American National (ANG-PB) 8-K American Equity Reports Third Quarter 2021 Results

Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

September 30, 2021

A.	Financial Highlights
	Condensed Consolidated Balance Sheets	1
	Consolidated Statements of Operations	2
	Quarterly Summary - Most Recent 5 Quarters	3
	Non-GAAP Financial Measures
	Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items	5
	Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders	6
	Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items	7
	Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders	9
	Capitalization/Book Value per Common Share	10
	Spread Results	11
B.	Product Summary
	Summary of Cost of Money for Deferred Annuities	11
	Annuity Account Balance Rollforward	12
	Notional Values Subject to Recurring Fees Under Reinsurance Agreements	12
	Annuity Deposits by Product Type	13
	Surrender Charge Protection and Account Values by Product Type	13
	Annuity Liability Characteristics	14
C.	Investment Summary
	Summary of Invested Assets	17
	Credit Quality of Fixed Maturity Securities	17
	Watch List Securities	17
	Fixed Maturity Securities by Sector	18
	Mortgage Loans on Real Estate	19
D.	Shareholder Information	21
E.	Research Analyst Coverage	22

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2021		December 31, 2020 (a)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value	$	45,738,097	$	47,538,893
Mortgage loans on real estate	4,288,742		4,165,489
Real estate	259,262		—
Derivative instruments	990,033		1,310,954
Other investments	1,021,226		590,078
Total investments	52,297,360		53,605,414
Cash and cash equivalents	12,684,793		9,095,522
Coinsurance deposits	8,733,096		4,844,927
Accrued investment income	413,370		398,082
Deferred policy acquisition costs	2,193,889		2,225,199
Deferred sales inducements	1,545,494		1,448,375
Income taxes recoverable	—		862
Other assets	449,961		70,198
Total assets	$	78,317,963	$	71,688,579
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves	$	64,810,504	$	62,352,882
Other policy funds and contract claims	229,199		240,904
Notes payable	496,101		495,668
Subordinated debentures	78,342		78,112
Deferred income taxes	426,176		504,000
Income taxes payable	39,478		—
Other liabilities	5,862,955		1,668,025
Total liabilities	71,942,755		65,339,591
Stockholders' equity:
Preferred stock, Series A	16		16
Preferred stock, Series B	12		12
Common stock	92,513		95,721
Additional paid-in capital	1,609,039		1,681,127
Accumulated other comprehensive income	1,956,974		2,203,557
Retained earnings	2,716,654		2,368,555
Total stockholders' equity	6,375,208		6,348,988
Total liabilities and stockholders' equity	$	78,317,963	$	71,688,579

(a)The December 31, 2020 balance sheet includes reclassifications from previously reported amounts for the correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in the first quarter of 2021. This is reflected in deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, deferred income taxes and accumulated other comprehensive income.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
Revenues:
Premiums and other considerations	$	15,841	$	10,407	$	43,649	$	29,103
Annuity product charges	58,480		62,277		182,321		185,264
Net investment income	526,366		543,331		1,522,876		1,660,353
Change in fair value of derivatives	(70,701)		205,011		826,484		(409,201)
Net realized gains (losses) on investments	4,933		(22,321)		(2,764)		(68,545)
Other revenue	7,644		—		7,644		—
Loss on extinguishment of debt	—		—		—		(2,024)
Total revenues	542,563		798,705		2,580,210		1,394,950
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	18,756		13,273		51,008		36,676
Interest sensitive and index product benefits	817,014		576,147		2,106,590		1,217,358
Amortization of deferred sales inducements	(17,172)		416,983		93,283		415,396
Change in fair value of embedded derivatives	(536,404)		(1,732,497)		(545,104)		(1,855,623)
Interest expense on notes payable	6,535		6,388		19,322		19,161
Interest expense on subordinated debentures	1,342		1,323		3,994		4,232
Amortization of deferred policy acquisition costs	(1,588)		622,596		185,329		623,409
Other operating costs and expenses	56,518		42,738		177,433		128,315
Total benefits and expenses	345,001		(53,049)		2,091,855		588,924
Income before income taxes	197,562		851,754		488,355		806,026
Income tax expense	44,697		184,554		107,500		143,308
Net income	152,865		667,200		380,855		662,718
Less: Preferred stock dividends	10,918		5,950		32,756		18,511
Net income available to common stockholders	$	141,947	$	661,250	$	348,099	$	644,207
Earnings per common share	$	1.53	$	7.20	$	3.69	$	7.02
Earnings per common share - assuming dilution	$	1.53	$	7.17	$	3.67	$	7.00
Weighted average common shares outstanding (in thousands):
Earnings per common share	92,478		91,861		94,326		91,770
Earnings per common share - assuming dilution	93,044		92,163		94,867		92,071

