Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

June 30, 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 (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 - June 30, 2022

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			June 30, 2022						December 31, 2021
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	45,323,775					$	51,305,943
Mortgage loans on real estate			6,228,616						5,687,998
Real estate investments			672,475						337,939
Derivative instruments			200,781						1,277,480
Other investments			2,112,169						1,767,144
Total investments			54,537,816						60,376,504
Cash and cash equivalents			1,287,225						4,508,982
Coinsurance deposits			8,600,297						8,850,608
Accrued investment income			492,539						445,097
Deferred policy acquisition costs			3,474,319						2,222,769
Deferred sales inducements			2,380,288						1,546,073
Deferred income taxes			76,936						—
Income taxes recoverable			135,241						166,586
Other assets			678,605						232,490
Total assets			$	71,663,266					$	78,349,109
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	62,280,575					$	65,477,778
Other policy funds and contract claims			522,763						226,844
Notes payable			496,552						496,250
Subordinated debentures			78,584						78,421
Deferred income taxes			—						541,972
Funds withheld for reinsurance liabilities			2,936,366						3,124,740
Other liabilities			1,465,040						2,079,977
Total liabilities			67,779,880						72,025,982
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			90,169						92,514
Additional paid-in capital			1,507,601						1,614,374
Accumulated other comprehensive income (loss)			(1,387,968)						1,848,789
Retained earnings			3,672,387						2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company			3,882,217						6,323,127
Noncontrolling interests			1,169						—
Total stockholders' equity			3,883,386						6,323,127
Total liabilities and stockholders' equity			$	71,663,266					$	78,349,109

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   June 30,												Six Months Ended   June 30,
			2022						2021						2022						2021
Revenues:
Premiums and other considerations			$	3,831					$	14,595					$	13,909					$	27,808
Annuity product charges			55,514						63,759						107,869						123,841
Net investment income			592,308						499,320						1,159,731						996,510
Change in fair value of derivatives			(506,181)						500,880						(983,700)						897,185
Net realized losses on investments			(33,272)						(3,114)						(46,399)						(7,697)
Other revenue			9,195						—						17,784						—
Total revenues			121,395						1,075,440						269,194						2,037,647
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			7,091						15,828						19,729						32,252
Interest sensitive and index product benefits			234,855						812,981						607,517						1,289,576
Amortization of deferred sales inducements			90,446						(12,520)						233,991						110,455
Change in fair value of embedded derivatives			(885,984)						273,713						(2,279,633)						(8,700)
Interest expense on notes payable			6,461						6,394						12,886						12,787
Interest expense on subordinated debentures			1,346						1,326						2,663						2,652
Amortization of deferred policy acquisition costs			142,354						(16,906)						367,780						186,917
Other operating costs and expenses			59,923						65,050						118,043						120,915
Total benefits and expenses			(343,508)						1,145,866						(917,024)						1,746,854
Income (loss) before income taxes			464,903						(70,426)						1,186,218						290,793
Income tax expense (benefit)			104,327						(15,732)						259,419						62,803
Net income (loss)			360,576						(54,694)						926,799						227,990
Less: Net income (loss) available to noncontrolling interests			(4)						—						(4)						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders			360,580						(54,694)						926,803						227,990
Less: Preferred stock dividends			10,919						10,919						21,838						21,838
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	349,661					$	(65,613)					$	904,965					$	206,152
Earnings (loss) per common share			$	3.78					$	(0.69)					$	9.56					$	2.16
Earnings (loss) per common share - assuming dilution			$	3.74					$	(0.69)					$	9.46					$	2.15
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share			92,544						94,801						94,693						95,265
Earnings (loss) per common share - assuming dilution			93,375						95,379						95,652						95,795

