EX-99.2 3 a2018-12x31_ael8kexhibit992.htm FINANCIAL SUPPLEMENT Exhibit

Exhibit 99.2



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement

December 31, 2018


A.
Financial Highlights
 
 
 
 
 
Non-GAAP Financial Measures
 
 
 
 
 
 
 
 
 
 
B.
Product Summary
 
 
 
 
 
 
 
 
 
C.
Investment Summary
 
 
 
 
 
 
 
 
 
D.
 
 
 
E.





AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
 
December 31, 2018
 
December 31, 2017
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities:
 
 
 
Available for sale, at fair value
$
45,923,727

 
$
45,372,989

Held for investment, at amortized cost
—

 
77,041

Mortgage loans on real estate
2,943,091

 
2,665,531

Derivative instruments
205,149

 
1,568,380

Other investments
355,531

 
616,764

Total investments
49,427,498

 
50,300,705

 
 
 
 
Cash and cash equivalents
344,396

 
1,434,045

Coinsurance deposits
4,954,068

 
4,858,289

Accrued investment income
468,729

 
429,008

Deferred policy acquisition costs
3,535,838

 
2,714,523

Deferred sales inducements
2,516,721

 
2,001,892

Deferred income taxes
291,169

 
38,147

Income taxes recoverable
26,537

 
—

Other assets
60,608

 
254,127

Total assets
$
61,625,564

 
$
62,030,736

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Policy benefit reserves
$
57,606,009

 
$
56,142,673

Other policy funds and contract claims
270,858

 
282,884

Notes payable
494,591

 
494,093

Subordinated debentures
242,982

 
242,565

Amounts due under repurchase agreements
109,298

 
—

Income taxes payable
—

 
34,285

Other liabilities
502,725

 
1,984,079

Total liabilities
59,226,463

 
59,180,579

 
 
 
 
Stockholders' equity:
 
 
 
Common stock
90,369

 
89,331

Additional paid-in capital
811,186

 
791,446

Accumulated other comprehensive income (loss)
(52,432
)
 
724,599

Retained earnings
1,549,978

 
1,244,781

Total stockholders' equity
2,399,101

 
2,850,157

Total liabilities and stockholders' equity
$
61,625,564

 
$
62,030,736




Page 1


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands, except per share data)


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended 
 December 31,
 
Year Ended 
 December 31,
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
Premiums and other considerations
$
4,430

 
$
8,537

 
$
26,480

 
$
34,228

Annuity product charges
60,394

 
56,388

 
224,488

 
200,494

Net investment income
554,355

 
512,709

 
2,147,812

 
1,991,997

Change in fair value of derivatives
(1,054,281
)
 
661,993

 
(777,848
)
 
1,677,871

Net realized gains (losses) on investments, excluding other than temporary impairment ("OTTI") losses
3,097

 
2,719

 
(37,178
)
 
10,509

OTTI losses on investments:
 
 
 
 
 
 
 
Total OTTI losses
(18,980
)
 
(2,485
)
 
(35,005
)
 
(2,758
)
Portion of OTTI losses recognized in (from) other comprehensive income
—

 
(591
)
 
(1,651
)
 
(1,872
)
Net OTTI losses recognized in operations
(18,980
)
 
(3,076
)
 
(36,656
)
 
(4,630
)
Loss on extinguishment of debt
—

 
—

 
—

 
(18,817
)
Total revenues
(450,985
)
 
1,239,270

 
1,547,098

 
3,891,652

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Insurance policy benefits and change in future policy benefits
7,439

 
10,535

 
39,530

 
43,219

Interest sensitive and index product benefits
255,700

 
630,905

 
1,610,835

 
2,023,668

Amortization of deferred sales inducements
(11,578
)
 
65,885

 
222,201

 
176,612

Change in fair value of embedded derivatives
(804,026
)
 
290,890

 
(1,389,491
)
 
919,735

Interest expense on notes and loan payable
6,376

 
6,371

 
25,498

 
30,368

Interest expense on subordinated debentures
4,041

 
3,864

 
15,491

 
14,124

Amortization of deferred policy acquisition costs
(8,750
)
 
93,716

 
327,991

 
255,964

Other operating costs and expenses
33,597

 
29,366

 
129,301

 
111,691

Total benefits and expenses
(517,201
)
 
1,131,532

 
981,356

 
3,575,381

Income before income taxes
66,216

 
107,738

 
565,742

 
316,271

Income tax expense
12,393

 
70,935

 
107,726

 
141,626

Net income
$
53,823

 
$
36,803

 
$
458,016

 
$
174,645

 
 
 
 
 
 
 
 
Earnings per common share
$
0.59

 
$
0.41

 
$
5.07

 
$
1.96

Earnings per common share - assuming dilution
$
0.59

 
$
0.41

 
$
5.01

 
$
1.93

 
 
 
 
 
 
 
 
Weighted average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Earnings per common share
90,555

 
89,308

 
90,348

 
88,982

Earnings per common share - assuming dilution
91,622

 
90,727

 
91,423

 
90,311



Page 2


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands, except per share data)


Quarterly Summary - Most Recent 5 Quarters
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
Revenues:
 
 
 
 
 
 
 
 
 