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
Revenues:
Traditional life insurance premiums	$	697	$	708	$	706	$	701	$	708
Life contingent immediate annuity considerations	15,144		13,887		12,507		9,578		9,699
Surrender charges	16,481		18,057		19,481		17,009		16,447
Lifetime income benefit rider fees	41,999		45,702		40,601		48,954		45,830
Net investment income	526,366		499,320		497,190		521,725		543,331
Change in fair value of derivatives	(70,701)		500,880		396,305		443,867		205,011
Net realized gains (losses) on investments	4,933		(3,114)		(4,583)		(12,135)		(22,321)
Other revenue (a)	7,644		—		—		—		—
Total revenues	542,563		1,075,440		962,207		1,029,699		798,705
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits	798		502		1,049		1,091		655
Life contingent immediate annuity benefits and change in future policy benefits	17,958		15,326		15,375		11,975		12,618
Interest sensitive and index product benefits (b)	817,014		812,981		476,595		325,912		576,147
Amortization of deferred sales inducements (c)	(17,172)		(12,520)		122,975		22,768		416,983
Change in fair value of embedded derivatives (d)	(536,404)		273,713		(282,413)		568,836		(1,732,497)
Interest expense on notes payable	6,535		6,394		6,393		6,391		6,388
Interest expense on subordinated debentures	1,342		1,326		1,326		1,325		1,323
Amortization of deferred policy acquisition costs (c)	(1,588)		(16,906)		203,823		26,145		622,596
Other operating costs and expenses	56,518		65,050		55,865		55,321		42,738
Total benefits and expenses	345,001		1,145,866		600,988		1,019,764		(53,049)
Income (loss) before income taxes	197,562		(70,426)		361,219		9,935		851,754
Income tax expense (benefit)	44,697		(15,732)		78,535		1,193		184,554
Net income (loss) (a)(b)(c)	152,865		(54,694)		282,684		8,742		667,200
Less: Preferred stock dividends	10,918		10,919		10,919		15,004		5,950
Net income (loss) available to common stockholders (b)(c)(d)	$	141,947	$	(65,613)	$	271,765	$	(6,262)	$	661,250
Earnings (loss) per common share	$	1.53	$	(0.69)	$	2.84	$	(0.07)	$	7.20
Earnings (loss) per common share - assuming dilution (b)(c)(d)	$	1.53	$	(0.69)	$	2.82	$	(0.07)	$	7.17
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share	92,478		94,801		95,735		92,904		91,861
Earnings (loss) per common share - assuming dilution	93,044		95,379		96,216		93,352		92,163

(a)Other revenue consists of $2.7 million related to an asset liability management fee and $4.9 million related to amortization of the deferred gain associated with the cost of reinsurance. The deferred gain, which is recorded in Other Liabilities on the Consolidated Balance Sheet, was $292.9 million at September 30, 2021. The deferred gain consists primarily of a difference between liabilities ceded and assets transferred of $510.0 million and the present value of the ceding commissions of $127.0 million offset by a reduction in deferred policy acquisition costs of $341.4 million associated with the in-force business ceded.

(b)Q3 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $233.2 million and decreased both net income and net income available to common stockholders by $183.0 million and decreased earnings per common share - assuming dilution by $1.97 per share.

Q3 2020 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and decreased both net income and net income available to common stockholders by $224.4 million and decreased earnings per common share - assuming dilution by $2.44 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

(c)Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $51.4 million and $52.6 million, respectively, and increased both net income and net income available to common stockholders by $81.7 million and increased earnings per common share - assuming dilution by $0.88 per share.

Q3 2020 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $391.4 million and $589.2 million, respectively, and decreased both net income and net income available to common stockholders by $769.8 million and decreased earnings per common share - assuming dilution by $8.35 per share.

(d)Q3 2021 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $125.8 million and increased both net income and net income available to common stockholders by $98.7 million and increased earnings per common share - assuming dilution by $1.06 per share.

