AMERICAN EQUITY INVE

AEL
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American Equity Investment Life : 3Q20 Financial Supplement

10/29/2020 | 04:40pm

Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

September 30, 2020

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

5

Operating Income (Loss) Available to Common Stockholders

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

6

Common Stockholders

Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common

7

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

Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating

8

Income (Loss) Available to Common Stockholders

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

Annuity Deposits by Product Type

11

Surrender Charge Protection and Account Values by Product Type

11

Annuity Liability Characteristics

12

  1. Investment Summary

Summary of Invested Assets

15

Credit Quality of Fixed Maturity Securities

15

Watch List Securities

16

Fixed Maturity Securities by Sector

17

Mortgage Loans on Real Estate

18

D.

Shareholder Information

19

E.

Research Analyst Coverage

20

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2020

December 31, 2019

Assets

Investments:

Fixed maturity securities, available for sale, at fair value

$

51,700,743

$

51,580,490

Mortgage loans on real estate

3,926,699

3,448,793

Derivative instruments

874,741

1,355,989

Other investments

495,740

492,301

Total investments

56,997,923

56,877,573

Cash and cash equivalents

2,656,632

2,293,392

Coinsurance deposits

4,886,705

5,115,013

Accrued investment income

452,647

472,826

Deferred policy acquisition costs

2,163,003

2,923,454

Deferred sales inducements

1,426,945

1,966,723

Income taxes recoverable

34,773

-

Other assets

46,448

47,571

Total assets

$

68,665,076

$

69,696,552

Liabilities and Stockholders' Equity

Liabilities:

Policy benefit reserves

$

60,109,669

$

61,893,945

Other policy funds and contract claims

242,159

256,105

Notes payable

495,528

495,116

Subordinated debentures

78,037

157,265

Deferred income taxes

512,428

177,897

Income taxes payable

-

429

Other liabilities

1,108,521

2,145,676

Total liabilities

62,546,342

65,126,433

Stockholders' equity:

Preferred stock, Series A

16

16

Preferred stock, Series B

12

-

Common stock

91,932

91,107

Additional paid-in capital

1,510,987

1,212,311

Accumulated other comprehensive income

2,112,111

1,497,921

Retained earnings

2,403,676

1,768,764

Total stockholders' equity

6,118,734

4,570,119

Total liabilities and stockholders' equity

$

68,665,076

$

69,696,552

Page 1

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Revenues:

Premiums and other considerations

$

10,407

$

5,152

$

29,103

$

14,688

Annuity product charges

62,277

63,647

185,264

177,313

Net investment income

543,331

590,412

1,660,353

1,719,418

Change in fair value of derivatives

205,011

(20,042)

(409,201)

440,472

Net realized gains (losses) on investments

(22,321)

4,328

(68,545)

(67)

Other than temporary impairment (OTTI) losses on investments:

Total OTTI losses

-

(101)

-

(1,099)

Portion of OTTI losses recognized from other comprehensive income

-

-

-

(215)

Net OTTI losses recognized in operations

-

(101)

-

(1,314)

Loss on extinguishment of debt

-

-

(2,024)

-

Total revenues

798,705

643,396

1,394,950

2,350,510

Benefits and expenses:

Insurance policy benefits and change in future policy benefits

13,273

7,627

36,676

23,865

Interest sensitive and index product benefits

576,147

500,285

1,217,358

888,062

Amortization of deferred sales inducements

416,983

(55,769)

415,396

(2,675)

Change in fair value of embedded derivatives

(1,732,497)

212,278

(1,855,623)

1,306,163

Interest expense on notes payable

6,388

6,382

19,161

19,141

Interest expense on subordinated debentures

1,323

3,968

4,232

12,113

Amortization of deferred policy acquisition costs

622,596

(120,934)

623,409

(45,856)

Other operating costs and expenses

42,738

38,554

128,315

114,959

Total benefits and expenses

(53,049)

592,391

588,924

2,315,772

Income before income taxes

851,754

51,005

806,026

34,738

Income tax expense

184,554

13,645

143,308

8,798

Net income

667,200

37,360

662,718

25,940

Less: Preferred stock dividends

5,950

-

18,511

-

Net income available to common stockholders

$

661,250

$

37,360

$

644,207

$

25,940

Earnings per common share

$

7.20

$

0.41

$

7.02

$

0.28

Earnings per common share - assuming dilution

$

7.17

$

0.41

$

7.00

$

0.28

Weighted average common shares outstanding (in thousands):

Earnings per common share

91,861

91,252

91,770

91,081

Earnings per common share - assuming dilution

92,163

91,711

92,071

91,748

Page 2

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

Revenues:

Traditional life insurance premiums

$

708

$

722

$

823

$

762

$

778

Life contingent immediate annuity considerations

9,699

10,310

6,841

8,084

4,374

Surrender charges

16,

19,390

19,705

15,092

20,537

Lifetime income benefit rider fees

45,830

44,048

39,844

47,630

43,110

Net investment income

543,331

543,704

573,318

588,217

590,412

Change in fair value of derivatives

205,011

327,662

(941,874)

466,434

(20,042)

Net realized gains (losses) on investments

(22,321)

(25,888)

(20,336)

7,029

4,328

Net OTTI losses recognized in operations

-

-

-

(17,412)

(101)

Loss on extinguishment of debt

-

-

(2,024)

(2,001)

-

Total revenues

798,705

919,948

(323,703)

1,113,835

643,396

Benefits and expenses:

Traditional life insurance policy benefits and change in future policy

655

702

621

835

758

benefits

Life contingent immediate annuity benefits and change in future policy

12,618

12,629

9,451

10,718

6,869

benefits

Interest sensitive and index product benefits (a)

576,147

240,992

400,219

399,514

500,285

Amortization of deferred sales inducements (b)(d)

416,983

(75,178)

73,591

91,260

(55,769)

Change in fair value of embedded derivatives (c)(d)

(1,732,497)

1,126,935

(1,250,061)

147,879

212,278

Interest expense on notes payable

6,388

6,388

6,385

6,384

6,382

Interest expense on subordinated debentures

1,323

1,321

1,588

3,651

3,968

Amortization of deferred policy acquisition costs (b)(d)

622,596

(119,889)

120,702

133,573

(120,934)

Other operating costs and expenses

42,738

41,951

43,626

39,194

38,554

Total benefits and expenses

(53,049)

1,235,851

(593,878)

833,008

592,391

Income (loss) before income taxes

851,754

(315,903)

270,175

280,827

51,005

Income tax expense (benefit) (e)

184,554

(68,474)

27,228

60,677

13,645

Net income (loss) (a)(b)(c)(d)(e)

667,200

(247,429)

242,947

220,150

37,360

Less: Preferred stock dividends

5,950

5,950

6,611

-

-

Net income (loss) available to common stockholders (a)(b)(c)(d)(e)

$

661,250

$

(253,379)

$

236,336

$

220,150

$

37,360

Earnings (loss) per common share

$

7.20

$

(2.76)

$

2.58

$

2.41

$

0.41

Earnings (loss) per common share - assuming dilution (a)(b)(c)(d)(e)

$

7.17

$

(2.76)

$

2.57

$

2.40

$

0.41

Weighted average common shares outstanding (thousands):

Earnings (loss) per common share

91,861

91,803

91,644

91,314

91,252

Earnings (loss) per common share - assuming dilution

92,163

92,027

92,021

91,883

91,711

  1. Q3 2020 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and decreased both net income and net income available to common stockholders by $224.4 million and decreased earnings per common share - assuming dilution by $2.44 per share.
    Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million and decreased both net income and net income available to common stockholders by $247.3 million and decreased earnings per common share - assuming dilution by $2.70 per share.
  2. Q3 2020 includes expense from the revision of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $391.4 million and $589.2 million, respectively, and decreased both net income and net income available to common stockholders by $769.8 million and decreased earnings per common share - assuming dilution by $8.35 per share.
    Q3 2019 includes a benefit from the revision of assumptions which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $104.7 million and $193.0 million, respectively, and increased both net income and net income available to common stockholders by $233.4 million and increased earnings per common share - assuming dilution by $2.54 per share.

Page 3

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

  1. Q3 2020 includes a benefit from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $2,111.1 million and increased both net income and net income available to common stockholders by $1,657.2 million and increased earnings per common share - assuming dilution by $17.98 per share.
    Q3 2019 includes expense from the revision 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 $28.2 million and decreased both net income and net income available to common stockholders by $22.1 million and decreased earnings per common share - assuming dilution by $0.24 per share.
  2. Q2 2020 includes a benefit from the revision 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 $230.1 million, increased amortization of deferred sales inducements and deferred policy acquisition costs by $36.7 million and $57.6 million, respectively, and decreased both net loss and net loss available to common stockholders by $106.5 million and reduced loss per common share - assuming dilution by $1.16 per share.
  3. Q1 2020 includes a tax benefit related to the provision of the Coronavirus Aid, Relief, and Economic Security Act, ("the CARES ACT") which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense and increased both net income and net income available to common stockholders by $30.8 million and increased earnings per common share - assuming dilution by $0.33 per share.