Traditional life insurance premiums
$
845

 
$
807

 
$
910

 
$
972

 
$
2,989

Life contingent immediate annuity considerations
3,585

 
6,433

 
4,847

 
8,081

 
5,548

Surrender charges
15,710

 
17,132

 
16,520

 
16,282

 
13,573

Lifetime income benefit rider fees
44,684

 
41,233

 
38,486

 
34,441

 
42,815

Net investment income
554,355

 
549,391

 
533,282

 
510,784

 
512,709

Change in fair value of derivatives
(1,054,281
)
 
595,311

 
132,205

 
(451,083
)
 
661,993

Net realized gains (losses) on investments, excluding OTTI
3,097

 
(2,196
)
 
(38,381
)
 
302

 
2,719

Net OTTI losses recognized in operations
(18,980
)
 
(14,373
)
 
(2,396
)
 
(907
)
 
(3,076
)
Total revenues
(450,985
)
 
1,193,738

 
685,473

 
118,872

 
1,239,270

 
 
 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
Traditional life insurance policy benefits and change in future policy benefits
731

 
838

 
981

 
821

 
1,528

Life contingent immediate annuity benefits and change in future policy benefits
6,708

 
9,883

 
8,295

 
11,273

 
9,007

Interest sensitive and index product benefits (a)
255,700

 
413,089

 
427,951

 
514,095

 
630,905

Amortization of deferred sales inducements (b)
(11,578
)
 
55,244

 
78,112

 
100,423

 
65,885

Change in fair value of embedded derivatives
(804,026
)
 
383,716

 
(101,949
)
 
(867,232
)
 
290,890

Interest expense on notes and loan payable
6,376

 
6,376

 
6,374

 
6,372

 
6,371

Interest expense on subordinated debentures
4,041

 
3,942

 
3,878

 
3,630

 
3,864

Amortization of deferred policy acquisition costs (b)
(8,750
)
 
81,053

 
115,049

 
140,639

 
93,716

Other operating costs and expenses
33,597

 
31,924

 
32,540

 
31,240

 
29,366

Total benefits and expenses
(517,201
)
 
986,065

 
571,231

 
(58,739
)
 
1,131,532

Income before income taxes
66,216

 
207,673

 
114,242

 
177,611

 
107,738

Income tax expense (c)(d)
12,393

 
38,345

 
20,339

 
36,649

 
70,935

Net income (a)(b)(c)(d)
$
53,823

 
$
169,328

 
$
93,903

 
$
140,962

 
$
36,803

 
 
 
 
 
 
 
 
 
 
Earnings per common share
$
0.59

 
$
1.87

 
$
1.04

 
$
1.57

 
$
0.41

Earnings per common share - assuming dilution (a)(b)(c)(d)
$
0.59

 
$
1.85

 
$
1.03

 
$
1.55

 
$
0.41

 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding (thousands):
 
 
 
 
 
 
 
 
 
Earnings per common share
90,555

 
90,486

 
90,327

 
90,017

 
89,308

Earnings per common share - assuming dilution
91,622

 
91,651

 
91,271

 
91,139

 
90,727

(a)
Q3 2018 includes a benefit from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index product benefits by $53.6 million and increased net income and earnings per common share - assuming dilution by $42.0 million and $0.46 per share, respectively.
(b)
Q3 2018 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $21.5 million and $30.6 million, respectively, and increased net income and earnings per common share - assuming dilution by $40.8 million and $0.45 per share, respectively.
(c)
Q3 2018 includes an income tax benefit from a worthless stock deduction related to a wholly-owned subsidiary which increased net income and earnings per common share - assuming dilution by $7.4 million and $0.08 per share, respectively.
(d)
Q4 2017 includes income tax expense related to the revaluation of our deferred tax assets and liabilities using the newly enacted federal tax rate resulting from the Tax Cuts and Jobs Act of 2017. The change in the federal income tax rate decreased net income and earnings per common share - assuming dilution by $35.9 million and $0.40 per share, respectively.

Page 3


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands, except per share data)


NON-GAAP FINANCIAL MEASURES
In addition to net income, we have consistently utilized non-GAAP operating income and non-GAAP 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. Non-GAAP operating income equals net income 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 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 together with net income provides information that may enhance an investor’s understanding of our underlying results and profitability.
Reconciliation from Net Income to Non-GAAP Operating Income
 
Three Months Ended 
 December 31,
 
Year Ended 
 December 31,
 
2018
 
2017
 
2018
 
2017
Net income (b)
$
53,823

 
$
36,803

 
$
458,016

 
$
174,645

Adjustments to arrive at non-GAAP operating income: (a)
 
 
 
 
 
 
 
Net realized investment (gains) losses, including OTTI
9,525

 
(676
)
 
45,450

 
(5,093
)
Change in fair value of derivatives and embedded derivatives - fixed index annuities
36,186

 
5,463

 
(72,181
)
 
121,846

Change in fair value of derivatives - debt
1,276

 
(1,085
)
 
(1,892
)
 
(1,224
)
Income taxes (b)
(10,475
)
 
34,003

 
(3,653
)
 
(5,124
)
Non-GAAP operating income
$
90,335

 
$
74,508

 
$
425,740

 
$
285,050

 
 
 
 
 
 
 
 
Per common share - assuming dilution:
 
 
 
 
 
 
 
Net income
$
0.59

 
$
0.41

 
$
5.01

 
$
1.93

Adjustments to arrive at non-GAAP operating income:
 