Q3 2020 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $2,111.1 million and increased both net income and net income available to common stockholders by $1,657.2 million and increased earnings per common share - assuming dilution by $17.98 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

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

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

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
Net income available to common stockholders	$	141,947	$	661,250	$	348,099	$	644,207
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses	(3,900)		15,145		2,528		49,986
Change in fair value of derivatives and embedded derivatives - fixed index annuities	(75,879)		(1,176,909)		(172,746)		(873,773)
Change in fair value of derivatives - interest rate caps and swap	—		—		—		(848)
Income taxes	17,285		250,701		36,801		177,804
Non-GAAP operating income (loss) available to common stockholders	79,453		(249,813)		214,682		(2,624)
Impact of notable items (b)	56,801		340,895		56,801		310,117
Non-GAAP operating income available to common stockholders, excluding notable items	$	136,254	$	91,082	$	271,483	$	307,493
Per common share - assuming dilution:
Net income available to common stockholders	$	1.53	$	7.17	$	3.67	$	7.00
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss	—		0.01		—		—
Net realized (gains) losses on financial assets, including credit losses	(0.04)		0.16		0.02		0.54
Change in fair value of derivatives and embedded derivatives - fixed index annuities	(0.82)		(12.77)		(1.82)		(9.49)
Change in fair value of derivatives - interest rate caps and swap	—		—		—		(0.01)
Income taxes	0.18		2.71		0.39		1.93
Non-GAAP operating income (loss) available to common stockholders	0.85		(2.72)		2.26		(0.03)
Impact of notable items	0.61		3.70		0.60		3.37
Non-GAAP operating income available to common stockholders, excluding notable items	$	1.46	$	0.98	$	2.86	$	3.34

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

Notable Items

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates	$	56,801	$	340,895	$	56,801	$	340,895
Tax benefit related to the CARES Act	—		—		—		(30,778)
Total notable items (b)	$	56,801	$	340,895	$	56,801	$	310,117

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

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

NON-GAAP FINANCIAL MEASURES

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

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2021		2020		2021		2020
Net realized (gains) losses on financial assets, including credit losses:
Net realized (gains) losses on financial assets, including credit losses	$	(4,016)	$	21,023	$	3,573	$	67,956
Amortization of DAC and DSI and accretion of LIBR reserves	116		(5,878)		(1,045)		(17,970)
Income taxes	838		(3,271)		(544)		(10,797)
	$	(3,062)	$	11,874	$	1,984	$	39,189
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities	$	(125,075)	$	(1,935,585)	$	(287,606)	$	(1,432,030)
Interest rate caps and swap	—		—		—		(848)
Amortization of DAC and DSI	49,196		758,676		114,860		558,257
Income taxes	16,447		253,972		37,345		188,601
	$	(59,432)	$	(922,937)	$	(135,401)	$	(686,020)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
Net income (loss) available to common stockholders	$	141,947	$	(65,613)	$	271,765	$	(6,262)	$	661,250
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses	(3,900)		2,912		3,516		9,369		15,145
Change in fair value of derivatives and embedded derivatives - fixed index annuities	(75,879)		200,767		(297,634)		90,616		(1,176,909)
Income taxes	17,285		(44,278)		63,794		(21,996)		250,701
Non-GAAP operating income (loss) available to common stockholders (b)(c)	79,453		93,788		41,441		71,727		(249,813)
Impact of notable items (d)	56,801		—		—		—		340,895
Non-GAAP operating income available to common stockholders, excluding notable items	$	136,254	$	93,788	$	41,441	$	71,727	$	91,082
Per common share - assuming dilution:
Net income (loss) available to common stockholders	$	1.53	$	(0.69)	$	2.82	$	(0.07)	$	7.17
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss	—		—		—		—		0.01
Net realized (gains) losses on financial assets, including credit losses	(0.04)		0.03		0.04		0.10		0.16
Change in fair value of derivatives and embedded derivatives - fixed index annuities	(0.82)		2.10		(3.09)		0.97		(12.77)
Income taxes	0.18		(0.46)		0.66		(0.23)		2.71
Non-GAAP operating income (loss) available to common stockholders (b)(c)	0.85		0.98		0.43		0.77		(2.72)
Impact of notable items (d)	0.61		—		—		—		3.70
Non-GAAP operating income available to common stockholders, excluding notable items	$	1.46	$	0.98	$	0.43	$	0.77	$	0.98

Notable Items

	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates (b)(c)	$	56,801	$	—	$	—	$	—	$	340,895
Total notable items (d)	$	56,801	$	—	$	—	$	—	$	340,895

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

(b)Q3 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $233.2 million and decreased both non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per share - assuming dilution by $183.0 million and $1.97 per share, respectively.

Q3 2020 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $224.4 million and $2.44 per share, respectively.

(c)Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $73.8 million and $87.0 million, respectively, and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $126.2 million and $1.36 per share, respectively.