Page 4

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

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

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Net income available to common stockholders

$

661,250

$

37,360

$

644,207

$

25,940

Adjustments to arrive at non-GAAP operating income (loss) available to

common stockholders: (a)

Net realized gains/losses on financial assets, including credit losses

15,145

(3,175)

49,986

(245)

Change in fair value of derivatives and embedded derivatives - fixed

(1,176,909)

250,186

(873,773)

500,998

index annuities

Change in fair value of derivatives - interest rate caps and swap

-

(76)

(848)

1,414

Income taxes

250,701

(50,940)

177,804

(105,759)

Non-GAAP operating income (loss) available to common stockholders

$

(249,813)

$

233,355

$

(2,624)

$

422,348

Per common share - assuming dilution:

Net income available to common stockholders

$

7.17

$

0.41

$

7.00

$

0.28

Adjustments to arrive at non-GAAP operating income (loss) available

to common stockholders:

Anti-dilutive effect of operating loss

0.01

-

-

-

Net realized gains/losses on financial assets, including credit losses

0.16

(0.04)

0.54

-

Change in fair value of derivatives and embedded derivatives - fixed

(12.77)

2.73

(9.49)

5.46

index annuities

Change in fair value of derivatives - interest rate caps and swap

-

-

(0.01)

0.01

Income taxes

2.71

(0.56)

1.93

(1.15)

Non-GAAP operating income (loss) available to common stockholders

$

(2.72)

$

2.54

$

(0.03)

$

4.60

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

Page 5

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Net realized gains/losses on financial assets, including credit losses:

Net realized gains/losses on financial assets, including credit losses

$

21,023

$

(4,227)

$

67,956

$

1,381

Amortization of DAC and DSI

(5,878)

1,052

(17,970)

(1,626)

Income taxes

(3,271)

3,151

(10,797)

2,518

$

11,874

$

(24)

$

39,189

$

2,273

Change in fair value of derivatives and embedded derivatives:

Fixed index annuities

$

(1,935,585)

$

132,411

$

(1,432,030)

$

591,577

Interest rate caps and swap

-

(76)

(848)

1,414

Amortization of DAC and DSI

758,676

117,775

558,257

(90,579)

Income taxes

253,972

(54,091)

188,601

(108,277)

$

(922,937)

$

196,019

$

(686,020)

$

394,135

Page 6

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

Net income (loss) available to common stockholders

$

661,250

$

(253,379)

$

236,336

$

220,150

$

37,360

Adjustments to arrive at non-GAAP operating income (loss) available to

common stockholders: (a)

Net realized gains/losses on financial assets, including credit losses

15,145

18,492

16,349

7,606

(3,175)

Change in fair value of derivatives and embedded derivatives -

(1,176,909)

423,590

(120,454)

(127,777)

250,186

fixed index annuities

Change in fair value of derivatives - interest rate caps and swap

-

-

(848)

(167)

(76)

Income taxes

250,701

(95,599)

22,702

26,023

(50,940)

Non-GAAP operating income (loss) available to common stockholders

$

(249,813)

$

93,104

$

154,085

$

125,835

$

233,355

(b)(c)(d)

Per common share - assuming dilution:

Net income (loss) available to common stockholders

$

7.17

$

(2.76)

$

2.57

$

2.40

$

0.41

Adjustments to arrive at non-GAAP operating income (loss) available to

common stockholders:

Anti-dilutive effect of net loss

-

0.01

-

-

-

Anti-dilutive effect of operating loss

0.01

-

-

-

-

Net realized gains/losses on financial assets, including credit losses

0.16

0.20

0.17

0.08

(0.04)

Change in fair value of derivatives and embedded derivatives - fixed

(12.77)

4.60

(1.31)

(1.39)

2.73

index annuities

Change in fair value of derivatives - interest rate caps and swap

-

-

(0.01)

-

-

Income taxes

2.71

(1.04)

0.25

0.28

(0.56)

Non-GAAP operating income (loss) available to common stockholders

$

(2.72)

$

1.01

$

1.67

$

1.37

$

2.54

(b)(c)(d)

  1. Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income (loss) available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs where applicable.
  1. Q3 2020 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $224.4 million and $2.44 per share, respectively.
    Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million 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 $247.3 million and $2.70 per share, respectively.
  2. Q3 2020 includes expense from the revision of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $57.5 million and $91.0 million, respectively, and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share- assuming dilution by $116.5 million and $1.26 per share, respectively.
    Q3 2019 includes a benefit from the revision of assumptions which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $184.9 million and $288.3 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 $371.0 million and $4.05 per share, respectively.
  3. Q1 2020 includes a tax benefit related to the provision of the CARES ACT which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense 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 $30.8 million and $0.33 per share, respectively.

