Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

September 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 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 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			9
			Capitalization/Book Value per Common Share			10
			Spread Results			11
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			11
			Annuity Account Balance Rollforward			12
			Notional Values Subject to Recurring Fees Under Reinsurance Agreements			12
			Annuity Deposits by Product Type			13
			Surrender Charge Protection and Account Values by Product Type			13
			Annuity Liability Characteristics			14
C.			Investment Summary
			Summary of Invested Assets			17
			Credit Quality of Fixed Maturity Securities			17
			Watch List Securities			17
			Fixed Maturity Securities by Sector			18
			Mortgage Loans on Real Estate			19
D.			Shareholder Information			21
E.			Research Analyst Coverage			22

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			September 30, 2022						December 31, 2021
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	41,087,911					$	51,305,943
Mortgage loans on real estate			6,601,445						5,687,998
Real estate investments			897,673						337,939
Derivative instruments			196,656						1,277,480
Other investments			2,636,152						1,767,144
Total investments			51,419,837						60,376,504
Cash and cash equivalents			1,808,132						4,508,982
Coinsurance deposits			8,848,418						8,850,608
Accrued investment income			516,649						445,097
Deferred policy acquisition costs			3,878,343						2,222,769
Deferred sales inducements			2,649,102						1,546,073
Deferred income taxes			246,492						—
Income taxes recoverable			103,838						166,586
Other assets			714,186						232,490
Total assets			$	70,184,997					$	78,349,109
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	61,137,017					$	65,477,778
Other policy funds and contract claims			266,425						226,844
Notes and loan payable			794,831						496,250
Subordinated debentures			78,668						78,421
Deferred income taxes			—						541,972
Funds withheld for reinsurance liabilities			3,235,894						3,124,740
Other liabilities			1,461,534						2,079,977
Total liabilities			66,974,369						72,025,982
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			85,967						92,514
Additional paid-in capital			1,362,022						1,614,374
Accumulated other comprehensive income (loss)			(2,214,388)						1,848,789
Retained earnings			3,974,069						2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company			3,207,698						6,323,127
Noncontrolling interests			2,930						—
Total stockholders' equity			3,210,628						6,323,127
Total liabilities and stockholders' equity			$	70,184,997					$	78,349,109

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2022						2021						2022						2021
Revenues:
Premiums and other considerations			$	2,839					$	15,841					$	16,748					$	43,649
Annuity product charges			60,819						58,480						168,688						182,321
Net investment income			609,737						526,366						1,769,468						1,522,876
Change in fair value of derivatives			(176,671)						(70,701)						(1,160,371)						826,484
Net realized gains (losses) on investments			(15,860)						4,933						(62,259)						(2,764)
Other revenue			10,989						7,644						28,773						7,644
Total revenues			491,853						542,563						761,047						2,580,210
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			5,707						18,756						25,436						51,008
Interest sensitive and index product benefits			121,890						817,014						729,407						2,106,590
Amortization of deferred sales inducements			127,784						(17,172)						361,775						93,283
Change in fair value of embedded derivatives			(415,374)						(536,404)						(2,695,007)						(545,104)
Interest expense on notes payable			8,984						6,535						21,870						19,322
Interest expense on subordinated debentures			1,333						1,342						3,996						3,994
Amortization of deferred policy acquisition costs			183,182						(1,588)						550,962						185,329
Other operating costs and expenses			59,532						56,518						177,575						177,433
Total benefits and expenses			93,038						345,001						(823,986)						2,091,855
Income before income taxes			398,815						197,562						1,585,033						488,355
Income tax expense			86,214						44,697						345,633						107,500
Net income			312,601						152,865						1,239,400						380,855
Less: Net income (loss) available to noncontrolling interests			1						—						(3)						—
Net income available to American Equity Investment Life Holding Company stockholders			312,600						152,865						1,239,403						380,855
Less: Preferred stock dividends			10,918						10,918						32,756						32,756
Net income available to American Equity Investment Life Holding Company common stockholders			$	301,682					$	141,947					$	1,206,647					$	348,099
Earnings per common share			$	3.44					$	1.53					$	13.07					$	3.69
Earnings per common share - assuming dilution			$	3.41					$	1.53					$	12.94					$	3.67
Weighted average common shares outstanding (in thousands):
Earnings per common share			87,707						92,478						92,339						94,326
Earnings per common share - assuming dilution			88,581						93,044						93,270						94,867