Q3 2020 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $57.5 million and $91.0 million, respectively, and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $116.5 million and $1.26 per share, respectively.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
Net realized (gains) losses on investments	$	(4,933)	$	3,114	$	4,583	$	12,135	$	22,321
Change in fair value of derivatives	411,330		57,555		(211,387)		(416,450)		(203,088)
Increase (decrease) in total revenues	406,397		60,669		(206,804)		(404,315)		(180,767)
Amortization of deferred sales inducements	(17,682)		52,074		(69,788)		22,785		(303,710)
Change in fair value of embedded derivatives	536,404		(273,713)		282,413		(568,836)		1,732,497
Interest sensitive and index product benefits (a)	(944)		227		(145)		761		1,298
Amortization of deferred policy acquisition costs	(31,602)		78,402		(125,166)		40,990		(449,088)
Increase (decrease) in total benefits and expenses	486,176		(143,010)		87,314		(504,300)		980,997
Increase in income (loss) before income taxes	(79,779)		203,679		(294,118)		99,985		(1,161,764)
Increase (decrease) in income tax expense (benefit)	(17,285)		44,278		(63,794)		21,996		(250,701)
Increase (decrease) in net income (loss) available to common stockholders	$	(62,494)	$	159,401	$	(230,324)	$	77,989	$	(911,063)

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

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

Capitalization/Book Value per Common Share

	Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020
Capitalization:
Notes payable	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Subordinated debentures payable to subsidiary trusts	78,342			78,264			78,187			78,112			78,037
Total debt	578,342			578,264			578,187			578,112			578,037
Total stockholders’ equity (a)	6,375,208			6,295,735			5,928,760			6,348,988			5,918,216
Total capitalization (a)	6,953,550			6,873,999			6,506,947			6,927,100			6,496,253
Accumulated other comprehensive income (AOCI) (a)	(1,956,974)			(2,023,911)			(1,505,260)			(2,203,557)			(1,911,593)
Total capitalization excluding AOCI (b)	$	4,996,576		$	4,850,088		$	5,001,687		$	4,723,543		$	4,584,660
Total stockholders’ equity (a)	$	6,375,208		$	6,295,735		$	5,928,760		$	6,348,988		$	5,918,216
Equity available to preferred stockholders (c)	(700,000)			(700,000)			(700,000)			(700,000)			(700,000)
Total common stockholders' equity (a)(d)	5,675,208			5,595,735			5,228,760			5,648,988			5,218,216
Accumulated other comprehensive income (a)	(1,956,974)			(2,023,911)			(1,505,260)			(2,203,557)			(1,911,593)
Total common stockholders’ equity excluding AOCI (d)	3,718,234			3,571,824			3,723,500			3,445,431			3,306,623
Net impact of fair value accounting for derivatives and embedded derivatives	(265,018)			(242,423)			(399,538)			(166,453)			(237,099)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)	$	3,453,216		$	3,329,401		$	3,323,962		$	3,278,978		$	3,069,524
Common shares outstanding	92,513,517			92,553,825			95,482,733			95,720,622			91,931,837
Book Value per Common Share: (e)
Book value per common share (a)	$	61.34		$	60.46		$	54.76		$	59.02		$	56.76
Book value per common share excluding AOCI (d)	$	40.19		$	38.59		$	39.00		$	35.99		$	35.97
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)	$	37.33		$	35.97		$	34.81		$	34.26		$	33.39
Debt-to-Capital Ratios: (f)
Senior debt / Total capitalization	10.0		%	10.3		%	10.0		%	10.6		%	10.9		%
Total debt / Total capitalization	11.6		%	11.9		%	11.6		%	12.2		%	12.6		%

(a)Q3 2020 and Q4 2020 include the impact of a correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in Q1 2021. This had the impact of reducing AOCI as of December 31, 2020 by $225.7 million and decreased book value per common share by $2.35 compared to amounts previously reported.

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

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

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

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

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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended   September 30,
2021	2020		Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020
3.71%	4.20%	Average yield on invested assets	3.91%	3.51%	3.58%	3.88%	4.10%
1.55%	1.71%	Aggregate cost of money	1.51%	1.56%	1.58%	1.63%	1.66%
2.16%	2.49%	Aggregate investment spread	2.40%	1.95%	2.00%	2.25%	2.44%
		Impact of:
0.11%	0.06%	Investment yield - additional prepayment income	0.12%	0.10%	0.11%	0.11%	0.10%
0.05%	0.03%	Cost of money effect of over (under) hedging	0.08%	0.04%	0.02%	0.01%	0.03%
$54,865,298	$52,849,751	Weighted average investments	$53,781,352	$56,991,393	$55,712,648	$53,836,378	$53,024,798
54,197,140	53,085,683	Ending investments	54,197,140	57,144,563	56,838,224	54,587,072	53,085,683

