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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number : 001-31911
American Equity Investment Life Holding Company
(Exact name of registrant as specified in its charter)
Iowa42-1447959
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
6000 Westown Parkway
West Des Moines, Iowa 50266
(Address of principal executive offices, including zip code)
(515) 221-0002
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $1AELNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AAELPRANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series BAELPRBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of August 2, 2022, there were 87,638,191 shares of the registrant's common stock, $1 par value, outstanding.



TABLE OF CONTENTS
Page




PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)
June 30, 2022December 31, 2021
(Unaudited)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value (amortized cost of $48,468,027 as of 2022 and $46,999,183 as of 2021; allowance for credit losses of $6,187 as of 2022 and $2,846 as of 2021)
$45,323,775 $51,305,943 
Mortgage loans on real estate (net of allowance for credit losses of $32,388 as of 2022 and $24,024 as of 2021)
6,228,616 5,687,998 
Real estate investments related to consolidated variable interest entities672,475 337,939 
Derivative instruments200,781 1,277,480 
Other investments (2022 and 2021 include $548,576 and $168,711 related to consolidated variable interest entities)
2,112,169 1,767,144 
Total investments54,537,816 60,376,504 
Cash and cash equivalents (2022 and 2021 include $33,525 and $23,763 related to consolidated variable interest entities)
1,287,225 4,508,982 
Coinsurance deposits (net of allowance for credit losses of $6,644 as of 2022 and $2,264 as of 2021)
8,600,297 8,850,608 
Accrued investment income (2022 and 2021 include $1,378 and $3 related to consolidated variable interest entities)
492,539 445,097 
Deferred policy acquisition costs3,474,319 2,222,769 
Deferred sales inducements2,380,288 1,546,073 
Deferred income taxes76,936  
Income taxes recoverable135,241 166,586 
Other assets (2022 and 2021 include $4,430 and $1,524 related to consolidated variable interest entities)
678,605 232,490 
Total assets$71,663,266 $78,349,109 
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves$62,280,575 $65,477,778 
Other policy funds and contract claims522,763 226,844 
Notes payable496,552 496,250 
Subordinated debentures78,584 78,421 
Deferred income taxes 541,972 
Funds withheld for reinsurance liabilities2,936,366 3,124,740 
Other liabilities (2022 and 2021 include $75,176 and $20,168 related to consolidated variable interest entities)
1,465,040 2,079,977 
Total liabilities67,779,880 72,025,982 
Stockholders' equity:
Preferred stock, Series A; par value $1 per share; $400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2022 and 2021 - 16,000 shares
16 16 
Preferred stock, Series B; par value $1 per share; $300,000 aggregate liquidation preference; 12,000 shares authorized; issued and outstanding: 2022 and 2021 - 12,000 shares
12 12 
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding:
     2022 - 90,168,512 shares (excluding 19,220,002 treasury shares);
     2021 - 92,513,517 shares (excluding 9,936,715 treasury shares)
90,169 92,514 
Additional paid-in capital1,507,601 1,614,374 
Accumulated other comprehensive income (loss)(1,387,968)1,848,789 
Retained earnings3,672,387 2,767,422 
Total stockholders' equity attributable to American Equity Investment Life Holding Company3,882,217 6,323,127 
Noncontrolling interests1,169  
Total stockholders' equity3,883,386 6,323,127 
Total liabilities and stockholders' equity$71,663,266 $78,349,109 
See accompanying notes to unaudited consolidated financial statements.
2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2022202120222021
Revenues:
Premiums and other considerations$3,831 $14,595 $13,909 $27,808 
Annuity product charges55,514 63,759 107,869 123,841 
Net investment income592,308 499,320 1,159,731 996,510 
Change in fair value of derivatives(506,181)500,880 (983,700)897,185 
Net realized losses on investments(33,272)(3,114)(46,399)(7,697)
Other revenue9,195  17,784  
Total revenues121,395 1,075,440 269,194 2,037,647 
Benefits and expenses:
Insurance policy benefits and change in future policy benefits7,091 15,828 19,729 32,252 
Interest sensitive and index product benefits234,855 812,981 607,517 1,289,576 
Amortization of deferred sales inducements90,446 (12,520)233,991 110,455 
Change in fair value of embedded derivatives(885,984)273,713 (2,279,633)(8,700)
Interest expense on notes payable6,461 6,394 12,886 12,787 
Interest expense on subordinated debentures1,346 1,326 2,663 2,652 
Amortization of deferred policy acquisition costs142,354 (16,906)367,780 186,917 
Other operating costs and expenses59,923 65,050 118,043 120,915 
Total benefits and expenses(343,508)1,145,866 (917,024)1,746,854 
Income (loss) before income taxes464,903 (70,426)1,186,218 290,793 
Income tax expense (benefit)104,327 (15,732)259,419 62,803 
Net income (loss)360,576 (54,694)926,799 227,990 
Less: Net income (loss) available to noncontrolling interests(4) (4) 
Net income (loss) available to American Equity Investment Life Holding Company stockholders360,580 (54,694)926,803 227,990 
Less: Preferred stock dividends10,919 10,919 21,838 21,838 
Net income (loss) available to American Equity Investment Life Holding Company common stockholders$349,661 $(65,613)$904,965 $206,152 
Earnings (loss) per common share$3.78 $(0.69)$9.56 $2.16 
Earnings (loss) per common share - assuming dilution$3.74 $(0.69)$9.46 $2.15 
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share92,544 94,801 94,693 95,265 
Earnings (loss) per common share - assuming dilution93,375 95,379 95,652 95,795 
See accompanying notes to unaudited consolidated financial statements.
3

