Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

December 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 (Loss) 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 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 Available to Common Stockholders			8
			Capitalization/Book Value per Common Share			9
			Spread Results			10
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			10
			Annuity Account Balance Rollforward			11
			Notional Values Subject to Recurring Fees Under Reinsurance Agreements			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 - December 31, 2021

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			December 31, 2021						December 31, 2020 (a)
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	51,305,943					$	47,538,893
Mortgage loans on real estate			5,687,998						4,165,489
Real estate investments			337,939						—
Derivative instruments			1,277,480						1,310,954
Other investments			1,767,144						590,078
Total investments			60,376,504						53,605,414
Cash and cash equivalents			4,508,982						9,095,522
Coinsurance deposits			8,850,608						4,844,927
Accrued investment income			445,097						398,082
Deferred policy acquisition costs			2,222,769						2,225,199
Deferred sales inducements			1,546,073						1,448,375
Income taxes recoverable			166,586						862
Other assets			232,490						70,198
Total assets			$	78,349,109					$	71,688,579
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	65,477,778					$	62,352,882
Other policy funds and contract claims			226,844						240,904
Notes payable			496,250						495,668
Subordinated debentures			78,421						78,112
Deferred income taxes			541,972						504,000
Funds withheld for reinsurance liabilities			3,124,740						—
Other liabilities			2,079,977						1,668,025
Total liabilities			72,025,982						65,339,591
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			92,514						95,721
Additional paid-in capital			1,614,374						1,681,127
Accumulated other comprehensive income			1,848,789						2,203,557
Retained earnings			2,767,422						2,368,555
Total stockholders' equity			6,323,127						6,348,988
Total liabilities and stockholders' equity			$	78,349,109					$	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 - December 31, 2021

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,
			2021						2020						2021						2020
Revenues:
Premiums and other considerations			$	14,553					$	10,279					$	58,202					$	39,382
Annuity product charges			60,310						65,963						242,631						251,227
Net investment income			514,599						521,725						2,037,475						2,182,078
Change in fair value of derivatives			522,251						443,867						1,348,735						34,666
Net realized losses on investments			(10,478)						(12,135)						(13,242)						(80,680)
Other revenue			8,026						—						15,670						—
Loss on extinguishment of debt			—						—						—						(2,024)
Total revenues			1,109,261						1,029,699						3,689,471						2,424,649
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			16,975						13,066						67,983						49,742
Interest sensitive and index product benefits			574,816						325,912						2,681,406						1,543,270
Amortization of deferred sales inducements			59,409						22,768						152,692						438,164
Change in fair value of embedded derivatives			186,802						568,836						(358,302)						(1,286,787)
Interest expense on notes payable			6,259						6,391						25,581						25,552
Interest expense on subordinated debentures			1,330						1,325						5,324						5,557
Amortization of deferred policy acquisition costs			82,999						26,145						268,328						649,554
Other operating costs and expenses			66,279						55,321						243,712						183,636
Total benefits and expenses			994,869						1,019,764						3,086,724						1,608,688
Income before income taxes			114,392						9,935						602,747						815,961
Income tax expense			21,255						1,193						128,755						144,501
Net income			93,137						8,742						473,992						671,460
Less: Preferred stock dividends			10,919						15,004						43,675						33,515
Net income (loss) available to common stockholders			$	82,218					$	(6,262)					$	430,317					$	637,945
Earnings (loss) per common share			$	0.89					$	(0.07)					$	4.58					$	6.93
Earnings (loss) per common share - assuming dilution			$	0.88					$	(0.07)					$	4.55					$	6.90
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share			92,479						92,904						93,860						92,055
Earnings (loss) per common share - assuming dilution			93,378						93,352						94,491						92,392