 
 
 
 
 
 
Net realized investment (gains) losses, including OTTI
0.10

 
(0.01
)
 
0.50

 
(0.05
)
Change in fair value of derivatives and embedded derivatives - fixed index annuities
0.40

 
0.06

 
(0.79
)
 
1.35

Change in fair value of derivatives - debt
0.01

 
(0.01
)
 
(0.02
)
 
(0.01
)
Income taxes
(0.11
)
 
0.37

 
(0.04
)
 
(0.06
)
Non-GAAP operating income
$
0.99

 
$
0.82

 
$
4.66

 
$
3.16

(a)
Adjustments to net income to arrive at non-GAAP operating income are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) where applicable.
(b)
Net income for the three months and year ended December 31, 2017 includes income tax expense related to the revaluation of our deferred tax assets and liabilities using the new enacted federal tax rate resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). The change in the federal income tax rate decreased net income and earnings per common share - assuming dilution by $35.9 million and $0.40 per share, respectively. The impact of Tax Reform has been excluded from non-GAAP operating income.

Page 4


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income
 
Three Months Ended 
 December 31,
 
Year Ended 
 December 31,
 
2018
 
2017
 
2018
 
2017
Net realized investment gains and losses, including OTTI:
 
 
 
 
 
 
 
Net realized (gains) losses on investments, including OTTI
$
15,883

 
$
357

 
$
73,834

 
$
(5,879
)
Amortization of DAC and DSI
(6,358
)
 
(1,033
)
 
(28,384
)
 
786

Income taxes
(2,374
)
 
241

 
(12,282
)
 
1,813

 
$
7,151

 
$
(435
)
 
$
33,168

 
$
(3,280
)
Change in fair value of derivatives and embedded derivatives:
 
 
 
 
 
 
 
Index annuities
$
212,253

 
$
8,174

 
$
(42,394
)
 
$
270,809

Interest rate caps and swap
1,276

 
(1,085
)
 
(1,892
)
 
(1,224
)
Amortization of DAC and DSI
(176,067
)
 
(2,711
)
 
(29,787
)
 
(148,963
)
Income taxes
(8,101
)
 
(2,170
)
 
16,077

 
(42,869
)
 
$
29,361

 
$
2,208

 
$
(57,996
)
 
$
77,753

Worthless stock deduction:
 
 
 
 
 
 
 
Income taxes
$
—

 
$
—

 
$
(7,448
)
 
$
—

 
 
 
 
 
 
 
 
Income taxes:
 
 
 
 
 
 
 
Impact of Tax Reform
$
—

 
$
35,932

 
$
—

 
$
35,932



Page 5


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands, except per share data)


NON-GAAP FINANCIAL MEASURES
Quarterly Summary - Most Recent 5 Quarters
Reconciliation from Net Income to Non-GAAP Operating Income
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
Net income (a)
$
53,823

 
$
169,328

 
$
93,903

 
$
140,962

 
$
36,803

Adjustments to arrive at non-GAAP operating income: (b)
 
 
 
 
 
 
 
 
 
Net realized investment (gains) losses, including OTTI
9,525

 
10,278

 
25,624

 
23

 
(676
)
Change in fair value of derivatives and embedded derivatives -
fixed index annuities
36,186

 
545

 
(30,094
)
 
(78,818
)
 
5,463

Change in fair value of derivatives - debt
1,276

 
(597
)
 
(739
)
 
(1,832
)
 
(1,085
)
Income taxes (a)
(10,475
)
 
(8,491
)
 
(2,046
)
 
17,359

 
34,003

Non-GAAP operating income (c)(d)
$
90,335

 
$
171,063

 
$
86,648

 
$
77,694

 
$
74,508

 
 
 
 
 
 
 
 
 
 
Per common share - assuming dilution:
 
 
 
 
 
 
 
 
 
Net income (a)
$
0.59

 
$
1.85

 
$
1.03

 
$
1.55

 
$
0.41

Adjustments to arrive at non-GAAP operating income: (b)
 
 
 
 
 
 
 
 
 
Net realized investment (gains) losses, including OTTI
0.10

 
0.11

 
0.28

 
—

 
(0.01
)
Change in fair value of derivatives and embedded derivatives - fixed index annuities
0.40

 
0.01

 
(0.33
)
 
(0.87
)
 
0.06

Change in fair value of derivatives - debt
0.01

 
(0.01
)
 
(0.01
)
 
(0.02
)
 
(0.01
)
Income taxes (a)
(0.11
)
 
(0.09
)
 
(0.02
)
 
0.19

 
0.37

Non-GAAP operating income (c)(d)
$
0.99

 
$
1.87

 
$
0.95

 
$
0.85

 
$
0.82

(a)
Q4 2017 includes income tax expense related to the revaluation of our deferred tax assets and liabilities using the newly enacted federal tax rate resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). The change in the federal income tax rate decreased net income and earnings per common share - assuming dilution by $35.9 million and $0.40 per share, respectively. The impact of Tax Reform has been excluded from non-GAAP operating income.
(b)
Adjustments to net income to arrive at non-GAAP operating income are presented net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs where applicable.
(c)
Q3 2018 includes a benefit from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index product benefits by $53.6 million and increased non-GAAP operating income and non-GAAP operating income per common share - assuming dilution by $42.0 million and $0.46 per share, respectively.
(d)
Q3 2018 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $20.5 million and $28.7 million, respectively, and increased non-GAAP operating income and non-GAAP operating income per common share- assuming dilution by $38.5 million and $0.42 per share, respectively.