Page 7

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

Net realized (gains) losses on investments

$

22,321

$

25,888

$

20,336

$

(7,029)

$

(4,328)

Net OTTI losses recognized in operations

-

-

-

17,412

101

Change in fair value of derivatives

(203,088)

(413,489)

1,039,322

(370,973)

(79,943)

Increase (decrease) in total revenues

(180,767)

(387,601)

1,059,658

(360,590)

(84,170)

Amortization of deferred sales inducements

(303,710)

115,511

(29,683)

(37,374)

(57,408)

Change in fair value of embedded derivatives

1,732,497

(1,126,935)

1,250,061

(147,879)

(212,278)

Interest sensitive and index product benefits (a)

1,298

612

(1,321)

-

-

Amortization of deferred policy acquisition costs

(449,088)

181,129

(54,446)

(54,999)

(61,419)

Increase (decrease) in total benefits and expenses

980,997

(829,683)

1,164,611

(240,252)

(331,105)

Increase in income (loss) before income taxes

(1,161,764)

442,082

(104,953)

(120,338)

246,935

Increase (decrease) in income tax expense (benefit)

(250,701)

95,599

(22,702)

(26,023)

50,940

Increase (decrease) in net income (loss) available to common

$

(911,063)

$

346,483

$

(82,251)

$

(94,315)

$

195,995

stockholders

  1. Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits under a revised impairment model for financial assets measured at amortized cost which we were required to adopt on January 1, 2020. The change in this allowance is reflected in the net realized gains/losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

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

Capitalization/Book Value per Common Share

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

Capitalization:

Notes payable

$

500,000

$

500,000

$

500,000

$

500,000

$

500,000

Subordinated debentures payable to subsidiary trusts

78,037

77,964

77,893

159,272

247,362

Total debt

578,037

577,964

577,893

659,272

747,362

Total stockholders' equity

6,118,734

5,062,059

3,522,757

4,570,119

4,126,716

Total capitalization

6,696,771

5,640,023

4,100,650

5,229,391

4,874,078

Accumulated other comprehensive income (AOCI)

(2,112,111)

(1,719,839)

(219,974)

(1,497,921)

(1,639,429)

Total capitalization excluding AOCI (a)

$

4,584,660

$

3,920,184

$

3,880,676

$

3,731,470

$

3,234,649

Total stockholders' equity

$

6,118,734

$

5,062,059

$

3,522,757

$

4,570,119

$

4,126,716

Equity available to preferred stockholders (b)

(700,000)

(700,000)

(400,000)

(400,000)

-

Total common stockholders' equity (c)

5,418,734

4,362,059

3,122,757

4,170,119

4,126,716

Accumulated other comprehensive income

(2,112,111)

(1,719,839)

(219,974)

(1,497,921)

(1,639,429)

Total common stockholders' equity excluding AOCI (c)

3,306,623

2,642,220

2,902,783

2,672,198

2,487,287

Net impact of fair value accounting for derivatives and embedded

(237,099)

685,839

353,853

448,924

549,202

derivatives

Total common stockholders' equity excluding AOCI and the net

impact of fair value accounting for derivatives and embedded

$

3,069,524

$

3,328,059

$

3,256,636

$

3,121,122

$

3,036,489

derivatives (c)

Common shares outstanding

91,931,837

91,595,066

91,497,841

91,107,555

91,006,950

Book Value per Common Share: (d)

Book value per common share (c)

$

58.94

$

47.62

$

34.13

$

45.77

$

45.35

Book value per common share excluding AOCI (c)

$

35.97

$

28.85

$

31.73

$

29.33

$

27.33

Book value per common share excluding AOCI and the net impact of

$

33.39

$

36.33

$

35.59

$

34.26

$

33.37

fair value accounting for derivatives and embedded derivatives (c)

Debt-to-Capital Ratios: (e)

Senior debt / Total capitalization

10.9 %

12.8 %

12.9 %

13.4 %

15.5 %

Total debt / Total capitalization

12.6 %

14.7 %

14.9 %

17.7 %

23.1 %

  1. Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.
  2. Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.
  3. Total common stockholders' equity, total common stockholder's 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.
  4. 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.
  5. Debt-to-capitalratios are computed using total capitalization excluding AOCI.