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
Revenues:
Traditional life insurance premiums			$	677					$	697					$	708					$	706					$	701
Life contingent immediate annuity considerations			13,876						15,144						13,887						12,507						9,578
Surrender charges			13,638						16,481						18,057						19,481						17,009
Lifetime income benefit rider fees			46,672						41,999						45,702						40,601						48,954
Net investment income			514,599						526,366						499,320						497,190						521,725
Change in fair value of derivatives			522,251						(70,701)						500,880						396,305						443,867
Net realized gains (losses) on investments			(10,478)						4,933						(3,114)						(4,583)						(12,135)
Other revenue (a)			8,026						7,644						—						—						—
Total revenues			1,109,261						542,563						1,075,440						962,207						1,029,699
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			624						798						502						1,049						1,091
Life contingent immediate annuity benefits and change in future policy benefits			16,351						17,958						15,326						15,375						11,975
Interest sensitive and index product benefits (b)			574,816						817,014						812,981						476,595						325,912
Amortization of deferred sales inducements (c)			59,409						(17,172)						(12,520)						122,975						22,768
Change in fair value of embedded derivatives (d)			186,802						(536,404)						273,713						(282,413)						568,836
Interest expense on notes payable			6,259						6,535						6,394						6,393						6,391
Interest expense on subordinated debentures			1,330						1,342						1,326						1,326						1,325
Amortization of deferred policy acquisition costs (c)			82,999						(1,588)						(16,906)						203,823						26,145
Other operating costs and expenses			66,279						56,518						65,050						55,865						55,321
Total benefits and expenses			994,869						345,001						1,145,866						600,988						1,019,764
Income (loss) before income taxes			114,392						197,562						(70,426)						361,219						9,935
Income tax expense (benefit)			21,255						44,697						(15,732)						78,535						1,193
Net income (loss) (b)(c)(d)			93,137						152,865						(54,694)						282,684						8,742
Less: Preferred stock dividends			10,919						10,918						10,919						10,919						15,004
Net income (loss) available to common stockholders (b)(c)(d)			$	82,218					$	141,947					$	(65,613)					$	271,765					$	(6,262)
Earnings (loss) per common share			$	0.89					$	1.53					$	(0.69)					$	2.84					$	(0.07)
Earnings (loss) per common share - assuming dilution (b)(c)(d)			$	0.88					$	1.53					$	(0.69)					$	2.82					$	(0.07)
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			92,479						92,478						94,801						95,735						92,904
Earnings (loss) per common share - assuming dilution			93,378						93,044						95,379						96,216						93,352

(a)Other revenue consists of $2.8 million in Q4 2021 and $2.7 million in Q3 2021 related to asset liability management fees and $5.3 million in Q4 2021 and $4.9 million in Q3 2021 related to amortization of the deferred gain associated with the cost of reinsurance. The deferred gain, which is recorded in Other Liabilities on the Consolidated Balance Sheet, was $321.7 million at December 31, 2021. The deferred gain consists primarily of a difference between liabilities ceded and assets transferred and the present value of the ceding commissions offset by a reduction in deferred policy acquisition costs associated with the in-force business ceded.

(b)Q4 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $10.5 million and decreased both net income and net income available to common stockholders by $8.2 million and decreased earnings per common share - assuming dilution by $0.09 per share.

Q3 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $233.2 million and decreased both net income and net income available to common stockholders by $183.0 million and decreased earnings per common share - assuming dilution by $1.97 per share.

(c)Q4 2021 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $6.3 million and $6.9 million, respectively, and decreased both net income and net income available to common stockholders by $10.4 million and decreased earnings per common share - assuming dilution by $0.11 per share

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands, except per share data)

Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $51.4 million and $52.6 million, respectively, and increased both net income and net income available to common stockholders by $81.7 million and increased earnings per common share - assuming dilution by $0.88 per share.

(d)Q4 2021 includes expense from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact increased change in fair value of embedded derivatives by $3.5 million and decreased both net income and net income available to common stockholders by $2.7 million and decreased earnings per common share - assuming dilution by $0.03 per share.

Q3 2021 includes a benefit from the update 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 $125.8 million and increased both net income and net income available to common stockholders by $98.7 million and increased earnings per common share - assuming dilution by $1.06 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income (loss) 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 (loss) 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 (loss) available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

