Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

March 31, 2022

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 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			10
			Notional Values Subject to Recurring Fees Under Reinsurance Agreements			11
			Annuity Deposits by Product Type			11
			Surrender Charge Protection and Account Values by Product Type			12
			Annuity Liability Characteristics			12
C.			Investment Summary
			Summary of Invested Assets			15
			Credit Quality of Fixed Maturity Securities			15
			Watch List Securities			15
			Fixed Maturity Securities by Sector			16
			Mortgage Loans on Real Estate			17
D.			Shareholder Information			19
E.			Research Analyst Coverage			20

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			March 31, 2022						December 31, 2021
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	49,662,120					$	51,305,943
Mortgage loans on real estate			5,734,872						5,687,998
Real estate investments			510,188						337,939
Derivative instruments			642,413						1,277,480
Other investments			1,999,113						1,767,144
Total investments			58,548,706						60,376,504
Cash and cash equivalents			1,933,899						4,508,982
Coinsurance deposits			8,713,069						8,850,608
Accrued investment income			483,902						445,097
Deferred policy acquisition costs			2,840,938						2,222,769
Deferred sales inducements			1,957,518						1,546,073
Income taxes recoverable			166,067						166,586
Other assets			255,245						232,490
Total assets			$	74,899,344					$	78,349,109
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	63,730,995					$	65,477,778
Other policy funds and contract claims			425,308						226,844
Notes payable			496,425						496,250
Subordinated debentures			78,502						78,421
Deferred income taxes			219,013						541,972
Funds withheld for reinsurance liabilities			3,003,062						3,124,740
Other liabilities			1,773,869						2,079,977
Total liabilities			69,727,174						72,025,982
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			95,020						92,514
Additional paid-in capital			1,689,606						1,614,374
Accumulated other comprehensive income			63,706						1,848,789
Retained earnings			3,322,726						2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company			5,171,086						6,323,127
Noncontrolling interests			1,084						—
Total stockholders' equity			5,172,170						6,323,127
Total liabilities and stockholders' equity			$	74,899,344					$	78,349,109

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

									Three Months Ended   March 31,
															2022						2021
Revenues:
Premiums and other considerations															$	10,078					$	13,213
Annuity product charges															52,355						60,082
Net investment income															567,423						497,190
Change in fair value of derivatives															(477,519)						396,305
Net realized losses on investments															(13,127)						(4,583)
Other revenue															8,589						—
Total revenues															147,799						962,207
Benefits and expenses:
Insurance policy benefits and change in future policy benefits															12,638						16,424
Interest sensitive and index product benefits															372,662						476,595
Amortization of deferred sales inducements															143,545						122,975
Change in fair value of embedded derivatives															(1,393,649)						(282,413)
Interest expense on notes payable															6,425						6,393
Interest expense on subordinated debentures															1,317						1,326
Amortization of deferred policy acquisition costs															225,426						203,823
Other operating costs and expenses															58,120						55,865
Total benefits and expenses															(573,516)						600,988
Income before income taxes															721,315						361,219
Income tax expense															155,092						78,535
Net income															566,223						282,684
Less: Net income available to noncontrolling interests															—						—
Net income available to American Equity Investment Life Holding Company stockholders															566,223						282,684
Less: Preferred stock dividends															10,919						10,919
Net income available to American Equity Investment Life Holding Company common stockholders															$	555,304					$	271,765
Earnings per common share															$	5.73					$	2.84
Earnings per common share - assuming dilution															$	5.67					$	2.82
Weighted average common shares outstanding (in thousands):
Earnings per common share															96,866						95,735
Earnings per common share - assuming dilution															97,953						96,216

