WEST DES MOINES, Iowa--(BUSINESS WIRE)--Feb. 20, 2013--
American Equity Investment Life Holding Company (NYSE: AEL), a leading
underwriter of index and fixed rate annuities, today reported fourth
quarter 2012 net income of $36.4 million, or $0.55 per diluted common
share, compared to fourth quarter 2011 net income of $49.7 million or
$0.79 per diluted common share. Net income for the full year 2012 was
$57.8 million, or $0.89 per diluted common share compared to 2011 net
income of $86.2 million or $1.37 per diluted common share.
Non-GAAP operating income1 for the fourth quarter of 2012 was
$30.9 million, or $0.47 per diluted common share, compared to fourth
quarter 2011 non-GAAP operating income1 of $32.6 million or
$0.52 per diluted common share. Non-GAAP operating income1
for the year 2012 was $110.2 million, or $1.69 per diluted common share,
compared to 2011 non-GAAP operating income1 of $133.7 million
or $2.12 per diluted common share.
Highlights for the fourth quarter of 2012 include:
-
Annuity sales (before coinsurance) for the fourth quarter of 2012 were
$1.07 billion compared to third quarter 2012 annuity sales of $982
million.
-
Total invested assets grew to $27.5 billion (amortized cost basis =
$25.1 billion).
-
Investment spread for the fourth quarter of 2012 was 2.59% compared to
2.62% for the third quarter of 2012.
-
Risk-based capital (RBC) ratio at December 31, 2012 remained above
target at 332%.
1 In addition to net income, we have consistently utilized
operating income and operating income per common share – assuming
dilution, non-GAAP financial measures commonly used in the life
insurance industry, as economic measures to evaluate our financial
performance. See accompanying tables for reconciliations of net income
to operating income and descriptions of reconciling items. See Company’s
Annual Report on Form 10-K for a more complete discussion of the
reconciling items and their impact on net income for the periods
presented. Because these items fluctuate from period to period in a
manner unrelated to core operations, we believe measures excluding their
impact are useful in analyzing operating trends. We believe the combined
presentation and evaluation of operating income together with net
income, provides information that may enhance an investor’s
understanding of our underlying results and profitability.
Commenting on results, David J. Noble, founder and Executive Chairman
said: “2012 was a challenging year in a difficult interest rate
environment. Sales for the year were just shy of $4 billion, the third
best year in the company’s history, and contributed to a 13% increase in
assets under management for the year. Similarly, our operating income
was also the third highest in the company’s history and translated into
an 11.1% return on average equity. Our fourth quarter sales were the
highest quarterly amount in 2012 and, aided by a reduction in our
effective income tax rate, fourth quarter operating income was also
larger than the other three 2012 quarters. The low interest rate
environment did results in calls of government agency securities that
increased our cash and short-term investments substantially and caused
our investment spread to narrow. However, we expect the investment
spread to widen in 2013 as the cash and short-term investments are
reinvested in higher yielding investments.”
SPREAD RESULT IMPACTED BY CASH AND SHORT-TERM INVESTMENTS
American Equity’s investment spread for the fourth quarter of 2012 was
2.59% compared to 2.62% for the third quarter of 2012 and 2.97% for the
fourth quarter of 2011. Fourth quarter 2012 investment spread and
average yield on invested assets continued to be affected by the impact
of high levels of low yielding cash and other short-term investments
during the quarter. The average yield on invested assets including the
excess cash and other short-term investments balances was 5.03% for the
fourth quarter of 2012 compared to 5.17% in the third quarter of 2012
and 5.76% in the fourth quarter of 2011.
The average balance for excess cash and other short-term investments in
the fourth quarter of 2012 was $2.7 billion compared to average balances
of $2.0 billion, $1.45 billion and $759 million for the third, second
and first quarters of 2012. These balances have been primarily
attributable to calls of U.S. Government agency and other securities
which totaled $4.55 billion in 2012 with an average yield of 5.15%.