Reconciliation from Net Income (Loss) 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   December 31,												Year Ended   December 31,
			2021						2020						2021						2020
Net income (loss) available to common stockholders			$	82,218					$	(6,262)					$	430,317					$	637,945
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized losses on financial assets, including credit losses			7,771						9,369						10,299						59,355
Change in fair value of derivatives and embedded derivatives			(14,544)						90,616						(187,290)						(784,005)
Income taxes			383						(21,996)						37,184						155,808
Non-GAAP operating income available to common stockholders			75,828						71,727						290,510						69,103
Impact of notable items (b)			21,235						—						78,036						310,117
Non-GAAP operating income available to common stockholders, excluding notable items			$	97,063					$	71,727					$	368,546					$	379,220
Per common share - assuming dilution:
Net income (loss) available to common stockholders			$	0.88					$	(0.07)					$	4.55					$	6.90
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses			0.08						0.10						0.11						0.64
Change in fair value of derivatives and embedded derivatives			(0.15)						0.97						(1.98)						(8.48)
Income taxes			—						(0.23)						0.39						1.69
Non-GAAP operating income available to common stockholders			0.81						0.77						3.07						0.75
Impact of notable items			0.23						—						0.83						3.36
Non-GAAP operating income available to common stockholders, excluding notable items			$	1.04					$	0.77					$	3.90					$	4.11

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands, except per share data)

Notable Items

			Three Months Ended   December 31,												Year Ended   December 31,
			2021						2020						2021						2020
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates			$	21,235					$	—					$	78,036					$	340,895
Tax benefit related to the CARES Act			—						—						—						(30,778)
Total notable items (b)			$	21,235					$	—					$	78,036					$	310,117

(a)Adjustments to net income (loss) 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) and accretion of lifetime income benefit rider (LIBR) reserves 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 primarily include the impact from actuarial assumption updates. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

NON-GAAP FINANCIAL MEASURES

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

			Three Months Ended   December 31,												Year Ended   December 31,
			2021						2020						2021						2020
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses			$	10,045					$	11,374					$	13,618					$	79,330
Amortization of DAC and DSI and accretion of LIBR reserves			(2,274)						(2,005)						(3,319)						(19,975)
Income taxes			(1,670)						(2,024)						(2,214)						(12,821)
			$	6,101					$	7,345					$	8,085					$	46,534
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	(26,797)					$	152,386					$	(314,403)					$	(1,279,644)
Reinsurance contracts			(2,362)						—						(2,362)						—
Interest rate caps and swap			—						—						—						(848)
Amortization of DAC and DSI			14,615						(61,770)						129,475						496,487
Income taxes			2,053						(19,972)						39,398						168,629
			$	(12,491)					$	70,644					$	(147,892)					$	(615,376)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 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 Available to Common Stockholders and Non-GAAP Operating Income Available to Common Stockholders, Excluding Notable Items

			Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
Net income (loss) available to common stockholders			$	82,218					$	141,947					$	(65,613)					$	271,765					$	(6,262)
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			7,771						(3,900)						2,912						3,516						9,369
Change in fair value of derivatives and embedded derivatives			(14,544)						(75,879)						200,767						(297,634)						90,616
Income taxes			383						17,285						(44,278)						63,794						(21,996)
Non-GAAP operating income available to common stockholders (b)(c)			75,828						79,453						93,788						41,441						71,727
Impact of notable items (d)			21,235						56,801						—						—						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	97,063					$	136,254					$	93,788					$	41,441					$	71,727
Per common share - assuming dilution:
Net income (loss) available to common stockholders			$	0.88					$	1.53					$	(0.69)					$	2.82					$	(0.07)
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			0.08						(0.04)						0.03						0.04						0.10
Change in fair value of derivatives and embedded derivatives			(0.15)						(0.82)						2.10						(3.09)						0.97
Income taxes			—						0.18						(0.46)						0.66						(0.23)
Non-GAAP operating income available to common stockholders (b)(c)			0.81						0.85						0.98						0.43						0.77
Impact of notable items (d)			0.23						0.61						—						—						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	1.04					$	1.46					$	0.98					$	0.43					$	0.77

Notable Items

			Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates (b)(c)			$	21,235					$	56,801					$	—					$	—					$	—
Total notable items (d)			$	21,235					$	56,801					$	—					$	—					$	—

(a)Adjustments to net income (loss) 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) and accretion of lifetime income benefit rider (LIBR) reserves where applicable.

(b)Q4 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $10.5 million and decreased both non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per share - assuming dilution by $8.2 million and $0.09 per share, respectively.

Q3 2021 includes expense from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $233.2 million and decreased both non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per share - assuming dilution by $183.0 million and $1.97 per share, respectively.

