XML 49 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

Investments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Investments [Abstract] |
Schedule of Fixed Maturity Securities | At December 31, 2022 and 2021, the amortized cost and fair value of fixed maturity securities were as follows:
| Amortized Cost (1) |  | Gross Unrealized Gains |  | Gross Unrealized Losses (2) |  | Allowance for Credit Losses |  | Fair Value
| (Dollars in thousands)
December 31, 2022 |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale: |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | 173,638 |  |  | $ | 70 |  |  | $ | (4,637) |  |  | $ | — |  |  | $ | 169,071 |
States, municipalities and territories | 4,356,251 |  |  | 41,565 |  |  | (574,834) |  |  | — |  |  | 3,822,982 |
Foreign corporate securities and foreign governments | 748,770 |  |  | 11,661 |  |  | (83,579) |  |  | — |  |  | 676,852 |
Corporate securities | 27,706,440 |  |  | 146,065 |  |  | (3,687,370) |  |  | (3,214) |  |  | 24,161,921 |
Residential mortgage backed securities | 1,492,242 |  |  | 11,870 |  |  | (126,368) |  |  | (133) |  |  | 1,377,611 |
Commercial mortgage backed securities | 4,098,755 |  |  | 493 |  |  | (411,770) |  |  | — |  |  | 3,687,478 |
Other asset backed securities | 6,289,923 |  |  | 14,068 |  |  | (395,289) |  |  | — |  |  | 5,908,702 |
| $ | 44,866,019 |  |  | $ | 225,792 |  |  | $ | (5,283,847) |  |  | $ | (3,347) |  |  | $ | 39,804,617 |
December 31, 2021 |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale: |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | 1,046,029 |  |  | $ | 32,841 |  |  | $ | (124) |  |  | $ | — |  |  | $ | 1,078,746 |
States, municipalities and territories | 3,495,563 |  |  | 437,456 |  |  | (3,042) |  |  | (2,776) |  |  | 3,927,201 |
Foreign corporate securities and foreign governments | 380,646 |  |  | 22,742 |  |  | (843) |  |  | — |  |  | 402,545 |
Corporate securities | 31,084,629 |  |  | 3,614,047 |  |  | (38,442) |  |  | — |  |  | 34,660,234 |
Residential mortgage backed securities | 1,056,778 |  |  | 70,434 |  |  | (2,093) |  |  | (70) |  |  | 1,125,049 |
Commercial mortgage backed securities | 4,708,878 |  |  | 149,152 |  |  | (17,719) |  |  | — |  |  | 4,840,311 |
Other asset backed securities | 5,226,660 |  |  | 95,304 |  |  | (50,107) |  |  | — |  |  | 5,271,857 |
| $ | 46,999,183 |  |  | $ | 4,421,976 |  |  | $ | (112,370) |  |  | $ | (2,846) |  |  | $ | 51,305,943 |
(1)Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, respectively. (2)Gross unrealized losses are net of allowance for credit losses.
Schedule of Fixed Maturity Securities by Contractual Maturity Date | The amortized cost and fair value of fixed maturity securities at December 31, 2022, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines.