While high levels of excess cash and other short-term investments may
persist for several more quarters, the average quarterly balances should
decline in 2013 due to reinvestment of year end cash and other
short-term investments into longer term securities and reduced exposure
to callable securities in 2013. At December 31, 2012, the Company held
$2.2 billion in excess cash and other short-term investments. This
amount includes $727 million of U.S. Government agency securities with a
book yield of 0.85% that were purchased at a premium to par and are
expected to be called in March, April and July 2013 ($201 million, $18
million and $508 million, respectively) and $515 million of agency
pass-thru RMBS yielding 1.27%. The call exposure for 2013 also includes
$728 million of U.S. Government agency securities with book yields and
coupon rates of 4.00% or higher that are expected to be called in
January and April 2013 ($50 million and $678 million, respectively).
Average yield on invested assets also continues to decline as proceeds
from securities called for redemption and new premiums are invested at
rates below the portfolio rate. The average yield on fixed income
securities purchased and commercial mortgage loans funded in the fourth
quarter of 2012 was 3.65% compared to an average yield of 4.37% for
fixed income securities purchased and commercial mortgage loans funded
in the first nine months of 2012.
The decrease in investment yield was partially offset by a reduction in
the aggregate cost of money on annuity liabilities to 2.44% in the
fourth quarter of 2012 compared to 2.55%, in the third quarter of 2012
and 2.79% in the fourth quarter of 2011. The reductions in the cost of
money reflects management’s actions to maintain target spreads in the
declining investment yield environment by adjusting new money and
renewal crediting rates to policyholders.
John M. Matovina, Chief Executive Officer and President commented: “We
are committed to restoring our investment spread to the 3.00% target
through the investment of redemption proceeds from calls of government
agency securities, short-term investments and new annuity deposits into
high quality investments and the appropriate management of crediting
rates to policyholders. We should see meaningful reductions in our
excess cash and short-term investments and the average outstanding
balance for those instruments in the first quarter of 2013 which should
translate into a higher average yield on invested assets. At the same
time, we expect further declines in our cost of money from rate
adjustments already implemented and are prepared to make further
adjustments in 2013 as necessary. As reported in our Financial
Supplement for this quarter, our cost of money could be reduced by 0.63%
if we reduced crediting rates and caps and participation rates to
minimum guaranteed rates.”
OUTLOOK
Commenting on the outlook for 2013, Noble said: “Our
sales momentum picked up in the second half of 2012 and we are
optimistic that momentum will carry over to 2013. While the recent stock
market rally is attracting attention and investors funds, we believe
that as more Americans approach and enter retirement, interest in ‘safe
money’ retirement savings and income products will continue to grow,
especially considering the volatility exhibited by the equity markets
over the last decade.”
Noble continued, “American Equity is well positioned to capitalize on
growing demand for guaranteed retirement savings and income products. We
provide the ‘sleep insurance’ of a safe money instrument with guaranteed
returns, yet also offer potential upside participation in stock market
rallies. With attractive products that are right for our times, and the
established strength of an industry leader with over $27.5 billion of
invested assets, we are optimistic that our invested assets and earnings
will continue to grow in the periods ahead.”
A.M. BEST AFFIRMS “A- (EXCELLENT)” RATING, STABLE OUTLOOK
In January 2013 A.M. Best Co. (“A.M. Best”) affirmed the “A-
(Excellent)” financial strength ratings assigned to American Equity’s
life subsidiaries with a stable outlook. As the basis for its decision
A.M. Best cited American Equity’s “leading market position in the fixed
indexed annuity marketplace, its more than adequate risk-adjusted
capitalization relative to its insurance and investment risks, its
positive premium and earnings trends in recent years and strong
surrender charge protection charges to mitigate any potential
disintermediation risk.”
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press
release contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Forward-looking
statements relate to future operations, strategies, financial results or
other developments, and are subject to assumptions, risks and
uncertainties. Statements such as “guidance”, “expect”, “anticipate”,
“believe”, “goal”, “objective”, “target”, “may”, “should”, “estimate”,
“projects” or similar words as well as specific projections of future
results qualify as forward-looking statements. Factors that may cause
our actual results to differ materially from those contemplated by these
forward looking statements can be found in the company’s Form 10-K filed
with the Securities and Exchange Commission. Forward-looking statements
speak only as of the date the statement was made and the company
undertakes no obligation to update such forward-looking statements.