(c)Q4 2021 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $7.7 million and $8.8 million, respectively, and decreased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $13.0 million and $0.14 per share, respectively.

Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $73.8 million and $87.0 million, respectively, 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 $126.2 million and $1.36 per share, respectively.

(d)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 primarily include the impact from actuarial assumption updates. 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 - December 31, 2021

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

			Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
Net realized (gains) losses on investments			$	10,478					$	(4,933)					$	3,114					$	4,583					$	12,135
Change in fair value of derivatives			(215,961)						411,330						57,555						(211,387)						(416,450)
Increase (decrease) in total revenues			(205,483)						406,397						60,669						(206,804)						(404,315)
Amortization of deferred sales inducements			(4,506)						(17,682)						52,074						(69,788)						22,785
Change in fair value of embedded derivatives			(186,802)						536,404						(273,713)						282,413						(568,836)
Interest sensitive and index product benefits (a)			971						(944)						227						(145)						761
Amortization of deferred policy acquisition costs			(8,373)						(31,602)						78,402						(125,166)						40,990
Increase (decrease) in total benefits and expenses			(198,710)						486,176						(143,010)						87,314						(504,300)
Increase (decrease) in income (loss) before income taxes			(6,773)						(79,779)						203,679						(294,118)						99,985
Increase (decrease) in income tax expense (benefit)			(383)						(17,285)						44,278						(63,794)						21,996
Increase (decrease) in net income (loss) available to common stockholders			$	(6,390)					$	(62,494)					$	159,401					$	(230,324)					$	77,989

(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 - December 31, 2021

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

Capitalization/Book Value per Common Share

			Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
Capitalization:
Notes payable			$	500,000					$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,421						78,342						78,264						78,187						78,112
Total debt			578,421						578,342						578,264						578,187						578,112
Total stockholders’ equity (a)			6,323,127						6,375,208						6,295,735						5,928,760						6,348,988
Total capitalization (a)			6,901,548						6,953,550						6,873,999						6,506,947						6,927,100
Accumulated other comprehensive income (AOCI) (a)			(1,848,789)						(1,956,974)						(2,023,911)						(1,505,260)						(2,203,557)
Total capitalization excluding AOCI (b)			$	5,052,759					$	4,996,576					$	4,850,088					$	5,001,687					$	4,723,543
Total stockholders’ equity (a)			$	6,323,127					$	6,375,208					$	6,295,735					$	5,928,760					$	6,348,988
Equity available to preferred stockholders (c)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (a)(d)			5,623,127						5,675,208						5,595,735						5,228,760						5,648,988
Accumulated other comprehensive income (a)			(1,848,789)						(1,956,974)						(2,023,911)						(1,505,260)						(2,203,557)
Total common stockholders’ equity excluding AOCI (d)			3,774,338						3,718,234						3,571,824						3,723,500						3,445,431
Net impact of fair value accounting for derivatives and embedded derivatives			(274,981)						(265,018)						(242,423)						(399,538)						(166,453)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)			$	3,499,357					$	3,453,216					$	3,329,401					$	3,323,962					$	3,278,978
Common shares outstanding			92,513,517						92,513,517						92,553,825						95,482,733						95,720,622
Book Value per Common Share: (e)
Book value per common share (a)			$	60.78					$	61.34					$	60.46					$	54.76					$	59.02
Book value per common share excluding AOCI (d)			$	40.80					$	40.19					$	38.59					$	39.00					$	35.99
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d)			$	37.83					$	37.33					$	35.97					$	34.81					$	34.26
Debt-to-Capital Ratios: (f)
Senior debt / Total capitalization			9.9		%				10.0		%				10.3		%				10.0		%				10.6		%
Total debt / Total capitalization			11.4		%				11.6		%				11.9		%				11.6		%				12.2		%

(a)Q4 2020 includes 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 - December 31, 2021

Unaudited (Dollars in thousands)