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Revenues:
Traditional life insurance premiums			$	691					$	675					$	677					$	697					$	708
Life contingent immediate annuity considerations			3,140						9,403						13,876						15,144						13,887
Surrender charges			15,345						15,541						13,638						16,481						18,057
Lifetime income benefit rider fees			40,169						36,814						46,672						41,999						45,702
Net investment income			592,308						567,423						514,599						526,366						499,320
Change in fair value of derivatives			(506,181)						(477,519)						522,251						(70,701)						500,880
Net realized gains (losses) on investments			(33,272)						(13,127)						(10,478)						4,933						(3,114)
Other revenue (a)			9,195						8,589						8,026						7,644						—
Total revenues			121,395						147,799						1,109,261						542,563						1,075,440
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			785						765						624						798						502
Life contingent immediate annuity benefits and change in future policy benefits			6,306						11,873						16,351						17,958						15,326
Interest sensitive and index product benefits (b)			234,855						372,662						574,816						817,014						812,981
Amortization of deferred sales inducements (c)			90,446						143,545						59,409						(17,172)						(12,520)
Change in fair value of embedded derivatives (d)			(885,984)						(1,393,649)						186,802						(536,404)						273,713
Interest expense on notes payable			6,461						6,425						6,259						6,535						6,394
Interest expense on subordinated debentures			1,346						1,317						1,330						1,342						1,326
Amortization of deferred policy acquisition costs (c)			142,354						225,426						82,999						(1,588)						(16,906)
Other operating costs and expenses			59,923						58,120						66,279						56,518						65,050
Total benefits and expenses			(343,508)						(573,516)						994,869						345,001						1,145,866
Income (loss) before income taxes			464,903						721,315						114,392						197,562						(70,426)
Income tax expense (benefit)			104,327						155,092						21,255						44,697						(15,732)
Net income (loss) (b)(c)(d)			360,576						566,223						93,137						152,865						(54,694)
Less: Net income (loss) available to noncontrolling interests			(4)						—						—						—						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)			360,580						566,223						93,137						152,865						(54,694)
Less: Preferred stock dividends			10,919						10,919						10,919						10,918						10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)			$	349,661					$	555,304					$	82,218					$	141,947					$	(65,613)
Earnings (loss) per common share			$	3.78					$	5.73					$	0.89					$	1.53					$	(0.69)
Earnings (loss) per common share - assuming dilution (b)(c)(d)			$	3.74					$	5.67					$	0.88					$	1.53					$	(0.69)
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			92,544						96,866						92,479						92,478						94,801
Earnings (loss) per common share - assuming dilution			93,375						97,953						93,378						93,044						95,379

(a)Other revenue consists of $3.0 million in Q2 2022, $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 $6.2 million in Q2 2022, $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 $372.3 million and $321.7 million at June 30, 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.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands, except per share data)

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

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 - June 30, 2022

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   June 30,												Six Months Ended   June 30,
			2022						2021						2022						2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	349,661					$	(65,613)					$	904,965					$	206,152
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized losses on financial assets, including credit losses			31,572						2,912						41,857						6,428
Change in fair value of derivatives and embedded derivatives			(367,145)						200,767						(970,499)						(96,867)
Income taxes			77,056						(44,278)						204,717						19,516
Non-GAAP operating income available to common stockholders			91,144						93,788						181,040						135,229
Impact of notable items (b)			—						—						—						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	91,144					$	93,788					$	181,040					$	135,229
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	3.74					$	(0.69)					$	9.46					$	2.15
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses			0.34						0.03						0.44						0.07
Change in fair value of derivatives and embedded derivatives			(3.93)						2.10						(10.15)						(1.01)
Income taxes			0.83						(0.46)						2.14						0.20
Non-GAAP operating income available to common stockholders			0.98						0.98						1.89						1.41
Impact of notable items			—						—						—						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.98					$	0.98					$	1.89					$	1.41

(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.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 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   June 30,												Six Months Ended   June 30,
			2022						2021						2022						2021
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses			$	37,054					$	2,862					$	50,779					$	7,589
Amortization of DAC and DSI and accretion of LIBR reserves			(5,482)						50						(8,922)						(1,161)
Income taxes			(6,788)						(626)						(8,999)						(1,382)
			$	24,784					$	2,286					$	32,858					$	5,046
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	(275,057)					$	331,268					$	(919,820)					$	(162,531)
Reinsurance contracts			(199,422)						—						(401,866)						—
Interest rate swaps			3,666						—						3,666						—
Amortization of DAC and DSI			103,668						(130,501)						347,521						65,664
Income taxes			83,844						(43,652)						213,716						20,898
			$	(283,301)					$	157,115					$	(756,783)					$	(75,969)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 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