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
Revenues:
Traditional life insurance premiums			$	634					$	691					$	675					$	677					$	697
Life contingent immediate annuity considerations			2,205						3,140						9,403						13,876						15,144
Surrender charges			19,783						15,345						15,541						13,638						16,481
Lifetime income benefit rider fees			41,036						40,169						36,814						46,672						41,999
Net investment income			609,737						592,308						567,423						514,599						526,366
Change in fair value of derivatives			(176,671)						(506,181)						(477,519)						522,251						(70,701)
Net realized gains (losses) on investments			(15,860)						(33,272)						(13,127)						(10,478)						4,933
Other revenue (a)			10,989						9,195						8,589						8,026						7,644
Total revenues			491,853						121,395						147,799						1,109,261						542,563
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			424						785						765						624						798
Life contingent immediate annuity benefits and change in future policy benefits			5,283						6,306						11,873						16,351						17,958
Interest sensitive and index product benefits (b)			121,890						234,855						372,662						574,816						817,014
Amortization of deferred sales inducements (c)			127,784						90,446						143,545						59,409						(17,172)
Change in fair value of embedded derivatives (d)			(415,374)						(885,984)						(1,393,649)						186,802						(536,404)
Interest expense on notes payable			8,984						6,461						6,425						6,259						6,535
Interest expense on subordinated debentures			1,333						1,346						1,317						1,330						1,342
Amortization of deferred policy acquisition costs (c)			183,182						142,354						225,426						82,999						(1,588)
Other operating costs and expenses			59,532						59,923						58,120						66,279						56,518
Total benefits and expenses			93,038						(343,508)						(573,516)						994,869						345,001
Income before income taxes			398,815						464,903						721,315						114,392						197,562
Income tax expense			86,214						104,327						155,092						21,255						44,697
Net income (b)(c)(d)			312,601						360,576						566,223						93,137						152,865
Less: Net income (loss) available to noncontrolling interests			1						(4)						—						—						—
Net income available to American Equity Investment Life Holding Company stockholders (b)(c)(d)			312,600						360,580						566,223						93,137						152,865
Less: Preferred stock dividends			10,918						10,919						10,919						10,919						10,918
Net income available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)			$	301,682					$	349,661					$	555,304					$	82,218					$	141,947
Earnings per common share			$	3.44					$	3.78					$	5.73					$	0.89					$	1.53
Earnings per common share - assuming dilution (b)(c)(d)			$	3.41					$	3.74					$	5.67					$	0.88					$	1.53
Weighted average common shares outstanding (thousands):
Earnings per common share			87,707						92,544						96,866						92,479						92,478
Earnings per common share - assuming dilution			88,581						93,375						97,953						93,378						93,044

(a)Other revenue consists of $3.3 million in Q3 2022, $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 $7.7 million in Q3 2022, $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 $435.9 million and $321.7 million at September 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)Q3 2022 includes a benefit from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index products by $53.0 million and increased both net income and net income available to common stockholders by $41.6 million and increased earnings per common share - assuming dilution by $0.47 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands, except per share data)

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

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

(c)Q3 2022 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $45.7 million and $56.9 million, respectively, and decreased both net income and net income available to common stockholders by $80.5 million and decreased earnings per common share - assuming dilution by $0.91 per share.

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)Q3 2022 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 $94.8 million and increased both net income and net income available to common stockholders by $74.4 million and increased earnings per common share - assuming dilution by $0.84 per share.

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 - September 30, 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   September 30,												Nine Months Ended   September 30,
			2022						2021						2022						2021
Net income available to American Equity Investment Life Holding Company common stockholders			$	301,682					$	141,947					$	1,206,647					$	348,099
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			9,738						(3,900)						51,595						2,528
Change in fair value of derivatives and embedded derivatives			(248,823)						(75,879)						(1,219,322)						(172,746)
Income taxes			51,403						17,285						256,120						36,801
Non-GAAP operating income available to common stockholders			114,000						79,453						295,040						214,682
Impact of excluding notable items (b)			(26,572)						56,801						(26,572)						56,801
Non-GAAP operating income available to common stockholders, excluding notable items			$	87,428					$	136,254					$	268,468					$	271,483
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders			$	3.41					$	1.53					$	12.94					$	3.67
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			0.11						(0.04)						0.55						0.02
Change in fair value of derivatives and embedded derivatives			(2.81)						(0.82)						(13.07)						(1.82)
Income taxes			0.58						0.18						2.75						0.39
Non-GAAP operating income available to common stockholders			1.29						0.85						3.17						2.26
Impact of excluding notable items			(0.30)						0.61						(0.29)						0.60
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.99					$	1.46					$	2.88					$	2.86