Spread Results

Year Ended   December 31,
2021						2020						Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
3.73%						4.12%			Average yield on invested assets			3.80%						3.91%						3.51%						3.58%						3.88%
1.55%						1.69%			Aggregate cost of money			1.51%						1.51%						1.56%						1.58%						1.63%
2.18%						2.43%			Aggregate investment spread			2.29%						2.40%						1.95%						2.00%						2.25%
									Impact of:
0.11%						0.08%			Investment yield - additional prepayment income			0.12%						0.12%						0.10%						0.11%						0.11%
0.07%						0.02%			Cost of money effect of over hedging			0.14%						0.08%						0.04%						0.02%						0.01%
$54,750,862						$53,096,408			Weighted average investments			$54,407,554						$53,781,352						$56,991,393						$55,712,648						$53,836,378
54,617,968						54,587,072			Ending investments			54,617,968						54,197,140						57,144,563						56,838,224						54,587,072

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

Year Ended   December 31,
2021						2020						Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
									Included in interest sensitive and index product benefits:
$	1,977,888					$	747,489		Index credits			$	442,568					$	475,292					$	714,291					$	345,737					$	195,927
245,892						192,468			Interest credited			63,974						62,804						62,637						56,477						49,551
									Included in change in fair value of derivatives:
(2,019,477)						(758,604)			Proceeds received at option expiration			(459,982)						(489,902)						(720,474)						(349,119)						(197,921)
630,015						716,857			Pro rata amortization of option cost			153,399						150,262						162,124						164,230						170,505
$	834,318					$	898,210		Cost of money for deferred annuities			$	199,959					$	198,456					$	218,578					$	217,325					$	218,062
$	53,681,684					$	53,269,994		Weighted average liability balance outstanding			$	53,064,893					$	52,644,622					$	56,221,809					$	54,935,106					$	53,531,441

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands, except per share data)

Annuity Account Balance Rollforward

Year Ended   December 31,
2021						2020						Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
$	54,056,725					$	53,233,898		Account balances at beginning of period			$	52,938,493					$	56,630,138					$	55,813,480					$	54,056,725					$	53,006,150
(4,279,394)						—			Reserves ceded - in-force			—						(4,279,394)						—						—						—
49,777,331						53,233,898			Account balance at beginning of period, net of reinsurance ceded			52,938,493						52,350,744						55,813,480						54,056,725						53,006,150
5,485,205						3,613,269			Net deposits			815,890						1,090,461						1,161,125						2,417,729						1,830,816
95,160						93,610			Premium bonuses			23,476						22,021						24,813						24,850						25,143
2,223,780						939,957			Fixed interest credited and index credits			506,542						538,096						776,928						402,214						245,478
(67,657)						(72,551)			Surrender charges			(13,638)						(16,481)						(18,057)						(19,481)						(17,009)
(174,974)						(178,676)			Lifetime income benefit rider fees			(46,672)						(41,999)						(45,702)						(40,601)						(48,954)
(4,147,568)						(3,572,782)			Surrenders, withdrawals, deaths, etc.			(1,032,814)						(1,004,349)						(1,082,449)						(1,027,956)						(984,899)
$	53,191,277					$	54,056,725		Account balances at end of period			$	53,191,277					$	52,938,493					$	56,630,138					$	55,813,480					$	54,056,725
$	2,311,842					$	1,900,487		Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment			$	2,311,842					$	2,245,040					$	2,007,394					$	1,973,223					$	1,900,487

Notional Values Subject to Recurring Fees Under Reinsurance Agreements

Year Ended   December 31,
2021						2020						Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
$	—					$	—		Cash surrender value of business ceded at beginning of period subject to recurring fees			$	3,900,540					$	3,736,355					$	—					$	—					$	—
4,083,301						—			Cash surrender value of business ceded during the period subject to recurring fees			182,761						164,185						—						—						—
$	4,083,301					$	—		Cash surrender value of business ceded at end of period subject to recurring fees (a)			$	4,083,301					$	3,900,540					$	—					$	—					$	—
0.30%						—			Asset liability management fee			0.30%						0.30%						—						—						—
0.57%						—			Weighted average ceding commission fee			0.57%						0.53%						—						—						—

