Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

March 31, 2021

A.			Financial Highlights
			Condensed Consolidated Balance Sheets			1
			Consolidated Statements of Operations			2
			Quarterly Summary - Most Recent 5 Quarters			3
			Non-GAAP Financial Measures
			Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items			5
			Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders			6
			Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items			7
			Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders			9
			Capitalization/Book Value per Common Share			10
			Spread Results			11
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			11
			Annuity Account Balance Rollforward			11
			Annuity Deposits by Product Type			12
			Surrender Charge Protection and Account Values by Product Type			12
			Annuity Liability Characteristics			13
C.			Investment Summary
			Summary of Invested Assets			16
			Credit Quality of Fixed Maturity Securities			16
			Watch List Securities			16
			Fixed Maturity Securities by Sector			17
			Mortgage Loans on Real Estate			18
D.			Shareholder Information			20
E.			Research Analyst Coverage			21

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			March 31, 2021						December 31, 2020 (a)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	45,690,341					$	47,538,893
Mortgage loans on real estate			4,290,602						4,165,489
Derivative instruments			1,509,892						1,310,954
Other investments			908,437						590,078
Total investments			52,399,272						53,605,414
Cash and cash equivalents			11,087,125						9,095,522
Coinsurance deposits			4,646,406						4,844,927
Accrued investment income			410,112						398,082
Deferred policy acquisition costs			2,470,851						2,225,199
Deferred sales inducements			1,587,653						1,448,375
Income taxes recoverable			—						862
Other assets			76,247						70,198
Total assets			$	72,677,666					$	71,688,579
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	63,519,546					$	62,352,882
Other policy funds and contract claims			234,468						240,904
Notes payable			495,811						495,668
Subordinated debentures			78,187						78,112
Deferred income taxes			376,895						504,000
Income taxes payable			19,599						—
Other liabilities			2,024,400						1,668,025
Total liabilities			66,748,906						65,339,591
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			95,483						95,721
Additional paid-in capital			1,687,669						1,681,127
Accumulated other comprehensive income			1,505,260						2,203,557
Retained earnings			2,640,320						2,368,555
Total stockholders' equity			5,928,760						6,348,988
Total liabilities and stockholders' equity			$	72,677,666					$	71,688,579

(a)The December 31, 2020 balance sheet includes reclassifications from previously reported amounts for the correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in the first quarter of 2021. This is reflected in deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, deferred income taxes and accumulated other comprehensive income

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

									Three Months Ended   March 31,
															2021						2020
Revenues:
Premiums and other considerations															$	13,213					$	7,664
Annuity product charges															60,082						59,549
Net investment income															497,190						573,318
Change in fair value of derivatives															396,305						(941,874)
Net realized losses on investments															(4,583)						(20,336)
Loss on extinguishment of debt															—						(2,024)
Total revenues															962,207						(323,703)
Benefits and expenses:
Insurance policy benefits and change in future policy benefits															16,424						10,072
Interest sensitive and index product benefits															476,595						400,219
Amortization of deferred sales inducements															122,975						73,591
Change in fair value of embedded derivatives															(282,413)						(1,250,061)
Interest expense on notes payable															6,393						6,385
Interest expense on subordinated debentures															1,326						1,588
Amortization of deferred policy acquisition costs															203,823						120,702
Other operating costs and expenses															55,865						43,626
Total benefits and expenses															600,988						(593,878)
Income before income taxes															361,219						270,175
Income tax expense															78,535						27,228
Net income															282,684						242,947
Less: Preferred stock dividends															10,919						6,611
Net income available to common stockholders															$	271,765					$	236,336
Earnings per common share															$	2.84					$	2.58
Earnings per common share - assuming dilution															$	2.82					$	2.57
Weighted average common shares outstanding (in thousands):
Earnings per common share															95,735						91,644
Earnings per common share - assuming dilution															96,216						92,021