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
Revenues:
Traditional life insurance premiums			$	675					$	677					$	697					$	708					$	706
Life contingent immediate annuity considerations			9,403						13,876						15,144						13,887						12,507
Surrender charges			15,541						13,638						16,481						18,057						19,481
Lifetime income benefit rider fees			36,814						46,672						41,999						45,702						40,601
Net investment income			567,423						514,599						526,366						499,320						497,190
Change in fair value of derivatives			(477,519)						522,251						(70,701)						500,880						396,305
Net realized gains (losses) on investments			(13,127)						(10,478)						4,933						(3,114)						(4,583)
Other revenue (a)			8,589						8,026						7,644						—						—
Total revenues			147,799						1,109,261						542,563						1,075,440						962,207
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			765						624						798						502						1,049
Life contingent immediate annuity benefits and change in future policy benefits			11,873						16,351						17,958						15,326						15,375
Interest sensitive and index product benefits (b)			372,662						574,816						817,014						812,981						476,595
Amortization of deferred sales inducements (c)			143,545						59,409						(17,172)						(12,520)						122,975
Change in fair value of embedded derivatives (d)			(1,393,649)						186,802						(536,404)						273,713						(282,413)
Interest expense on notes payable			6,425						6,259						6,535						6,394						6,393
Interest expense on subordinated debentures			1,317						1,330						1,342						1,326						1,326
Amortization of deferred policy acquisition costs (c)			225,426						82,999						(1,588)						(16,906)						203,823
Other operating costs and expenses			58,120						66,279						56,518						65,050						55,865
Total benefits and expenses			(573,516)						994,869						345,001						1,145,866						600,988
Income (loss) before income taxes			721,315						114,392						197,562						(70,426)						361,219
Income tax expense (benefit)			155,092						21,255						44,697						(15,732)						78,535
Net income (loss) (b)(c)(d)			566,223						93,137						152,865						(54,694)						282,684
Less: Net income (loss) available to noncontrolling interests			—						—						—						—						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)			566,223						93,137						152,865						(54,694)						282,684
Less: Preferred stock dividends			10,919						10,919						10,918						10,919						10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)			$	555,304					$	82,218					$	141,947					$	(65,613)					$	271,765
Earnings (loss) per common share			$	5.73					$	0.89					$	1.53					$	(0.69)					$	2.84
Earnings (loss) per common share - assuming dilution (b)(c)(d)			$	5.67					$	0.88					$	1.53					$	(0.69)					$	2.82
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			96,866						92,479						92,478						94,801						95,735
Earnings (loss) per common share - assuming dilution			97,953						93,378						93,044						95,379						96,216

(a)Other revenue consists of $2.9 million in Q1 2022, $2.8 million in Q4 2021 and $2.7 million in Q3 2021 related to asset liability management fees and $5.7 million in Q1 2022, $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 Sheets, was $349.8 million and $321.7 million at March 31, 2022 and December 31, 2021, respectively. 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

(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

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 - March 31, 2022

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,
															2022						2021
Net income available to American Equity Investment Life Holding Company common stockholders															$	555,304					$	271,765
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized losses on financial assets, including credit losses															10,285						3,516
Change in fair value of derivatives and embedded derivatives															(603,354)						(297,634)
Income taxes															127,661						63,794
Non-GAAP operating income available to common stockholders															89,896						41,441
Impact of notable items (b)															—						—
Non-GAAP operating income available to common stockholders, excluding notable items															$	89,896					$	41,441
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders															$	5.67					$	2.82
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses															0.11						0.04
Change in fair value of derivatives and embedded derivatives															(6.16)						(3.09)
Income taxes															1.30						0.66
Non-GAAP operating income available to common stockholders															0.92						0.43
Impact of notable items															—						—
Non-GAAP operating income available to common stockholders, excluding notable items															$	0.92					$	0.43

(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) 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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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,
															2022						2021
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses															$	13,725					$	4,727
Amortization of DAC and DSI and accretion of LIBR reserves															(3,440)						(1,211)
Income taxes															(2,211)						(756)
															$	8,074					$	2,760
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities															$	(644,763)					$	(493,799)
Reinsurance contracts															(202,444)						—
Amortization of DAC and DSI															243,853						196,165
Income taxes															129,872						64,550
															$	(473,482)					$	(233,084)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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

			Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	555,304					$	82,218					$	141,947					$	(65,613)					$	271,765
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			10,285						7,771						(3,900)						2,912						3,516
Change in fair value of derivatives and embedded derivatives			(603,354)						(14,544)						(75,879)						200,767						(297,634)
Income taxes			127,661						383						17,285						(44,278)						63,794
Non-GAAP operating income available to common stockholders (b)(c)			89,896						75,828						79,453						93,788						41,441
Impact of notable items (d)			—						21,235						56,801						—						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	89,896					$	97,063					$	136,254					$	93,788					$	41,441
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	5.67					$	0.88					$	1.53					$	(0.69)					$	2.82
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			0.11						0.08						(0.04)						0.03						0.04
Change in fair value of derivatives and embedded derivatives			(6.16)						(0.15)						(0.82)						2.10						(3.09)
Income taxes			1.30						—						0.18						(0.46)						0.66
Non-GAAP operating income available to common stockholders (b)(c)			0.92						0.81						0.85						0.98						0.43
Impact of notable items (d)			—						0.23						0.61						—						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.92					$	1.04					$	1.46					$	0.98					$	0.43

Notable Items

			Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
Notable items impacting non-GAAP operating income 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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

			Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
Net realized (gains) losses on investments			$	13,127					$	10,478					$	(4,933)					$	3,114					$	4,583
Change in fair value of derivatives			546,442						(215,961)						411,330						57,555						(211,387)
Increase (decrease) in total revenues			559,569						(205,483)						406,397						60,669						(206,804)
Amortization of deferred sales inducements			(90,361)						(4,506)						(17,682)						52,074						(69,788)
Change in fair value of embedded derivatives			1,393,649						(186,802)						536,404						(273,713)						282,413
Interest sensitive and index product benefits (a)			143						971						(944)						227						(145)
Amortization of deferred policy acquisition costs			(150,793)						(8,373)						(31,602)						78,402						(125,166)
Increase (decrease) in total benefits and expenses			1,152,638						(198,710)						486,176						(143,010)						87,314
Increase (decrease) in income (loss) before income taxes			(593,069)						(6,773)						(79,779)						203,679						(294,118)
Increase (decrease) in income tax expense (benefit)			(127,661)						(383)						(17,285)						44,278						(63,794)
Increase (decrease) in net income (loss) available to common stockholders			$	(465,408)					$	(6,390)					$	(62,494)					$	159,401					$	(230,324)

(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits. 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, 2022

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

Capitalization/Book Value per Common Share

			Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
Capitalization:
Notes payable			$	500,000					$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,502						78,421						78,342						78,264						78,187
Total debt			578,502						578,421						578,342						578,264						578,187
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			5,171,086						6,323,127						6,375,208						6,295,735						5,928,760
Total capitalization			5,749,588						6,901,548						6,953,550						6,873,999						6,506,947
Accumulated other comprehensive income (AOCI)			(63,706)						(1,848,789)						(1,956,974)						(2,023,911)						(1,505,260)
Total capitalization excluding AOCI (a)			$	5,685,882					$	5,052,759					$	4,996,576					$	4,850,088					$	5,001,687
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	5,171,086					$	6,323,127					$	6,375,208					$	6,295,735					$	5,928,760
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			4,471,086						5,623,127						5,675,208						5,595,735						5,228,760
Accumulated other comprehensive income			(63,706)						(1,848,789)						(1,956,974)						(2,023,911)						(1,505,260)
Total common stockholders’ equity excluding AOCI (c)			4,407,380						3,774,338						3,718,234						3,571,824						3,723,500
Net impact of fair value accounting for derivatives and embedded derivatives			(750,229)						(274,981)						(265,018)						(242,423)						(399,538)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	3,657,151					$	3,499,357					$	3,453,216					$	3,329,401					$	3,323,962
Common shares outstanding			95,019,904						92,513,517						92,513,517						92,553,825						95,482,733
Book Value per Common Share: (d)
Book value per common share			$	47.05					$	60.78					$	61.34					$	60.46					$	54.76
Book value per common share excluding AOCI (c)			$	46.38					$	40.80					$	40.19					$	38.59					$	39.00
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	38.49					$	37.83					$	37.33					$	35.97					$	34.81
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			8.8		%				9.9		%				10.0		%				10.3		%				10.0		%
Total debt / Total capitalization			10.2		%				11.4		%				11.6		%				11.9		%				11.6		%

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

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

(c)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.