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

Summary of Cost of Money for Deferred Annuities

Nine Months Ended   September 30,
2021		2020			Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
				Included in interest sensitive and index product benefits:
$	1,535,320	$	551,562	Index credits	$	475,292	$	714,291	$	345,737	$	195,927	$	174,747
181,918		142,917		Interest credited	62,804		62,637		56,477		49,551		47,376
				Included in change in fair value of derivatives:
(1,559,495)		(560,683)		Proceeds received at option expiration	(489,902)		(720,474)		(349,119)		(197,921)		(178,405)
476,616		546,352		Pro rata amortization of option cost	150,262		162,124		164,230		170,505		176,481
$	634,359	$	680,148	Cost of money for deferred annuities	$	198,456	$	218,578	$	217,325	$	218,062	$	220,199
$	54,600,512	$	53,182,845	Weighted average liability balance outstanding	$	52,644,622	$	56,221,809	$	54,935,106	$	53,531,441	$	53,059,376

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands, except per share data)

Annuity Account Balance Rollforward

Nine Months Ended   September 30,
2021		2020			Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
$	54,056,725	$	53,233,898	Account balances at beginning of period	$	56,630,138	$	55,813,480	$	54,056,725	$	53,006,150	$	53,112,600
(4,279,394)		—		Reserves ceded - in-force	(4,279,394)		—		—		—		—
49,777,331		53,233,898		Account balance at beginning of period, net of reinsurance ceded	52,350,744		55,813,480		54,056,725		53,006,150		53,112,600
4,669,315		1,782,453		Net deposits	1,090,461		1,161,125		2,417,729		1,830,816		557,675
71,684		68,467		Premium bonuses	22,021		24,813		24,850		25,143		21,205
1,717,238		694,479		Fixed interest credited and index credits	538,096		776,928		402,214		245,478		222,123
(54,019)		(55,542)		Surrender charges	(16,481)		(18,057)		(19,481)		(17,009)		(16,447)
(128,302)		(129,722)		Lifetime income benefit rider fees	(41,999)		(45,702)		(40,601)		(48,954)		(45,830)
(3,114,754)		(2,587,883)		Surrenders, withdrawals, deaths, etc.	(1,004,349)		(1,082,449)		(1,027,956)		(984,899)		(845,176)
$	52,938,493	$	53,006,150	Account balances at end of period	$	52,938,493	$	56,630,138	$	55,813,480	$	54,056,725	$	53,006,150
$	2,245,040	$	1,821,169	Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment	$	2,245,040	$	2,007,394	$	1,973,223	$	1,900,487	$	1,821,169

Notional Values Subject to Recurring Fees Under Reinsurance Agreements

Nine Months Ended   September 30,
2021		2020			Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
$	3,736,355	$	—	Initial cash surrender value of in-force business ceded (a)	$	3,736,355	$	—	$	—	$	—	$	—
164,185		—		Initial cash surrender value of flow business ceded (b)	164,185		—		—		—		—

(a)The in-force business ceded as of September 30, 2021 to Brookfield Asset Management Re receives an annual ceding commission equal to 49 basis points and an annual asset liability management fee equal to 30 basis points calculated based on initial cash surrender value of liabilities ceded. These annual fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties.

(b)The flow business ceded as of September 30, 2021 to Brookfield Asset Management Re receives an annual ceding commission equal to 140 basis points and an annual asset liability management fee equal to 30 basis points calculated based on initial cash surrender value of liabilities ceded. These annual fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended   September 30,
2021		2020			Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020
				American Equity Life:
$	1,947,241	$	1,491,564	Fixed index annuities	$	727,641	$	702,605	$	516,995	$	500,495	$	432,602
5,285		6,464		Annual reset fixed rate annuities	1,462		1,656		2,167		1,664		1,817
849,062		983		Multi-year fixed rate annuities	14,196		47,674		787,192		394,999		531
45,671		25,687		Single premium immediate annuities	16,282		15,430		13,959		7,774		10,205
2,847,259		1,524,698			759,581		767,365		1,320,313		904,932		445,155
				Eagle Life:
520,967		239,349		Fixed index annuities	187,611		184,520		148,836		106,170		60,476
337		97		Annual reset fixed rate annuities	—		175		162		—		39
1,556,391		73,386		Multi-year fixed rate annuities	362,769		228,197		965,425		833,765		68,206
2,077,695		312,832			550,380		412,892		1,114,423		939,935		128,721
				Consolidated:
2,468,208		1,730,913		Fixed index annuities	915,252		887,125		665,831		606,665		493,078
5,622		6,561		Annual reset fixed rate annuities	1,462		1,831		2,329		1,664		1,856
2,405,453		74,369		Multi-year fixed rate annuities	376,965		275,871		1,752,617		1,228,764		68,737
45,671		25,687		Single premium immediate annuities	16,282		15,430		13,959		7,774		10,205
4,924,954		1,837,530		Total before coinsurance ceded	1,309,961		1,180,257		2,434,736		1,844,867		573,876
209,968		29,390		Coinsurance ceded	203,218		3,702		3,048		6,277		5,996
$	4,714,986	$	1,808,140	Net after coinsurance ceded	$	1,106,743	$	1,176,555	$	2,431,688	$	1,838,590	$	567,880