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands, except per share data)

Notable Items

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2022						2021						2022						2021
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates			$	26,572					$	(56,801)					$	26,572					$	(56,801)
Total notable items (b)			$	26,572					$	(56,801)					$	26,572					$	(56,801)

(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.

NON-GAAP FINANCIAL MEASURES

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

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2022						2021						2022						2021
Net realized (gains) losses on financial assets, including credit losses:
Net realized (gains) losses on financial assets, including credit losses			$	16,945					$	(4,016)					$	67,724					$	3,573
Amortization of DAC and DSI and accretion of LIBR reserves			(7,207)						116						(16,129)						(1,045)
Income taxes			(2,094)						838						(11,093)						(544)
			$	7,644					$	(3,062)					$	40,502					$	1,984
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	(299,168)					$	(125,075)					$	(1,218,988)					$	(287,606)
Reinsurance contracts			(116,230)						—						(518,096)						—
Interest rate swaps			14,446						—						18,112						—
Amortization of DAC and DSI			152,129						49,196						499,650						114,860
Income taxes			53,497						16,447						267,213						37,345
			$	(195,326)					$	(59,432)					$	(952,109)					$	(135,401)

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

			Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
Net income available to American Equity Investment Life Holding Company common stockholders			$	301,682					$	349,661					$	555,304					$	82,218					$	141,947
Adjustments to arrive at non-GAAP operating income available to common stockholders: (a)
Net realized (gains) losses on financial assets, including credit losses			9,738						31,572						10,285						7,771						(3,900)
Change in fair value of derivatives and embedded derivatives			(248,823)						(367,145)						(603,354)						(14,544)						(75,879)
Income taxes			51,403						77,056						127,661						383						17,285
Non-GAAP operating income available to common stockholders (b)(c)			114,000						91,144						89,896						75,828						79,453
Impact of excluding notable items (d)			(26,572)						—						—						21,235						56,801
Non-GAAP operating income available to common stockholders, excluding notable items			$	87,428					$	91,144					$	89,896					$	97,063					$	136,254
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders			$	3.41					$	3.74					$	5.67					$	0.88					$	1.53
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			0.11						0.34						0.11						0.08						(0.04)
Change in fair value of derivatives and embedded derivatives			(2.81)						(3.93)						(6.16)						(0.15)						(0.82)
Income taxes			0.58						0.83						1.30						—						0.18
Non-GAAP operating income available to common stockholders (b)(c)			1.29						0.98						0.92						0.81						0.85
Impact of excluding notable items (d)			(0.30)						—						—						0.23						0.61
Non-GAAP operating income available to common stockholders, excluding notable items			$	0.99					$	0.98					$	0.92					$	1.04					$	1.46

Notable Items

			Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
Notable items impacting non-GAAP operating income available to common stockholders:
Impact of actuarial assumption updates (b)(c)			$	26,572					$	—					$	—					$	(21,235)					$	(56,801)
Total notable items (d)			$	26,572					$	—					$	—					$	(21,235)					$	(56,801)

(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)Q3 2022 includes a benefit from the update of assumptions used in determining reserves held for lifetime income benefit riders. The impact decreased interest sensitive and index products by $53.0 million and increased both non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per share - assuming dilution by $41.6 million and $0.47 per share, respectively.

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)Q3 2022 includes expense from the update of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $8.7 million and $10.5 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 $15.1 million and $0.17 per share, respectively.