Page 9

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended

September 30,

2020

2019

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

4.20%

4.53%

Average yield on invested assets

4.10%

4.12%

4.36%

4.52%

4.59%

1.71%

1.87%

Aggregate cost of money

1.66%

1.73%

1.72%

1.75%

1.84%

2.49%

2.66%

Aggregate investment spread

2.44%

2.39%

2.64%

2.77%

2.75%

Impact of:

0.06%

0.06%

Investment yield - additional prepayment income

0.10%

0.03%

0.06%

0.12%

0.11%

0.03%

0.04%

Cost of money effect of over (under) hedging

0.03%

(0.01)%

0.05%

0.05%

0.02%

$52,849,751

$50,716,178

Weighted average investments

$53,024,798

$52,901,215

$52,623,239

$52,141,459

$51,529,850

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

Summary of Cost of Money for Deferred Annuities

Nine Months Ended

September 30,

2020

2019

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

Included in interest sensitive and index product

benefits:

$

551,562

$

310,020

Index credits

$

174,747

$

97,875

$

278,940

$

277,798

$

92,343

142,917

147,425

Interest credited

47,376

46,594

48,947

49,482

49,511

Included in change in fair value of derivatives:

(560,683)

(320,381)

Proceeds received at option expiration

(178,405)

(97,015)

(285,263)

(284,624)

(95,491)

546,352

592,857

Pro rata amortization of option cost

176,481

182,841

187,030

188,984

195,354

$

680,148

$

729,921

Cost of money for deferred annuities

$

220,199

$

230,295

$

229,654

$

231,640

$

241,717

$

53,182,845

$

52,007,003

Weighted average liability balance outstanding

$

53,059,376

$

53,214,255

$

53,274,905

$

53,092,419

$

52,682,886

Annuity Account Balance Rollforward

Nine Months Ended

September 30,

2020

2019

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

$

53,233,898

$

51,053,450

Account balances at beginning of period

$

53,112,600

$

53,315,909

$

53,233,898

$

52,950,937

$

52,414,835

1,782,453

3,822,410

Net deposits

557,675

543,026

681,752

838,761

1,216,720

68,467

140,959

Premium bonuses

21,205

22,710

24,552

36,983

46,968

694,479

457,445

Fixed interest credited and index credits

222,123

144,469

327,887

327,280

141,854

(55,542)

(56,473)

Surrender charges

(16,)

(19,390)

(19,705)

(15,092)

(20,537)

(129,722)

(120,840)

Lifetime income benefit rider fees

(45,830)

(44,048)

(39,844)

(47,630)

(43,110)

(2,587,883)

(2,346,014)

Surrenders, withdrawals, deaths, etc.

(845,176)

(850,076)

(892,631)

(857,341)

(805,793)

$

53,006,150

$

52,950,937

Account balances at end of period

$

53,006,150

$

53,112,600

$

53,315,909

$

53,233,898

$

52,950,937

Page 10

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended

September 30,

2020

2019

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Q3 2019

American Equity Life:

$

1,491,564

$

3,293,458

Fixed index annuities

$

432,602

$

472,899

$

586,063

$

765,180

$

1,054,100%

6,464

9,402

Annual reset fixed rate annuities

1,817

2,316

2,331

1,843

2,340

983

1,307

Multi-year fixed rate annuities

531

83

369

306

593

25,687

7,129

Single premium immediate annuities

10,205

10,084

5,398

4,873

3,314

1,524,698

3,311,296

445,155

485,382

594,161

772,202

1,061,043

Eagle Life:

239,349

579,119

Fixed index annuities

60,476

72,371

106,502

67,784

166,081

97

193

Annual reset fixed rate annuities

39

17

41

6

-

73,386

151,572

Multi-year fixed rate annuities

68,206

1,031

4,149

81,041

79,000

312,832

730,884

128,721

73,419

110,692

148,831

245,081

Consolidated:

1,730,913

3,872,577

Fixed index annuities

493,078

545,270

692,565

832,964

1,220,877

6,561

9,595

Annual reset fixed rate annuities

1,856

2,333

2,372

1,849

2,340

74,369

152,879

Multi-year fixed rate annuities

68,737

1,114

4,518

81,347

79,593

25,687

7,129

Single premium immediate annuities

10,205

10,084

5,398

4,873

3,314

1,837,530

4,042,180

Total before coinsurance ceded

573,876

558,801

704,853

921,033

1,306,124

29,390

212,641

Coinsurance ceded

5,996

5,691

17,703

77,399

86,090

$

1,808,140

$

3,829,539

Net after coinsurance ceded

$

567,880

$

553,110

$

687,150

$

843,634

$

1,220,034

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2020:

Surrender Charge

Net Account Value

Avg.