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
Revenues:
Traditional life insurance premiums			$	706					$	701					$	708					$	722					$	823
Life contingent immediate annuity considerations			12,507						9,578						9,699						10,310						6,841
Surrender charges			19,481						17,009						16,447						19,390						19,705
Lifetime income benefit rider fees			40,601						48,954						45,830						44,048						39,844
Net investment income			497,190						521,725						543,331						543,704						573,318
Change in fair value of derivatives			396,305						443,867						205,011						327,662						(941,874)
Net realized losses on investments			(4,583)						(12,135)						(22,321)						(25,888)						(20,336)
Loss on extinguishment of debt			—						—						—						—						(2,024)
Total revenues			962,207						1,029,699						798,705						919,948						(323,703)
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			1,049						1,091						655						702						621
Life contingent immediate annuity benefits and change in future policy benefits			15,375						11,975						12,618						12,629						9,451
Interest sensitive and index product benefits (a)			476,595						325,912						576,147						240,992						400,219
Amortization of deferred sales inducements (b)(d)			122,975						22,768						416,983						(75,178)						73,591
Change in fair value of embedded derivatives (c)(d)			(282,413)						568,836						(1,732,497)						1,126,935						(1,250,061)
Interest expense on notes payable			6,393						6,391						6,388						6,388						6,385
Interest expense on subordinated debentures			1,326						1,325						1,323						1,321						1,588
Amortization of deferred policy acquisition costs (b)(d)			203,823						26,145						622,596						(119,889)						120,702
Other operating costs and expenses			55,865						55,321						42,738						41,951						43,626
Total benefits and expenses			600,988						1,019,764						(53,049)						1,235,851						(593,878)
Income (loss) before income taxes			361,219						9,935						851,754						(315,903)						270,175
Income tax expense (benefit) (e)			78,535						1,193						184,554						(68,474)						27,228
Net income (loss) (a)(b)(c)(d)(e)			282,684						8,742						667,200						(247,429)						242,947
Less: Preferred stock dividends			10,919						15,004						5,950						5,950						6,611
Net income (loss) available to common stockholders (a)(b)(c)(d)(e)			$	271,765					$	(6,262)					$	661,250					$	(253,379)					$	236,336
Earnings (loss) per common share			$	2.84					$	(0.07)					$	7.20					$	(2.76)					$	2.58
Earnings (loss) per common share - assuming dilution (a)(b)(c)(d)(e)			$	2.82					$	(0.07)					$	7.17					$	(2.76)					$	2.57
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			95,735						92,904						91,861						91,803						91,644
Earnings (loss) per common share - assuming dilution			96,216						93,352						92,163						92,027						92,021

(a)Q3 2020 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and decreased both net income and net income available to common stockholders by $224.4 million and decreased earnings per common share - assuming dilution by $2.44 per share.

(b)Q3 2020 includes expense from the revision of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $391.4 million and $589.2 million, respectively, and decreased both net income and net income available to common stockholders by $769.8 million and decreased earnings per common share - assuming dilution by $8.35 per share.

(c)Q3 2020 includes a benefit from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $2,111.1 million and increased both net income and net income available to common stockholders by $1,657.2 million and increased earnings per common share - assuming dilution by $17.98 per share.

(d)Q2 2020 includes a benefit from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $230.1 million, increased amortization of deferred sales inducements and deferred policy acquisition costs by $36.7 million and $57.6 million, respectively, and decreased both net loss and net loss available to common stockholders by $106.5 million and reduced loss per common share - assuming dilution by $1.16 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands, except per share data)

(e)Q1 2020 includes a tax benefit related to the provision of the Coronavirus Aid, Relief, and Economic Security Act, (“CARES Act”)  which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense and increased both net income and net income available to common stockholders by $30.8 million and increased earnings per common share - assuming dilution by $0.33 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income available to common stockholders, we have consistently utilized non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders 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 available to common stockholders equals net income available to common stockholders 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 available to common stockholders 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 available to common stockholders together with net income available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items

									Three Months Ended   March 31,
															2021						2020
Net income available to common stockholders															$	271,765					$	236,336
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized gains/losses on financial assets, including credit losses															3,516						16,349
Change in fair value of derivatives and embedded derivatives - fixed index annuities															(297,634)						(120,454)
Change in fair value of derivatives - interest rate caps and swap															—						(848)
Income taxes															63,794						22,702
Non-GAAP operating income available to common stockholders															41,441						154,085
Impact of notable items (b)															—						(30,778)
Non-GAAP operating income available to common stockholders, excluding notable items															$	41,441					$	123,307
Per common share - assuming dilution:
Net income available to common stockholders															$	2.82					$	2.57
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized gains/losses on financial assets, including credit losses															0.04						0.17
Change in fair value of derivatives and embedded derivatives - fixed index annuities															(3.09)						(1.31)
Change in fair value of derivatives - interest rate caps and swap															—						(0.01)
Income taxes															0.66						0.25
Non-GAAP operating income available to common stockholders															0.43						1.67
Impact of notable items															—						(0.33)
Non-GAAP operating income available to common stockholders, excluding notable items															$	0.43					$	1.34