			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	349,661					$	555,304					$	82,218					$	141,947					$	(65,613)
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			31,572						10,285						7,771						(3,900)						2,912
Change in fair value of derivatives and embedded derivatives			(367,145)						(603,354)						(14,544)						(75,879)						200,767
Income taxes			77,056						127,661						383						17,285						(44,278)
Non-GAAP operating income available to common stockholders (b)(c)			91,144						89,896						75,828						79,453						93,788
Impact of notable items (d)			—						—						21,235						56,801						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	91,144					$	89,896					$	97,063					$	136,254					$	93,788
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	3.74					$	5.67					$	0.88					$	1.53					$	(0.69)
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			0.34						0.11						0.08						(0.04)						0.03
Change in fair value of derivatives and embedded derivatives			(3.93)						(6.16)						(0.15)						(0.82)						2.10
Income taxes			0.83						1.30						—						0.18						(0.46)
Non-GAAP operating income available to common stockholders (b)(c)			0.98						0.92						0.81						0.85						0.98
Impact of notable items (d)			—						—						0.23						0.61						—
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.98					$	0.92					$	1.04					$	1.46					$	0.98

Notable Items

			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 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 - June 30, 2022

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Net realized (gains) losses on investments			$	33,272					$	13,127					$	10,478					$	(4,933)					$	3,114
Change in fair value of derivatives			415,171						546,442						(215,961)						411,330						57,555
Increase (decrease) in total revenues			448,443						559,569						(205,483)						406,397						60,669
Amortization of deferred sales inducements			(37,179)						(90,361)						(4,506)						(17,682)						52,074
Change in fair value of embedded derivatives			885,984						1,393,649						(186,802)						536,404						(273,713)
Interest sensitive and index product benefits (a)			(2,569)						143						971						(944)						227
Amortization of deferred policy acquisition costs			(62,220)						(150,793)						(8,373)						(31,602)						78,402
Increase (decrease) in total benefits and expenses			784,016						1,152,638						(198,710)						486,176						(143,010)
Increase (decrease) in income (loss) before income taxes			(335,573)						(593,069)						(6,773)						(79,779)						203,679
Increase (decrease) in income tax expense (benefit)			(77,056)						(127,661)						(383)						(17,285)						44,278
Increase (decrease) in net income (loss) available to common stockholders			$	(258,517)					$	(465,408)					$	(6,390)					$	(62,494)					$	159,401

(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 - June 30, 2022

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

Capitalization/Book Value per Common Share

			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Capitalization:
Notes payable			$	500,000					$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,584						78,502						78,421						78,342						78,264
Total debt			578,584						578,502						578,421						578,342						578,264
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			3,882,217						5,171,086						6,323,127						6,375,208						6,295,735
Total capitalization			4,460,801						5,749,588						6,901,548						6,953,550						6,873,999
Accumulated other comprehensive income (AOCI)			1,387,968						(63,706)						(1,848,789)						(1,956,974)						(2,023,911)
Total capitalization excluding AOCI (a)			$	5,848,769					$	5,685,882					$	5,052,759					$	4,996,576					$	4,850,088
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	3,882,217					$	5,171,086					$	6,323,127					$	6,375,208					$	6,295,735
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			3,182,217						4,471,086						5,623,127						5,675,208						5,595,735
Accumulated other comprehensive income			1,387,968						(63,706)						(1,848,789)						(1,956,974)						(2,023,911)
Total common stockholders’ equity excluding AOCI (c)			4,570,185						4,407,380						3,774,338						3,718,234						3,571,824
Net impact of fair value accounting for derivatives and embedded derivatives			(1,031,257)						(750,229)						(274,981)						(265,018)						(242,423)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	3,538,928					$	3,657,151					$	3,499,357					$	3,453,216					$	3,329,401
Common shares outstanding			90,168,512						95,019,904						92,513,517						92,513,517						92,553,825
Book Value per Common Share: (d)
Book value per common share			$	35.29					$	47.05					$	60.78					$	61.34					$	60.46
Book value per common share excluding AOCI (c)			$	50.68					$	46.38					$	40.80					$	40.19					$	38.59
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	39.25					$	38.49					$	37.83					$	37.33					$	35.97
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			8.5		%				8.8		%				9.9		%				10.0		%				10.3		%
Total debt / Total capitalization			9.9		%				10.2		%				11.4		%				11.6		%				11.9		%

(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 - June 30, 2022

Unaudited (Dollars in thousands)