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.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands, except per share data)

Q3 2021 includes a benefit from the update of assumptions which decreased amortization of deferred sales inducements and deferred policy acquisition costs by $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 - September 30, 2022

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

			Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
Net realized (gains) losses on investments			$	15,860					$	33,272					$	13,127					$	10,478					$	(4,933)
Change in fair value of derivatives			14,423						415,171						546,442						(215,961)						411,330
Increase (decrease) in total revenues			30,283						448,443						559,569						(205,483)						406,397
Amortization of deferred sales inducements			(59,647)						(37,179)						(90,361)						(4,506)						(17,682)
Change in fair value of embedded derivatives			415,374						885,984						1,393,649						(186,802)						536,404
Interest sensitive and index product benefits (a)			502						(2,569)						143						971						(944)
Amortization of deferred policy acquisition costs			(86,861)						(62,220)						(150,793)						(8,373)						(31,602)
Increase (decrease) in total benefits and expenses			269,368						784,016						1,152,638						(198,710)						486,176
Decrease in income before income taxes			(239,085)						(335,573)						(593,069)						(6,773)						(79,779)
Decrease in income tax expense			(51,403)						(77,056)						(127,661)						(383)						(17,285)
Decrease in net income available to common stockholders			$	(187,682)					$	(258,517)					$	(465,408)					$	(6,390)					$	(62,494)

(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.

Page 9

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

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

Capitalization/Book Value per Common Share

			Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
Capitalization:
Notes and loan payable			$	800,000					$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,668						78,584						78,502						78,421						78,342
Total debt			878,668						578,584						578,502						578,421						578,342
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			3,207,698						3,882,217						5,171,086						6,323,127						6,375,208
Total capitalization			4,086,366						4,460,801						5,749,588						6,901,548						6,953,550
Accumulated other comprehensive (income) loss (AOCI)			2,214,388						1,387,968						(63,706)						(1,848,789)						(1,956,974)
Total capitalization excluding AOCI (a)			$	6,300,754					$	5,848,769					$	5,685,882					$	5,052,759					$	4,996,576
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	3,207,698					$	3,882,217					$	5,171,086					$	6,323,127					$	6,375,208
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			2,507,698						3,182,217						4,471,086						5,623,127						5,675,208
Accumulated other comprehensive income			2,214,388						1,387,968						(63,706)						(1,848,789)						(1,956,974)
Total common stockholders’ equity excluding AOCI (c)			4,722,086						4,570,185						4,407,380						3,774,338						3,718,234
Net impact of fair value accounting for derivatives and embedded derivatives			(1,217,754)						(1,031,257)						(750,229)						(274,981)						(265,018)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	3,504,332					$	3,538,928					$	3,657,151					$	3,499,357					$	3,453,216
Common shares outstanding			85,966,505						90,168,512						95,019,904						92,513,517						92,513,517
Book Value per Common Share: (d)
Book value per common share			$	29.17					$	35.29					$	47.05					$	60.78					$	61.34
Book value per common share excluding AOCI (c)			$	54.93					$	50.68					$	46.38					$	40.80					$	40.19
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	40.76					$	39.25					$	38.49					$	37.83					$	37.33
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			12.7		%				8.5		%				8.8		%				9.9		%				10.0		%
Total debt / Total capitalization			13.9		%				9.9		%				10.2		%				11.4		%				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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended   September 30,
2022						2021						Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
4.33%						3.71%			Average yield on invested assets			4.48%						4.33%						4.15%						3.80%						3.91%
1.69%						1.55%			Aggregate cost of money			1.75%						1.69%						1.64%						1.51%						1.51%
2.64%						2.16%			Aggregate investment spread			2.73%						2.64%						2.51%						2.29%						2.40%
									Impact of:
0.04%						0.11%			Investment yield - additional prepayment income			0.03%						0.05%						0.03%						0.12%						0.12%
0.02%						0.05%			Cost of money effect of over hedging			—%						0.02%						0.03%						0.14%						0.08%
$54,553,196						$54,865,298			Weighted average investments			$54,378,154						$54,768,966						$54,728,239						$54,407,554						$53,781,352
54,056,886						54,197,140			Ending investments			54,056,886						54,699,422						54,838,509						54,617,968						54,197,140

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

Nine Months Ended   September 30,
2022						2021						Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
									Included in interest sensitive and index product benefits:
$	301,431					$	1,535,320		Index credits			$	4,648					$	72,398					$	224,385					$	442,568					$	475,292
184,487						181,918			Interest credited			62,383						60,770						61,334						63,974						62,804
									Included in change in fair value of derivatives:
(308,072)						(1,559,495)			Proceeds received at option expiration			(4,865)						(75,115)						(228,092)						(459,982)						(489,902)
492,669						476,616			Pro rata amortization of option cost			167,197						165,375						160,097						153,399						150,262
$	670,515					$	634,359		Cost of money for deferred annuities			$	229,363					$	223,428					$	217,724					$	199,959					$	198,456
$	52,811,080					$	54,600,512		Weighted average liability balance outstanding			$	52,337,208					$	52,940,739					$	53,155,293					$	53,064,893					$	52,644,622

