
Delinquent	—		3,135		34,401		37,536
Principal outstanding	3,389,271		567,630		2,807,652		6,764,553
Unamortized discounts and premiums, net	—		—		55,917		55,917
Deferred fees and costs, net	(4,763)		(1,667)		1,909		(4,521)
Amortized cost	3,384,508		565,963		2,865,478		6,815,949
Valuation allowance	(22,428)		(1,021)		(13,523)		(36,972)
Carrying value	3,362,080		564,942		2,851,955		6,778,977
Coinsurance investments (a)	170,050		—		—		170,050
	$	3,532,130	$	564,942	$	2,851,955	$	6,949,027
	December 31, 2021
	Commercial		Agricultural		Residential		Total
Credit exposure - by payment activity
Performing	$	3,595,314	$	408,135	$	1,645,905	$	5,649,354
In workout	—		—		—		—
Delinquent	—		—		7,005		7,005
Principal outstanding	3,595,314		408,135		1,652,910		5,656,359
Unamortized discounts and premiums, net	—		—		22,143		22,143
Deferred fees and costs, net	(4,330)		(1,136)		1,468		(3,998)
Amortized cost	3,590,984		406,999		1,676,521		5,674,504
Valuation allowance	(17,926)		(519)		(5,579)		(24,024)
Carrying value	3,573,058		406,480		1,670,942		5,650,480
Coinsurance investments (a)	37,518		—		—		37,518
	$	3,610,576	$	406,480	$	1,670,942	$	5,687,998

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 22

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Shareholder Information

	A.M. Best	S&P	Fitch
Financial Strength Ratings
American Equity Investment Life Insurance Company	A- (stable)	A- (stable)	A- (stable)
American Equity Investment Life Insurance Company of New York	A- (stable)	A- (stable)	A- (stable)
Eagle Life Insurance Company	A- (stable)	A- (stable)	A- (stable)
Credit Ratings
American Equity Investment Life Holding Company	bbb- (stable)	BBB-	BBB
Senior unsecured debt	bbb- (stable)	BBB-	BBB-
Perpetual, non-cumulative preferred stock	bb (stable)	BB	BB

Corporate Offices:

American Equity Investment Life Holding Company

6000 Westown Parkway

West Des Moines, IA 50266

Inquiries:

Steven Schwartz, Vice President-Investor Relations

(515) 273-3763, sschwartz@american-equity.com

Common Stock and Dividend Information:

New York Stock Exchange symbol: “AEL”

	High	Low	Close	Dividend Declared
2022
First Quarter	$44.49	$35.05	$39.91	$0.00
Second Quarter	$42.18	$32.65	$36.57	$0.00
Third Quarter	$43.55	$33.22	$37.29	$0.00
Fourth Quarter	$46.76	$28.05	$45.62	$0.36
2021
First Quarter	$32.54	$26.21	$31.53	$0.00
Second Quarter	$33.68	$29.18	$32.32	$0.00
Third Quarter	$33.79	$27.12	$29.57	$0.00
Fourth Quarter	$39.88	$29.46	$38.92	$0.34
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.

Page 23

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

ebass@autonomous.com

Andrew Kligerman

Credit Suisse Securities

(919) 593-7737

andrew.kligerman@credit-suisse.com

Thomas Gallagher

Evercore ISI

(212) 446-9439

thomas.gallagher@evercoreisi.com

Daniel Bergman

Jefferies

(617) 345-8688

dbergman@jefferies.com

Pablo Singzon II

JP Morgan

(212) 622-2295

pablo.s.singzon@jpmorgan.com

Ryan Krueger

Keefe, Bruyette & Woods

(860) 722-5930

rkrueger@kbw.com

Nigel Dally

Morgan Stanley Research

(212) 761-4132

Nigel.Dally@morganstanley.com

John Barnidge

Piper Sandler & Co.

(312) 281-3412

John.Barnidge@psc.com

Wilma Burdis

Raymond James & Associates, Inc.

(727) 567-9371

wilma.burdis@raymondjames.com

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

mark.dwelle@rbccm.com

Mark Hughes

Truist Securities

(615) 748-4422

mark.hughes@research.truist.com

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