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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, 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 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, 2022, there were 85,702,260 shares of the registrant's common stock, $1 par value, outstanding.


TABLE OF CONTENTS
Page



Table of Contents
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)
September 30, 2022December 31, 2021
(Unaudited)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value (amortized cost of $46,505,721 as of 2022 and $46,999,183 as of 2021; allowance for credit losses of $4,920 as of 2022 and $2,846 as of 2021)
$41,087,911 $51,305,943 
Mortgage loans on real estate (net of allowance for credit losses of $35,604 as of 2022 and $24,024 as of 2021)
6,601,445 5,687,998 
Real estate investments related to consolidated variable interest entities897,673 337,939 
Derivative instruments196,656 1,277,480 
Other investments (2022 and 2021 include $577,445 and $168,711 related to consolidated variable interest entities)
2,636,152 1,767,144 
Total investments51,419,837 60,376,504 
Cash and cash equivalents (2022 and 2021 include $32,677 and $23,763 related to consolidated variable interest entities)
1,808,132 4,508,982 
Coinsurance deposits (net of allowance for credit losses of $7,729 as of 2022 and $2,264 as of 2021)
8,848,418 8,850,608 
Accrued investment income (2022 and 2021 include $2,085 and $3 related to consolidated variable interest entities)
516,649 445,097 
Deferred policy acquisition costs3,878,343 2,222,769 
Deferred sales inducements2,649,102 1,546,073 
Deferred income taxes246,492 — 
Income taxes recoverable103,838 166,586 
Other assets (2022 and 2021 include $10,381 and $1,524 related to consolidated variable interest entities)
714,186 232,490 
Total assets$70,184,997 $78,349,109 
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves$61,137,017 $65,477,778 
Other policy funds and contract claims266,425 226,844 
Notes and loan payable794,831 496,250 
Subordinated debentures78,668 78,421 
Deferred income taxes— 541,972 
Funds withheld for reinsurance liabilities3,235,894 3,124,740 
Other liabilities (2022 and 2021 include $133,213 and $20,168 related to consolidated variable interest entities)
1,461,534 2,079,977 
Total liabilities66,974,369 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 - 85,966,505 shares (excluding 23,432,644 treasury shares);
     2021 - 92,513,517 shares (excluding 9,936,715 treasury shares)
85,967 92,514 
Additional paid-in capital1,362,022 1,614,374 
Accumulated other comprehensive income (loss)(2,214,388)1,848,789 
Retained earnings3,974,069 2,767,422 
Total stockholders' equity attributable to American Equity Investment Life Holding Company3,207,698 6,323,127 
Noncontrolling interests2,930 — 
Total stockholders' equity3,210,628 6,323,127 
Total liabilities and stockholders' equity$70,184,997 $78,349,109 
See accompanying notes to unaudited consolidated financial statements.
2
Table of Contents
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,
2022202120222021
Revenues:
Premiums and other considerations$2,839 $15,841 $16,748 $43,649 
Annuity product charges60,819 58,480 168,688 182,321 
Net investment income609,737 526,366 1,769,468 1,522,876 
Change in fair value of derivatives(176,671)(70,701)(1,160,371)826,484 
Net realized gains (losses) on investments(15,860)4,933 (62,259)(2,764)
Other revenue10,989 7,644 28,773 7,644 
Total revenues491,853 542,563 761,047 2,580,210 
Benefits and expenses:
Insurance policy benefits and change in future policy benefits5,707 18,756 25,436 51,008 
Interest sensitive and index product benefits121,890 817,014 729,407 2,106,590 
Amortization of deferred sales inducements127,784 (17,172)361,775 93,283 
Change in fair value of embedded derivatives(415,374)(536,404)(2,695,007)(545,104)
Interest expense on notes payable8,984 6,535 21,870 19,322 
Interest expense on subordinated debentures1,333 1,342 3,996 3,994 
Amortization of deferred policy acquisition costs183,182 (1,588)550,962 185,329 
Other operating costs and expenses59,532 56,518 177,575 177,433 
Total benefits and expenses93,038 345,001 (823,986)2,091,855 
Income before income taxes398,815 197,562 1,585,033 488,355 
Income tax expense86,214 44,697 345,633 107,500 
Net income312,601 152,865 1,239,400 380,855 
Less: Net income (loss) available to noncontrolling interests1 — (3)— 
Net income available to American Equity Investment Life Holding Company stockholders312,600 152,865 1,239,403 380,855 
Less: Preferred stock dividends10,918 10,918 32,756 32,756 
Net income available to American Equity Investment Life Holding Company common stockholders$301,682 $141,947 $1,206,647 $348,099 
Earnings per common share$3.44 $1.53 $13.07 $3.69 
Earnings per common share - assuming dilution$3.41 $1.53 $12.94 $3.67 
Weighted average common shares outstanding (in thousands):
Earnings per common share87,707 92,478 92,339 94,326 
Earnings per common share - assuming dilution88,581 93,044 93,270 94,867 
See accompanying notes to unaudited consolidated financial statements.
