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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 September 30, 2023
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 filer☐Smaller 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 November 3, 2023, there were 79,024,826 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)
(Unaudited)
September 30, 2023
December 31, 2022 (a)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value (amortized cost of $37,813,550 as of 2023 and $44,866,019 as of 2022; allowance for credit losses of $3,618 as of 2023 and $3,347 as of 2022)
$32,084,932 $39,804,617 
Mortgage loans on real estate (net of allowance for credit losses of $45,082 as of 2023 and $36,972 as of 2022)
7,494,983 6,949,027 
Real estate investments related to consolidated variable interest entities1,302,185 1,056,063 
Limited partnerships and limited liability companies (2023 and 2022 include $1,172,525 and $684,834 related to consolidated variable interest entities)
1,763,551 1,266,779 
Derivative instruments733,784 431,727 
Other investments1,207,672 1,817,085 
Total investments44,587,107 51,325,298 
Cash and cash equivalents (2023 and 2022 include $41,982 and $27,235 related to consolidated variable interest entities)
10,188,438 1,919,669 
Coinsurance deposits (net of allowance for credit losses of $5,490 as of 2023 and $8,737 as of 2022)
14,628,884 13,254,956 
Market risk benefits346,515 229,871 
Accrued investment income (2023 and 2022 include $2,658 and $3,444 related to consolidated variable interest entities)
443,642 497,851 
Deferred policy acquisition costs2,933,304 2,773,643 
Deferred sales inducements2,257,064 2,045,683 
Deferred income taxes425,398 438,434 
Income taxes recoverable55,498 55,498 
Other assets (2023 and 2022 include $17,426 and $10,690 related to consolidated variable interest entities)
847,047 642,696 
Total assets$76,712,897 $73,183,599 
2
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)
(Unaudited)
September 30, 2023
December 31, 2022 (a)
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves$60,226,094 $58,781,836 
Market risk benefits2,552,907 2,455,492 
Other policy funds and contract claims196,299 512,790 
Notes and loan payable787,098 792,073 
Subordinated debentures79,017 78,753 
Funds withheld for reinsurance liabilities8,139,724 6,577,426 
Other liabilities (2023 and 2022 include $91,734 and $78,644 related to consolidated variable interest entities)
2,655,213 1,614,479 
Total liabilities74,636,352 70,812,849 
Stockholders' equity:
Preferred stock, Series A; par value $1 per share; $400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2023 and 2022 - 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: 2023 and 2022 - 12,000 shares
12 12 
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding:
     2023 - 78,974,095 shares (excluding 30,971,013 treasury shares);
     2022 - 84,810,255 shares (excluding 24,590,353 treasury shares)
78,974 84,810 
Additional paid-in capital1,071,907 1,325,316 
Accumulated other comprehensive loss(4,425,695)(3,746,230)
Retained earnings5,328,362 4,685,593 
Total stockholders' equity attributable to American Equity Investment Life Holding Company2,053,576 2,349,517 
Noncontrolling interests22,969 21,233 
Total stockholders' equity2,076,545 2,370,750 
Total liabilities and stockholders' equity$76,712,897 $73,183,599 
(a)Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.
See accompanying notes to unaudited consolidated financial statements.