(d)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.

(e)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, 2022

Unaudited (Dollars in thousands)

Spread Results

												Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
									Average yield on invested assets			4.15%						3.80%						3.91%						3.51%						3.58%
									Aggregate cost of money			1.64%						1.51%						1.51%						1.56%						1.58%
									Aggregate investment spread			2.51%						2.29%						2.40%						1.95%						2.00%
									Impact of:
									Investment yield - additional prepayment income			0.03%						0.12%						0.12%						0.10%						0.11%
									Cost of money effect of over hedging			0.03%						0.14%						0.08%						0.04%						0.02%
									Weighted average investments			$54,728,239						$54,407,554						$53,781,352						$56,991,393						$55,712,648
									Ending investments			54,838,509						54,617,968						54,197,140						57,144,563						56,838,224

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 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
									Included in interest sensitive and index product benefits:
									Index credits			$	224,385					$	442,568					$	475,292					$	714,291					$	345,737
									Interest credited			61,334						63,974						62,804						62,637						56,477
									Included in change in fair value of derivatives:
									Proceeds received at option expiration			(228,092)						(459,982)						(489,902)						(720,474)						(349,119)
									Pro rata amortization of option cost			160,097						153,399						150,262						162,124						164,230
									Cost of money for deferred annuities			$	217,724					$	199,959					$	198,456					$	218,578					$	217,325
									Weighted average liability balance outstanding			$	53,155,293					$	53,064,893					$	52,644,622					$	56,221,809					$	54,935,106

Annuity Account Balance Rollforward

												Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
									Account balances at beginning of period			$	53,191,277					$	52,938,493					$	56,630,138					$	55,813,480					$	54,056,725
									Reserves ceded - in-force			—						—						(4,279,394)						—						—
									Account balance at beginning of period, net of reinsurance ceded			53,191,277						52,938,493						52,350,744						55,813,480						54,056,725
									Net deposits			674,925						815,890						1,090,461						1,161,125						2,417,729
									Premium bonuses			23,142						23,476						22,021						24,813						24,850
									Fixed interest credited and index credits			285,719						506,542						538,096						776,928						402,214
									Surrender charges			(15,541)						(13,638)						(16,481)						(18,057)						(19,481)
									Lifetime income benefit rider fees			(36,814)						(46,672)						(41,999)						(45,702)						(40,601)
									Surrenders, withdrawals, deaths, etc.			(1,003,417)						(1,032,814)						(1,004,349)						(1,082,449)						(1,027,956)
									Account balances at end of period			$	53,119,291					$	53,191,277					$	52,938,493					$	56,630,138					$	55,813,480
									Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment			$	2,396,587					$	2,311,842					$	2,245,040					$	2,007,394					$	1,973,223

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

Notional Values Subject to Recurring Fees Under Reinsurance Agreements

												Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
									Cash surrender value of business ceded at beginning of period subject to recurring fees			$	4,083,301					$	3,900,540					$	3,736,355					$	—					$	—
									Cash surrender value of business ceded during the period subject to recurring fees			180,832						182,761						164,185						—						—
									Cash surrender value of business ceded at end of period subject to recurring fees (a)			$	4,264,133					$	4,083,301					$	3,900,540					$	—					$	—
									Asset liability management fee			0.30%						0.30%						0.30%						—						—
									Weighted average ceding commission fee			0.60%						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.