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2021:

	Surrender Charge			Net Account Value
Product Type	Avg. Years At Issue	Avg. Years Remaining	Avg. % Remaining	Dollars in Thousands		%
Fixed Index Annuities	12.8	5.6	9.0%	$	47,343,398	89.4	%
Annual Reset Fixed Rate Annuities	8.6	2.4	4.6%	1,396,436		2.7	%
Multi-Year Fixed Rate Annuities	4.0	2.8	8.5%	4,198,659		7.9	%
Total	12.0	5.3	8.8%	$	52,938,493	100.0	%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No surrender charge	$	870,624	$	3,391,529
0.0% < 2.0%	43,833		1,183,380
2.0% < 3.0%	60,933		3,462,733
3.0% < 4.0%	74,092		1,997,991
4.0% < 5.0%	106,566		2,616,027
5.0% < 6.0%	50,693		2,827,075
6.0% < 7.0%	61,360		3,136,458
7.0% < 8.0%	64,239		3,188,685
8.0% < 9.0%	141,324		3,394,191
9.0% < 10.0%	3,734,375		3,664,393
10.0% or greater	387,056		18,480,936
	$	5,595,095	$	47,343,398

Surrender Charge Expiration By Year:	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
Out of Surrender Charge	$	4,262,153	0.00	%
2021	339,887		2.71	%
2022	1,556,757		2.73	%
2023	4,821,166		4.64	%
2024	6,336,133		5.89	%
2025	6,067,967		6.24	%
2026	6,198,532		8.25	%
2027	4,310,393		9.86	%
2028	3,940,219		10.76	%
2029	4,086,648		12.03	%
2030	2,935,656		14.35	%
2031	3,678,975		15.31	%
2032	1,957,432		17.56	%
2033	1,133,130		18.12	%
2034	716,047		18.56	%
2035	354,586		19.07	%
2036	157,194		19.60	%
2037	85,618		20.00	%
	$	52,938,493	8.81	%

Page 14

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:	Fixed Annuities Account Value		Fixed Index Annuities Account Value
No differential	$	977,575	$	1,133,503
› 0.00% - 0.25%	42,032		129,948
› 0.25% - 0.50%	226,316		6,388
› 0.50% - 1.00%	6,967		882
› 1.00% - 1.50%	10,914		—
1.00% ultimate guarantee - 2.14% wtd avg interest rate (a)	4,082,018		876,578
1.50% ultimate guarantee - 1.08% wtd avg interest rate (a)	133,463		2,940,603
1.75% ultimate guarantee - 1.78% wtd avg interest rate (a)	48,439		302,751
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)	67,371		—
2.25% ultimate guarantee - 1.64% wtd avg interest rate (a)	—		614,805
3.00% ultimate guarantee - 1.95% wtd avg interest rate (a)	—		1,253,600
Allocated to index strategies (see tables that follow)	—		40,084,340
	$	5,595,095	$	47,343,398

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

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of September 30, 2021 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.13%.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

FIXED INDEX ANNUITIES ACCOUNT VALUE - INDEX STRATEGIES

Annual Monthly Average and Point-to-Point with Caps
	Minimum Guaranteed Cap
	1%		3%		4%		7%		8% +
Current Cap
At minimum	$	1,269	$	94,841	$	4,776,825	$	57,009	$	128,169
1.75% - 3%	7,985,608		—		—		—		—
3% - 4%	208,041		2,054		—		—		—
4% - 5%	1,793,063		206,081		990,208		—		—
5% - 6%	688,302		186,365		28,556		—		—
6% - 7%	2,065		—		741		—		—
>= 7%	—		8,124		605		4,717		—