Notable Items

									Three Months Ended   March 31,
															2021						2020
Notable items impacting Non-GAAP operating income available to common stockholders:
Tax benefit related to the CARES Act															$	—					$	(30,778)
Total notable items (b)															$	—					$	(30,778)

(a)Adjustments to net income available to common stockholders to arrive at non-GAAP operating income available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) where applicable.

(b)Notable items reflect the after-tax impact to non-GAAP operating income available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items include the impact from actuarial assumption updates, certain initial uncapitalized costs to establish the AEL 2.0 strategy, and initial non-deferred impacts related to reinsurance transactions. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders

									Three Months Ended   March 31,
															2021						2020
Net realized gains/losses on financial assets, including credit losses:
Net realized gains/losses on financial assets, including credit losses															$	4,727					$	21,657
Amortization of DAC and DSI															(1,211)						(5,308)
Income taxes															(756)						(3,531)
															$	2,760					$	12,818
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities															$	(493,799)					$	(209,891)
Interest rate caps and swap															—						(848)
Amortization of DAC and DSI															196,165						89,437
Income taxes															64,550						26,233
															$	(233,084)					$	(95,069)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items

			Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
Net income (loss) available to common stockholders			$	271,765					$	(6,262)					$	661,250					$	(253,379)					$	236,336
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized gains/losses on financial assets, including credit losses			3,516						9,369						15,145						18,492						16,349
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(297,634)						90,616						(1,176,909)						423,590						(120,454)
Change in fair value of derivatives - interest rate caps and swap			—						—						—						—						(848)
Income taxes			63,794						(21,996)						250,701						(95,599)						22,702
Non-GAAP operating income (loss) available to common stockholders			41,441						71,727						(249,813)						93,104						154,085
Impact of notable items (b)			—						—						340,895						—						(30,778)
Non-GAAP operating income available to common stockholders, excluding notable items (c)(d)(e)			$	41,441					$	71,727					$	91,082					$	93,104					$	123,307
Per common share - assuming dilution:
Net income (loss) available to common stockholders			$	2.82					$	(0.07)					$	7.17					$	(2.76)					$	2.57
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of net loss			—						—						—						0.01						—
Anti-dilutive effect of operating loss			—						—						0.01						—						—
Net realized gains/losses on financial assets, including credit losses			0.04						0.10						0.16						0.20						0.17
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(3.09)						0.97						(12.77)						4.60						(1.31)
Change in fair value of derivatives - interest rate caps and swap			—						—						—						—						(0.01)
Income taxes			0.66						(0.23)						2.71						(1.04)						0.25
Non-GAAP operating income (loss) available to common stockholders			0.43						0.77						(2.72)						1.01						1.67
Impact of notable items			—						—						3.70						—						(0.33)
Non-GAAP operating income available to common stockholders, excluding notable items (c)(d)(e)			$	0.43					$	0.77					$	0.98					$	1.01					$	1.34

Notable Items

			Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
Notable items impacting Non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates (c)(d)			$	—					$	—					$	340,895					$	—					$	—
Tax benefit related to the CARES Act (e)			—						—						—						—						(30,778)
Total notable items (b)			$	—					$	—					$	340,895					$	—					$	(30,778)

(a)Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income (loss) available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) where applicable.

(b)Notable items reflect the after-tax impact to non-GAAP operating income available to common stockholders for certain items that do not reflect the company's expected ongoing operations. Notable items include the impact from actuarial assumption updates, certain initial uncapitalized costs to establish the AEL 2.0 strategy, and initial non-deferred impacts related to reinsurance transactions. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

(c)Q3 2020 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $224.4 million and $2.44 per share, respectively.