There can be no assurance that other factors not currently anticipated
by the company will not materially and adversely affect our results of
operations. Investors are cautioned not to place undue reliance on any
forward-looking statements made by us or on our behalf.
CONFERENCE CALL
American Equity will hold a conference call
to discuss fourth quarter 2012 earnings on Thursday, February 21, 2013,
at 9 a.m. CST. The conference call will be webcast live on the Internet.
Investors and interested parties who wish to listen to the call on the
Internet may do so at www.american-equity.com.
The call may also be accessed by telephone at 866-314-4865, passcode
36024971 (international callers, please dial 1-617-213-8050). An audio
replay will be available via telephone through March 14, 2013 at
1-888-286-8010, passcode 12797737 (international callers will need to
dial 1-617-801-6888).
ABOUT AMERICAN EQUITY
American Equity Investment Life
Holding Company, through its wholly-owned operating subsidiaries, is a
full service underwriter of a broad line of fixed annuity and life
insurance products, with a primary emphasis on the sale of index and
fixed rate annuities. American Equity Investment Life Holding Company, a
New York Stock Exchange Listed company (NYSE: AEL), is headquartered in
West Des Moines, Iowa. For more information, please visit www.american-equity.com.
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American Equity Investment Life Holding
Company
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Consolidated Statements of Operations
(Unaudited)
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Three Months Ended
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Year Ended
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December 31,
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December 31,
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2012
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2011
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2012
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2011
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(Dollars in thousands, except per share data)
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Revenues:
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Traditional life insurance premiums
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$
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3,107
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$
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2,820
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$
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12,877
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$
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12,151
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Annuity product charges
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23,830
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18,930
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89,006
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76,189
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Net investment income
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321,160
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324,272
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1,286,923
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1,218,780
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Change in fair value of derivatives
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(48,266
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)
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92,269
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221,138
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(114,728
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)
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Net realized gains (losses) on investments, excluding other than
temporary impairment ("OTTI") losses
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1,471
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698
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(6,454
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)
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(18,641
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)
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OTTI losses on investments:
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Total OTTI losses
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(3,255
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)
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(9,834
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)
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(5,411
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)
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(20,180
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Portion of OTTI losses recognized from other comprehensive income
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(6,132
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)
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(6,451
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)
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(9,521
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)
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(13,796
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)
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Net OTTI losses recognized in operations
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(9,387
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)
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(16,285
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)
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(14,932
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)
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(33,976
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)
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Total revenues
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291,915
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422,704
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1,588,558
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1,139,775
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Benefits and expenses:
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Insurance policy benefits and change in future policy benefits
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1,843
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1,588
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8,075
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7,870
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Interest sensitive and index product benefits (a) (d)
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290,126
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154,440
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818,087
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775,757
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Amortization of deferred sales inducements (c)
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36,798
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48,889
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87,157
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71,781
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Change in fair value of embedded derivatives
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(179,379
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)
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33,031
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286,899
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(105,194
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)
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Interest expense on notes payable
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7,271
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7,910
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28,479
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31,633
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Interest expense on subordinated debentures
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3,074
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3,542
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13,458
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13,977
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Interest expense on amounts due under repurchase agreements
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—
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25
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—
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30
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Amortization of deferred policy acquisition costs (c)
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59,833
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78,323
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164,919
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143,478
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Other operating costs and expenses (b) (e)
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18,710
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17,518
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95,495
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67,529
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Total benefits and expenses
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238,276
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345,266
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1,502,569
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1,006,861
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Income before income taxes
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53,639
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77,438
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85,989
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132,914
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Income tax expense
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17,242
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27,739
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28,191
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46,666
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Net income (a) (b) (c) (d) (e)
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$
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36,397
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$
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49,699
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$
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57,798
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$
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86,248
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Earnings per common share
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$
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0.58
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$
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0.83
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$
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0.94
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$
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1.45
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Earnings per common share - assuming dilution (a) (b) (c) (d) (e)
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$
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0.55
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$
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0.79
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$
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0.89
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$
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1.37
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Weighted average common shares outstanding (in thousands):
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Earnings per common share
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62,856
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59,641
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61,259
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59,482
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Earnings per common share - assuming dilution
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65,897
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63,582
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65,676
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63,619
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Notes for Consolidated Statements of Operations
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(a)
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The year ended December 31, 2011 includes an adjustment recorded in
the first quarter 2011 to single premium immediate annuity reserves
which reduced interest sensitive and index product benefits by $4.2
million and increased net income and earnings per common share -
assuming dilution by $2.7 million and $0.04 per share, respectively.