(a)The business ceded to Brookfield Asset Management Re receives an annual ceding commission equal to 49 basis points for business written before July 1, 2021 and 140 basis points for business written after July 1, 2021 and an annual asset liability management fee of 30 basis points calculated based on initial cash surrender value of liabilities ceded. These annual fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Year Ended   December 31,
2021						2020						Q4 2021						Q3 2021						Q2 2021						Q1 2021						Q4 2020
									American Equity Life:
$	2,753,479					$	1,992,059		Fixed index annuities			$	806,238					$	727,641					$	702,605					$	516,995					$	500,495
6,133						8,128			Annual reset fixed rate annuities			848						1,462						1,656						2,167						1,664
855,702						395,982			Multi-year fixed rate annuities			6,640						14,196						47,674						787,192						394,999
59,816						33,461			Single premium immediate annuities			14,145						16,282						15,430						13,959						7,774
3,675,130						2,429,630						827,871						759,581						767,365						1,320,313						904,932
									Eagle Life:
697,068						345,519			Fixed index annuities			176,101						187,611						184,520						148,836						106,170
350						97			Annual reset fixed rate annuities			13						—						175						162						—
1,597,292						907,151			Multi-year fixed rate annuities			40,901						362,769						228,197						965,425						833,765
2,294,710						1,252,767						217,015						550,380						412,892						1,114,423						939,935
									Consolidated:
3,450,547						2,337,578			Fixed index annuities			982,339						915,252						887,125						665,831						606,665
6,483						8,225			Annual reset fixed rate annuities			861						1,462						1,831						2,329						1,664
2,452,994						1,303,133			Multi-year fixed rate annuities			47,541						376,965						275,871						1,752,617						1,228,764
59,816						33,461			Single premium immediate annuities			14,145						16,282						15,430						13,959						7,774
5,969,840						3,682,397			Total before coinsurance ceded			1,044,886						1,309,961						1,180,257						2,434,736						1,844,867
424,819						35,667			Coinsurance ceded			214,851						203,218						3,702						3,048						6,277
$	5,545,021					$	3,646,730		Net after coinsurance ceded			$	830,035					$	1,106,743					$	1,176,555					$	2,431,688					$	1,838,590

Surrender Charge Protection and Account Values by Product Type

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

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.6						5.8						9.3%						$	47,572,198					89.4		%
Annual Reset Fixed Rate Annuities						8.1						2.6						5.1%						1,487,975						2.8		%
Multi-Year Fixed Rate Annuities						3.9						2.6						8.4%						4,131,104						7.8		%
Total						11.8						5.5						9.1%						$	53,191,277					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	872,907					$	3,617,906
0.0% < 2.0%			69,127						1,472,369
2.0% < 3.0%			78,301						4,157,514
3.0% < 4.0%			40,814						1,612,468
4.0% < 5.0%			103,272						2,697,975
5.0% < 6.0%			31,902						3,037,826
6.0% < 7.0%			58,710						3,183,880
7.0% < 8.0%			77,871						2,795,483
8.0% < 9.0%			1,446,090						3,274,759
9.0% < 10.0%			2,485,624						3,940,488
10.0% or greater			354,461						17,781,530
			$	5,619,079					$	47,572,198

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	4,490,813					0.00		%
2022			1,525,145						2.33		%
2023			4,753,293						4.14		%
2024			6,287,305						5.65		%
2025			5,976,719						5.65		%
2026			6,342,864						7.95		%
2027			4,272,941						9.46		%
2028			4,024,050						10.44		%
2029			4,058,156						11.76		%
2030			2,930,632						14.07		%
2031			4,109,166						14.62		%
2032			1,947,561						17.41		%
2033			1,123,593						18.05		%
2034			712,706						18.47		%
2035			365,559						18.99		%
2036			156,919						19.49		%
2037			113,855						20.00		%
			$	53,191,277					9.07		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 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			$	978,892					$	1,095,818
› 0.00% - 0.25%			37,700						122,973
› 0.25% - 0.50%			223,835						6,196
› 0.50% - 1.00%			5,954						847
› 1.00% - 1.50%			9,818						—
1.00% ultimate guarantee - 2.14% wtd avg interest rate (a)			4,117,113						905,712
1.50% ultimate guarantee - 1.08% wtd avg interest rate (a)			131,593						2,832,602
1.75% ultimate guarantee - 1.79% wtd avg interest rate (a)			47,992						294,634
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)			66,182						—
2.25% ultimate guarantee - 1.64% wtd avg interest rate (a)			—						588,442
3.00% ultimate guarantee - 1.95% wtd avg interest rate (a)			—						1,198,589
Allocated to index strategies (see tables that follow)			—						40,526,385
			$	5,619,079					$	47,572,198