Spread Results

Six Months Ended   June 30,
2022						2021						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
4.24%						3.54%			Average yield on invested assets			4.33%						4.15%						3.80%						3.91%						3.51%
1.66%						1.57%			Aggregate cost of money			1.69%						1.64%						1.51%						1.51%						1.56%
2.58%						1.97%			Aggregate investment spread			2.64%						2.51%						2.29%						2.40%						1.95%
									Impact of:
0.04%						0.11%			Investment yield - additional prepayment income			0.05%						0.03%						0.12%						0.12%						0.10%
0.02%						0.03%			Cost of money effect of over hedging			0.02%						0.03%						0.14%						0.08%						0.04%
$54,748,602						$56,352,021			Weighted average investments			$54,768,966						$54,728,239						$54,407,554						$53,781,352						$56,991,393
54,699,422						57,144,563			Ending investments			54,699,422						54,838,509						54,617,968						54,197,140						57,144,563

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

Six Months Ended   June 30,
2022						2021						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
									Included in interest sensitive and index product benefits:
$	296,783					$	1,060,028		Index credits			$	72,398					$	224,385					$	442,568					$	475,292					$	714,291
122,104						119,114			Interest credited			60,770						61,334						63,974						62,804						62,637
									Included in change in fair value of derivatives:
(303,207)						(1,069,593)			Proceeds received at option expiration			(75,115)						(228,092)						(459,982)						(489,902)						(720,474)
325,472						326,354			Pro rata amortization of option cost			165,375						160,097						153,399						150,262						162,124
$	441,152					$	435,903		Cost of money for deferred annuities			$	223,428					$	217,724					$	199,959					$	198,456					$	218,578
$	53,048,016					$	55,578,458		Weighted average liability balance outstanding			$	52,940,739					$	53,155,293					$	53,064,893					$	52,644,622					$	56,221,809

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands, except per share data)

Annuity Account Balance Rollforward

Six Months Ended   June 30,
2022						2021						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
$	53,191,277					$	54,056,725		Account balances at beginning of period			$	53,119,291					$	53,191,277					$	52,938,493					$	56,630,138					$	55,813,480
—						—			Reserves ceded - in-force			—						—						—						(4,279,394)						—
53,191,277						54,056,725			Account balance at beginning of period, net of reinsurance ceded			53,119,291						53,191,277						52,938,493						52,350,744						55,813,480
1,237,291						3,578,854			Net deposits			562,366						674,925						815,890						1,090,461						1,161,125
46,689						49,663			Premium bonuses			23,547						23,142						23,476						22,021						24,813
418,887						1,179,142			Fixed interest credited and index credits			133,168						285,719						506,542						538,096						776,928
(30,886)						(37,538)			Surrender charges			(15,345)						(15,541)						(13,638)						(16,481)						(18,057)
(76,983)						(86,303)			Lifetime income benefit rider fees			(40,169)						(36,814)						(46,672)						(41,999)						(45,702)
(2,023,717)						(2,110,405)			Surrenders, withdrawals, deaths, etc.			(1,020,300)						(1,003,417)						(1,032,814)						(1,004,349)						(1,082,449)
$	52,762,558					$	56,630,138		Account balances at end of period			$	52,762,558					$	53,119,291					$	53,191,277					$	52,938,493					$	56,630,138
$	2,491,096					$	2,007,394		Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment			$	2,491,096					$	2,396,587					$	2,311,842					$	2,245,040					$	2,007,394