Annual Monthly Average and Point-to-Point with Participation Rates
	Minimum Guaranteed Participation Rate
	10%		20% - 25%		35%		50% +
Current Participation Rate
At minimum	$	137,948	$	505,442	$	82,486	$	88,507
< 20%	1,562,664		—		—		—
20% - 40%	3,407,021		287,414		6,111		—
40% - 60%	426,869		13,044		40,490		—
60% - 100%	766,574		—		—		—
> 100%	935,686		—		—		—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum	$	1,769,059
1.10% - 1.30%	5,834,268
1.40% - 1.60%	1,804,754
1.70% - 2.00%	324,401
>= 2.10%	15,734

Volatility Control Index
Current Asset Fee
At Maximum	$	—
0.75% - 1.75%	372,320
2.00% - 2.75%	176,772
3.00% - 3.50%	1,075,244
3.75% - 5.25%	3,149,972

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums, the cost of options would decrease by 0.73% based upon prices of options for the week ended October 1, 2021.

Page 16

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Summary of Invested Assets

	September 30, 2021				December 31, 2020
	Carrying Amount		Percent		Carrying Amount		Percent
Fixed maturity securities:
United States Government full faith and credit	$	38,486	0.1	%	$	39,771	0.1	%
United States Government sponsored agencies	1,043,351		2.0	%	1,039,551		1.9	%
United States municipalities, states and territories	3,596,256		6.9	%	3,776,131		7.0	%
Foreign government obligations	195,341		0.4	%	202,706		0.4	%
Corporate securities	31,021,887		59.3	%	31,156,827		58.1	%
Residential mortgage backed securities	1,053,983		2.0	%	1,512,831		2.8	%
Commercial mortgage backed securities	4,138,078		7.9	%	4,261,227		8.0	%
Other asset backed securities	4,650,715		8.9	%	5,549,849		10.4	%
Total fixed maturity securities	45,738,097		87.5	%	47,538,893		88.7	%
Mortgage loans on real estate	4,288,742		8.2	%	4,165,489		7.8	%
Real estate	259,262		0.5	%	—		—	%
Derivative instruments	990,033		1.9	%	1,310,954		2.4	%
Other investments	1,021,226		1.9	%	590,078		1.1	%
	$	52,297,360	100.0	%	$	53,605,414	100.0	%

Credit Quality of Fixed Maturity Securities - September 30, 2021

NAIC Designation	Carrying Amount		Percent		Rating Agency Rating	Carrying Amount		Percent
1	$	25,508,437	55.8	%	Aaa/Aa/A	$	26,662,952	58.3	%
2	18,928,256		41.4	%	Baa	18,109,280		39.6	%
3	1,107,418		2.4	%	Ba	786,584		1.7	%
4	157,196		0.3	%	B	79,414		0.2	%
5	15,860		—	%	Caa	40,126		0.1	%
6	20,930		0.1	%	Ca and lower	59,741		0.1	%
	$	45,738,097	100.0	%		$	45,738,097	100.0	%

Watch List Securities - September 30, 2021

General Description (a)	Amortized Cost		Allowance for Credit Losses		Amortized Cost, Net of Allowance		Net Unrealized Losses, Net of Allowance		Fair Value
Corporate securities - Public securities	$	6,351	$	(209)	$	6,142	$	—	$	6,142
Corporate securities - Private placement securities	36,589		(797)		35,792		(742)		35,050
Residential mortgage backed securities	21,470		(296)		21,174		(284)		20,890
Commercial mortgage backed securities	68,232		—		68,232		(2,989)		65,243
United States municipalities, states and territories	19,044		(2,772)		16,272		(575)		15,697
	$	151,686	$	(4,074)	$	147,612	$	(4,590)	$	143,022

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

Page 17

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

	September 30, 2021				December 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies	$	1,046,092	$	1,081,837	$	1,032,936	$	1,079,322
United States municipalities, states and territories	3,142,857		3,596,256		3,236,767		3,776,131
Foreign government obligations	177,101		195,341		177,062		202,706
Corporate securities:
Capital goods	2,273,954		2,612,972		2,295,927		2,721,465
Consumer discretionary	5,857,998		6,686,473		5,674,845		6,734,249
Energy	1,951,542		2,207,667		2,140,768		2,359,893
Financials	6,215,665		6,965,987		5,971,097		6,877,472
Government non-guaranteed	496,262		571,543		539,148		632,178
Industrials	377,678		420,393		276,352		319,823
Information technology	1,636,824		1,851,285		1,556,654		1,840,942
Materials	1,561,874		1,770,068		1,543,032		1,803,501
Other	287,547		334,297		315,628		370,204
Telecommunications	1,541,013		1,736,390		1,340,484		1,582,329
Transportation	1,303,221		1,441,665		1,362,858		1,511,499
Utilities	3,838,830		4,423,147		3,728,403		4,403,272
Residential mortgage backed securities:
Government agency	479,278		529,059		549,677		627,201
Prime	438,637		445,575		771,031		788,933
Alt-A	62,923		79,349		79,248		96,697
Commercial mortgage backed securities:
Government agency	382,685		422,726		398,141		447,726
Non-agency	3,581,048		3,715,352		3,721,509		3,813,501
Other asset backed securities:
Auto	168,011		174,115		258,286		266,065
Energy	7,103		8,320		7,301		8,946
Financials	4,441		4,364		4,441		3,911
Industrials	39,320		40,637		60,894		61,147
Collateralized loan obligations	3,416,238		3,370,252		4,255,839		4,112,318
Military housing	466,176		536,627		464,684		538,356
Other	493,222		516,400		541,724		559,106
	$	41,247,540	$	45,738,097	$	42,304,736	$	47,538,893