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(b)
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Other operating costs and expenses for the three months and year
ended December 31, 2012 include $2.0 million and $9.1 million,
respectively, of expense related to the impact of the prospective
adoption (effective January 1, 2012) of revised accounting guidance
for deferred policy acquisition costs. This change, including the
impact on related amortization expense, decreased net income for the
three months and year ended December 31, 2012 by $1.2 million and
$5.8 million, respectively, and decreased earnings per common share
- assuming dilution for the three months and year ended December 31,
2012 by $0.02 and $0.09 per share, respectively.
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(c)
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The year ended December 31, 2012 includes expense from unlocking
which reduced amortization of deferred sales inducements by $0.2
million, increased amortization of deferred policy acquisition costs
by $3.7 million, and decreased net income and earnings per common
share - assuming dilution for the year ended December 31, 2012 by
$2.2 million and $0.03 per share, respectively.
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The year ended December 31, 2011, includes benefit from unlocking
which reduced amortization of deferred sales inducements and
amortization of deferred policy acquisition costs by $5.0 million
and $9.1 million, respectively, and increased net income and
earnings per common share - assuming dilution for the year ended
December 31, 2011 by $9.1 million and $0.14 per share, respectively.
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(d)
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The year ended December 31, 2012 includes a benefit from the
revision of assumptions used in determining reserves held for living
income benefit riders consistent with unlocking for deferred policy
acquisition costs and deferred sales inducements. The impact
decreased interest sensitive and index product benefits for the year
ended December 31, 2012 by $2.2 million and increased net income and
earnings per common share - assuming dilution for the year ended
December 31, 2012 by $1.4 million and $0.02 per share.
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(e)
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The year ended December 31, 2012 includes expense from recognizing
an estimated litigation liability of $17.5 million during the third
quarter of 2012, which, after related adjustments to amortization of
deferred sales inducements and deferred policy acquisition costs and
income taxes, decreased net income and earnings per common share -
assuming dilution for the year ended December 31, 2012 by $9.6
million and $0.15 per share.
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American Equity Investment Life Holding Company
NON-GAAP FINANCIAL MEASURES
In addition to net income, we have consistently utilized operating
income and operating income per common share - assuming dilution,
non-GAAP financial measures commonly used in the life insurance
industry, as economic measures to evaluate our financial performance.
Operating income equals net income adjusted to eliminate the impact of
net realized gains and losses on investments including net OTTI losses
recognized in operations, fair value changes in derivatives and embedded
derivatives and litigation reserves. Because these items fluctuate from
quarter to quarter in a manner unrelated to core operations, we believe
measures excluding their impact are useful in analyzing operating
trends. We believe the combined presentation and evaluation of operating
income together with net income provides information that may enhance an
investor’s understanding of our underlying results and profitability.
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Reconciliation from Net Income to
Operating Income (Unaudited)
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Three Months
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Year Ended
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Ended December 31,
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December 31,
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2012
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2011
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2012
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2011
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(Dollars in thousands, except per share data)
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Net income
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$
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36,397
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$
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49,699
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$
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57,798
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$
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86,248
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Adjustments to arrive at operating income:
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|
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Net realized investment losses, including OTTI (a)
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2,825
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5,616
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8,648
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18,354
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Change in fair value of derivatives and embedded derivatives (a)
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(8,317
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)
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(22,713
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)
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34,161
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29,051
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Litigation reserve (a)
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—
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—
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9,580
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—
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Operating income (a non-GAAP financial measure) (b) (c) (d) (e)
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$
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30,905
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$
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32,602
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$
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110,187
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$
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133,653
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Per common share - assuming dilution:
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Net income
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$
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0.55
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$
|
0.79
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$
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0.89
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$
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1.37
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Adjustments to arrive at operating income:
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|
|
|
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Net realized investment losses, including OTTI
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0.04
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0.09
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0.13
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0.29
|
|
Change in fair value of derivatives and embedded derivatives
|
|
|
|
(0.12
|
)
|
|
|
|
(0.36
|
)
|
|
|
|
0.52
|
|
|
|
0.46
|
|
Litigation reserve
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.15
|
|
|
|
—
|
|
Operating income (a non-GAAP financial measure) (b) (c) (d) (e)
|
|
|
$
|
0.47
|
|
|
|
$
|
0.52
|
|
|
|
$
|
1.69
|
|
|
$
|
2.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Adjustments to net income to arrive at operating income are
presented net of related adjustments to amortization of deferred
sales inducements (DSI) and deferred policy acquisition costs (DAC)
and net of income taxes.