Notional Values Subject to Recurring Fees Under Reinsurance Agreements

Six Months Ended   June 30,
2022						2021						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
$	4,083,301					$	—		Cash surrender value of business ceded at beginning of period subject to recurring fees			$	4,264,133					$	4,083,301					$	3,900,540					$	3,736,355					$	—
374,434						—			Cash surrender value of business ceded during the period subject to recurring fees			193,602						180,832						182,761						164,185						—
$	4,457,735					$	—		Cash surrender value of business ceded at end of period subject to recurring fees (a)			$	4,457,735					$	4,264,133					$	4,083,301					$	3,900,540					$	—
0.30%						—			Asset liability management fee			0.30%						0.30%						0.30%						0.30%						—
0.64%						—			Weighted average ceding commission fee			0.64%						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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Six Months Ended   June 30,
2022						2021						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
									American Equity Life:
$	1,427,676					$	1,219,600		Fixed index annuities			$	671,696					$	755,980					$	806,238					$	727,641					$	702,605
2,202						3,823			Annual reset fixed rate annuities			1,140						1,062						848						1,462						1,656
2,830						834,866			Multi-year fixed rate annuities			485						2,345						6,640						14,196						47,674
16,526						29,389			Single premium immediate annuities			3,073						13,453						14,145						16,282						15,430
1,449,234						2,087,678						676,394						772,840						827,871						759,581						767,365
									Eagle Life:
231,128						333,356			Fixed index annuities			104,374						126,754						176,101						187,611						184,520
7						337			Annual reset fixed rate annuities			—						7						13						—						175
2,463						1,193,622			Multi-year fixed rate annuities			123						2,340						40,901						362,769						228,197
233,598						1,527,315						104,497						129,101						217,015						550,380						412,892
									Consolidated:
1,658,804						1,552,956			Fixed index annuities			776,070						882,734						982,339						915,252						887,125
2,209						4,160			Annual reset fixed rate annuities			1,140						1,069						861						1,462						1,831
5,293						2,028,488			Multi-year fixed rate annuities			608						4,685						47,541						376,965						275,871
16,526						29,389			Single premium immediate annuities			3,073						13,453						14,145						16,282						15,430
1,682,832						3,614,993			Total before coinsurance ceded			780,891						901,941						1,044,886						1,309,961						1,180,257
429,015						6,750			Coinsurance ceded			215,452						213,563						214,851						203,218						3,702
$	1,253,817					$	3,608,243		Net after coinsurance ceded			$	565,439					$	688,378					$	830,035					$	1,106,743					$	1,176,555

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at June 30, 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						5.1						8.2%						$	47,188,701					89.4		%
Annual Reset Fixed Rate Annuities						8.3						2.0						3.9%						1,384,261						2.6		%
Multi-Year Fixed Rate Annuities						4.0						2.1						7.7%						4,189,596						8.0		%
Total						11.8						4.8						8.1%						$	52,762,558					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	890,066					$	4,002,141
0.0% < 2.0%			80,608						2,182,310
2.0% < 3.0%			85,097						4,490,359
3.0% < 4.0%			66,281						1,448,618
4.0% < 5.0%			22,612						2,996,812
5.0% < 6.0%			38,838						3,028,489
6.0% < 7.0%			55,540						2,991,878
7.0% < 8.0%			86,532						2,821,646
8.0% < 9.0%			3,472,176						3,148,328
9.0% < 10.0%			476,797						3,827,571
10.0% or greater			299,310						16,250,549
			$	5,573,857					$	47,188,701

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	4,892,207					0.00		%
2022			806,005						2.22		%
2023			4,577,887						3.74		%
2024			6,098,987						4.96		%
2025			5,763,003						5.09		%
2026			6,161,558						7.06		%
2027			4,302,999						8.58		%
2028			3,916,687						9.70		%
2029			4,160,709						11.02		%
2030			2,862,230						13.46		%
2031			4,082,998						14.18		%
2032			2,630,456						15.16		%
2033			1,101,022						17.67		%
2034			697,161						18.22		%
2035			359,787						18.71		%
2036			175,784						19.20		%
2037			113,186						19.74		%
2038			59,892						20.00		%
			$	52,762,558					8.05		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 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			$	991,377					$	1,065,694
› 0.00% - 0.25%			26,514						112,894
› 0.25% - 0.50%			216,280						6,142
› 0.50% - 1.00%			5,449						546
› 1.00% - 1.50%			7,493						—
1.00% ultimate guarantee - 2.12% wtd avg interest rate (a)			4,087,549						1,037,428
1.50% ultimate guarantee - 1.07% wtd avg interest rate (a)			127,549						2,761,442
1.75% ultimate guarantee - 1.83% wtd avg interest rate (a)			47,730						305,864
2.00% ultimate guarantee - 1.78% wtd avg interest rate (a)			63,916						—
2.25% ultimate guarantee - 1.60% wtd avg interest rate (a)			—						561,905
3.00% ultimate guarantee - 1.89% wtd avg interest rate (a)			—						1,146,147
Allocated to index strategies (see tables that follow)			—						40,190,639
			$	5,573,857					$	47,188,701