3
Table of Contents
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
(Unaudited)
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2022202120222021
Net income$312,601 $152,865 $1,239,400 $380,855 
Other comprehensive loss:
Change in net unrealized investment gains/losses (1)(1,041,342)(85,990)(5,129,980)(308,740)
Reclassification of unrealized investment gains/losses to net income (1)(4,768)1,260 (16,913)(3,391)
Other comprehensive loss before income tax(1,046,110)(84,730)(5,146,893)(312,131)
Income tax effect related to other comprehensive loss219,690 17,793 1,083,716 65,548 
Other comprehensive loss(826,420)(66,937)(4,063,177)(246,583)
Comprehensive income (loss)$(513,819)$85,928 $(2,823,777)$134,272 
(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
Table of Contents
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, 2022
Balance at June 30, 2022$28 $90,169 $1,507,601 $(1,387,968)$3,672,387 $1,169 $3,883,386 
Net income for period— — — — 312,600 1 312,601 
Other comprehensive loss— — — (826,420)— — (826,420)
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 from noncontrolling interests— — — — — 1,760 1,760 
Balance at September 30, 2022$28 $85,967 $1,362,022 $(2,214,388)$3,974,069 $2,930 $3,210,628 
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income		Retained
Earnings		Noncontrolling
Interest		Total
Stockholders'
Equity
For the three months ended September 30, 2021
Balance at June 30, 2021$28 $92,554 $1,604,535 $2,023,911 $2,574,707 $— $6,295,735 
Net income for period— — — — 152,865 — 152,865 
Other comprehensive loss— — — (66,937)— — (66,937)
Share-based compensation— — 6,109 — — — 6,109 
Issuance of common stock— — (306)— — — (306)
Treasury stock acquired, common— (41)(1,299)— — — (1,340)
Dividends on preferred stock— — — — (10,918)— (10,918)
Balance at September 30, 2021$28 $92,513 $1,609,039 $1,956,974 $2,716,654 $— $6,375,208 
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Table of Contents
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 nine months ended September 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— — — — 1,239,403 (3)1,239,400 
Other comprehensive loss— — — (4,063,177)— — (4,063,177)
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 from noncontrolling interests— — — — — 2,933 2,933 
Balance at September 30, 2022$28 $85,967 $1,362,022 $(2,214,388)$3,974,069 $2,930 $3,210,628 
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income		Retained
Earnings		Noncontrolling
Interest		Total
Stockholders'
Equity
For the nine months ended September 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— — — — 380,855 — 380,855 
Other comprehensive loss— — — (246,583)— — (246,583)
Share-based compensation
— — 19,265 — — — 19,265 
Issuance of common stock— 459 4,395 — — — 4,854 
Treasury stock acquired, common— (3,667)(95,748)— — — (99,415)
Dividends on preferred stock— — — — (32,756)— (32,756)
Balance at September 30, 2021$28 $92,513 $1,609,039 $1,956,974 $2,716,654 $— $6,375,208 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Nine Months Ended 
 September 30,
20222021
Operating activities
Net income$1,239,400 $380,855 
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits729,407 2,106,590 
Amortization of deferred sales inducements361,775 93,283 
Annuity product charges(168,688)(182,321)
Change in fair value of embedded derivatives(2,695,007)(545,104)
Change in traditional life and accident and health insurance reserves(21,494)19,487 
Policy acquisition costs deferred(146,498)(243,711)
Amortization of deferred policy acquisition costs550,962 185,329 
Provision for depreciation and other amortization12,845 3,985 
Amortization of discounts and premiums on investments637 18,438 
Realized gains/losses on investments62,259 2,764 
Distributions from equity method investments5,098 10,697 
Change in fair value of derivatives1,160,371 (826,484)
Deferred income taxes295,252 (12,276)
Share-based compensation10,708 19,265 
Change in accrued investment income(71,552)(15,288)
Change in income taxes recoverable/payable62,748 40,340 
Change in other assets(39,988)(2,003)
Change in other policy funds and contract claims35,328 (15,971)
Change in collateral held for derivatives(905,799)(170,371)
Change in funds withheld from reinsurers629,251 — 
Change in other liabilities174,671 (141,230)
Other(156,591)(88,983)
Net cash provided by operating activities1,125,095 637,291 
Investing activities
Sales, maturities, or repayments of investments:
Fixed maturity securities, available for sale5,136,412 3,295,774 
Mortgage loans on real estate1,572,420 500,140 
Derivative instruments577,772 1,741,357 
Other investments440,079 12,008 
Acquisitions of investments:
Fixed maturity securities, available for sale(5,238,533)(2,283,419)
Mortgage loans on real estate(2,408,977)(621,002)
Real estate investments acquired(611,881)(259,262)
Derivative instruments(586,804)(547,006)
Other investments(1,123,295)(422,070)
Purchases of property, furniture and equipment(34,215)(15,060)
Net cash provided by (used in) investing activities(2,277,022)1,401,460 
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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
Nine Months Ended 
 September 30,
20222021
Financing activities
Receipts credited to annuity policyholder account balances$2,416,692 $4,879,283 
Coinsurance deposits(241,746)683,829 
Return of annuity policyholder account balances(3,724,169)(3,861,391)
Repayment of loan payable(1,875)— 
Proceeds from issuance of loan payable300,000 — 
Acquisition of treasury stock(522,468)