(d)Q3 2020 includes expense from the revision of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $57.5 million and $91.0 million, respectively, and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $116.5 million and $1.26 per share, respectively.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands, except per share data)

(e)Q1 2020 includes a tax benefit related to the provision of CARES Act which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $30.8 million and $0.33 per share, respectively.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders

			Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
Net realized losses on investments			$	4,583					$	12,135					$	22,321					$	25,888					$	20,336
Change in fair value of derivatives			(211,387)						(416,450)						(203,088)						(413,489)						1,039,322
Increase (decrease) in total revenues			(206,804)						(404,315)						(180,767)						(387,601)						1,059,658
Amortization of deferred sales inducements			(69,788)						22,785						(303,710)						115,511						(29,683)
Change in fair value of embedded derivatives			282,413						(568,836)						1,732,497						(1,126,935)						1,250,061
Interest sensitive and index product benefits (a)			(145)						761						1,298						612						(1,321)
Amortization of deferred policy acquisition costs			(125,166)						40,990						(449,088)						181,129						(54,446)
Increase (decrease) in total benefits and expenses			87,314						(504,300)						980,997						(829,683)						1,164,611
Increase in income (loss) before income taxes			(294,118)						99,985						(1,161,764)						442,082						(104,953)
Increase (decrease) in income tax expense (benefit)			(63,794)						21,996						(250,701)						95,599						(22,702)
Increase (decrease) in net income (loss) available to common stockholders			$	(230,324)					$	77,989					$	(911,063)					$	346,483					$	(82,251)

(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits under a revised impairment model for financial assets measured at amortized cost which we were required to adopt on January 1, 2020. The change in this allowance is reflected in the net realized gains/losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands, except share and per share data)

Capitalization/Book Value per Common Share

			Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
Capitalization:
Notes payable			$	500,000					$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,187						78,112						78,037						77,964						77,893
Total debt			578,187						578,112						578,037						577,964						577,893
Total stockholders’ equity (a)			5,928,760						6,348,988						5,918,216						4,919,689						3,499,592
Total capitalization (a)			6,506,947						6,927,100						6,496,253						5,497,653						4,077,485
Accumulated other comprehensive income (AOCI) (a)			(1,505,260)						(2,203,557)						(1,911,593)						(1,577,499)						(196,809)
Total capitalization excluding AOCI (b)			$	5,001,687					$	4,723,543					$	4,584,660					$	3,920,154					$	3,880,676
Total stockholders’ equity (a)			$	5,928,760					$	6,348,988					$	5,918,216					$	4,919,689					$	3,499,592
Equity available to preferred stockholders (c)			(700,000)						(700,000)						(700,000)						(700,000)						(400,000)
Total common stockholders' equity (a)(d)			5,228,760						5,648,988						5,218,216						4,219,689						3,099,592
Accumulated other comprehensive income (a)			(1,505,260)						(2,203,557)						(1,911,593)						(1,577,499)						(196,809)
Total common stockholders’ equity excluding AOCI (d)			3,723,500						3,445,431						3,306,623						2,642,190						2,902,783
Net impact of fair value accounting for derivatives and embedded derivatives			(399,538)						(166,453)						(237,099)						685,839						353,853
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)			$	3,323,962					$	3,278,978					$	3,069,524					$	3,328,029					$	3,256,636
Common shares outstanding			95,482,733						95,720,622						91,931,837						91,595,066						91,497,841
Book Value per Common Share: (e)
Book value per common share (a)			$	54.76					$	59.02					$	56.76					$	46.07					$	33.88
Book value per common share excluding AOCI (d)			$	39.00					$	35.99					$	35.97					$	28.85					$	31.73
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)			$	34.81					$	34.26					$	33.39					$	36.33					$	35.59
Debt-to-Capital Ratios: (f)
Senior debt / Total capitalization			10.0		%				10.6		%				10.9		%				12.8		%				12.9		%
Total debt / Total capitalization			11.6		%				12.2		%				12.6		%				14.7		%				14.9		%

(a)Q1 2020 through Q4 2020 include the impact of a correction of an immaterial error in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves which was determined in Q1 2021. This had the impact of reducing AOCI as of December 31, 2020 by $225.7 million and decreased book value per common share by $2.35 compared to amounts previously reported.

(b)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.