3
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
20232022 (a)20232022 (a)
Revenues:
Premiums and other considerations$2,657 $2,839 $9,310 $16,748 
Annuity product charges84,316 60,819 218,549 168,688 
Net investment income586,614 609,737 1,690,622 1,769,468 
Change in fair value of derivatives(383,026)(176,671)(94,397)(1,160,371)
Net realized losses on investments(44,672)(15,860)(97,138)(62,259)
Other revenue20,763 10,988 53,893 29,213 
Total revenues266,652 491,852 1,780,839 761,487 
Benefits and expenses:
Insurance policy benefits and change in future policy benefits (remeasurement gains (losses) of future policy benefit reserves of $463 and $369 for three months ended and $1,814 and $1,144 for nine months ended September 30, 2023 and 2022, respectively)
2,193 6,659 14,526 27,272 
Interest sensitive and index product benefits193,686 68,982 373,984 497,245 
Market risk benefits (gains) losses(296,114)77,579 (256,544)(29,806)
Amortization of deferred sales inducements48,354 46,223 141,906 136,004 
Change in fair value of embedded derivatives(451,806)(415,374)166,398 (2,695,007)
Interest expense on notes and loan payable12,003 8,984 34,248 21,870 
Interest expense on subordinated debentures1,340 1,333 4,014 3,996 
Amortization of deferred policy acquisition costs70,561 71,726 207,272 217,180 
Other operating costs and expenses76,630 59,470 226,331 177,137 
Total benefits and expenses(343,153)(74,418)912,135 (1,644,109)
Income before income taxes609,805 566,270 868,704 2,405,596 
Income tax expense133,691 121,380 193,335 517,952 
Net income476,114 444,890 675,369 1,887,644 
Less: Net income (loss) available to noncontrolling interests
(42)1 (156)(3)
Net income available to American Equity Investment Life Holding Company stockholders476,156 444,889 675,525 1,887,647 
Less: Preferred stock dividends10,918 10,918 32,756 32,756 
Net income available to American Equity Investment Life Holding Company common stockholders$465,238 $433,971 $642,769 $1,854,891 
Earnings per common share$5.96 $4.95 $8.06 $20.09 
Earnings per common share - assuming dilution$5.82 $4.90 $7.92 $19.89 
Weighted average common shares outstanding (in thousands):
Earnings per common share78,034 87,707 79,719 92,339 
Earnings per common share - assuming dilution79,952 88,581 81,191 93,270 
(a)Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.
See accompanying notes to unaudited consolidated financial statements.
4
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
20232022 (a)20232022 (a)
Net income$476,114 $444,890 $675,369 $1,887,644 
Other comprehensive loss:
Change in net unrealized investment gains/losses(1,057,565)(2,267,314)(627,163)(9,702,989)
Change in current discount rate for liability for future policy benefits6,919 17,558 7,470 74,239 
Change in instrument-specific credit risk for market risk benefits(176,701)40,787 (205,605)576,262 
Reclassification of unrealized investment gains/losses to net income(38,484)(9,903)(34,226)(31,990)
Other comprehensive loss before income tax
(1,265,831)(2,218,872)(859,524)(9,084,478)
Income tax effect related to other comprehensive loss
265,384 465,970 180,059 1,907,435 
Other comprehensive loss
(1,000,447)(1,752,902)(679,465)(7,177,043)
Comprehensive loss
$(524,333)$(1,308,012)$(4,096)$(5,289,399)
(a)Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.
See accompanying notes to unaudited consolidated financial statements.