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands, except per share data)

Annuity Account Balance Rollforward

Nine Months Ended   September 30,
2022						2021						Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
$	53,191,277					$	54,056,725		Account balances at beginning of period			$	52,762,558					$	53,119,291					$	53,191,277					$	52,938,493					$	56,630,138
(257,779)						(4,279,394)			Reserves ceded - in-force			(257,779)						—						—						—						(4,279,394)
52,933,498						49,777,331			Account balance at beginning of period, net of reinsurance ceded			52,504,779						53,119,291						53,191,277						52,938,493						52,350,744
1,734,231						4,669,315			Net deposits			496,940						562,366						674,925						815,890						1,090,461
74,074						71,684			Premium bonuses			27,385						23,547						23,142						23,476						22,021
485,918						1,717,238			Fixed interest credited and index credits			67,031						133,168						285,719						506,542						538,096
(50,669)						(54,019)			Surrender charges			(19,783)						(15,345)						(15,541)						(13,638)						(16,481)
(118,019)						(128,302)			Lifetime income benefit rider fees			(41,036)						(40,169)						(36,814)						(46,672)						(41,999)
(3,145,344)						(3,114,754)			Surrenders, withdrawals, deaths, etc.			(1,121,627)						(1,020,300)						(1,003,417)						(1,032,814)						(1,004,349)
$	51,913,689					$	52,938,493		Account balances at end of period			$	51,913,689					$	52,762,558					$	53,119,291					$	53,191,277					$	52,938,493
$	2,542,651					$	2,245,040		Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment			$	2,542,651					$	2,491,096					$	2,396,587					$	2,311,842					$	2,245,040

Notional Values Subject to Recurring Fees Under Reinsurance Agreements

Nine Months Ended   September 30,
2022						2021						Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
$	4,083,301					$	3,736,355		Cash surrender value of business ceded at beginning of period subject to recurring fees			$	4,457,735					$	4,264,133					$	4,083,301					$	3,900,540					$	3,736,355
866,240						164,185			Cash surrender value of business ceded during the period subject to recurring fees			491,806						193,602						180,832						182,761						164,185
$	4,949,541					$	3,900,540		Cash surrender value of business ceded at end of period subject to recurring fees (a)			$	4,949,541					$	4,457,735					$	4,264,133					$	4,083,301					$	3,900,540
0.30%						0.30%			Asset liability management fee			0.30%						0.30%						0.30%						0.30%						0.30%
0.71%						0.53%			Weighted average ceding commission fee			0.71%						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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended   September 30,
2022						2021						Q3 2022						Q2 2022						Q1 2022						Q4 2021						Q3 2021
									American Equity Life:
$	2,055,120					$	1,947,241		Fixed index annuities			$	627,444					$	671,696					$	755,980					$	806,238					$	727,641
3,473						5,285			Annual reset fixed rate annuities			1,271						1,140						1,062						848						1,462
7,295						849,062			Multi-year fixed rate annuities			4,465						485						2,345						6,640						14,196
18,441						45,671			Single premium immediate annuities			1,915						3,073						13,453						14,145						16,282
2,084,329						2,847,259						635,095						676,394						772,840						827,871						759,581
									Eagle Life:
333,507						520,967			Fixed index annuities			102,379						104,374						126,754						176,101						187,611
150						337			Annual reset fixed rate annuities			143						—						7						13						—
17,147						1,556,391			Multi-year fixed rate annuities			14,684						123						2,340						40,901						362,769
350,804						2,077,695						117,206						104,497						129,101						217,015						550,380
									Consolidated:
2,388,627						2,468,208			Fixed index annuities			729,823						776,070						882,734						982,339						915,252
3,623						5,622			Annual reset fixed rate annuities			1,414						1,140						1,069						861						1,462
24,442						2,405,453			Multi-year fixed rate annuities			19,149						608						4,685						47,541						376,965
18,441						45,671			Single premium immediate annuities			1,915						3,073						13,453						14,145						16,282
2,435,133						4,924,954			Total before coinsurance ceded			752,301						780,891						901,941						1,044,886						1,309,961
682,461						209,968			Coinsurance ceded			253,446						215,452						213,563						214,851						203,218
$	1,752,672					$	4,714,986		Net after coinsurance ceded			$	498,855					$	565,439					$	688,378					$	830,035					$	1,106,743