(c)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.

(d)Total common stockholders' equity, total common stockholders' equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, exclude equity available to preferred stockholders. Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common 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 securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives. Since the net impact of fair value accounting for our derivatives and embedded derivatives fluctuates from quarter to quarter and the most significant impacts relate to fair value accounting for our fixed index annuity business and are not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.

(e)Book value per common share including and excluding AOCI and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives are calculated as total common stockholders’ equity, total common stockholders’ equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives divided by the total number of shares of common stock outstanding.

(f)Debt-to-capital ratios are computed using total capitalization excluding AOCI.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

Spread Results

												Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
									Average yield on invested assets			3.58%						3.88%						4.10%						4.12%						4.36%
									Aggregate cost of money			1.58%						1.63%						1.66%						1.73%						1.72%
									Aggregate investment spread			2.00%						2.25%						2.44%						2.39%						2.64%
									Impact of:
									Investment yield - additional prepayment income			0.11%						0.11%						0.10%						0.03%						0.06%
									Cost of money effect of over (under) hedging			0.02%						0.01%						0.03%						(0.01)%						0.05%
									Weighted average investments			$55,712,648						$53,836,378						$53,024,798						$52,901,215						$52,623,239

Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. 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

												Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
									Included in interest sensitive and index product benefits:
									Index credits			$	345,737					$	195,927					$	174,747					$	97,875					$	278,940
									Interest credited			56,477						49,551						47,376						46,594						48,947
									Included in change in fair value of derivatives:
									Proceeds received at option expiration			(349,119)						(197,921)						(178,405)						(97,015)						(285,263)
									Pro rata amortization of option cost			164,230						170,505						176,481						182,841						187,030
									Cost of money for deferred annuities			$	217,325					$	218,062					$	220,199					$	230,295					$	229,654
									Weighted average liability balance outstanding			$	54,935,106					$	53,531,441					$	53,059,376					$	53,214,255					$	53,274,905

Annuity Account Balance Rollforward

												Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
									Account balances at beginning of period			$	54,056,725					$	53,006,150					$	53,112,600					$	53,315,909					$	53,233,898
									Net deposits			2,417,729						1,830,816						557,675						543,026						681,752
									Premium bonuses			24,850						25,143						21,205						22,710						24,552
									Fixed interest credited and index credits			402,214						245,478						222,123						144,469						327,887
									Surrender charges			(19,481)						(17,009)						(16,447)						(19,390)						(19,705)
									Lifetime income benefit rider fees			(40,601)						(48,954)						(45,830)						(44,048)						(39,844)
									Surrenders, withdrawals, deaths, etc.			(1,027,956)						(984,899)						(845,176)						(850,076)						(892,631)
									Account balances at end of period			$	55,813,480					$	54,056,725					$	53,006,150					$	53,112,600					$	53,315,909

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

												Q1 2021						Q4 2020						Q3 2020						Q2 2020						Q1 2020
									American Equity Life:
									Fixed index annuities			$	516,995					$	500,495					$	432,602					$	472,899					$	586,063
									Annual reset fixed rate annuities			2,167						1,664						1,817						2,316						2,331
									Multi-year fixed rate annuities			787,192						394,999						531						83						369
									Single premium immediate annuities			13,959						7,774						10,205						10,084						5,398
												1,320,313						904,932						445,155						485,382						594,161
									Eagle Life:
									Fixed index annuities			148,836						106,170						60,476						72,371						106,502
									Annual reset fixed rate annuities			162						—						39						17						41
									Multi-year fixed rate annuities			965,425						833,765						68,206						1,031						4,149
												1,114,423						939,935						128,721						73,419						110,692
									Consolidated:
									Fixed index annuities			665,831						606,665						493,078						545,270						692,565
									Annual reset fixed rate annuities			2,329						1,664						1,856						2,333						2,372
									Multi-year fixed rate annuities			1,752,617						1,228,764						68,737						1,114						4,518
									Single premium immediate annuities			13,959						7,774						10,205						10,084						5,398
									Total before coinsurance ceded			2,434,736						1,844,867						573,876						558,801						704,853
									Coinsurance ceded			3,048						6,277						5,996						5,691						17,703
									Net after coinsurance ceded			$	2,431,688					$	1,838,590					$	567,880					$	553,110					$	687,150