(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 December 31, 2021 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.13%.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 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			$	1,238					$	90,486					$	4,622,921					$	54,754					$	124,552
1.75% - 3%			7,685,925						—						—						—						—
3% - 4%			224,335						1,957						—						—						—
4% - 5%			1,864,196						203,636						970,681						—						—
5% - 6%			684,501						189,793						27,840						—						—
6% - 7%			3,294						—						741						—						—
>= 7%			287						7,775						604						4,612						—

Annual Monthly Average and Point-to-Point with Participation Rates
			Minimum Guaranteed Participation Rate
			10%												20% - 25%						35%						50% +
Current Participation Rate
At minimum			$	153,877											$	538,897					$	80,970					$	88,367
< 20%			1,659,564												—						—						—
20% - 40%			3,456,784												297,181						5,060						—
40% - 60%			491,379												13,975						37,855						—
60% - 100%			969,154												—						—						—
> 100%			1,137,338												—						—						—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum			$	1,796,701
1.10% - 1.30%			5,923,642
1.40% - 1.60%			1,856,957
1.70% - 2.00%			343,086
>= 2.10%			18,684

Volatility Control Index
Current Asset Fee
At Maximum			$	—
0.75% - 1.75%			378,294
2.00% - 2.75%			174,948
3.00% - 3.50%			1,061,805
3.75% - 5.25%			3,108,250

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 0.79% based upon prices of options for the week ended January 1, 2022.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands)

Summary of Invested Assets

			December 31, 2021												December 31, 2020
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
United States Government full faith and credit			$	37,793					0.1		%				$	39,771					0.1		%
United States Government sponsored agencies			1,040,953						1.7		%				1,039,551						1.9		%
United States municipalities, states and territories			3,927,201						6.5		%				3,776,131						7.0		%
Foreign government obligations			402,545						0.7		%				202,706						0.4		%
Corporate securities			34,660,234						57.4		%				31,156,827						58.1		%
Residential mortgage backed securities			1,125,049						1.9		%				1,512,831						2.8		%
Commercial mortgage backed securities			4,840,311						8.0		%				4,261,227						8.0		%
Other asset backed securities			5,271,857						8.7		%				5,549,849						10.4		%
Total fixed maturity securities			51,305,943						85.0		%				47,538,893						88.7		%
Mortgage loans on real estate			5,687,998						9.4		%				4,165,489						7.8		%
Real estate investments			337,939						0.6		%				—						—		%
Derivative instruments			1,277,480						2.1		%				1,310,954						2.4		%
Other investments			1,767,144						2.9		%				590,078						1.1		%
			$	60,376,504					100.0		%				$	53,605,414					100.0		%

Credit Quality of Fixed Maturity Securities - December 31, 2021

NAIC Designation						Carrying Amount						Percent						Rating Agency Rating						Carrying Amount						Percent
1						$	28,785,839					56.1		%				Aaa/Aa/A						$	28,275,431					55.2		%
2						21,396,020						41.7		%				Baa						21,875,939						42.6		%
3						941,210						1.9		%				Ba						930,384						1.8		%
4						147,160						0.3		%				B						118,065						0.2		%
5						15,357						—		%				Caa						39,354						0.1		%
6						20,357						—		%				Ca and lower						66,770						0.1		%
						$	51,305,943					100.0		%										$	51,305,943					100.0		%

Watch List Securities - December 31, 2021

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Gains (Losses), Net of Allowance						Fair Value
Corporate securities - Public securities						$	6,564					$	—					$	6,564					$	(580)					$	5,984
Corporate securities - Private placement securities						10,646						—						10,646						(1,140)						9,506
Residential mortgage backed securities						27,451						(70)						27,381						316						27,697
Commercial mortgage backed securities						114,815						—						114,815						291						115,106
United States municipalities, states and territories						19,062						(2,776)						16,286						(574)						15,712
						$	178,538					$	(2,846)					$	175,692					$	(1,687)					$	174,005