|
|
|
|
|
|
|
|
|
|
(b)
|
|
The three months and year ended December 31, 2012 includes $2.0
million and $9.1 million, respectively, of expense related to the
impact of the prospective adoption (effective January 1, 2012) of
revised accounting guidance for deferred policy acquisition costs.
This change, including the impact on related amortization expense,
decreased operating income for the three months and year ended
December 31, 2012 by $1.2 and $5.8 million, respectively, and
decreased operating income per common share - assuming dilution for
the three months and year ended December 31, 2012 by $0.02 and $0.09
per share, respectively.
|
|
|
|
|
|
|
|
|
|
(c)
|
|
The year ended December 31, 2012 includes expense from unlocking
which decreased operating income by $6.3 million and operating
income per common share - assuming dilution by $0.09 per share.
|
|
|
|
|
|
|
|
|
|
|
|
The year ended December 31, 2011 includes benefit from unlocking
which increased operating income by $12.5 million and operating
income per common share - assuming dilution by $0.20 per share.
|
|
|
|
|
|
|
|
|
|
(d)
|
|
The year ended December 31, 2011, includes an adjustment recorded in
the first quarter of 2011 to single premium immediate annuity
reserves which reduced interest sensitive and index product benefits
by $4.2 million, increased net income and operating income by $2.7
million and increased earnings per common share - assuming dilution
and operating income per common share - assuming dilution by $0.04
per share.
|
|
|
|
|
|
|
|
|
|
(e)
|
|
The estimated annual effective tax rate applied to operating income
for the first nine months of 2012 was 35.3%. The actual final rate
for the year was 34.3%. Because the lower rate was applied
retroactively to all 2012 income, income tax expense in the fourth
quarter of 2012 was reduced by $1.3 million ($0.02 per share) for
the portion of the year prior to the fourth quarter.
|
|
|
|
|
|
|
American Equity Investment Life Holding Company
NON-GAAP FINANCIAL MEASURES
Average Stockholders' Equity and Return on
Average Equity
Return on equity measures how efficiently we generate profits from the
resources provided by our net assets. Return on equity is calculated by
dividing net income and operating income by average equity excluding
average accumulated other comprehensive income ("AOCI").
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
Average Stockholders' Equity 1
|
|
|
|
|
|
|
|
Average equity including average AOCI
|
|
|
$
|
1,564,458
|
|
|
|
$
|
1,173,363
|
|
|
Average AOCI
|
|
|
|
(572,018
|
)
|
|
|
|
(269,525
|
)
|
|
Average equity excluding average AOCI
|
|
|
$
|
992,440
|
|
|
|
$
|
903,838
|
|
|
Return on Average Equity Excluding Average AOCI
|
|
|
|
|
|
|
|
Net income
|
|
|
|
5.82
|
%
|
|
|
|
9.54
|
%
|
|
Operating income
|
|
|
|
11.10
|
%
|
|
|
|
14.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - simple average based on stockholders' equity at beginning and end of
each period
Source: American Equity Investment Life Holding Company
American Equity Investment Life Holding Company
John M.
Matovina, 515-457-1813
Chief Executive Officer
jmatovina@american-equity.com
or
Ted
M. Johnson, 515-457-1980
Chief Financial Officer
tjohnson@american-equity.com
or
Debra
J. Richardson, 515-273-3551
Chief Administrative Officer
drichardson@american-equity.com
or
Julie
L. LaFollette, 515-273-3602
Director of Investor Relations
jlafollette@american-equity.com
|