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
(Unaudited)
Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2022202120222021
Net income (loss)$360,576 $(54,694)$926,799 $227,990 
Other comprehensive income (loss):
Change in net unrealized investment gains/losses (1)(1,824,723)657,759 (4,088,638)(222,750)
Reclassification of unrealized investment gains/losses to net income (loss) (1)(12,968)(1,240)(12,145)(4,651)
Other comprehensive income (loss) before income tax(1,837,691)656,519 (4,100,783)(227,401)
Income tax effect related to other comprehensive income (loss)386,017 (137,868)864,026 47,755 
Other comprehensive income (loss)(1,451,674)518,651 (3,236,757)(179,646)
Comprehensive income (loss)$(1,091,098)$463,957 $(2,309,958)$48,344 
(1)Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves.
See accompanying notes to unaudited consolidated financial statements.
4

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Dollars in thousands)
(Unaudited)
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Noncontrolling
Interest
Total
Stockholders'
Equity
For the three months ended June 30, 2022
Balance at March 31, 2022$28 $95,020 $1,689,606 $63,706 $3,322,726 $1,084 $5,172,170 
Net income (loss) for period— — — — 360,580 (4)360,576 
Other comprehensive loss— — — (1,451,674)— — (1,451,674)
Share-based compensation— — 824 — — — 824 
Issuance of common stock— 94 1,210 — — — 1,304 
Treasury stock acquired, common— (4,945)(184,039)— — — (188,984)
Dividends on preferred stock— — — — (10,919)— (10,919)
Contributions from noncontrolling interests— — — — — 89 89 
Balance at June 30, 2022$28 $90,169 $1,507,601 $(1,387,968)$3,672,387 $1,169 $3,883,386 
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income
Retained
Earnings
Noncontrolling
Interest
Total
Stockholders'
Equity
For the three months ended June 30, 2021
Balance at March 31, 2021$28 $95,483 $1,687,669 $1,505,260 $2,640,320 $ $5,928,760 
Net loss for period— — — — (54,694) (54,694)
Other comprehensive income— — — 518,651 — — 518,651 
Share-based compensation— — 8,860 — — — 8,860 
Issuance of common stock— 57 97 — — — 154 
Treasury stock acquired, common— (2,986)(92,091)— — — (95,077)
Dividends on preferred stock— — — — (10,919)— (10,919)
Balance at June 30, 2021$28 $92,554 $1,604,535 $2,023,911 $2,574,707 $ $6,295,735 
5

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Dollars in thousands)
(Unaudited)
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Noncontrolling
Interest
Total
Stockholders'
Equity
For the six months ended June 30, 2022
Balance at December 31, 2021$28 $92,514 $1,614,374 $1,848,789 $2,767,422 $ $6,323,127 
Net income (loss) for period— — — — 926,803 (4)926,799 
Other comprehensive loss— — — (3,236,757)— — (3,236,757)
Share-based compensation
— — 6,420 — — — 6,420 
Issuance of common stock— 7,052 245,790 — — — 252,842 
Treasury stock acquired, common— (9,397)(358,983)— — — (368,380)
Dividends on preferred stock— — — — (21,838)— (21,838)
Contributions from noncontrolling interests— — — — — 1,173 1,173 
Balance at June 30, 2022$28 $90,169 $1,507,601 $(1,387,968)$3,672,387 $1,169 $3,883,386 
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income
Retained
Earnings
Noncontrolling
Interest
Total
Stockholders'
Equity
For the six months ended June 30, 2021
Balance at December 31, 2020$28 $95,721 $1,681,127 $2,203,557 $2,368,555 $ $6,348,988 
Net income for period— — — — 227,990  227,990 
Other comprehensive loss— — — (179,646)— — (179,646)
Share-based compensation
— — 13,156 — — — 13,156 
Issuance of common stock— 459 4,701 — — — 5,160 
Treasury stock acquired, common— (3,626)(94,449)— — — (98,075)
Dividends on preferred stock— — — — (21,838)— (21,838)
Balance at June 30, 2021$28 $92,554 $1,604,535 $2,023,911 $2,574,707 $ $6,295,735 
See accompanying notes to unaudited consolidated financial statements.
6

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Six Months Ended 
 June 30,
20222021
Operating activities
Net income$926,799 $227,990 
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits607,517 1,289,576 
Amortization of deferred sales inducements233,991 110,455 
Annuity product charges(107,869)(123,841)
Change in fair value of embedded derivatives(2,279,633)(8,700)
Change in traditional life and accident and health insurance reserves(16,585)11,340 
Policy acquisition costs deferred(104,913)(180,158)
Amortization of deferred policy acquisition costs367,780 186,917 
Provision for depreciation and other amortization10,264 2,771 
Amortization of discounts and premiums on investments(4,711)15,444 
Realized gains/losses on investments46,399 7,697 
Distributions from equity method investments2,204 9,934 
Change in fair value of derivatives983,700 (897,185)
Deferred income taxes245,118 27,386 
Share-based compensation6,420 13,156 
Change in accrued investment income(47,442)689 
Change in income taxes recoverable/payable31,345 (40,157)
Change in other assets(29,655)233 
Change in other policy funds and contract claims293,303 (9,728)
Change in collateral held for derivatives(1,051,808)156,410 
Change in funds withheld from reinsurers213,493  
Change in other liabilities84,036 (149,371)
Other(97,383)(26,614)
Net cash provided by operating activities312,370 624,244 
Investing activities
Sales, maturities, or repayments of investments:
Fixed maturity securities, available for sale3,456,943 2,533,134 
Mortgage loans on real estate1,082,235 265,375 
Derivative instruments373,481 1,169,965 
Other investments354,056 5,582 
Acquisitions of investments:
Fixed maturity securities, available for sale(4,883,166)(2,102,899)
Mortgage loans on real estate(1,664,966)(398,515)
Real estate investments acquired(361,820)(258,237)
Derivative instruments(393,783)(363,423)
Other investments(589,861)(390,678)
Purchases of property, furniture and equipment(8,327)(9,788)
Net cash provided by (used in) investing activities(2,635,208)450,516 
7

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
Six Months Ended 
 June 30,
20222021
Financing activities
Receipts credited to annuity policyholder account balances$1,666,306 $3,585,604 
Coinsurance deposits45,108 497,397 
Return of annuity policyholder account balances(2,449,267)(2,614,942)
Acquisition of treasury stock(368,380)(98,075)
Proceeds from issuance of common stock, net252,842 5,160 
Change in checks in excess of cash balance(23,690)677 
Dividends paid on preferred stock(21,838)(21,838)
Net cash provided by (used in) financing activities(898,919)1,353,983 
Increase (decrease) in cash and cash equivalents(3,221,757)2,428,743 
Cash and cash equivalents at beginning of period4,508,982 9,095,522 
Cash and cash equivalents at end of period$1,287,225 $11,524,265