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at March 31, 2021:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.7						6.1						9.8%						$	50,806,548					91.0		%
Annual Reset Fixed Rate Annuities						8.9						2.6						5.0%						1,411,594						2.5		%
Multi-Year Fixed Rate Annuities						4.0						3.0						8.3%						3,595,338						6.5		%
Total						12.1						5.8						9.6%						$	55,813,480					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	863,221					$	3,125,254
0.0% < 2.0%			17,708						339,017
2.0% < 3.0%			53,828						2,475,661
3.0% < 4.0%			96,137						2,512,346
4.0% < 5.0%			59,922						2,117,537
5.0% < 6.0%			192,916						2,854,843
6.0% < 7.0%			39,113						2,476,842
7.0% < 8.0%			66,622						4,079,101
8.0% < 9.0%			60,483						3,579,166
9.0% < 10.0%			3,115,181						3,455,370
10.0% or greater			441,801						23,791,411
			$	5,006,932					$	50,806,548

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	3,988,475					0.00		%
2021			890,498						2.83		%
2022			1,612,006						3.38		%
2023			4,924,795						5.31		%
2024			6,112,377						6.24		%
2025			6,248,444						7.18		%
2026			5,619,291						8.93		%
2027			4,372,775						10.64		%
2028			4,629,583						11.62		%
2029			5,904,946						13.06		%
2030			3,900,325						14.89		%
2031			3,284,275						16.75		%
2032			1,966,654						17.86		%
2033			1,135,185						18.35		%
2034			718,079						18.82		%
2035			324,648						19.33		%
2036			151,448						19.86		%
2037			29,676						20.00		%
			$	55,813,480					9.63		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

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			$	977,823					$	1,220,033
› 0.00% - 0.25%			47,107						140,908
› 0.25% - 0.50%			231,342						6,814
› 0.50% - 1.00%			13,685						1,155
› 1.00% - 1.50%			11,117						—
1.00% ultimate guarantee - 2.16% wtd avg interest rate (a)			3,468,309						1,047,938
1.50% ultimate guarantee - 1.08% wtd avg interest rate (a)			137,803						3,160,134
1.75% ultimate guarantee - 1.72% wtd avg interest rate (a)			48,805						528,653
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)			70,941						—
2.25% ultimate guarantee - 1.65% wtd avg interest rate (a)			—						673,613
3.00% ultimate guarantee - 1.95% wtd avg interest rate (a)			—						1,360,897
Allocated to index strategies (see tables that follow)			—						42,666,403
			$	5,006,932					$	50,806,548

(a)The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy ranges from 0.5% - 1.75%. 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 March 31, 2021 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.12%.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

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			$	1,282					$	103,647					$	5,059,257					$	59,601					$	132,676
1.75% - 3%			9,073,436						—						—						—						—
3% - 4%			316,349						2,092						—						—						—
4% - 5%			1,605,627						210,515						1,028,667						—						—
5% - 6%			622,541						181,589						27,284						—						—
6% - 7%			141						—						442						—						—
>= 7%			9,825						7,705						867						4,879						—

Annual Monthly Average and Point-to-Point with Participation Rates
			Minimum Guaranteed Participation Rate
			10%												20% - 25%						35%						50% +
Current Participation Rate
At minimum			$	186,688											$	412,453					$	83,468					$	90,519
< 20%			1,322,160												—						—						—
20% - 40%			3,251,757												206,325						3,465						—
40% - 60%			1,945,548												49,706						47,629						—
60% - 100%			838,650												—						—						—
> 100%			596,808												—						—						—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum			$	1,925,877
1.10% - 1.30%			6,189,740
1.40% - 1.60%			1,884,173
1.70% - 2.00%			265,581
>= 2.10%			9,811

Volatility Control Index
Current Asset Fee
At Maximum			$	—
0.75% - 1.75%			342,379
2.25% - 2.75%			179,444
3.00% - 3.50%			1,074,225
3.75% - 5.25%			3,223,841

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 0.71% based upon prices of options for the week ended April 2, 2021.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