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2022:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.6						4.9						8.0%						$	46,352,864					89.3		%
Annual Reset Fixed Rate Annuities						8.1						1.8						3.7%						1,373,539						2.6		%
Multi-Year Fixed Rate Annuities						3.9						1.9						7.6%						4,187,286						8.1		%
Total						11.8						4.6						7.8%						$	51,913,689					100.0		%

Page 13

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	900,020					$	4,130,378
0.0% < 2.0%			74,031						2,581,530
2.0% < 3.0%			81,350						4,540,041
3.0% < 4.0%			70,035						1,274,657
4.0% < 5.0%			11,501						3,196,346
5.0% < 6.0%			50,574						2,887,625
6.0% < 7.0%			61,002						2,756,994
7.0% < 8.0%			176,106						2,877,601
8.0% < 9.0%			3,767,463						3,103,889
9.0% < 10.0%			95,017						3,484,053
10.0% or greater			273,726						15,519,750
			$	5,560,825					$	46,352,864

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	5,030,398					0.00		%
2022			442,192						2.16		%
2023			4,477,908						3.47		%
2024			5,983,423						4.70		%
2025			5,639,283						4.82		%
2026			6,028,979						6.67		%
2027			4,275,258						8.20		%
2028			3,796,062						9.37		%
2029			4,125,905						10.72		%
2030			2,826,420						13.19		%
2031			3,947,254						14.07		%
2032			2,828,819						14.77		%
2033			1,085,614						17.53		%
2034			686,554						18.11		%
2035			356,217						18.59		%
2036			187,964						19.08		%
2037			113,192						19.63		%
2038			82,247						20.00		%
			$	51,913,689					7.84		%

Page 14

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 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			$	990,150					$	1,033,902
› 0.00% - 0.25%			28,522						108,079
› 0.25% - 0.50%			206,872						6,020
› 0.50% - 1.00%			5,388						143
› 1.00% - 1.50%			4,652						—
1.00% ultimate guarantee - 2.12% wtd avg interest rate (a)			4,088,793						1,147,535
1.50% ultimate guarantee - 1.06% wtd avg interest rate (a)			125,570						2,795,498
1.75% ultimate guarantee - 1.84% wtd avg interest rate (a)			47,791						321,304
2.00% ultimate guarantee - 1.73% wtd avg interest rate (a)			63,087						—
2.25% ultimate guarantee - 1.57% wtd avg interest rate (a)			—						560,389
3.00% ultimate guarantee - 1.86% wtd avg interest rate (a)			—						1,142,066
Allocated to index strategies (see tables that follow)			—						39,237,928
			$	5,560,825					$	46,352,864

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

Page 15

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 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			$	1,140					$	82,880					$	4,664,185					$	50,500					$	112,277
1.75% - 3%			7,296,416						—						—						—						—
3% - 4%			606,337						1,869						—						—						—
4% - 5%			1,959,195						487,045						510,316						—						—
5% - 6%			214,391						73,988						208						—						—
6% - 7%			7,963						—						268						—						—
>= 7%			23,891						16,143						324						4,336						—

Annual Monthly Average and Point-to-Point with Participation Rates
			Minimum Guaranteed Participation Rate
			10%												20% - 25%						35%						50% +
Current Participation Rate
At minimum			$	175,153											$	502,705					$	67,829					$	80,003
< 20%			1,618,059												—						—						—
20% - 40%			3,283,848												288,261						5,161						—
40% - 60%			470,700												12,927						32,295						—
60% - 100%			1,241,847												—						—						—
> 100%			1,639,644												—						—						—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum			$	1,717,638
1.10% - 1.30%			5,899,649
1.40% - 1.60%			1,260,922
1.70% - 2.00%			356,566
>= 2.10%			23,618