(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 June 30, 2022 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.14%.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 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			$	1,147					$	86,501					$	4,757,927					$	52,346					$	117,456
1.75% - 3%			7,469,760						—						—						—						—
3% - 4%			486,643						1,869						—						—						—
4% - 5%			2,079,812						348,382						615,850						—						—
5% - 6%			331,851						116,495						12,806						—						—
6% - 7%			7,394						—						264						—						—
>= 7%			7,455						14,700						338						4,448						—

Annual Monthly Average and Point-to-Point with Participation Rates
			Minimum Guaranteed Participation Rate
			10%												20% - 25%						35%						50% +
Current Participation Rate
At minimum			$	170,917											$	520,089					$	71,601					$	83,809
< 20%			1,654,041												—						—						—
20% - 40%			3,365,652												296,062						5,379						—
40% - 60%			530,652												13,364						34,767						—
60% - 100%			1,269,558												—						—						—
> 100%			1,499,608												—						—						—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum			$	1,745,374
1.10% - 1.30%			5,909,781
1.40% - 1.60%			1,502,494
1.70% - 2.00%			359,853
>= 2.10%			22,687

Volatility Control Index
Current Asset Fee
At Maximum			$	—
0.75% - 1.75%			350,326
2.00% - 2.75%			162,982
3.00% - 3.50%			653,082
3.75% - 5.25%			3,271,729

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 0.86% based upon prices of options for the week ended July 1, 2022.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands)

Summary of Invested Assets

			June 30, 2022												December 31, 2021
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
U.S. Government and agencies			$	186,491					0.3		%				$	1,078,746					1.8		%
States, municipalities and territories			4,390,844						8.0		%				3,927,201						6.5		%
Foreign corporate securities and foreign governments			969,883						1.8		%				402,545						0.7		%
Corporate securities			29,825,798						54.7		%				34,660,234						57.4		%
Residential mortgage backed securities			1,391,707						2.6		%				1,125,049						1.9		%
Commercial mortgage backed securities			4,188,392						7.7		%				4,840,311						8.0		%
Other asset backed securities			4,370,660						8.0		%				5,271,857						8.7		%
Total fixed maturity securities			45,323,775						83.1		%				51,305,943						85.0		%
Mortgage loans on real estate			6,228,616						11.4		%				5,687,998						9.4		%
Real estate investments			672,475						1.2		%				337,939						0.6		%
Derivative instruments			200,781						0.4		%				1,277,480						2.1		%
Other investments			2,112,169						3.9		%				1,767,144						2.9		%
Total investments			54,537,816						100.0		%				60,376,504						100.0		%
Modified coinsurance investments			2,911,733												3,101.833
Investments, net of modified coinsurance investments			$	51,626,083											$	58,609,360

Credit Quality of Fixed Maturity Securities - June 30, 2022

NAIC Designation						Carrying Amount (a)						Percent						Rating Agency Rating						Carrying Amount (a)						Percent
1						$	25,453,818					58.9		%				Aaa/Aa/A						$	25,316,525					58.6		%
2						16,967,885						39.2		%				Baa						17,099,172						39.5		%
3						630,715						1.5		%				Ba						629,536						1.5		%
4						117,336						0.2		%				B						104,137						0.2		%
5						40,995						0.1		%				Caa						23,137						0.1		%
6						27,334						0.1		%				Ca and lower						65,576						0.1		%
						$	43,238,083					100.0		%										$	43,238,083					100.0		%

(a)Excludes fixed maturity securities related to reinsurance business ceded under a modified coinsurance agreement of $2,085,692 as of June 30, 2022.

Watch List Securities - June 30, 2022

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Gains (Losses), Net of Allowance						Fair Value
States, municipalities and territories						$	19,062					$	(1,834)					$	17,228					$	16					$	17,244
Corporate securities - Public securities						16,526						—						16,526						(731)						15,795
Corporate securities - Private placement securities						10,417						(3,743)						6,674						(945)						5,729
Residential mortgage backed securities						31,586						(610)						30,976						(1,882)						29,094
Commercial mortgage backed securities						84,362						—						84,362						(1,934)						82,428
Other asset backed securities						48,739						—						48,739						(236)						48,503
						$	210,692					$	(6,187)					$	204,505					$	(5,712)					$	198,793