Summary of Invested Assets

			March 31, 2021												December 31, 2020
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
United States Government full faith and credit			$	38,727					0.1		%				$	39,771					0.1		%
United States Government sponsored agencies			1,027,441						1.9		%				1,039,551						1.9		%
United States municipalities, states and territories			3,655,844						7.0		%				3,776,131						7.0		%
Foreign government obligations			193,944						0.4		%				202,706						0.4		%
Corporate securities			29,890,265						57.0		%				31,156,827						58.1		%
Residential mortgage backed securities			1,346,473						2.6		%				1,512,831						2.8		%
Commercial mortgage backed securities			4,177,242						8.0		%				4,261,227						8.0		%
Other asset backed securities			5,360,405						10.2		%				5,549,849						10.4		%
Total fixed maturity securities			45,690,341						87.2		%				47,538,893						88.7		%
Mortgage loans on real estate			4,290,602						8.2		%				4,165,489						7.8		%
Derivative instruments			1,509,892						2.9		%				1,310,954						2.4		%
Other investments			908,437						1.7		%				590,078						1.1		%
			$	52,399,272					100.0		%				$	53,605,414					100.0		%

Credit Quality of Fixed Maturity Securities - March 31, 2021

NAIC Designation						Carrying Amount						Percent						Rating Agency Rating						Carrying Amount						Percent
1						$	25,301,796					55.4		%				Aaa/Aa/A						$	26,363,222					57.7		%
2						18,833,794						41.2		%				Baa						18,108,379						39.6		%
3						1,310,371						2.9		%				Ba						972,986						2.1		%
4						189,560						0.4		%				B						115,164						0.3		%
5						27,540						0.1		%				Caa						60,977						0.1		%
6						27,280						—		%				Ca and lower						69,613						0.2		%
						$	45,690,341					100.0		%										$	45,690,341					100.0		%

Watch List Securities - March 31, 2021

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Losses, Net of Allowance						Fair Value
Corporate securities - Public securities						$	141,385					$	(39,737)					$	101,648					$	(1,816)					$	99,832
Corporate securities - Private placement securities						205,522						(15,978)						189,544						(2,137)						187,407
Residential mortgage backed securities						36,729						(1,192)						35,537						(1,442)						34,095
Commercial mortgage backed securities						69,324						—						69,324						(5,695)						63,629
Other asset backed securities						35,000						—						35,000						(484)						34,516
United States municipalities, states and territories						19,062						(2,791)						16,271						(574)						15,697
						$	507,022					$	(59,698)					$	447,324					$	(12,148)					$	435,176

(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those we have taken credit losses on.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			March 31, 2021												December 31, 2020
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies			$	1,033,893					$	1,066,168					$	1,032,936					$	1,079,322
United States municipalities, states and territories			3,258,694						3,655,844						3,236,767						3,776,131
Foreign government obligations			177,075						193,944						177,062						202,706
Corporate securities:
Capital goods			2,311,299						2,574,918						2,295,927						2,721,465
Consumer discretionary			5,798,478						6,496,175						5,674,845						6,734,249
Energy			2,055,070						2,209,978						2,140,768						2,359,893
Financials			6,035,023						6,623,469						5,971,097						6,877,472
Government non-guaranteed			553,630						623,122						539,148						632,178
Industrials			302,568						332,364						276,352						319,823
Information technology			1,513,900						1,701,536						1,556,654						1,840,942
Materials			1,572,530						1,752,546						1,543,032						1,803,501
Other			318,002						352,818						315,628						370,204
Telecommunications			1,444,260						1,608,440						1,340,484						1,582,329
Transportation			1,318,958						1,427,863						1,362,858						1,511,499
Utilities			3,752,734						4,187,036						3,728,403						4,403,272
Residential mortgage backed securities:
Government agency			521,139						579,600						549,677						627,201
Prime			667,158						675,162						771,031						788,933
Alt-A			74,716						91,711						79,248						96,697
Commercial mortgage backed securities:
Government agency			395,783						432,183						398,141						447,726
Non-agency			3,624,027						3,745,059						3,721,509						3,813,501
Other asset backed securities:
Auto			280,997						288,595						258,286						266,065
Energy			7,209						8,414						7,301						8,946
Financials			4,441						4,209						4,441						3,911
Industrials			51,074						52,538						60,894						61,147
Collateralized loan obligations			4,024,767						3,931,973						4,255,839						4,112,318
Military housing			462,411						499,718						464,684						538,356
Other			554,623						574,958						541,724						559,106
			$	42,114,459					$	45,690,341					$	42,304,736					$	47,538,893