| Available for sale
| Amortized Cost |  | Fair Value
| (Dollars in thousands)
Due in one year or less | $ | 1,184,147 |  |  | $ | 1,180,124 |
Due after one year through five years | 5,641,072 |  |  | 5,406,059 |
Due after five years through ten years | 6,254,569 |  |  | 5,672,730 |
Due after ten years through twenty years | 9,853,998 |  |  | 8,817,815 |
Due after twenty years | 10,051,313 |  |  | 7,754,098 |
| 32,985,099 |  |  | 28,830,826 |
Residential mortgage backed securities | 1,492,242 |  |  | 1,377,611 |
Commercial mortgage backed securities | 4,098,755 |  |  | 3,687,478 |
Other asset backed securities | 6,289,923 |  |  | 5,908,702 |
| $ | 44,866,019 |  |  | $ | 39,804,617 |
Net Unrealized Gains (Losses) on Available For Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity | Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following:
| December 31,
| 2022 |  | 2021
| (Dollars in thousands)
Net unrealized gains (losses) on available for sale fixed maturity securities | $ | (5,065,422) |  |  | $ | 4,309,606 |
Adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves | 2,309,357 |  |  | (1,993,869) |
Deferred income tax valuation allowance reversal | 22,534 |  |  | 22,534 |
Deferred income tax expense | 578,476 |  |  | (489,482) |
Net unrealized gains (losses) reported as accumulated other comprehensive income (loss) | $ | (2,155,055) |  |  | $ | 1,848,789 |
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation | The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:
|  | December 31,
|  | 2022 |  | 2021
NAIC Designation |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
|  | (Dollars in thousands)
1 |  | $ | 27,061,903 |  |  | $ | 24,211,086 |  |  | $ | 26,157,531 |  |  | $ | 28,785,839 |
2 |  | 17,023,157 |  |  | 14,944,131 |  |  | 19,758,594 |  |  | 21,396,020 |
3 |  | 595,193 |  |  | 510,392 |  |  | 909,311 |  |  | 941,210 |
4 |  | 109,409 |  |  | 91,495 |  |  | 133,070 |  |  | 147,160 |
5 |  | 61,721 |  |  | 36,738 |  |  | 16,496 |  |  | 15,357 |
6 |  | 14,636 |  |  | 10,775 |  |  | 24,181 |  |  | 20,357 |
|  | $ | 44,866,019 |  |  | $ | 39,804,617 |  |  | $ | 46,999,183 |  |  | $ | 51,305,943 |
Schedule of Gross Unrealized Losses on Investments, By Category and Length of Time | The following table shows our investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (consisting of 4,510 and 1,427 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2022 and 2021:
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Losses (1) |  | Fair Value |  | Unrealized Losses (1) |  | Fair Value |  | Unrealized Losses (1)
| (Dollars in thousands)
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | 160,201 |  |  | $ | (4,512) |  |  | $ | 908 |  |  | $ | (125) |  |  | $ | 161,109 |  |  | $ | (4,637) |
States, municipalities and territories | 2,595,122 |  |  | (537,313) |  |  | 95,184 |  |  | (37,521) |  |  | 2,690,306 |  |  | (574,834) |
Foreign corporate securities and foreign governments | 522,826 |  |  | (76,957) |  |  | 21,816 |  |  | (6,622) |  |  | 544,642 |  |  | (83,579) |
Corporate securities | 18,784,181 |  |  | (3,218,323) |  |  | 1,411,177 |  |  | (469,047) |  |  | 20,195,358 |  |  | (3,687,370) |
Residential mortgage backed securities | 992,783 |  |  | (101,100) |  |  | 116,388 |  |  | (25,268) |  |  | 1,109,171 |  |  | (126,368) |
Commercial mortgage backed securities | 2,941,293 |  |  | (302,513) |  |  | 651,923 |  |  | (109,257) |  |  | 3,593,216 |  |  | (411,770) |
Other asset backed securities | 2,561,390 |  |  | (162,821) |  |  | 1,924,026 |  |  | (232,468) |  |  | 4,485,416 |  |  | (395,289) |