Annuity Deposits by Product Type

												Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q1 2021
									American Equity Life:
									Fixed index annuities			$	755,980					$	806,238					$	727,641					$	702,605					$	516,995
									Annual reset fixed rate annuities			1,062						848						1,462						1,656						2,167
									Multi-year fixed rate annuities			2,345						6,640						14,196						47,674						787,192
									Single premium immediate annuities			13,453						14,145						16,282						15,430						13,959
												772,840						827,871						759,581						767,365						1,320,313
									Eagle Life:
									Fixed index annuities			126,754						176,101						187,611						184,520						148,836
									Annual reset fixed rate annuities			7						13						—						175						162
									Multi-year fixed rate annuities			2,340						40,901						362,769						228,197						965,425
												129,101						217,015						550,380						412,892						1,114,423
									Consolidated:
									Fixed index annuities			882,734						982,339						915,252						887,125						665,831
									Annual reset fixed rate annuities			1,069						861						1,462						1,831						2,329
									Multi-year fixed rate annuities			4,685						47,541						376,965						275,871						1,752,617
									Single premium immediate annuities			13,453						14,145						16,282						15,430						13,959
									Total before coinsurance ceded			901,941						1,044,886						1,309,961						1,180,257						2,434,736
									Coinsurance ceded			213,563						214,851						203,218						3,702						3,048
									Net after coinsurance ceded			$	688,378					$	830,035					$	1,106,743					$	1,176,555					$	2,431,688

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands, except per share data)

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at March 31, 2022:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.7						5.3						8.5%						$	47,494,210					89.4		%
Annual Reset Fixed Rate Annuities						8.3						2.1						4.0%						1,409,386						2.7		%
Multi-Year Fixed Rate Annuities						4.0						2.4						7.8%						4,215,695						7.9		%
Total						11.9						4.9						8.3%						$	53,119,291					100.0		%

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	904,807					$	3,793,760
0.0% < 2.0%			81,888						1,741,500
2.0% < 3.0%			86,447						4,418,855
3.0% < 4.0%			37,899						1,483,101
4.0% < 5.0%			74,176						2,859,833
5.0% < 6.0%			27,129						3,104,980
6.0% < 7.0%			60,357						3,091,097
7.0% < 8.0%			82,752						2,759,497
8.0% < 9.0%			3,196,014						3,250,221
9.0% < 10.0%			747,561						3,928,587
10.0% or greater			326,051						17,062,779
			$	5,625,081					$	47,494,210

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	4,698,567					0.00		%
2022			1,190,690						2.27		%
2023			4,667,934						4.01		%
2024			6,198,310						5.23		%
2025			5,873,022						5.39		%
2026			6,269,005						7.48		%
2027			4,316,718						9.00		%
2028			3,965,932						10.08		%
2029			4,113,376						11.41		%
2030			2,898,757						13.76		%
2031			4,102,549						14.42		%
2032			2,329,390						15.99		%
2033			1,113,436						17.86		%
2034			706,422						18.34		%
2035			363,293						18.85		%
2036			166,313						19.33		%
2037			114,931						19.86		%
2038			30,646						20.00		%
			$	53,119,291					8.29		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No differential			$	1,008,599					$	1,073,212
› 0.00% - 0.25%			30,398						118,095
› 0.25% - 0.50%			219,512						6,027
› 0.50% - 1.00%			5,543						840
› 1.00% - 1.50%			8,757						—
1.00% ultimate guarantee - 2.13% wtd avg interest rate (a)			4,109,496						939,179
1.50% ultimate guarantee - 1.07% wtd avg interest rate (a)			129,832						2,772,760
1.75% ultimate guarantee - 1.80% wtd avg interest rate (a)			47,858						291,362
2.00% ultimate guarantee - 1.82% wtd avg interest rate (a)			65,086						—
2.25% ultimate guarantee - 1.63% wtd avg interest rate (a)			—						570,385
3.00% ultimate guarantee - 1.93% wtd avg interest rate (a)			—						1,165,302
Allocated to index strategies (see tables that follow)			—						40,557,048
			$	5,625,081					$	47,494,210

(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, 2022 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 - March 31, 2022