Volatility Control Index
Current Asset Fee
At Maximum			$	—
0.75% - 1.75%			319,897
2.00% - 2.75%			164,645
3.00% - 3.50%			422,376
3.75% - 5.25%			3,345,174

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 0.93% based upon prices of options for the week ended October 1, 2022.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands)

Summary of Invested Assets

			September 30, 2022												December 31, 2021
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
U.S. Government and agencies			$	169,538					0.3		%				$	1,078,746					1.9		%
States, municipalities and territories			4,042,851						8.3		%				3,758,761						6.5		%
Foreign corporate securities and foreign governments			837,199						1.7		%				375,097						0.6		%
Corporate securities			25,333,341						52.2		%				32,631,189						57.0		%
Residential mortgage backed securities			1,372,741						2.8		%				1,125,049						2.0		%
Commercial mortgage backed securities			3,471,595						7.2		%				4,682,900						8.2		%
Other asset backed securities			3,889,475						8.0		%				5,146,567						9.0		%
Total fixed maturity securities			39,116,740						80.5		%				48,798,309						85.2		%
Mortgage loans on real estate			6,452,614						13.3		%				5,650,480						9.9		%
Real estate investments			897,673						1.9		%				337,939						0.6		%
Derivative instruments			196,656						0.4		%				1,277,480						2.2		%
Other investments			1,881,117						3.9		%				1,210,464						2.1		%
Total investments, net of modified coinsurance investments			48,544,800						100.0		%				57,274,672						100.0		%
Modified coinsurance investments			2,875,037												3,101,832
Total investments			$	51,419,837											$	60,376,504

Credit Quality of Fixed Maturity Securities - September 30, 2022

NAIC Designation						Carrying Amount						Percent						Rating Agency Rating						Carrying Amount						Percent
1						$	23,405,353					59.8		%				Aaa/Aa/A						$	23,217,697					59.4		%
2						15,048,575						38.5		%				Baa						15,217,776						38.9		%
3						533,889						1.4		%				Ba						537,358						1.4		%
4						82,402						0.2		%				B						81,178						0.2		%
5						37,389						0.1		%				Caa						19,176						—		%
6						9,132						—		%				Ca and lower						43,555						0.1		%
						39,116,740						100.0		%										39,116,740						100.0		%
Modified coinsurance investments						1,971,171												Modified coinsurance investments						1,971,171
						$	41,087,911																	$	41,087,911

Watch List Securities - September 30, 2022

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Losses, Net of Allowance						Fair Value
Corporate securities - Public securities						$	12,974					$	—					$	12,974					$	(90)					$	12,884
Corporate securities - Private placement securities						10,646						(3,214)						7,432						(3,296)						4,136
Residential mortgage backed securities						29,207						(1,706)						27,501						(1,441)						26,060
Commercial mortgage backed securities						39,734						—						39,734						(2,353)						37,381
Other asset backed securities						2,835						—						2,835						(38)						2,797
Collateralized loan obligations						66,435						—						66,435						(13,634)						52,801
						$	161,831					$	(4,920)					$	156,911					$	(20,852)					$	136,059

(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 - September 30, 2022

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			September 30, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
U.S. Government and agencies			$	172,754					$	169,538					$	1,046,029					$	1,078,746
States, municipalities and territories			4,557,947						4,042,851						3,325,468						3,758,761
Foreign corporate securities and foreign governments			909,508						837,199						353,198						375,097
Corporate securities:
Capital goods			2,141,047						1,913,583						2,329,169						2,666,627
Consumer discretionary			6,329,156						5,470,654						6,132,199						6,946,585
Energy			1,615,232						1,480,328						1,968,576						2,214,513
Financials			7,761,465						6,862,530						6,998,286						7,714,869
Government non-guaranteed			202,842						174,952						471,015						541,233
Industrials			239,750						210,634						377,631						425,201
Information technology			1,928,214						1,719,777						1,718,596						1,918,197
Materials			1,552,737						1,372,084						1,672,144						1,875,276
Telecommunications			1,597,196						1,355,333						1,569,176						1,756,741
Transportation			1,246,943						1,114,539						1,312,909						1,454,391
Utilities			4,094,960						3,598,741						4,156,578						4,716,397
Other			59,693						60,186						350,592						401,159
Residential mortgage backed securities:
Government agency			823,948						767,665						455,136						500,698
Prime			398,193						366,930						537,559						544,084
Alt-A			56,490						60,609						59,129						75,361
Non-qualified mortgage			81,790						73,167						—						—
Other			105,037						104,370						4,954						4,906
Commercial mortgage backed securities:
Government agency			181,367						168,771						380,339						415,026
Non-agency			3,640,186						3,302,824						4,169,970						4,267,874
Other asset backed securities:
Auto			47,868						45,634						218,106						222,364
Consumer discretionary			119,129						116,313						—						—
Financials			283,227						257,497						4,441						4,887
Collateralized loan obligations			3,456,944						3,093,776						3,789,984						3,745,452
Other			416,994						376,255						1,088,751						1,173,864
			44,020,617						39,116,740						44,489,935						48,798,309
Modified coinsurance investments			2,485,104						1,971,171						2,509,248						2,507,634
			$	46,505,721					$	41,087,911					$	46,999,183					$	51,305,943