Page 6


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
Net realized (gains) losses on investments
$
(3,097
)
 
$
2,196

 
$
38,381

 
$
(302
)
 
$
(2,719
)
Net OTTI losses recognized in operations
18,980

 
14,373

 
2,396

 
907

 
3,076

Change in fair value of derivatives
1,017,555

 
(408,680
)
 
28,741

 
707,589

 
(283,801
)
Increase (decrease) in total revenues
1,033,438

 
(392,111
)
 
69,518

 
708,194

 
(283,444
)
 
 
 
 
 
 
 
 
 
 
Amortization of deferred sales inducements
77,745

 
(7,219
)
 
(9,888
)
 
(33,212
)
 
1,499

Change in fair value of embedded derivatives
804,026

 
(383,716
)
 
101,949

 
867,232

 
(290,890
)
Amortization of deferred policy acquisition costs
104,680

 
(11,402
)
 
(17,334
)
 
(45,199
)
 
2,245

Increase (decrease) in total benefits and expenses
986,451

 
(402,337
)
 
74,727

 
788,821

 
(287,146
)
Increase (decrease) in income before income taxes
46,987

 
10,226

 
(5,209
)
 
(80,627
)
 
3,702

Increase (decrease) in income tax expense
10,475

 
8,491

 
2,046

 
(17,359
)
 
(34,003
)
Increase (decrease) in net income
$
36,512

 
$
1,735

 
$
(7,255
)
 
$
(63,268
)
 
$
37,705


Page 7


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands, except share and per share data)


Capitalization/Book Value per Share
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
Capitalization:
 
 
 
 
 
 
 
 
 
Notes and loan payable
$
500,000

 
$
500,000

 
$
500,000

 
$
500,000

 
$
500,000

Subordinated debentures payable to subsidiary trusts
247,161

 
247,096

 
247,032

 
246,969

 
246,908

Total debt
747,161

 
747,096


747,032


746,969


746,908

Total stockholders’ equity
2,399,101

 
2,489,296

 
2,426,825

 
2,546,990

 
2,850,157

Total capitalization
3,146,262

 
3,236,392


3,173,857


3,293,959


3,597,065

Accumulated other comprehensive (income) loss (AOCI)
52,432

 
(70,288
)
 
(180,406
)
 
(399,982
)
 
(724,599
)
Total capitalization excluding AOCI (a)
$
3,198,694

 
$
3,166,104


$
2,993,451


$
2,893,977


$
2,872,466

 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
$
2,399,101

 
$
2,489,296


$
2,426,825


$
2,546,990


$
2,850,157

Accumulated other comprehensive (income) loss
52,432

 
(70,288
)

(180,406
)

(399,982
)

(724,599
)
Total stockholders’ equity excluding AOCI (a)
$
2,451,533

 
$
2,419,008


$
2,246,419


$
2,147,008


$
2,125,558

 
 
 
 
 
 
 
 
 
 
Common shares outstanding
90,369,229

 
90,277,626

 
90,233,346

 
89,983,823

 
89,331,087

 
 
 
 
 
 
 
 
 
 
Book Value per Share: (b)
 
 
 
 
 
 
 
 
 
Book value per share including AOCI
$
26.55

 
$
27.57


$
26.89


$
28.30


$
31.91

Book value per share excluding AOCI (a)
$
27.13

 
$
26.80


$
24.90


$
23.86


$
23.79

 
 
 
 
 
 
 
 
 
 
Debt-to-Capital Ratios: (c)
 
 
 
 
 
 
 
 
 
Senior debt / Total capitalization
15.6
%
 
15.8
%

16.7
%

17.3
%

17.4
%
Adjusted debt / Total capitalization
15.6
%
 
15.8
%
 
16.7
%
 
17.3
%
 
17.4
%
(a)
Total capitalization, total stockholders’ equity and book value per share excluding AOCI, non-GAAP financial measures, are based on 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 investments, we believe these non-GAAP financial measures provide useful supplemental information.
(b)
Book value per share including and excluding AOCI is calculated as total stockholders’ equity and total stockholders’ equity excluding AOCI divided by the total number of shares of common stock outstanding.
(c)
Debt-to-capital ratios are computed using total capitalization excluding AOCI. Adjusted debt includes notes and loan payable and the portion of the total subordinated debentures payable to subsidiary trusts outstanding (qualifying trust preferred securities) that exceeds 15% of total capitalization excluding AOCI.