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

	September 30, 2021				December 31, 2020
	Principal		Percent		Principal		Percent
Geographic distribution: commercial mortgage loans
East	$	672,882	20.2	%	$	699,741	19.5	%
Middle Atlantic	292,152		8.8	%	281,971		7.9	%
Mountain	349,747		10.5	%	391,025		10.9	%
New England	24,325		0.7	%	24,774		0.7	%
Pacific	634,074		19.1	%	659,743		18.4	%
South Atlantic	746,152		22.5	%	832,739		23.3	%
West North Central	243,396		7.3	%	266,050		7.4	%
West South Central	362,643		10.9	%	424,111		11.9	%
	$	3,325,371	100.0	%	$	3,580,154	100.0	%
Property type distribution: commercial mortgage loans
Office	$	290,702	8.7	%	$	297,065	8.3	%
Medical Office	15,752		0.5	%	20,584		0.6	%
Retail	1,062,830		32.0	%	1,187,484		33.2	%
Industrial/Warehouse	902,412		27.1	%	929,325		25.9	%
Apartment	885,655		26.6	%	939,084		26.2	%
Mixed use/Other	168,020		5.1	%	206,612		5.8	%
	$	3,325,371	100.0	%	$	3,580,154	100.0	%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Unaudited (Dollars in thousands)

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

Page 20

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Shareholder Information

Corporate Offices:

American Equity Investment Life Holding Company

6000 Westown Parkway

West Des Moines, IA 50266

Inquiries:

Steven Schwartz, Vice President-Investor Relations

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

Common Stock and Dividend Information:

New York Stock Exchange symbol: “AEL”

	High	Low	Close	Dividend Declared
2021
First Quarter	$32.54	$26.21	$31.53	$0.00
Second Quarter	$33.68	$29.18	$32.32	$0.00
Third Quarter	$33.79	$27.12	$29.57	$0.00
2020
First Quarter	$34.16	$9.07	$18.80	$0.00
Second Quarter	$27.09	$14.76	$24.71	$0.00
Third Quarter	$27.32	$19.06	$21.99	$0.00
Fourth Quarter	$34.25	$22.37	$27.66	$0.32
2019
First Quarter	$33.57	$26.34	$27.02	$0.00
Second Quarter	$30.91	$25.84	$27.16	$0.00
Third Quarter	$27.80	$20.16	$24.20	$0.00
Fourth Quarter	$30.96	$21.75	$29.93	$0.30

Transfer Agent:

Computershare Trust Company, N.A.

P.O. Box 43010

Providence, RI 02940-0310

Phone: (877) 282-1169

Fax: (781) 575-2723

www.computershare.com

Annual Report and Other Information:

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

Page 21

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2021

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

ebass@autonomous.com

Wilma Burdis

Credit Suisse Securities

Equity Research | Life Insurance

(919) 306-1023

wilma.burdis@credit-suisse.com

Thomas Gallagher

Evercore ISI

(212) 446-9439

thomas.gallagher@evercoreisi.com

Pablo Singzon II

JP Morgan

(212) 622-2295

pablo.s.singzon@jpmorgan.com

Ryan Krueger

Keefe, Bruyette & Woods

(860) 722-5930

rkrueger@kbw.com

Nigel Dally

Morgan Stanley Research

(212) 761-4132

Nigel.Dally@morganstanley.com

John Barnidge

Piper Sandler & Co.

(312) 281-3412

John.Barnidge@psc.com

C. Gregory Peters

Raymond James & Associates, Inc.

(727) 567-1534

greg.peters@raymondjames.com

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

mark.dwelle@rbccm.com

Mark Hughes

Truist Securities

(615) 748-4422

mark.hughes@research.truist.com

Page 22