Avg.

Avg.

Dollars in

Product Type

Years

Years

%

%

At Issue

Remaining

Remaining

Thousands

Fixed Index Annuities

12.8

6.5

10.4%

$

50,958,583

96.1 %

Annual Reset Fixed Rate Annuities

9.3

3.0

5.6%

1,407,450

2.7 %

Multi-Year Fixed Rate Annuities

6.3

1.6

4.9%

640,117

1.2 %

Total

12.6

6.3

10.2%

$

53,006,150

100.0 %

Page 11

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Fixed

Fixed Index

Surrender Charge Percentages:

Annuities

Annuities

Account Value

Account Value

No surrender charge

$

825,721

$

2,846,232

0.0% < 2.0%

16,822

275,001

2.0% < 3.0%

31,469

1,545,053

3.0% < 4.0%

59,817

1,957,048

4.0% < 5.0%

64,727

1,805,901

5.0% < 6.0%

266,924

3,077,161

6.0% < 7.0%

52,592

1,435,413

7.0% < 8.0%

88,886

5,094,333

8.0% < 9.0%

52,049

3,819,840

9.0% < 10.0%

126,967

3,747,742

10.0% or greater

461,593

25,354,859

$

2,047,567

$

50,958,583

Fixed and

Weighted

Fixed Index

Average

Surrender Charge Expiration By Year:

Annuities

Surrender

Account Value

Charge

Out of Surrender Charge

$

3,671,953

0.00 %

2020

260,408

2.64 %

2021

1,189,431

3.32 %

2022

1,684,517

4.22 %

2023

4,107,017

5.02 %

2024

5,043,124

6.58 %

2025

6,007,714

8.08 %

2026

5,177,748

9.75 %

2027

4,428,208

11.38 %

2028

4,690,673

12.28 %

2029

5,973,173

13.60 %

2030

3,513,420

15.54 %

2031

2,944,267

17.59 %

2032

2,010,489

18.17 %

2033

1,158,686

18.58 %

2034

712,963

19.05 %

2035

317,288

19.58 %

2036

115,071

20.00 %

$

53,006,150

10.19 %

Page 12

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Fixed

Fixed Index

Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:

Annuities

Annuities

Account Value

Account Value

No differential

$

959,589

$

1,261,845

› 0.0% - 0.25%

48,555

147,586

› 0.25% - 0.5%

236,229

3,353

› 0.5% - 1.0%

23,109

9,729

› 1.0% - 1.5%

11,476

-

1.00% ultimate guarantee - 1.99% wtd avg interest rate (a)

502,678

891,202

1.50% ultimate guarantee - 1.11% wtd avg interest rate (a)

141,632

3,261,157

1.75% ultimate guarantee - 1.71% wtd avg interest rate (a)

49,229

535,629

2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)

75,070

-

2.25% ultimate guarantee - 1.69% wtd avg interest rate (a)

-

730,120

3.00% ultimate guarantee - 1.98% wtd avg interest rate (a)

-

1,435,179

Allocated to index strategies (see tables that follow)

-

42,682,783

$

2,047,567

$

50,958,583

  1. The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy ranges from 0.5% - 1.75%. The ultimate guaranteed rate is applied on less than 100% of the premium.

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of September 30, 2020 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.13%.

Page 13

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

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

$

1,346

$

102,171

$

4,992,952

$

62,425

$

142,594

1.75%

- 3%

8,636,011

-

-

-

-

3% - 4%

265,296

3,638

-

-

-

4% - 5%

1,013,946

217,323

1,238,010

-

-

5% - 6%

510,330

182,458

28,498

-

-

6% - 7%

-

-

444

-

-

>= 7%

10,580

6,771

716

5,402

-

Annual Monthly Average and Point-to-Point with Participation Rates

Minimum Guaranteed Participation Rate

10%

20% - 25%

35%

50% +

Current Participation Rate

At minimum

$

94,543

$

396,064

$

89,508

$

96,074

< 20%

918,295

-

-

-

20% - 40%

1,742,696

177,087

838

-

40% - 60%

2,697,494

89,741

55,280

-

60% - 100%

649,591

-

-

-

> 100%

494,672

-

-

-

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%

Current Cap

At minimum

$

2,083,877

1.10%

- 1.30%

6,752,359

1.40%

- 1.60%

1,882,049

1.70%

- 2.00%

279,564

>= 2.10%

4,773

Volatility Control Index

Current Asset Fee

At Maximum

$

-

0.75%

- 1.75%

352,651

2.25%

- 2.75%

205,570

3.00%

- 3.50%

1,745,345

3.75%

- 5.00%

2,970,283

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 0.75% based upon prices of options for the week ended September 30, 2020.