Page 8


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


Spread Results
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
4.47%
 
4.46%
Average yield on invested assets
4.51%
 
4.54%
 
4.47%
 
4.36%
 
4.47%
1.87%
 
1.74%
Aggregate cost of money
1.95%
 
1.87%
 
1.83%
 
1.82%
 
1.72%
2.60%
 
2.72%
Aggregate investment spread
2.56%
 
2.67%
 
2.64%
 
2.54%
 
2.75%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact of:
 
 
 
 
 
 
 
 
 
0.08%
 
0.08%
Investment yield - additional prepayment income
0.09%
 
0.11%
 
0.07%
 
0.03%
 
0.11%
0.05%
 
0.06%
Cost of money effect of over hedging
0.03%
 
0.07%
 
0.06%
 
0.02%
 
0.08%
 
 
 
 
 
 
 
 
 
 
 
 
 
$48,104,780
 
$44,798,227
Weighted average investments
$49,258,548
 
$48,466,817
 
$47,795,388
 
$46,898,365
 
$46,031,966
Weighted average investments include fixed maturity securities at amortized cost and equity securities at cost. 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
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
 
 
 
Included in interest sensitive and index product benefits:
 
 
 
 
 
 
 
 
 
$
1,285,555

 
$
1,594,722

Index credits
$
157,999

 
$
369,011

 
$
334,605

 
$
423,940

 
$
526,200

214,166

 
249,898

Interest credited
53,559

 
52,618

 
52,922

 
55,067

 
59,065

 
 
 
Included in change in fair value of derivatives:
 
 
 
 
 
 
 
 
 
(1,307,755
)
 
(1,623,346
)
Proceeds received at option expiration
(162,433
)
 
(378,149
)
 
(341,616
)
 
(425,557
)
 
(535,328
)
739,558

 
593,990

Pro rata amortization of option cost
198,999

 
191,362

 
180,465

 
168,732

 
156,782

$
931,524

 
$
815,264

Cost of money for deferred annuities
$
248,124

 
$
234,842


$
226,376


$
222,182


$
206,719

 
 
 
 
 
 
 
 
 
 
 
 
 
$
49,855,778

 
$
46,846,995

Weighted average liability balance outstanding
$
50,832,984

 
$
50,273,893

 
$
49,541,746

 
$
48,774,490

 
$
48,014,427

Annuity Account Balance Rollforward
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
$
48,400,755

 
$
45,204,015

Account balances at beginning of period
$
50,612,519

 
$
49,935,266

 
$
49,148,224

 
$
48,400,755

 
$
47,628,099

3,967,928

 
3,764,984

Net deposits
1,040,857

 
929,480

 
1,066,857

 
930,734

 
874,952

179,465

 
216,172

Premium bonuses
44,450

 
41,878

 
49,467

 
43,670

 
41,098

1,499,721

 
1,844,620

Fixed interest credited and index credits
211,558

 
421,629

 
387,527

 
479,007

 
585,265

(65,644
)
 
(54,624
)
Surrender charges
(15,710
)
 
(17,132
)
 
(16,520
)
 
(16,282
)
 
(13,573
)
(158,844
)
 
(145,870
)
Lifetime income benefit rider fees
(44,684
)
 
(41,233
)
 
(38,486
)
 
(34,441
)
 
(42,815
)
(2,769,931
)
 
(2,428,542
)
Surrenders, withdrawals, deaths, etc.
(795,540
)
 
(657,369
)
 
(661,803
)
 
(655,219
)
 
(672,271
)
$
51,053,450

 
$
48,400,755

Account balances at end of period
$
51,053,450

 
$
50,612,519

 
$
49,935,266

 
$
49,148,224

 
$
48,400,755


Page 9


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


Annuity Deposits by Product Type
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018
 
Q4 2017
 
 
 
American Equity:
 
 
 
 
 
 
 
 
 
$
3,560,881

 
$
3,390,144

Fixed index annuities
$
944,097

 
$
830,759

 
$
952,675

 
$
833,350

 
$
757,160

45,636

 
74,829

Annual reset fixed rate annuities
5,574

 
8,390

 
15,455

 
16,217

 
18,974

3,581

 
23,424

Multi-year fixed rate annuities
332

 
360

 
888

 
2,001

 
3,773

23,813

 
24,946

Single premium immediate annuities
2,893

 
4,977

 
5,313

 
10,630

 
7,909

3,633,911

 
3,513,343

 
952,896

 
844,486

 
974,331

 
862,198

 
787,816

 
 
 
Eagle Life:
 
 
 
 
 
 
 
 
 
660,401

 
576,695

Fixed index annuities
162,847

 
163,871

 
173,119

 
160,564

 
187,888

1,555

 
—

Annual reset fixed rate annuities
484

 
450

 
348

 
273

 
—

109,096

 
87,172

Multi-year fixed rate annuities
12,802

 
34,851

 
53,419

 
8,024

 
32,953

771,052

 
663,867

 
176,133

 
199,172

 
226,886

 
168,861

 
220,841

 
 
 
Consolidated:
 
 
 
 
 
 
 
 
 
4,221,282

 
3,966,839

Fixed index annuities
1,106,944

 
994,630

 
1,125,794

 
993,914

 
945,048

47,191

 
74,829

Annual reset fixed rate annuities
6,058


8,840


15,803


16,490


18,974

112,677

 
110,596

Multi-year fixed rate annuities
13,134

 
35,211

 
54,307

 
10,025

 
36,726

23,813

 
24,946

Single premium immediate annuities
2,893

 
4,977

 
5,313

 
10,630

 
7,909

4,404,963

 
4,177,210

Total before coinsurance ceded
1,129,029

 
1,043,658

 
1,201,217

 
1,031,059

 
1,008,657

413,222

 
387,280

Coinsurance ceded
85,279

 
109,201

 
129,047

 
89,695

 
125,796

$
3,991,741

 
$
3,789,930

Net after coinsurance ceded
$
1,043,750

 
$
934,457

 
$
1,072,170

 
$
941,364

 
$
882,861

Surrender Charge Protection and Account Values by Product Type
Annuity Surrender Charges and Net (of Coinsurance) Account Values at December 31, 2018:
 