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			$	1,193					$	88,844					$	4,675,540					$	53,449					$	121,861
1.75% - 3%			7,534,121						—						—						—						—
3% - 4%			333,079						1,937						—						—						—
4% - 5%			1,959,618						242,837						799,675						—						—
5% - 6%			559,827						158,232						27,415						—						—
6% - 7%			5,621						—						741						—						—
>= 7%			4,874						7,683						602						4,577						—

Annual Monthly Average and Point-to-Point with Participation Rates
			Minimum Guaranteed Participation Rate
			10%												20% - 25%						35%						50% +
Current Participation Rate
At minimum			$	165,042											$	540,296					$	77,121					$	86,488
< 20%			1,689,278												—						—						—
20% - 40%			3,438,717												305,640						6,157						—
40% - 60%			525,233												14,070						36,125						—
60% - 100%			1,175,042												—						—						—
> 100%			1,304,921												—						—						—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum			$	1,766,197
1.10% - 1.30%			5,858,354
1.40% - 1.60%			1,794,830
1.70% - 2.00%			362,320
>= 2.10%			22,670

Volatility Control Index
Current Asset Fee
At Maximum			$	—
0.75% - 1.75%			375,722
2.00% - 2.75%			171,912
3.00% - 3.50%			935,264
3.75% - 5.25%			3,137,914

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 0.85% based upon prices of options for the week ended April 1, 2022.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

Summary of Invested Assets

			March 31, 2022												December 31, 2021
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
United States Government full faith and credit			$	38,666					0.1		%				$	37,793					0.1		%
United States Government sponsored agencies			174,845						0.3		%				1,040,953						1.7		%
United States municipalities, states and territories			3,812,510						6.5		%				3,927,201						6.5		%
Foreign government obligations			405,166						0.7		%				402,545						0.7		%
Corporate securities			33,873,527						57.8		%				34,660,234						57.4		%
Residential mortgage backed securities			1,210,559						2.1		%				1,125,049						1.9		%
Commercial mortgage backed securities			4,769,867						8.1		%				4,840,311						8.0		%
Other asset backed securities			5,376,980						9.2		%				5,271,857						8.7		%
Total fixed maturity securities			49,662,120						84.8		%				51,305,943						85.0		%
Mortgage loans on real estate			5,734,872						9.8		%				5,687,998						9.4		%
Real estate investments			510,188						0.9		%				337,939						0.6		%
Derivative instruments			642,413						1.1		%				1,277,480						2.1		%
Other investments			1,999,113						3.4		%				1,767,144						2.9		%
			$	58,548,706					100.0		%				$	60,376,504					100.0		%

Credit Quality of Fixed Maturity Securities - March 31, 2022

NAIC Designation						Carrying Amount						Percent						Rating Agency Rating						Carrying Amount						Percent
1						$	28,064,072					56.5		%				Aaa/Aa/A						$	27,771,213					55.9		%
2						20,701,013						41.7		%				Baa						20,986,780						42.3		%
3						748,881						1.6		%				Ba						711,175						1.4		%
4						122,867						0.2		%				B						104,496						0.2		%
5						3,259						—		%				Caa						32,177						0.1		%
6						22,028						—		%				Ca and lower						56,279						0.1		%
						$	49,662,120					100.0		%										$	49,662,120					100.0		%

Watch List Securities - March 31, 2022

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						$	726					$	—					$	726					$	(600)					$	126
Corporate securities - Private placement securities						10,646						(3,825)						6,821						(966)						5,855
Residential mortgage backed securities						29,030						(743)						28,287						(1,424)						26,863
Commercial mortgage backed securities						143,502						—						143,502						(875)						142,627
Other asset backed securities						3,259						—						3,259						—						3,259
United States municipalities, states and territories						19,062						(2,009)						17,053						—						17,053
						$	206,225					$	(6,577)					$	199,648					$	(3,865)					$	195,783