Page 14

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Summary of Invested Assets

September 30, 2020

December 31, 2019

Carrying

Percent

Carrying

Percent

Amount

Amount

Fixed maturity securities:

United States Government full faith and credit

$

38,739

0.1 %

$

161,765

0.3 %

United States Government sponsored agencies

1,074,978

1.9 %

625,020

1.1 %

United States municipalities, states and territories

3,805,086

6.7 %

4,527,671

7.9 %

Foreign government obligations

209,233

0.4 %

205,096

0.3 %

Corporate securities

33,457,290

58.7 %

32,536,839

57.2 %

Residential mortgage backed securities

1,623,073

2.8 %

1,575,664

2.8 %

Commercial mortgage backed securities

5,478,783

9.6 %

5,786,279

10.2 %

Other asset backed securities

6,013,561

10.5 %

6,162,156

10.8 %

Total fixed maturity securities

51,700,743

90.7 %

51,580,490

90.6 %

Mortgage loans on real estate

3,926,699

6.9 %

3,448,793

6.1 %

Derivative instruments

874,741

1.5 %

1,355,989

2.4 %

Other investments

495,740

0.9 %

492,301

0.9 %

$

56,997,923

100.0 %

$

56,877,573

100.0 %

Page 15

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

Credit Quality of Fixed Maturity Securities - September 30, 2020

NAIC Designation

Carrying

Percent

Rating Agency Rating

Carrying

Percent

Amount

Amount

1

$

28,981,733

56.1 %

Aaa/Aa/A

$

29,855,053

57.8 %

2

20,682,645

40.0 %

Baa

19,893,094

38.5 %

3

1,684,689

3.3 %

Ba

1,573,650

3.0 %

4

248,133

0.5 %

B

224,170

0.4 %

5

80,048

0.1 %

Caa

65,386

0.1 %

6

23,495

- %

Ca and lower

89,390

0.2 %

$

51,700,743

100.0 %

$

51,700,743

100.0 %

Watch List Securities - September 30, 2020

Amortized

Allowance for

Amortized Cost,

Net Unrealized

General Description (a)

Losses, Net of

Fair Value

Cost

Credit Losses

Net of Allowance

Allowance

Corporate securities - Public securities

$

202,148

$

(51,430)

$

150,718

$

(23,736)

$

126,982

Corporate securities - Private placement securities

350,537

(1,615)

348,922

(22,957)

325,965

Residential mortgage backed securities

59,491

(1,221)

58,270

(501)

57,769

Commercial mortgage backed securities

250,545

(7,353)

243,192

(47,711)

195,481

Other asset backed securities

69,738

-

69,738

(8,780)

60,958

Collateralized loan obligations

74,805

-

74,805

(14,081)

60,724

$

1,007,264

$

(61,619)

$

945,645

$

(117,766)

$

827,879

  1. 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 16

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

September 30, 2020

December 31, 2019

Amortized

Fair

Amortized

Fair

Cost

Value

Cost

Value

Available for sale:

United States Government full faith and credit and sponsored agencies

$

1,060,685

$

1,113,717

$

763,164

$

786,785

United States municipalities, states and territories

3,265,276

3,805,086

4,147,343

4,527,671

Foreign government obligations

187,036

209,233

186,993

205,096

Corporate securities:

Capital goods

2,488,172

2,878,641

2,550,750

2,794,986

Consumer discretionary

6,091,509

7,064,666

6,082,974

6,658,120

Energy

2,654,458

2,774,360

2,499,030

2,677,646

Financials

6,543,633

7,381,859

6,737,325

7,323,150

Government non-guaranteed

539,175

626,339

539,639

606,308

Industrials

276,391

318,454

311,269

336,537

Information technology

1,741,574

2,043,842

1,868,131

2,051,175

Materials

1,719,670

1,959,090

1,818,048

1,961,033

Other

339,301

399,050

439,171

469,344

Telecommunications

1,488,146

1,728,726

1,510,836

1,664,350

Transportation

1,564,354

1,680,426

1,486,540

1,603,997

Utilities

3,920,669

4,601,837

3,978,459

4,390,193

Residential mortgage backed securities:

Government agency

571,424

656,909

591,100

646,787

Prime

847,250

867,660

793,357

815,916

Alt-A

84,538

98,504

93,281

112,961

Commercial mortgage backed securities:

Government agency

400,366

458,466

414,626

437,420

Non-agency

5,098,391

5,020,317

5,176,541

5,348,859

Other asset backed securities:

Auto

338,688

345,538

403,860

411,371

Energy

7,312

9,104

7,495

8,603

Financials

4,441

4,205

4,967

5,493

Industrials

142,356

139,366

167,466

171,273

Collateralized loan obligations

4,771,492

4,437,907

4,787,402

4,612,694

Military housing

466,333

549,996

471,621

539,029

Other

519,975

527,445

407,558

413,693

$

47,132,615

$

51,700,743

$

48,238,946

$

51,580,490

Page 17

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

September 30, 2020

December 31, 2019

Principal

Percent

Principal

Percent

Geographic distribution: commercial mortgage loans

East

$

701,945

18.6 %

$

645,991

18.7 %

Middle Atlantic

284,211

7.5 %

284,597

8.2 %

Mountain

,623

11.8 %

389,892

11.3 %

New England

24,921

0.6 %

9,152

0.3 %

Pacific

788,267

20.9 %

655,518

19.0 %

South Atlantic

781,906

20.7 %

751,199

21.7 %

West North Central

297,526

7.9 %

302,534

8.7 %

West South Central

451,918

12.0 %

420,031

12.1 %

$

3,778,317

100.0 %

$

3,458,914

100.0 %

Property type distribution: commercial mortgage loans

Office

$

250,523

6.6 %

$

250,287

7.3 %

Medical Office

21,022

0.6 %

29,990

0.9 %

Retail

1,199,877

31.8 %

1,225,670

35.4 %

Industrial/Warehouse

959,819

25.4 %

896,558

25.9 %

Apartment

941,858

24.9 %

858,679

24.8 %

Agricultural

208,303

5.5 %

51,303

1.5 %

Mixed use/Other

196,915

5.2 %

146,427

4.2 %

$

3,778,317

100.0 %

$

3,458,914

100.0 %

September 30, 2020

December 31, 2019

Commercial

Residential

Total

Total

Credit exposure - by payment activity

Performing

$

3,778,317

$

171,163

$

3,949,480

$

3,458,914

In workout

-

-

-

-

Delinquent

-

771

771

-

Collateral dependent

-

-

-

-

Principal outstanding

3,778,317

171,934

3,950,251

3,458,914

Unamortized discount

-

(2,838)

(2,838)

Deferred fees and costs, net

(1,827)

392

(1,435)

(942)

Amortized cost

3,776,490

169,488

3,945,978

3,457,972

Valuation allowance

(17,429)

(1,850)

(19,279)

(9,179)

Carrying value

$

3,759,061

$

167,638

$

3,926,699

$

3,448,793

Page 18

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

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

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

2019

First Quarter

$33.57

$26.34

$27.02

$0.00

Second Quarter

$30.91

$25.84

$27.16

$0.00

Third Quarter

$27.80

$20.16

$24.20

$0.00

Fourth Quarter

$30.96

$21.75

$29.93

$0.30

2018

First Quarter

$35.79

$28.90

$29.36

$0.00

Second Quarter

$37.16

$27.06

$36.00

$0.00

Third Quarter

$38.57

$34.51

$35.36

$0.00

Fourth Quarter

$36.39

$25.27

$27.94

$0.28

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 19

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Research Analyst Coverage

Erik Bass

Bob Huang

Autonomous Research US LP

Morgan Stanley Research

(646) 561-6248

(212) 761-6136

ebass@autonomous.com

Bob.Huang@morganstanley.com

Randy Binner

John Barnidge

B. Riley FBR, Inc.

Piper Sandler & Co.

(703) 312-1890

(312) 281-3412

rbinner@fbr.com

John.Barnidge@psc.com

Daniel Bergman

C. Gregory Peters

Citi Research

Raymond James & Associates, Inc.

(212) 816-2132

(727) 567-1534

daniel.bergman@citi.com

greg.peters@raymondjames.com

Thomas Gallagher

Mark A. Dwelle

Evercore ISI

RBC Capital Markets, LLC

(212) 446-9439

(804) 782-4008

thomas.gallagher@evercoreisi.com

mark.dwelle@rbccm.com

Pablo Singzon II

Mark Hughes

JP Morgan

SunTrust Robinson Humphrey

(212) 622-2295

(615) 748-4422

pablo.s.singzon@jpmorgan.com

mark.hughes@suntrust.com

Ryan Krueger

Keefe, Bruyette & Woods

  1. 722-5930rkrueger@kbw.com

Page 20

Disclaimer

American Equity Investment Life Holding Company published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 21:39:09 UTC

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