 
Surrender Charge
 
Net Account Value
Product Type
 
Avg.
Years
At Issue
 
Avg.
Years
Remaining
 
Avg.
%
Remaining
 
Dollars in Thousands
 
%
Fixed Index Annuities
 
13.4
 
7.7
 
12.3%
 
$
48,935,622

 
95.9
%
Annual Reset Fixed Rate Annuities
 
9.7
 
3.8
 
6.7%
 
1,503,651

 
2.9
%
Multi-Year Fixed Rate Annuities
 
5.1
 
1.2
 
3.1%
 
614,177

 
1.2
%
Total
 
13.2
 
7.5
 
12.1%
 
$
51,053,450

 
100.0
%



Page 10


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


Annuity Liability Characteristics
Surrender Charge Percentages:
Fixed
Annuities
Account Value
 
Fixed Index
Annuities
Account Value
No surrender charge
$
869,810

 
$
2,500,773

0.0% < 2.0%
6,424

 
185,885

2.0% < 3.0%
10,103

 
270,332

3.0% < 4.0%
18,386

 
172,239

4.0% < 5.0%
24,665

 
630,122

5.0% < 6.0%
51,837

 
1,114,055

6.0% < 7.0%
134,806

 
1,336,324

7.0% < 8.0%
301,560

 
2,915,279

8.0% < 9.0%
59,542

 
3,413,768

9.0% < 10.0%
38,045

 
3,117,947

10.0% or greater
602,650

 
33,278,898

 
$
2,117,828

 
$
48,935,622

Surrender Charge Expiration By Year:
Fixed and
Fixed Index
Annuities
Account Value
 
Weighted
Average
Surrender
Charge
Out of Surrender Charge
$
3,370,583

 
0.00
%
2019
471,112

 
2.45
%
2020
808,067

 
4.13
%
2021
1,303,075

 
5.90
%
2022
1,882,010

 
7.16
%
2023
4,658,720

 
8.54
%
2024
5,264,984

 
10.30
%
2025
6,023,757

 
10.93
%
2026
5,273,614

 
12.24
%
2027
4,373,535

 
13.79
%
2028
4,639,583

 
14.41
%
2029
2,921,825

 
17.29
%
2030
2,694,631

 
18.15
%
2031
3,274,979

 
18.50
%
2032
2,229,780

 
18.99
%
2033
1,149,212

 
19.48
%
2034
713,983

 
19.97
%
 
$
51,053,450

 
12.05
%

Page 11


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
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
$
1,032,332

 
$
1,374,337

› 0.0% - 0.25%
55,243

 
206,556

› 0.25% - 0.5%
244,378

 
3,635

› 0.5% - 1.0%
58,380

 
16,315

› 1.0% - 1.5%
11,314

 
—

1.00% ultimate guarantee - 2.40% wtd avg interest rate (a)
476,819

 
617,551

1.50% ultimate guarantee - 1.24% wtd avg interest rate (a)
153,245

 
3,596,494

2.00% ultimate guarantee - 1.86% wtd avg interest rate (a)
86,117

 
—

2.25% ultimate guarantee - 1.93% wtd avg interest rate (a)
—

 
890,774

3.00% ultimate guarantee - 2.13% wtd avg interest rate (a)
—

 
1,690,684

Allocated to index strategies (see tables that follow)
—

 
40,539,276

 
$
2,117,828

 
$
48,935,622

(a)
The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy is 1.00%. 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 December 31, 2018 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.17%.

Page 12


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
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
$
2,049

 
$
90,706

 
$
3,014,980

 
$
76,496

 
$
181,913

1.75% - 3%
6,811,980

 
—

 
—

 
—

 
—

3% - 4%
719,521

 
13,216

 
—

 
—

 
—

4% - 5%
534,034

 
220,258

 
3,570,392

 
—

 
—

5% - 6%
501,319

 
179,711

 
39,311

 
—

 
—

6% - 7%
—

 
—

 
119

 
—

 
—

>= 7%
4,978

 
7,916

 
794

 
7,685

 
—

Annual Monthly Average and Point-to-Point with Participation Rates
 
Minimum Guaranteed Participation Rate
 
10%
 
20% - 25%
 
35%
 
50% +
Current Participation Rate
 
 
 
 
 
 
 
At minimum
$
732

 
$
393,066

 
$
118,325

 
$
132,868

< 20%
616,543

 
—

 
—

 
—

20% - 40%
916,470

 
174,882

 
—

 
—

40% - 60%
1,926,127

 
104,220

 
66,475

 
—

60% - 100%
123,617

 
—

 
—

 
—

> 100%
29,495

 
—

 
—

 
—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
 
At minimum
$
1,323,964

1.10% - 1.30%
6,937,420

1.40% - 1.60%
3,627,115

1.70% - 2.00%
1,852,066

>= 2.10%
952

Volatility Control Index
 
Current Asset Fee
 
At Maximum
$
—

0.75% - 1.75%
412,081

2.25% - 2.75%
899,122

3.00% - 3.50%
3,325,672

3.75% - 4.50%
794,631

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 0.75% based upon prices of options for the week ended January 15, 2019.