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Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			March 31, 2021												December 31, 2020
			Principal						Percent						Principal						Percent
Geographic distribution: commercial mortgage loans
East			$	694,952					19.6		%				$	699,741					19.5		%
Middle Atlantic			277,420						7.8		%				281,971						7.9		%
Mountain			384,719						10.8		%				391,025						10.9		%
New England			24,624						0.7		%				24,774						0.7		%
Pacific			672,948						19.0		%				659,743						18.4		%
South Atlantic			828,593						23.4		%				832,739						23.3		%
West North Central			257,546						7.3		%				266,050						7.4		%
West South Central			406,338						11.4		%				424,111						11.9		%
			$	3,547,140					100.0		%				$	3,580,154					100.0		%
Property type distribution: commercial mortgage loans
Office			$	294,760					8.3		%				$	297,065					8.3		%
Medical Office			22,072						0.6		%				20,584						0.6		%
Retail			1,153,141						32.5		%				1,187,484						33.2		%
Industrial/Warehouse			945,205						26.6		%				929,325						25.9		%
Apartment			927,945						26.2		%				939,084						26.2		%
Mixed use/Other			204,017						5.8		%				206,612						5.8		%
			$	3,547,140					100.0		%				$	3,580,154					100.0		%

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Financial Supplement - March 31, 2021

Unaudited (Dollars in thousands)

			March 31, 2021
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,547,140					$	266,269					$	454,134					$	4,267,543
In workout			—						—						—						—
Delinquent			—						—						42,001						42,001
Collateral dependent			—						—						—						—
Principal outstanding			3,547,140						266,269						496,135						4,309,544
Unamortized discounts and premiums, net			—						—						10,146						10,146
Deferred fees and costs, net			(1,213)						(684)						1,323						(574)
Amortized cost			3,545,927						265,585						507,604						4,319,116
Valuation allowance			(26,139)						(439)						(1,936)						(28,514)
Carrying value			$	3,519,788					$	265,146					$	505,668					$	4,290,602
			December 31, 2020
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,580,154					$	245,807					$	366,047					$	4,192,008
In workout			—						—						—						—
Delinquent			—						—						273						273
Collateral dependent			—						—						—						—
Principal outstanding			3,580,154						245,807						366,320						4,192,281
Unamortized discounts and premiums, net			—						—						5,212						5,212
Deferred fees and costs, net			(1,266)						(634)						925						(975)
Amortized cost			3,578,888						245,173						372,457						4,196,518
Valuation allowance			(25,529)						(2,130)						(3,370)						(31,029)
Carrying value			$	3,553,359					$	243,043					$	369,087					$	4,165,489

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

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
2021
First Quarter			$32.54						$26.21						$31.53						$0.00
2020
First Quarter			$34.16						$9.07						$18.80						$0.00
Second Quarter			$27.09						$14.76						$24.71						$0.00
Third Quarter			$27.32						$19.06						$21.99						$0.00
Fourth Quarter			$34.25						$22.37						$27.66						$0.32
2019
First Quarter			$33.57						$26.34						$27.02						$0.00
Second Quarter			$30.91						$25.84						$27.16						$0.00
Third Quarter			$27.80						$20.16						$24.20						$0.00
Fourth Quarter			$30.96						$21.75						$29.93						$0.30

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.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2021

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

Wilma Burdis

Credit Suisse Securities

Equity Research | Life Insurance

(919) 306-1023

wilma.burdis@credit-suisse.com

Thomas Gallagher

Evercore ISI

(212) 446-9439

thomas.gallagher@evercoreisi.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

Bob Huang

Morgan Stanley Research

(212) 761-6136

Bob.Huang@morganstanley.com

John Barnidge

Piper Sandler & Co.

(312) 281-3412

John.Barnidge@psc.com

C. Gregory Peters

Raymond James & Associates, Inc.

(727) 567-1534

greg.peters@raymondjames.com

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

mark.dwelle@rbccm.com

Mark Hughes

Truist Securities

(615) 748-4422

mark.hughes@research.truist.com

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