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			September 30, 2022												December 31, 2021
			Principal						Percent						Principal						Percent
Geographic distribution: commercial mortgage loans
East			$	522,913					15.2		%				$	614,406					17.1		%
Middle Atlantic			253,929						7.4		%				283,494						7.9		%
Mountain			425,348						12.4		%				452,818						12.6		%
New England			51,262						1.5		%				60,172						1.7		%
Pacific			790,171						23.0		%				836,062						23.2		%
South Atlantic			892,915						25.9		%				785,679						21.8		%
West North Central			209,532						6.1		%				235,864						6.6		%
West South Central			293,879						8.5		%				326,819						9.1		%
			3,439,949						100.0		%				3,595,314						100.0		%
Modified coinsurance investments			149,903												37,817
			$	3,589,852											$	3,633,131
Property type distribution: commercial mortgage loans
Office			$	279,080					8.1		%				$	287,557					8.0		%
Medical Office			10,408						0.3		%				10,827						0.3		%
Retail			895,201						26.0		%				1,016,101						28.2		%
Industrial/Warehouse			848,979						24.7		%				924,779						25.7		%
Apartment			913,716						26.6		%				854,580						23.8		%
Hotel			286,271						8.3		%				283,500						7.9		%
Mixed Use/Other			206,294						6.0		%				217,970						6.1		%
			3,439,949						100.0		%				3,595,314						100.0		%
Modified coinsurance investments			149,903												37,817
			$	3,589,852											$	3,633,131

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2022

Unaudited (Dollars in thousands)

			September 30, 2022
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,439,949					$	579,383					$	2,392,286					$	6,411,618
In workout			—						—						—						—
Delinquent			—						3,135						31,676						34,811
Principal outstanding			3,439,949						582,518						2,423,962						6,446,429
Unamortized discounts and premiums, net			—						—						47,259						47,259
Deferred fees and costs, net			(5,188)						(1,723)						1,441						(5,470)
Amortized cost			3,434,761						580,795						2,472,662						6,488,218
Valuation allowance			(23,613)						(810)						(11,181)						(35,604)
Carrying value			3,411,148						579,985						2,461,481						6,452,614
Modified coinsurance investments			148,831						—						—						148,831
			$	3,559,979					$	579,985					$	2,461,481					$	6,601,445
			December 31, 2021
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,595,314					$	408,135					$	1,645,905					$	5,649,354
In workout			—						—						—						—
Delinquent			—						—						7,005						7,005
Principal outstanding			3,595,314						408,135						1,652,910						5,656,359
Unamortized discounts and premiums, net			—						—						22,143						22,143
Deferred fees and costs, net			(4,330)						(1,136)						1,468						(3,998)
Amortized cost			3,590,984						406,999						1,676,521						5,674,504
Valuation allowance			(17,926)						(519)						(5,579)						(24,024)
Carrying value			3,573,058						406,480						1,670,942						5,650,480
Modified coinsurance investments			37,518						—						—						37,518
			$	3,610,576					$	406,480					$	1,670,942					$	5,687,998

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 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
Third Quarter			$43.55						$33.22						$37.29						$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 - September 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

Wilma Burdis

Raymond James & Associates, Inc.

(727) 567-8371

wilma.burdis@raymondjames.com

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

mark.dwelle@rbccm.com

Mark Hughes

Truist Securities

(615) 748-4422

mark.hughes@research.truist.com

Page 22