(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 - December 31, 2021

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			December 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			$	1,046,029					$	1,078,746					$	1,032,936					$	1,079,322
United States municipalities, states and territories			3,495,563						3,927,201						3,236,767						3,776,131
Foreign government obligations			380,646						402,545						177,062						202,706
Corporate securities:
Capital goods			2,357,470						2,694,887						2,295,927						2,721,465
Consumer discretionary			6,396,009						7,210,975						5,674,845						6,734,249
Energy			2,120,185						2,365,991						2,140,768						2,359,893
Financials			8,043,912						8,761,157						5,971,097						6,877,472
Government non-guaranteed			471,015						541,233						539,148						632,178
Industrials			465,334						514,635						276,352						319,823
Information technology			1,885,278						2,083,179						1,556,654						1,840,942
Materials			1,702,910						1,906,150						1,543,032						1,803,501
Other			350,641						401,207						315,628						370,204
Telecommunications			1,750,183						1,937,493						1,340,484						1,582,329
Transportation			1,344,629						1,486,405						1,362,858						1,511,499
Utilities			4,197,063						4,756,922						3,728,403						4,403,272
Residential mortgage backed securities:
Government agency			455,136						500,698						549,677						627,201
Prime			537,559						544,084						771,031						788,933
Alt-A			59,129						75,361						79,248						96,697
Sub prime			4,954						4,906						—						—
Commercial mortgage backed securities:
Government agency			380,339						415,026						398,141						447,726
Non-agency			4,328,539						4,425,285						3,721,509						3,813,501
Other asset backed securities:
Auto			218,106						222,364						258,286						266,065
Energy			7,091						8,353						7,301						8,946
Financials			4,441						4,887						4,441						3,911
Industrials			33,381						34,357						60,894						61,147
Collateralized loan obligations			3,861,962						3,817,352						4,255,839						4,112,318
Military housing			464,321						531,689						464,684						538,356
Other			637,358						652,855						541,724						559,106
			$	46,999,183					$	51,305,943					$	42,304,736					$	47,538,893

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			December 31, 2021												December 31, 2020
			Principal						Percent						Principal						Percent
Geographic distribution: commercial mortgage loans
East			$	614,406					16.9		%				$	699,741					19.5		%
Middle Atlantic			293,494						8.1		%				281,971						7.9		%
Mountain			452,818						12.5		%				391,025						10.9		%
New England			60,172						1.6		%				24,774						0.7		%
Pacific			863,879						23.8		%				659,743						18.4		%
South Atlantic			785,679						21.6		%				832,739						23.3		%
West North Central			235,864						6.5		%				266,050						7.4		%
West South Central			326,819						9.0		%				424,111						11.9		%
			$	3,633,131					100.0		%				$	3,580,154					100.0		%
Property type distribution: commercial mortgage loans
Office			$	315,374					8.7		%				$	297,065					8.3		%
Medical Office			10,827						0.3		%				20,584						0.6		%
Retail			1,016,101						28.0		%				1,187,484						33.2		%
Industrial/Warehouse			924,779						25.4		%				929,325						25.9		%
Apartment			864,580						23.8		%				939,084						26.2		%
Hotel			283,500						7.8		%				—						—		%
Mixed Use/Other			217,970						6.0		%				206,612						5.8		%
			$	3,633,131					100.0		%				$	3,580,154					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Unaudited (Dollars in thousands)

			December 31, 2021
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,633,131					$	408,135					$	1,645,905					$	5,687,171
In workout			—						—						—						—
Delinquent			—						—						7,005						7,005
Principal outstanding			3,633,131						408,135						1,652,910						5,694,176
Unamortized discounts and premiums, net			—						—						22,143						22,143
Deferred fees and costs, net			(4,629)						(1,136)						1,468						(4,297)
Amortized cost			3,628,502						406,999						1,676,521						5,712,022
Valuation allowance			(17,926)						(519)						(5,579)						(24,024)
Carrying value			$	3,610,576					$	406,480					$	1,670,942					$	5,687,998
			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
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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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 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
Second Quarter			$33.68						$29.18						$32.32						$0.00
Third Quarter			$33.79						$27.12						$29.57						$0.00
Fourth Quarter			$39.88						$29.46						$38.92						$0.34
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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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2021

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

ebass@autonomous.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

Daniel Bergman

Jefferies

(617) 345-8688

dbergman@jefferies.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

Nigel Dally

Morgan Stanley Research

(212) 761-4132

Nigel.Dally@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

Page 21