(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 - June 30, 2022

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			June 30, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
U.S. Government and agencies			$	178,840					$	186,491					$	1,046,029					$	1,078,746
States, municipalities and territories			4,598,477						4,390,844						3,495,563						3,927,201
Foreign corporate securities and foreign governments			1,010,706						969,883						380,646						402,545
Corporate securities:
Capital goods			2,332,614						2,210,292						2,357,470						2,694,887
Consumer discretionary			6,899,906						6,340,590						6,396,009						7,210,975
Energy			1,877,428						1,789,043						2,120,185						2,365,991
Financials			8,971,317						8,297,022						8,043,912						8,761,157
Government non-guaranteed			239,119						221,568						471,015						541,233
Industrials			333,175						295,524						465,334						514,635
Information technology			2,212,643						2,070,221						1,885,278						2,083,179
Materials			1,661,002						1,562,281						1,702,910						1,906,150
Telecommunications			1,854,290						1,674,266						1,750,183						1,937,493
Transportation			1,313,110						1,236,962						1,344,629						1,486,405
Utilities			4,371,715						4,066,683						4,197,063						4,756,922
Other			60,680						61,346						350,641						401,207
Residential mortgage backed securities:
Government agency			834,785						825,205						455,136						500,698
Prime			411,491						379,909						537,559						544,084
Alt-A			58,159						71,175						59,129						75,361
Non-qualified mortgage			81,122						75,560						—						—
Other			40,440						39,858						4,954						4,906
Commercial mortgage backed securities:
Government agency			182,476						175,541						380,339						415,026
Non-agency			4,260,374						4,012,851						4,328,539						4,425,285
Other asset backed securities:
Auto			49,418						48,737						218,106						222,364
Consumer discretionary			132,319						129,571						—						—
Financials			298,414						283,978						4,441						4,887
Collateralized loan obligations			3,774,251						3,504,950						3,861,962						3,817,352
Other			429,756						403,424						1,142,151						1,227,254
			$	48,468,027					$	45,323,775					$	46,999,183					$	51,305,943

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			June 30, 2022												December 31, 2021
			Principal						Percent						Principal						Percent
Geographic distribution: commercial mortgage loans
East			$	562,705					15.6		%				$	614,406					16.9		%
Middle Atlantic			293,754						8.1		%				293,494						8.1		%
Mountain			442,861						12.3		%				452,818						12.5		%
New England			62,910						1.7		%				60,172						1.6		%
Pacific			859,389						23.8		%				863,879						23.8		%
South Atlantic			844,862						23.4		%				785,679						21.6		%
West North Central			211,508						5.9		%				235,864						6.5		%
West South Central			330,970						9.2		%				326,819						9.0		%
			$	3,608,959					100.0		%				$	3,633,131					100.0		%
Property type distribution: commercial mortgage loans
Office			$	404,964					11.2		%				$	315,374					8.7		%
Medical Office			10,549						0.3		%				10,827						0.3		%
Retail			944,423						26.2		%				1,016,101						28.0		%
Industrial/Warehouse			889,113						24.6		%				924,779						25.4		%
Apartment			865,637						24.0		%				864,580						23.8		%
Hotel			286,271						7.9		%				283,500						7.8		%
Mixed Use/Other			208,002						5.8		%				217,970						6.0		%
			$	3,608,959					100.0		%				$	3,633,131					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Unaudited (Dollars in thousands)

			June 30, 2022
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,608,959					$	568,180					$	2,031,120					$	6,208,259
In workout			—						—						—						—
Delinquent			—						—						20,185						20,185
Principal outstanding			3,608,959						568,180						2,051,305						6,228,444
Unamortized discounts and premiums, net			—						—						38,303						38,303
Deferred fees and costs, net			(5,681)						(1,716)						1,654						(5,743)
Amortized cost			3,603,278						566,464						2,091,262						6,261,004
Valuation allowance			(24,244)						(664)						(7,480)						(32,388)
Carrying value			$	3,579,034					$	565,800					$	2,083,782					$	6,228,616
			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 - June 30, 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
Second Quarter			$42.18						$32.65						$36.57						$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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - June 30, 2022

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

ebass@autonomous.com

Andrew Kligerman

Credit Suisse Securities

(919) 593-7737

andrew.kligerman@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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