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
Loss		Retained
Earnings		Noncontrolling
Interest		Total
Stockholders'
Equity
For the three months ended September 30, 2023
Balance at June 30, 2023$28 $78,048 $1,055,963 $(3,425,248)$4,863,124 $23,126 $2,595,041 
Net income (loss) for period— — — — 476,156 (42)476,114 
Other comprehensive loss— — — (1,000,447)— — (1,000,447)
Share-based compensation— — 10,263 — — — 10,263 
Issuance of common stock— 926 19,188 — — — 20,114 
Treasury stock acquired, common— — (13,507)— — — (13,507)
Dividends on preferred stock— — — — (10,918)— (10,918)
Contributions (distributions) from noncontrolling interests
— — — — — (115)(115)
Balance at September 30, 2023$28 $78,974 $1,071,907 $(4,425,695)$5,328,362 $22,969 $2,076,545 
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings		Noncontrolling
Interest		Total
Stockholders'
Equity
For the three months ended September 30, 2022 (a)
Balance at June 30, 2022$28 $90,169 $1,507,601 $(2,231,594)$4,260,174 $1,169 $3,627,547 
Net income for period
— — — — 444,889 1 444,890 
Other comprehensive loss— — — (1,752,902)— — (1,752,902)
Share-based compensation— — 4,288 — — — 4,288 
Issuance of common stock— 19 — — — — 19 
Treasury stock acquired, common— (4,221)(149,867)— — — (154,088)
Dividends on preferred stock— — — — (10,918)— (10,918)
Contributions (distributions) from noncontrolling interests
— — — — — 1,760 1,760 
Balance at September 30, 2022$28 $85,967 $1,362,022 $(3,984,496)$4,694,145 $2,930 $2,160,596 
6
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
Loss		Retained
Earnings		Noncontrolling
Interest		Total
Stockholders'
Equity
For the nine months ended September 30, 2023
Balance at December 31, 2022$28 $84,810 $1,325,316 $(3,746,230)$4,685,593 $21,233 $2,370,750 
Net income (loss) for period— — — — 675,525 (156)675,369 
Other comprehensive loss
— — — (679,465)— — (679,465)
Share-based compensation
— — 31,140 — — — 31,140 
Issuance of common stock— 1,432 17,815 — — — 19,247 
Treasury stock acquired, common— (7,268)(302,364)— — — (309,632)
Dividends on preferred stock— — — — (32,756)— (32,756)
Contributions (distributions) from noncontrolling interests
— — — — — 1,892 1,892 
Balance at September 30, 2023$28 $78,974 $1,071,907 $(4,425,695)$5,328,362 $22,969 $2,076,545 
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Noncontrolling
Interest		Total
Stockholders'
Equity
For the nine months ended September 30, 2022 (a)
Balance at December 31, 2021$28 $92,514 $1,614,374 $3,192,547 $2,839,254 $— $7,738,717 
Net income (loss) for period— — — — 1,887,647 (3)1,887,644 
Other comprehensive loss— — — (7,177,043)— — (7,177,043)
Share-based compensation
— — 10,708 — — — 10,708 
Issuance of common stock— 7,071 245,790 — — — 252,861 
Treasury stock acquired, common— (13,618)(508,850)— — — (522,468)
Dividends on preferred stock— — — — (32,756)— (32,756)
Contributions (distributions) from noncontrolling interests
— — — — — 2,933 2,933 
Balance at September 30, 2022$28 $85,967 $1,362,022 $(3,984,496)$4,694,145 $2,930 $2,160,596 
(a)Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.
See accompanying notes to unaudited consolidated financial statements.
7
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Nine Months Ended 
 September 30,
20232022 (a)
Operating activities
Net income$675,369 $1,887,644 
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits373,984 497,245 
Amortization of deferred sales inducements141,906 136,004 
Annuity product charges(218,549)(168,688)
Change in fair value of embedded derivatives166,398 (2,695,007)
Change in traditional life and accident and health insurance reserves(20,483)(79,410)
Policy acquisition costs deferred(366,933)(146,934)
Amortization of deferred policy acquisition costs207,272 217,180 
Provision for depreciation and other amortization6,067 12,845 
Amortization of discounts and premiums on investments111,158 637 
Realized gains/losses on investments97,138 62,259 
Distributions from equity method investments74,279 5,098 
Change in fair value of derivatives94,397 1,160,371 
Deferred income taxes193,095 467,262 
Share-based compensation31,140 10,708 
Change in accrued investment income54,209 (71,552)
Change in income taxes recoverable/payable— 62,748 
Change in other assets(265,443)(40,000)
Change in other policy funds and contract claims(320,461)35,328 
Change in market risk benefits, net(259,303)28,154 
Change in collateral held for derivatives305,709 (905,799)
Change in funds withheld from reinsurers1,646,394 629,251 
Change in other liabilities341,031 166,999 
Other(38,772)(147,248)
Net cash provided by operating activities