Page 13


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


Summary of Invested Assets
 
December 31, 2018
 
December 31, 2017
 
Carrying
Amount
 
Percent
 
Carrying
Amount
 
Percent
Fixed maturity securities:
 
 
 
 
 
 
 
United States Government full faith and credit
$
11,652

 
—
%
 
$
11,876

 
—
%
United States Government sponsored agencies
1,138,529

 
2.3
%
 
1,305,017

 
2.6
%
United States municipalities, states and territories
4,126,267

 
8.3
%
 
4,166,812

 
8.3
%
Foreign government obligations
230,274

 
0.5
%
 
239,360

 
0.5
%
Corporate securities
28,371,514

 
57.4
%
 
29,956,012

 
59.6
%
Residential mortgage backed securities
1,202,159

 
2.4
%
 
1,105,567

 
2.2
%
Commercial mortgage backed securities
5,379,003

 
10.9
%
 
5,544,850

 
11.0
%
Other asset backed securities
5,464,329

 
11.1
%
 
3,120,536

 
6.2
%
Total fixed maturity securities
45,923,727

 
92.9
%
 
45,450,030

 
90.4
%
Mortgage loans on real estate
2,943,091

 
6.0
%
 
2,665,531

 
5.3
%
Derivative instruments
205,149

 
0.4
%
 
1,568,380

 
3.1
%
Other investments
355,531

 
0.7
%
 
616,764

 
1.2
%
 
$
49,427,498

 
100.0
%
 
$
50,300,705

 
100.0
%
Credit Quality of Fixed Maturity Securities - December 31, 2018
NAIC Designation
 
Carrying
Amount
 
Percent
 
Rating Agency Rating
 
Carrying
Amount
 
Percent
1
 
$
26,921,843

 
58.6
%
 
Aaa/Aa/A
 
$
27,052,481

 
58.9
%
2
 
17,528,072

 
38.2
%
 
Baa
 
17,265,590

 
37.6
%
3
 
1,269,242

 
2.8
%
 
Ba
 
1,191,772

 
2.6
%
4
 
137,991

 
0.3
%
 
B
 
139,313

 
0.3
%
5
 
19,453

 
—
%
 
Caa
 
122,717

 
0.3
%
6
 
47,126

 
0.1
%
 
Ca and lower
 
151,854

 
0.3
%
 
 
$
45,923,727

 
100.0
%
 
 
 
$
45,923,727

 
100.0
%
Watch List Securities - December 31, 2018
General Description
 
Amortized
Cost
 
Unrealized
Gains (Losses)
 
Fair Value
 
Months Below Amortized Cost
Below investment grade
 
 
 
 
 
 
 
 
Corporate securities:
 
 
 
 
 
 
 
 
Consumer discretionary
 
$
52,470

 
$
(10,457
)
 
$
42,013

 
5 - 47
Energy
 
76,005

 
(18,321
)
 
57,684

 
2 - 52
Industrials
 
562

 
—

 
562

 
—
Materials
 
3,990

 
1,417

 
5,407

 
—
Utilities
 
59,753

 
(6,008
)
 
53,745

 
3 - 15
Other asset backed securities:
 
 
 
 
 
 
 
 
Financials
 
1,693

 
326

 
2,019

 
—
 
 
$
194,473

 
$
(33,043
)
 
$
161,430

 
 

Page 14


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


Fixed Maturity Securities by Sector
 
December 31, 2018
 
December 31, 2017
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Available for sale:
 
 
 
 
 
 
 
United States Government full faith and credit and sponsored agencies
$
1,220,340

 
$
1,150,181

 
$
1,320,151

 
$
1,316,893

United States municipalities, states and territories
3,880,703

 
4,126,267

 
3,804,360

 
4,166,812

Foreign government obligations
226,860

 
230,274

 
228,214

 
239,360

Corporate securities:
 
 
 
 
 
 
 
Capital goods
2,491,620

 
2,485,845

 
2,405,102

 
2,570,734

Consumer discretionary
5,742,182

 
5,665,192

 
5,889,227

 
6,232,728

Energy
2,543,114

 
2,468,545

 
2,554,199

 
2,666,172

Financials
6,046,859

 
6,054,591

 
6,004,618

 
6,369,575

Industrials
302,078

 
298,620

 
283,915

 
291,174

Information technology
1,794,676

 
1,781,800

 
1,829,396

 
1,932,131

Materials
1,771,359

 
1,759,325

 
1,801,312

 
1,901,090

Other
999,140

 
1,011,396

 
989,641

 
1,052,676

Telecommunications
1,604,307

 
1,594,978

 
1,461,536

 
1,539,840

Transportation
1,438,723

 
1,428,378

 
1,152,637

 
1,218,964

Utilities
3,749,080

 
3,822,844

 
3,756,070

 
4,103,887

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency
604,998

 
636,632

 
628,320

 
668,641

Prime
420,350

 
434,991

 
269,407

 
282,360

Alt-A
109,275

 
130,536

 
130,757

 
154,566

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency
442,287

 
438,063

 
554,514

 
564,400

Non-agency
5,049,984

 
4,940,940

 
4,977,408

 
4,980,450

Other asset backed securities:
 
 
 
 
 
 
 