(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, 2022

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			March 31, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies			$	197,898					$	213,511					$	1,046,029					$	1,078,746
United States municipalities, states and territories			3,694,146						3,812,510						3,495,563						3,927,201
Foreign government obligations			415,227						405,166						380,646						402,545
Corporate securities:
Capital goods			2,354,168						2,438,541						2,357,470						2,694,887
Consumer discretionary			7,199,325						7,298,694						6,396,009						7,210,975
Energy			2,032,392						2,085,993						2,120,185						2,365,991
Financials			9,234,613						9,165,561						8,043,912						8,761,157
Government non-guaranteed			469,263						498,041						471,015						541,233
Industrials			517,605						496,684						465,334						514,635
Information technology			2,022,554						2,033,129						1,885,278						2,083,179
Materials			1,716,224						1,762,769						1,702,910						1,906,150
Other			311,909						335,867						350,641						401,207
Telecommunications			1,949,788						1,948,644						1,750,183						1,937,493
Transportation			1,390,430						1,413,466						1,344,629						1,486,405
Utilities			4,351,747						4,396,138						4,197,063						4,756,922
Residential mortgage backed securities:
Government agency			597,165						608,468						455,136						500,698
Prime			526,423						516,675						537,559						544,084
Alt-A			61,013						74,922						59,129						75,361
Sub prime			10,835						10,494						4,954						4,906
Commercial mortgage backed securities:
Government agency			377,940						386,655						380,339						415,026
Non-agency			4,496,040						4,383,212						4,328,539						4,425,285
Other asset backed securities:
Auto			204,742						202,466						218,106						222,364
Energy			48,186						47,972						7,091						8,353
Financials			3,259						3,259						4,441						4,887
Industrials			32,618						32,529						33,381						34,357
Collateralized loan obligations			3,901,120						3,807,277						3,861,962						3,817,352
Military housing			462,165						505,298						464,321						531,689
Other			786,120						778,179						637,358						652,855
			$	49,364,915					$	49,662,120					$	46,999,183					$	51,305,943

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			March 31, 2022												December 31, 2021
			Principal						Percent						Principal						Percent
Geographic distribution: commercial mortgage loans
East			$	596,667					16.5		%				$	614,406					16.9		%
Middle Atlantic			296,015						8.2		%				293,494						8.1		%
Mountain			459,562						12.7		%				452,818						12.5		%
New England			59,996						1.7		%				60,172						1.6		%
Pacific			884,983						24.5		%				863,879						23.8		%
South Atlantic			758,905						21.0		%				785,679						21.6		%
West North Central			225,801						6.3		%				235,864						6.5		%
West South Central			328,943						9.1		%				326,819						9.0		%
			$	3,610,872					100.0		%				$	3,633,131					100.0		%
Property type distribution: commercial mortgage loans
Office			$	353,011					9.8		%				$	315,374					8.7		%
Medical Office			10,688						0.3		%				10,827						0.3		%
Retail			997,613						27.6		%				1,016,101						28.0		%
Industrial/Warehouse			900,747						24.9		%				924,779						25.4		%
Apartment			850,404						23.6		%				864,580						23.8		%
Hotel			285,010						7.9		%				283,500						7.8		%
Mixed Use/Other			213,399						5.9		%				217,970						6.0		%
			$	3,610,872					100.0		%				$	3,633,131					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

Unaudited (Dollars in thousands)

			March 31, 2022
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,610,872					$	464,431					$	1,657,534					$	5,732,837
In workout			—						—						—						—
Delinquent			—						—						12,363						12,363
Principal outstanding			3,610,872						464,431						1,669,897						5,745,200
Unamortized discounts and premiums, net			—						—						23,726						23,726
Deferred fees and costs, net			(4,873)						(1,344)						1,432						(4,785)
Amortized cost			3,605,999						463,087						1,695,055						5,764,141
Valuation allowance			(24,587)						(558)						(4,124)						(29,269)
Carrying value			$	3,581,412					$	462,529					$	1,690,931					$	5,734,872
			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

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2022

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
2022
First Quarter			$44.49						$35.05						$39.91						$0.00
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

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 - March 31, 2022

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

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