| $ | 28,557,796 |  |  | $ | (4,403,539) |  |  | $ | 4,221,422 |  |  | $ | (880,308) |  |  | $ | 32,779,218 |  |  | $ | (5,283,847) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | 760,977 |  |  | $ | (124) |  |  | $ | — |  |  | $ | — |  |  | $ | 760,977 |  |  | $ | (124) |
States, municipalities and territories | 168,942 |  |  | (2,468) |  |  | 15,711 |  |  | (3,350) |  |  | 184,653 |  |  | (5,818) |
Foreign corporate securities and foreign governments | 42,861 |  |  | (843) |  |  | — |  |  | — |  |  | 42,861 |  |  | (843) |
Corporate securities | 2,375,603 |  |  | (30,070) |  |  | 116,819 |  |  | (8,372) |  |  | 2,492,422 |  |  | (38,442) |
Residential mortgage backed securities | 250,964 |  |  | (1,408) |  |  | 26,917 |  |  | (755) |  |  | 277,881 |  |  | (2,163) |
Commercial mortgage backed securities | 784,464 |  |  | (5,500) |  |  | 142,224 |  |  | (12,219) |  |  | 926,688 |  |  | (17,719) |
Other asset backed securities | 1,351,324 |  |  | (11,345) |  |  | 1,771,182 |  |  | (38,762) |  |  | 3,122,506 |  |  | (50,107) |
| $ | 5,735,135 |  |  | $ | (51,758) |  |  | $ | 2,072,853 |  |  | $ | (63,458) |  |  | $ | 7,807,988 |  |  | $ | (115,216) |
(1)Unrealized losses have not been reduced to reflect the allowance for credit losses of $3.3 million and $2.8 million as of December 31, 2022 and 2021, respectively.
Schedule of Changes in Net Unrealized Gains/Losses on Investments | Changes in net unrealized gains/losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Fixed maturity securities available for sale carried at fair value | $ | (9,375,028) |  |  | $ | (987,434) |  |  | $ | 1,955,496 |
Adjustment for effect on other balance sheet accounts: |  |  |  |  |
Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves | 4,303,226 |  |  | 542,382 |  |  | (880,517) |
Deferred income tax asset/liability | 1,067,958 |  |  | 90,284 |  |  | (225,746) |
| 5,371,184 |  |  | 632,666 |  |  | (1,106,263) |
Change in net unrealized gains/losses on investments carried at fair value | $ | (4,003,844) |  |  | $ | (354,768) |  |  | $ | 849,233 |
Components of Net Investment Income | Components of net investment income are as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Fixed maturity securities | $ | 1,849,915 |  |  | $ | 1,772,675 |  |  | $ | 2,035,762 |
Real estate investments | 40,243 |  |  | 14,138 |  |  | — |
Mortgage loans on real estate | 301,118 |  |  | 215,138 |  |  | 170,749 |
Cash and cash equivalents | 24,985 |  |  | 3,385 |  |  | 4,871 |
Limited partnerships and limited liability companies | 188,131 |  |  | 67,157 |  |  | (12,204) |
Other investments | 49,537 |  |  | 29,399 |  |  | 15,372 |
| 2,453,929 |  |  | 2,101,892 |  |  | 2,214,550 |
Less: investment expenses | (146,466) |  |  | (64,417) |  |  | (32,472) |
Net investment income | $ | 2,307,463 |  |  | $ | 2,037,475 |  |  | $ | 2,182,078 |
Net Realized Gains (Losses) on Investments | Net realized losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Fixed maturity securities, available for sale: |  |  |  |  |
Gross realized gains | $ | 139,819 |  |  | $ | 10,167 |  |  | $ | 305,170 |
Gross realized losses | (153,712) |  |  | (19,140) |  |  | (276,847) |
Net credit loss (provision) release | (15,536) |  |  | (6,241) |  |  | (94,560) |
| (29,429) |  |  | (15,214) |  |  | (66,237) |
Mortgage loans on real estate: |  |  |  |  |
Decrease (increase) in allowance for credit losses | (15,126) |  |  | 7,005 |  |  | (15,447) |
Recovery of specific allowance | 1,677 |  |  | — |  |  | 712 |
Gain (loss) on sale of mortgage loans | (4,970) |  |  | (5,033) |  |  | 292 |
| (18,419) |  |  | 1,972 |  |  | (14,443) |
Total net realized losses | $ | (47,848) |  |  | $ | (13,242) |  |  | $ | (80,680) |