Auto
315,439

 
318,616

 
298,142

 
299,688

Financials
8,322

 
8,931

 
11,371

 
12,382

Industrials
217,358

 
216,724

 
243,859

 
251,321

Collateralized loan obligations
4,579,467

 
4,320,168

 
1,965,349

 
1,973,877

Military housing
438,350

 
464,071

 
433,840

 
461,452

Other
134,319

 
135,819

 
123,414

 
121,816

 
$
46,131,190

 
$
45,923,727

 
$
43,116,759

 
$
45,372,989

Held for investment:
 
 
 
 
 
 
 
Corporate security - financials
$
—

 
$
—

 
$
77,041

 
$
76,460



Page 15


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018
Unaudited (Dollars in thousands)


Mortgage Loans on Commercial Real Estate
 
December 31, 2018
 
December 31, 2017
 
Principal
 
Percent
 
Principal
 
Percent
Geographic distribution
 
 
 
 
 
 
 
East
$
586,773

 
19.9
%
 
$
548,067

 
20.5
%
Middle Atlantic
168,969

 
5.7
%
 
163,485

 
6.1
%
Mountain
357,642

 
12.1
%
 
308,486

 
11.5
%
New England
9,418

 
0.3
%
 
12,265

 
0.5
%
Pacific
521,363

 
17.7
%
 
466,030

 
17.4
%
South Atlantic
694,599

 
23.5
%
 
609,736

 
22.8
%
West North Central
291,890

 
9.9
%
 
324,808

 
12.2
%
West South Central
321,810

 
10.9
%
 
241,438

 
9.0
%
 
$
2,952,464

 
100.0
%
 
$
2,674,315

 
100.0
%
 
 
 
 
 
 
 
 
Property type distribution
 
 
 
 
 
 
 
Office
$
268,932

 
9.1
%
 
$
283,926

 
10.6
%
Medical office
33,467

 
1.1
%
 
34,338

 
1.3
%
Retail
1,091,627

 
37.0
%
 
1,040,028

 
38.9
%
Industrial/Warehouse
762,887

 
25.8
%
 
677,770

 
25.3
%
Apartment
600,638

 
20.3
%
 
462,897

 
17.3
%
Agricultural
25,000

 
0.9
%
 
—

 
—
%
Mixed use/other
169,913

 
5.8
%
 
175,356

 
6.6
%
 
$
2,952,464

 
100.0
%
 
$
2,674,315

 
100.0
%
 
 
 
 
 
 
 
 
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Credit exposure - by payment activity
 
 
 
 
 
 
 
Performing
$
2,952,464

 
$
2,670,657

 
 
 
 
In workout
—

 
1,436

 
 
 
 
Delinquent
—

 
—

 
 
 
 
Collateral dependent
—

 
2,222

 
 
 
 
 
2,952,464

 
2,674,315

 
 
 
 
Specific loan loss allowance
(229
)
 
(1,418
)
 
 
 
 
General loan loss allowance
(8,010
)
 
(6,100
)
 
 
 
 
Deferred prepayment fees
(1,134
)
 
(1,266
)
 
 
 
 
 
$
2,943,091

 
$
2,665,531

 
 
 
 


Page 16


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018


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
2018
 
 
 
 
 
 
 
First Quarter
$35.79
 
$28.90
 
$29.36
 
$0.00
Second Quarter
$37.16
 
$27.06
 
$36.00
 
$0.00
Third Quarter
$38.57
 
$34.51
 
$35.36
 
$0.00
Fourth Quarter
$36.39
 
$25.27
 
$27.94
 
$0.28
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
First Quarter
$28.00
 
$21.66
 
$23.63
 
$0.00
Second Quarter
$26.65
 
$22.23
 
$26.28
 
$0.00
Third Quarter
$29.43
 
$25.43
 
$29.08
 
$0.00
Fourth Quarter
$32.54
 
$28.06
 
$30.73
 
$0.26
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
First Quarter
$23.65
 
$12.65
 
$16.80
 
$0.00
Second Quarter
$16.96
 
$12.77
 
$14.25
 
$0.00
Third Quarter
$18.32
 
$13.07
 
$17.73
 
$0.00
Fourth Quarter
$23.41
 
$15.39
 
$22.54
 
$0.24
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 17


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2018


Research Analyst Coverage
Erik Bass
Autonomous Research US LP
(646) 561-6248
ebass@autonomous.com
Randy Binner
B. Riley FBR, Inc.
(703) 312-1890
rbinner@fbr.com
Daniel Bergman
Citi Research
(212) 816-2132
daniel.bergman@citi.com
Thomas Gallagher
Evercore ISI
(212) 446-9439
thomas.gallagher@evercoreisi.com
Alex Scott
Goldman Sachs & Co. LLC
(917) 343-7160
alex.scott@gs.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
C. Gregory Peters
Raymond James & Associates, Inc.
(727) 567-1534
greg.peters@raymondjames.com
Kenneth S. Lee
RBC Capital Markets, LLC
(212) 905-5995
kenneth.s.lee@rbccm.com
John Barnidge
Sandler O'Neill & Partners, L.P.
(312) 281-3412
jbarnidge@sandleroneill.com
Mark Hughes
SunTrust Robinson Humphrey
(615) 748-4422
mark.hughes@suntrust.com
John Nadel
UBS Investment Bank
(212) 713-4299
john.nadel@ubs.com



Page 18