Non-Income Producing Investments | The following table summarizes the carrying value of our investments that have been non-income producing for 12 consecutive months:
| December 31,
| 2022 |  | 2021
| (Dollars in thousands)
Fixed maturity securities, available for sale | $ | 10,708 |  |  | $ | 4,118 |
Mortgage loans on real estate | 1,483 |  |  | — |
| $ | 12,191 |  |  | $ | 4,118 |
Rollforward of Allowance for Credit Loss | The following table provides a rollforward of the allowance for credit loss:
| Year Ended December 31, 2022
| States, Municipalities and Territories |  | Corporate Securities |  |  |  | Residential Mortgage Backed Securities |  |  |  | Total
| (Dollars in thousands)
Beginning balance | $ | 2,776 |  |  | $ | — |  |  |  |  | $ | 70 |  |  |  |  | $ | 2,846 |
Additions for credit losses not previously recorded | — |  |  | 3,825 |  |  |  |  | 1,070 |  |  |  |  | 4,895 |
Change in allowance on securities with previous allowance | (2,776) |  |  | (611) |  |  |  |  | (579) |  |  |  |  | (3,966) |
Reduction for securities with credit losses due to intent to sell | — |  |  | — |  |  |  |  | — |  |  |  |  | — |
Reduction for securities sold during the period | — |  |  | — |  |  |  |  | (428) |  |  |  |  | (428) |
Write-offs charged against the allowance | — |  |  | — |  |  |  |  | — |  |  |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  |  |  | — |  |  |  |  | — |
Ending balance | $ | — |  |  | $ | 3,214 |  |  |  |  | $ | 133 |  |  |  |  | $ | 3,347 |
| Year Ended December 31, 2021
| States, Municipalities and Territories |  | Corporate Securities |  |  |  | Residential Mortgage Backed Securities |  |  |  | Total
| (Dollars in thousands)
Beginning balance | $ | 2,844 |  |  | $ | 60,193 |  |  |  |  | $ | 1,734 |  |  |  |  | $ | 64,771 |
Additions for credit losses not previously recorded | — |  |  | 705 |  |  |  |  | 407 |  |  |  |  | 1,112 |
Change in allowance on securities with previous allowance | (68) |  |  | 443 |  |  |  |  | (857) |  |  |  |  | (482) |
Reduction for securities with credit losses due to intent to sell | — |  |  | (209) |  |  |  |  | — |  |  |  |  | (209) |
Reduction for securities sold during the period | — |  |  | (50,758) |  |  |  |  | — |  |  |  |  | (50,758) |
Write-offs charged against the allowance | — |  |  | (10,032) |  |  |  |  | — |  |  |  |  | (10,032) |
Recoveries of amounts previously written off | — |  |  | (342) |  |  |  |  | (1,214) |  |  |  |  | (1,556) |
Ending balance | $ | 2,776 |  |  | $ | — |  |  |  |  | $ | 70 |  |  |  |  | $ | 2,846 |

X
- Definition [Table Text Block] for The carrying value of investments in fixed maturity securities, mortgage loans and real estate that are non-income procuding at the reporting date. + References No definition available. + Details
Name: | ael_NonIncomeProducingInvestmentsTableTextBlock
Namespace Prefix: | ael_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of the components of net unrealized gains(losses) on available-for-sale fixed maturity securities reported as a separate component of stockholders' equity. + References No definition available. + Details
Name: | ael_ScheduleOfNetUnrealizedGainsLossesOnAvailableForSaleSecuritiesReportedAsSeparateComponentOfStockholdersEquityTableTextBlock
Namespace Prefix: | ael_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation [Table Text Block] + References No definition available. + Details
Name: | ael_ScheduleofCreditQualityofFixedMaturitySecurityPortfoliobyNAICDesignationTableTextBlock
Namespace Prefix: | ael_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922900-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration