Exhibit 99.1

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - Recast for Long-Duration Targeted Improvements (a)

December 31, 2022

A.			Financial Highlights
			Condensed Consolidated Balance Sheets			1
			Consolidated Statements of Operations			2
			Quarterly Summary - Most Recent 8 Quarters			3
			Non-GAAP Financial Measures
			Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders			6
			Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders			7
			Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders			8
			Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders			10
			Capitalization/Book Value per Common Share			11
			Spread Results			13
			Investment Yields			13
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			14
			Annuity Account Balance Rollforward			14
			MRB Liability			15
			Account Values Subject to Recurring Fees Under Reinsurance Agreements			15
			Annuity Deposits by Product Type			16
			Surrender Charge Protection and Account Values by Product Type			16
			Annuity Liability Characteristics			17
C.			Investment Summary
			Summary of Invested Assets			18
			Credit Quality of Fixed Maturity Securities			18
			Watch List Securities			19
			Fixed Maturity Securities by Sector			20
			Mortgage Loans on Real Estate			21
D.			Shareholder Information			23
E.			Research Analyst Coverage			24

(a)Effective January 1, 2023, American Equity Investment Life Holding Company (the “Company”) adopted Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The Company applied this guidance as of the transition date of January 1, 2021, and retrospectively adjusted prior period amounts for years 2021 and 2022 to reflect the new guidance. This December 31, 2022 financial supplement recasts balances, to the extent impacted by LDTI, from the original December 31, 2022 financial supplement published by the Company on February 16, 2023.

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			December 31, 2022						December 31, 2021
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	39,804,617					$	51,305,943
Mortgage loans on real estate			6,949,027						5,687,998
Real estate investments			1,056,063						337,939
Limited partnerships and limited liability companies			1,266,779						520,120
Derivative instruments			431,727						1,277,480
Other investments			1,817,085						1,247,024
Total investments			51,325,298						60,376,504
Cash and cash equivalents			1,919,669						4,508,982
Coinsurance deposits			13,254,956						8,988,891
Accrued investment income			497,851						445,097
Deferred policy acquisition costs			2,773,643						3,062,204
Deferred sales inducements			2,045,683						2,119,962
Deferred income taxes			438,434						—
Income taxes recoverable			55,498						166,586
Other assets			872,567						875,396
Total assets			$	73,183,599					$	80,543,622
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	58,781,836					$	62,614,822
Market risk benefits			2,455,492						3,162,162
Other policy funds and contract claims			512,790						226,844
Notes and loan payable			792,073						496,250
Subordinated debentures			78,753						78,421
Deferred income taxes			—						914,417
Funds withheld for reinsurance liabilities			6,577,426						3,124,740
Other liabilities			1,614,479						2,187,249
Total liabilities			70,812,849						72,804,905
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			84,810						92,514
Additional paid-in capital			1,325,316						1,614,374
Accumulated other comprehensive income (loss)			(3,746,230)						3,192,547
Retained earnings			4,685,593						2,839,254
Total stockholders' equity attributable to American Equity Investment Life Holding Company			2,349,517						7,738,717
Noncontrolling interests			21,233						—
Total stockholders' equity			2,370,750						7,738,717
Total liabilities and stockholders' equity			$	73,183,599					$	80,543,622

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Revenues:
Premiums and other considerations			$	2,991					$	14,553					$	19,739					$	58,202
Annuity product charges			61,666						60,310						230,354						242,631
Net investment income			537,995						514,599						2,307,463						2,037,475
Change in fair value of derivatives			22,243						522,251						(1,138,128)						1,348,735
Net realized gains (losses) on investments			14,411						(10,478)						(47,848)						(13,242)
Other revenue			13,032						8,263						42,245						16,160
Total revenues			652,338						1,109,498						1,413,825						3,689,961
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			5,948						17,331						33,220						73,896
Interest sensitive and index product benefits			57,626						508,014						554,871						2,231,567
Market risk benefits (gains) losses			33,490						100,939						3,684						268,973
Amortization of deferred sales inducements			45,966						44,821						181,970						191,884
Change in fair value of embedded derivatives			342,409						186,802						(2,352,598)						(358,302)
Interest expense on notes and loan payable			10,228						6,259						32,098						25,581
Interest expense on subordinated debentures			1,335						1,330						5,331						5,324
Amortization of deferred policy acquisition costs			66,831						71,609						284,011						306,370
Other operating costs and expenses			62,389						65,812						239,526						241,882
Total benefits and expenses			626,222						1,002,917						(1,017,887)						2,987,175
Income before income taxes			26,116						106,581						2,431,712						702,786
Income tax expense (benefit)			(6,817)						19,615						511,135						149,763
Net income			32,933						86,966						1,920,577						553,023
Less: Net income available to noncontrolling interests			361						—						358						—
Net income available to American Equity Investment Life Holding Company stockholders			32,572						86,966						1,920,219						553,023
Less: Preferred stock dividends			10,919						10,919						43,675						43,675
Net income available to American Equity Investment Life Holding Company common stockholders			$	21,653					$	76,047					$	1,876,544					$	509,348
Earnings per common share			$	0.25					$	0.82					$	20.72					$	5.43
Earnings per common share - assuming dilution			$	0.25					$	0.81					$	20.50					$	5.39
Weighted average common shares outstanding (in thousands):
Earnings per common share			85,274						92,479						90,558						93,860
Earnings per common share - assuming dilution			86,402						93,378						91,538						94,491

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 8 Quarters

			Q4 2022						Q3 2022						Q2 2022						Q1 2022
Revenues:
Traditional life insurance premiums			$	626					$	634					$	691					$	675
Life contingent immediate annuity considerations			2,365						2,205						3,140						9,403
Surrender charges			22,030						19,783						15,345						15,541
Lifetime income benefit rider fees			39,636						41,036						40,169						36,814
Net investment income			537,995						609,737						592,308						567,423
Change in fair value of derivatives			22,243						(176,671)						(506,181)						(477,519)
Net realized gains (losses) on investments			14,411						(15,860)						(33,272)						(13,127)
Other revenue (a)			13,032						10,988						9,408						8,817
Total revenues			652,338						491,852						121,608						148,027
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)			944						118						495						1,491
Life contingent immediate annuity benefits and change in future policy benefits (c)			5,004						6,541						6,503						12,124
Interest sensitive and index product benefits			57,626						68,982						140,346						287,917
Market risk benefits (gains) losses (d)			33,490						77,579						(299,278)						191,893
Amortization of deferred sales inducements			45,966						46,223						44,696						45,085
Change in fair value of embedded derivatives (e)			342,409						(415,374)						(885,984)						(1,393,649)
Interest expense on notes payable			10,228						8,984						6,461						6,425
Interest expense on subordinated debentures			1,335						1,333						1,346						1,317
Amortization of deferred policy acquisition costs			66,831						71,726						72,485						72,969
Other operating costs and expenses			62,389						59,470						59,872						57,795
Total benefits and expenses			626,222						(74,418)						(853,058)						(716,633)
Income before income taxes			26,116						566,270						974,666						864,660
Income tax expense (benefit)			(6,817)						121,380						211,377						185,195
Net income (b)(c)(d)(e)			32,933						444,890						763,289						679,465
Less: Net income (loss) available to noncontrolling interests			361						1						(4)						—
Net income available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)			32,572						444,889						763,293						679,465
Less: Preferred stock dividends			10,919						10,918						10,919						10,919
Net income available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)			$	21,653					$	433,971					$	752,374					$	668,546
Earnings per common share			$	0.25					$	4.95					$	8.13					$	6.90
Earnings per common share - assuming dilution (b)(c)(d)(e)			$	0.25					$	4.90					$	8.06					$	6.83
Weighted average common shares outstanding (thousands):
Earnings per common share			85,274						87,707						92,544						96,866
Earnings per common share - assuming dilution			86,402						88,581						93,375						97,953

(a)Other revenue consists of reinsurance related fee revenue including asset liability management fees and amortization of the deferred gain associated with the cost of reinsurance.

(b)Q3 2022 includes benefit from the update of assumptions used in determining the deferred profit liability. The impact decreased traditional life insurance policy benefits and change in future policy benefits by $0.5 million and increased both net income and net income available to common stockholders by $0.4 million and did not impact earnings per common share - assuming dilution.

(c)Q3 2022 includes expense from the update of assumptions used in determining the liability for future policyholder benefits. The impact increased life contingent immediate annuity benefits and change in future policy benefits by $1.3 million and decreased both net income and net income available to common stockholders by $1.0 million and decreased earnings per common share - assuming dilution by $0.01 per share.

(d)Q3 2022 includes expense from the update of assumptions used in determining the reserves held for market risk benefits. The impact increased market risk benefits (gains) losses by $229.4 million and decreased both net income and net income available to common stockholders by $181.3 million and decreased earnings per common share - assuming dilution by $2.05 per share.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

(e)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.

Quarterly Summary - Most Recent 8 Quarters, continued

			Q4 2021						Q3 2021						Q2 2021						Q1 2021
Revenues:
Traditional life insurance premiums			$	677					$	697					$	708					$	706
Life contingent immediate annuity considerations			13,876						15,144						13,887						12,507
Surrender charges			13,638						16,481						18,057						19,481
Lifetime income benefit rider fees			46,672						41,999						45,702						40,601
Net investment income			514,599						526,366						499,320						497,190
Change in fair value of derivatives			522,251						(70,701)						500,880						396,305
Net realized gains (losses) on investments			(10,478)						4,933						(3,114)						(4,583)
Other revenue (a)			8,263						7,897						—						—
Total revenues			1,109,498						542,816						1,075,440						962,207
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)			60						(3,971)						443						949
Life contingent immediate annuity benefits and change in future policy benefits (c)			17,271						26,622						16,656						15,866
Interest sensitive and index product benefits			508,014						540,883						778,810						403,860
Market risk benefits (gains) losses (d)			100,939						310,544						252,412						(394,922)
Amortization of deferred sales inducements			44,821						45,219						50,719						51,125
Change in fair value of embedded derivatives (e)			186,802						(536,404)						273,713						(282,413)
Interest expense on notes payable			6,259						6,535						6,394						6,393
Interest expense on subordinated debentures			1,330						1,342						1,326						1,326
Amortization of deferred policy acquisition costs			71,609						71,201						82,017						81,543
Other operating costs and expenses			65,812						56,020						64,590						55,460
Total benefits and expenses			1,002,917						517,991						1,527,080						(60,813)
Income (loss) before income taxes			106,581						24,825						(451,640)						1,023,020
Income tax expense (benefit)			19,615						8,421						(95,787)						217,514
Net income (loss) (b)(c)(d)(e)			86,966						16,404						(355,853)						805,506
Less: Net income (loss) available to noncontrolling interests			—						—						—						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)			86,966						16,404						(355,853)						805,506
Less: Preferred stock dividends			10,919						10,918						10,919						10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)			$	76,047					$	5,486					$	(366,772)					$	794,587
Earnings (loss) per common share			$	0.82					$	0.06					$	(3.87)					$	8.30
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)			$	0.81					$	0.06					$	(3.87)					$	8.26
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			92,479						92,478						94,801						95,735
Earnings (loss) per common share - assuming dilution			93,378						93,044						95,379						96,216

(a)Other revenue consists of reinsurance related fee revenue including asset liability management fees and amortization of the deferred gain associated with the cost of reinsurance.

(b)Q3 2021 includes benefit from the update of assumptions used in determining the deferred profit liability. The impact decreased traditional life insurance policy benefits and change in future policy benefits by $4.8 million and increased both net income and net income available to common stockholders by $3.8 million and increased earnings per common share - assuming dilution by $0.04 per share.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

(c)Q3 2021 includes expense from the update of assumptions used in determining the liability for future policyholder benefits. The impact increased life contingent immediate annuity benefits and change in future policy benefits by $7.9 million and decreased both net income and net income available to common stockholders by $6.2 million and decreased earnings per common share - assuming dilution by $0.07 per share

(d)Q4 2021 includes expense from the update of assumptions used in determining the reserves held for market risk benefits. The impact increased market risk benefits (gains) losses by $13.0 million and decreased both net income and net income available to common stockholders by $10.3 million and decreased earnings per common share - assuming dilution by $0.11 per share.

Q3 2021 includes expense from the update of assumptions used in determining the reserves held for market risk benefits. The impact increased market risk benefits (gains) losses by $385.8 million and decreased both net income and net income available to common stockholders by $304.8 million and decreased earnings per common share - assuming dilution by $3.27 per share.

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

Q3 2021 includes a benefit from the update of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $125.8 million and increased both net income and net income available to common stockholders by $98.7 million and increased earnings per common share - assuming dilution by $1.06 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

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 (loss) available to common stockholders and non-GAAP operating income (loss) 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 (loss) 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 (loss) 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 (loss) 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 (Loss) Available to Common Stockholders

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Net income available to American Equity Investment Life Holding Company common stockholders			$	21,653					$	76,047					$	1,876,544					$	509,348
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			(19,460)						10,045						48,264						13,618
Change in fair value of derivatives and embedded derivatives			169,767						(29,158)						(1,549,205)						(316,765)
Capital markets impact on the change in fair value of market risk benefits			2,309						22,119						(393,617)						(371,935)
Net investment income			1,476						—						1,476						—
Other revenue			5,969						—						5,969						—
Income taxes			(39,998)						(4,539)						401,838						143,806
Non-GAAP operating income (loss) available to common stockholders			$	141,716					$	74,514					$	391,269					$	(21,928)
Impact of excluding notable items (a)			$	—					$	10,265					$	181,890					$	317,425
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders			$	0.25					$	0.81					$	20.50					$	5.39
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive impact for losses (b)			—						—						—						0.01
Net realized (gains) losses on financial assets, including credit losses			(0.23)						0.11						0.53						0.14
Change in fair value of derivatives and embedded derivatives			1.96						(0.31)						(16.92)						(3.35)
Capital markets impact on the change in fair value of market risk benefits			0.03						0.24						(4.30)						(3.94)
Net investment income			0.02						—						0.01						—
Other revenue			0.07						—						0.06						—
Income taxes			(0.46)						(0.05)						4.39						1.52
Non-GAAP operating income (loss) available to common stockholders			$	1.64					$	0.80					$	4.27					$	(0.23)
Impact of excluding notable items (a)			$	—					$	0.11					$	1.99					$	3.36

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Notable Items

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates			$	—					$	10,265					$	181,890					$	317,425
Total notable items (a)			$	—					$	10,265					$	181,890					$	317,425

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results.

For the years ended December 31, 2022 and 2021, non-GAAP operating income available to common stockholders would increase $181.9 million and $317.4 million, respectively, if we were to exclude the impact of notable items. For the three months ended December 31, 2021, non-GAAP operating income available to common stockholders would increase $10.3 million if we were to exclude the impact of notable items.

(b)For periods with a loss, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.

NON-GAAP FINANCIAL MEASURES

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

			Three Months Ended   December 31,												Year Ended   December 31,
			2022						2021						2022						2021
Net realized (gains) losses on financial assets, including credit losses:
Net realized (gains) losses on financial assets, including credit losses			$	(19,460)					$	10,045					$	48,264					$	13,618
Income taxes			4,183						(2,160)						(10,377)						(2,928)
			$	(15,277)					$	7,885					$	37,887					$	10,690
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	89,662					$	(26,796)					$	(1,129,326)					$	(314,403)
Reinsurance contracts			78,594						(2,362)						(439,502)						(2,362)
Interest rate swaps			1,511						—						19,623						—
Income taxes			(42,083)						2,376						329,188						66,768
			$	127,684					$	(26,782)					$	(1,220,017)					$	(249,997)
Capital markets impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits			$	(16,236)					$	14,143					$	(449,887)					$	(405,610)
Amortization of capital markets impact on the fair value of market risk benefits			18,545						7,976						56,270						33,675
Income taxes			(498)						(4,755)						84,627						79,966
			$	1,811					$	17,364					$	(308,990)					$	(291,969)
Net investment income:
Income associated with assets transferred under reinsurance treaty			$	1,476					$	—					$	1,476					$	—
Income taxes			(317)						—						(317)						—
			$	1,159					$	—					$	1,159					$	—
Other revenue:
Amortization of deferred fees associated with reinsurance treaties			$	5,969					$	—					$	5,969					$	—
Income taxes			(1,283)						—						(1,283)						—
			$	4,686					$	—					$	4,686					$	—

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 8 Quarters

Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders

			Q4 2022						Q3 2022						Q2 2022						Q1 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	21,653					$	433,971					$	752,374					$	668,546
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			(19,460)						16,945						37,054						13,725
Change in fair value of derivatives and embedded derivatives			169,767						(400,952)						(470,813)						(847,207)
Capital markets impact on the change in fair value of market risk benefits			2,309						(179,509)						(335,330)						118,913
Net investment income			1,476						—						—						—
Other revenue			5,969						—						—						—
Income taxes			(39,998)						120,802						167,944						153,090
Non-GAAP operating income (loss) available to common stockholders			$	141,716					$	(8,743)					$	151,229					$	107,067
Impact of excluding notable items (a)			$	—					$	181,890					$	—					$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	0.25					$	4.90					$	8.06					$	6.83
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive impact for losses (b)			—						—						—						—
Net realized (gains) losses on financial assets, including credit losses			(0.23)						0.19						0.39						0.14
Change in fair value of derivatives and embedded derivatives			1.96						(4.52)						(5.04)						(8.65)
Capital markets impact on the change in fair value of market risk benefits			0.03						(2.03)						(3.59)						1.21
Net investment income			0.02						—						—						—
Other revenue			0.07						—						—						—
Income taxes			(0.46)						1.36						1.80						1.56
Non-GAAP operating income (loss) available to common stockholders			$	1.64					$	(0.10)					$	1.62					$	1.09
Impact of excluding notable items (a)			$	—					$	2.05					$	—					$	—

Notable Items

			Q4 2022						Q3 2022						Q2 2022						Q1 2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates			$	—					$	181,890					$	—					$	—
Total notable items (a)			$	—					$	181,890					$	—					$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results. For the three months ended September 30, 2022, non-GAAP operating income available to common stockholders would increase $181.9 million if we were to exclude the impact of notable items.

(b)For periods with a loss, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.

Page 8

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 8 Quarters, continued

Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders

			Q4 2021						Q3 2021						Q2 2021						Q1 2021
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	76,047					$	5,486					$	(366,772)					$	794,587
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			10,045						(4,016)						2,862						4,727
Change in fair value of derivatives and embedded derivatives			(29,158)						(125,076)						331,269						(493,800)
Capital markets impact on the change in fair value of market risk benefits			22,119						(138,995)						206,951						(462,010)
Net investment income			—						—						—						—
Other revenue			—						—						—						—
Income taxes			(4,539)						61,496						(114,858)						201,707
Non-GAAP operating income (loss) available to common stockholders			$	74,514					$	(201,105)					$	59,452					$	45,211
Impact of excluding notable items (a)			$	10,265					$	307,159					$	—					$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	0.81					$	0.06					$	(3.87)					$	8.26
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive impact for losses (b)			—						0.01						0.02						—
Net realized (gains) losses on financial assets, including credit losses			0.11						(0.05)						0.03						0.05
Change in fair value of derivatives and embedded derivatives			(0.31)						(1.35)						3.47						(5.13)
Capital markets impact on the change in fair value of market risk benefits			0.24						(1.50)						2.17						(4.80)
Net investment income			—						—						—						—
Other revenue			—						—						—						—
Income taxes			(0.05)						0.66						(1.20)						2.09
Non-GAAP operating income (loss) available to common stockholders			$	0.80					$	(2.17)					$	0.62					$	0.47
Impact of excluding notable items (a)			$	0.11					$	3.30					$	—					$	—

Notable Items

			Q4 2021						Q3 2021						Q2 2021						Q1 2021
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Impact of actuarial assumption updates			$	10,265					$	307,159					$	—					$	—
Total notable items (a)			$	10,265					$	307,159					$	—					$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain items that do not reflect the company's expected ongoing operations. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results. For the three months ended December 31 and September 30, 2021, respectively, non-GAAP operating income available to common stockholders would increase $10.3 million and $307.2 million if we were to exclude the impact of notable items.

(b)For periods with a loss, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

			Q4 2022						Q3 2022						Q2 2022						Q1 2022
Net realized (gains) losses on investments			$	(14,411)					$	15,860					$	33,272					$	13,127
Net investment income			1,476						—						—						—
Other revenue			5,969						—						—						—
Change in fair value of derivatives			(172,643)						14,423						415,171						546,442
Increase (decrease) in total revenues			(179,609)						30,283						448,443						559,569
Change in fair value of embedded derivatives			(342,409)						415,374						885,984						1,393,649
Market risk benefits (gains) losses			(2,309)						179,509						335,330						(118,913)
Interest sensitive and index product benefits (a)			5,048						(1,084)						(3,782)						(598)
Increase (decrease) in total benefits and expenses			(339,670)						593,799						1,217,532						1,274,138
Increase (decrease) in income (loss) before income taxes			160,061						(563,516)						(769,089)						(714,569)
Increase (decrease) in income tax expense benefit			39,998						(120,802)						(167,944)						(153,090)
Increase (decrease) in net income (loss) available to common stockholders			$	120,063					$	(442,714)					$	(601,145)					$	(561,479)

(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.

Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders, continued

			Q4 2021						Q3 2021						Q2 2021						Q1 2021
Net realized (gains) losses on investments			$	10,478					$	(4,933)					$	3,114					$	4,583
Net investment income			—						—						—						—
Other revenue			—						—						—						—
Change in fair value of derivatives			(215,962)						411,329						57,556						(211,387)
Increase (decrease) in total revenues			(205,484)						406,396						60,670						(206,804)
Change in fair value of embedded derivatives			(186,802)						536,404						(273,713)						282,413
Market risk benefits (gains) losses			(22,119)						138,995						(206,951)						462,010
Interest sensitive and index product benefits (a)			431						(916)						252						(144)
Increase (decrease) in total benefits and expenses			(208,490)						674,483						(480,412)						744,279
Increase (decrease) in income (loss) before income taxes			3,006						(268,087)						541,082						(951,083)
Increase (decrease) in income tax expense benefit			4,539						(61,496)						114,858						(201,707)
Increase (decrease) in net income (loss) available to common stockholders			$	(1,533)					$	(206,591)					$	426,224					$	(749,376)

(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 10

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

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

Capitalization/Book Value per Common Share

			Q4 2022						Q3 2022						Q2 2022						Q1 2022
Capitalization:
Notes and loan payable			$	800,000					$	800,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,753						78,668						78,584						78,502
Total debt			878,753						878,668						578,584						578,502
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			2,349,517						2,157,667						3,625,377						5,718,944
Total capitalization			3,228,270						3,036,335						4,203,961						6,297,446
Accumulated other comprehensive (income) loss (AOCI)			3,746,230						3,984,496						2,231,594						(426,490)
Total capitalization excluding AOCI (a)			$	6,974,500					$	7,020,831					$	6,435,555					$	5,870,956
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	2,349,517					$	2,157,667					$	3,625,377					$	5,718,944
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			1,649,517						1,457,667						2,925,377						5,018,944
Accumulated other comprehensive (income) loss			3,746,230						3,984,496						2,231,594						(426,490)
Total common stockholders’ equity excluding AOCI (c)			5,395,747						5,442,163						5,156,971						4,592,454
Net impact of fair value accounting for derivatives and embedded derivatives			(1,652,169)						(1,721,324)						(1,418,244)						(1,051,245)
Net capital markets impact on the fair value of market risk benefits			(600,958)						(602,772)						(461,856)						(198,622)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	3,142,620					$	3,118,067					$	3,276,871					$	3,342,587
Common shares outstanding			84,810,255						85,966,505						90,168,512						95,019,904
Book Value per Common Share: (d)
Book value per common share			$	19.45					$	16.96					$	32.44					$	52.82
Book value per common share excluding AOCI (c)			$	63.62					$	63.31					$	57.19					$	48.33
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	37.05					$	36.27					$	36.34					$	35.18
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			11.5		%				11.4		%				7.8		%				8.5		%
Total debt / Total capitalization			12.6		%				12.5		%				9.0		%				9.9		%

(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 fixed index annuities, 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 fixed index annuities, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities. Since the net impact of fair value accounting for our fixed index annuity business is 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 fixed index annuities 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 fixed index annuities divided by the total number of shares of common stock outstanding.

(e)Debt-to-capital ratios are computed using total capitalization excluding AOCI.

Page 11

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

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

Capitalization/Book Value per Common Share, continued

			Q4 2021						Q3 2021						Q2 2021						Q1 2021
Capitalization:
Notes and loan payable			$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,421						78,342						78,264						78,187
Total debt			578,421						578,342						578,264						578,187
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			7,738,717						7,799,987						8,075,883						7,623,297
Total capitalization			8,317,138						8,378,329						8,654,147						8,201,484
Accumulated other comprehensive (income) loss (AOCI)			(3,192,547)						(3,303,752)						(3,589,584)						(2,684,172)
Total capitalization excluding AOCI (a)			$	5,124,591					$	5,074,577					$	5,064,563					$	5,517,312
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	7,738,717					$	7,799,987					$	8,075,883					$	7,623,297
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			7,038,717						7,099,987						7,375,883						6,923,297
Accumulated other comprehensive (income) loss			(3,192,547)						(3,303,752)						(3,589,584)						(2,684,172)
Total common stockholders’ equity excluding AOCI (c)			3,846,170						3,796,235						3,786,299						4,239,125
Net impact of fair value accounting for derivatives and embedded derivatives			(383,284)						(358,862)						(332,010)						(593,531)
Net capital markets impact on the fair value of market risk benefits			(291,696)						(309,332)						(200,221)						(362,677)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	3,171,190					$	3,128,041					$	3,254,068					$	3,282,917
Common shares outstanding			92,513,517						92,513,517						92,553,825						95,482,733
Book Value per Common Share: (d)
Book value per common share			$	76.08					$	76.75					$	79.69					$	72.51
Book value per common share excluding AOCI (c)			$	41.57					$	41.03					$	40.91					$	44.40
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	34.28					$	33.81					$	35.16					$	34.38
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			9.8		%				9.9		%				9.9		%				9.1		%
Total debt / Total capitalization			11.3		%				11.4		%				11.4		%				10.5		%

(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 fixed index annuities, 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 fixed index annuities, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities. Since the net impact of fair value accounting for our fixed index annuity business is 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 fixed index annuities 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 fixed index annuities divided by the total number of shares of common stock outstanding.

(e)Debt-to-capital ratios are computed using total capitalization excluding AOCI.

Page 12

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Spread Results

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
4.34%						3.73%			Average yield on invested assets			4.30%						4.48%						4.33%						4.15%						3.80%
1.71%						1.55%			Aggregate cost of money			1.76%						1.75%						1.69%						1.64%						1.51%
2.63%						2.18%			Aggregate investment spread			2.54%						2.73%						2.64%						2.51%						2.29%
									Impact of:
0.03%						0.11%			Investment yield - additional prepayment income			0.01%						0.03%						0.05%						0.03%						0.12%
0.01%						0.07%			Cost of money effect of over hedging			—%						—%						0.02%						0.03%						0.14%
$	53,225,871					$	54,750,862		Weighted average investments			$	50,040,228					$	54,378,154					$	54,768,966					$	54,728,239					$	54,407,554
49,811,623						54,617,968			Ending investments			49,811,623						54,056,886						54,699,422						54,838,509						54,617,968

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.

Investment Yields

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
									Investment income:
$	2,108,088					$	1,967,496		Fixed income (a)			$	511,077					$	547,326					$	539,382					$	510,303					$	500,577
200,349						73,990			Mark-to-market private asset income (a)			26,816						61,671						53,816						58,046						16,596
$	2,308,437					$	2,041,486		Total non-GAAP investment income (b)			$	537,893					$	608,997					$	593,198					$	568,349					$	517,173
									Investment yield:
4.08%						3.62%			Fixed income investment yield			4.26%						4.16%						4.04%						3.80%						3.73%
12.95%						16.53%			Mark-to-market private asset yield			5.29%						13.89%						15.15%						22.36%						9.60%
4.34%						3.73%			Total investment yield			4.30%						4.48%						4.33%						4.15%						3.80%
									Weighted average investments:
$	51,678,469					$	54,303,353		Fixed income investments			$	48,012,311					$	52,602,319					$	53,347,874					$	53,689,782					$	53,716,356
1,547,402						447,509			Mark-to-market private assets			2,027,917						1,775,835						1,421,092						1,038,457						691,199
$	53,225,871					$	54,750,862		Total weighted average investments			$	50,040,228					$	54,378,154					$	54,768,966					$	54,728,239					$	54,407,555

(a)Net of investment expenses

(b)Non-GAAP investment income is comprised of GAAP Net Investment Income adjusted to remove income associated with cash held by the Parent Company for corporate activities and to gross up income related to the tax benefit of tax exempt investment income, in addition to the adjustments shown in the reconciliation of Net Income to Non-GAAP Operating Income on page 5. The net impact of the adjustments for income associated with cash held by the Parent Company and tax exempt investment income was $1,578 thousand in Q4 2022, $740 thousand in Q3 2022, $890 thousand in Q2 2022, $926 thousand in Q1 2022, and $2,574 thousand in Q4 2021.

Page 13

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
									Included in interest sensitive and index product benefits:
$	305,292					$	1,977,888		Index credits			$	3,861					$	4,648					$	72,398					$	224,385					$	442,568
240,889						245,892			Interest credited			56,402						62,383						60,770						61,334						63,974
									Included in change in fair value of derivatives:
(312,133)						(2,019,477)			Proceeds received at option expiration			(4,061)						(4,865)						(75,115)						(228,092)						(459,982)
647,132						630,015			Pro rata amortization of option cost			154,463						167,197						165,375						160,097						153,399
$	881,180					$	834,318		Cost of money for deferred annuities			$	210,665					$	229,363					$	223,428					$	217,724					$	199,959
$	51,558,865					$	53,681,684		Weighted average liability balance outstanding			$	47,802,219					$	52,337,208					$	52,940,739					$	53,155,293					$	53,064,893

Annuity Account Balance Rollforward

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
$	53,191,277					$	54,056,725		Account balances at beginning of period			$	51,913,689					$	52,762,558					$	53,119,291					$	53,191,277					$	52,938,493
(4,068,761)						(4,279,394)			Reserves ceded - in-force			(3,810,982)						(257,779)						—						—						—
49,122,516						49,777,331			Account balance at beginning of period, net of reinsurance ceded			48,102,707						52,504,779						53,119,291						53,191,277						52,938,493
2,347,315						5,485,205			Net deposits			613,084						496,940						562,366						674,925						815,890
107,691						95,160			Premium bonuses			33,617						27,385						23,547						23,142						23,476
546,181						2,223,780			Fixed interest credited and index credits			60,263						67,031						133,168						285,719						506,542
(72,699)						(67,657)			Surrender charges			(22,030)						(19,783)						(15,345)						(15,541)						(13,638)
(157,655)						(174,974)			Lifetime income benefit rider fees			(39,636)						(41,036)						(40,169)						(36,814)						(46,672)
(4,388,734)						(4,147,568)			Surrenders, withdrawals, deaths, etc.			(1,243,390)						(1,121,627)						(1,020,300)						(1,003,417)						(1,032,814)
$	47,504,615					$	53,191,277		Account balances at end of period			$	47,504,615					$	51,913,689					$	52,762,558					$	53,119,291					$	53,191,277

Page 14

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands, except per share data)

MRB Liability

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
$	2,362,947					$	2,136,146		MRB balance at beginning of period			$	1,762,629					$	1,721,376					$	2,075,033					$	2,362,947					$	2,288,670
(326,524)						(63,215)			Reserves ceded - in-force			(331,020)						4,496						—						—						—
7,429						(5,236)			Issuances			1,230						1,366						913						3,920						1,290
66,198						40,186			Interest accrual			23,910						20,626						12,424						9,238						11,772
102,665						114,178			Attributed fees collected			25,933						25,484						25,627						25,621						28,213
—						—			Benefits payments			—						—						—						—						—
(449,887)						(405,610)			Effect of changes in interest rates and equity markets			(16,236)						(197,978)						(348,675)						113,002						14,142
278,651						527,984			Effect of changes in assumptions and policyholder behavior			(1,371)						228,048						10,971						41,003						46,567
(519,525)						18,514			Effect of changes in instrument specific credit risk			56,879						(40,789)						(54,917)						(480,698)						(27,707)
1,521,954						2,362,947			MRB balance at end of period, net (a)			1,521,954						1,762,629						1,721,376						2,075,033						2,362,947
765,552						371,935			MRB net deferred capital markets impact, end of period			765,552						767,862						588,352						253,022						371,935
$	2,287,506					$	2,734,882		Non-GAAP MRB balance, end of period (b)			$	2,287,506					$	2,530,491					$	2,309,728					$	2,328,055					$	2,734,882

(a)The MRB balance is the MRB liability net of the MRB asset, MRB host, and reinsurance recoverable asset associated with the ceded MRB. The MRB asset, MRB host and reinsurance recoverable asset associated with the ceded MRB are included in Other assets on the Consolidated Balance Sheets.

(b)Non-GAAP MRB balance is comprised of the GAAP MRB balance adjusted for the pre-tax cumulative effect of the deferral of capital markets impact on the fair value of the MRB. See page 11 and page 12 for the non-GAAP definition and reconciliation of total common stockholders' equity to total common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities which includes the adjustment for the after-tax cumulative effect of the deferral of capital markets impact on the fair value of MRB.

Account Values Subject to Recurring Fees Under Reinsurance Agreements

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
$	4,660,690					$	—		Account value of business ceded subject to fee income at beginning of period			$	5,612,098					$	5,065,538					$	4,859,360					$	4,660,690					$	4,459,858
4,068,761						4,279,394			In-force account value ceded subject to fee income			3,810,982						257,779						—						—						—
1,045,600						381,296			Premiums on business ceded subject to fee income			351,971						288,781						206,178						198,670						200,832
(132,715)						—			Disbursements on business ceded subject to fee income			(132,715)						—						—						—						—
$	9,642,336					$	4,660,690		Account value of business ceded subject to fee income at end of period			$	9,642,336					$	5,612,098					$	5,065,538					$	4,859,360					$	4,660,690
$	48,214					$	16,160		Non-GAAP operating revenue associated with recurring fees (a)			$	19,001					$	10,988					$	9,408					$	8,817					$	8,263

(a)Non-GAAP operating revenue associated with recurring fees is comprised of GAAP Other Revenue adjusted for the amortization of gains on assets transferred under a reinsurance transaction. See page 5 for the reconciliation of Net Income to Non-GAAP Operating Income and page 6 for the summary of adjustments to arrive at Non-GAAP Operating Income

Page 15

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Year Ended   December 31,
2022						2021						Q4 2022						Q3 2022						Q2 2022						Q1 2022						Q4 2021
									American Equity Life:
$	2,692,141					$	2,753,479		Fixed index annuities			$	637,021					$	627,444					$	671,696					$	755,980					$	806,238
5,329						6,133			Annual reset fixed rate annuities			1,856						1,271						1,140						1,062						848
56,511						855,702			Multi-year fixed rate annuities			49,216						4,465						485						2,345						6,640
18,935						59,816			Single premium immediate annuities			494						1,915						3,073						13,453						14,145
2,772,916						3,675,130						688,587						635,095						676,394						772,840						827,871
									Eagle Life:
479,279						697,068			Fixed index annuities			145,772						102,379						104,374						126,754						176,101
380						350			Annual reset fixed rate annuities			230						143						—						7						13
82,581						1,597,292			Multi-year fixed rate annuities			65,434						14,684						123						2,340						40,901
562,240						2,294,710						211,436						117,206						104,497						129,101						217,015
									Consolidated:
3,171,420						3,450,547			Fixed index annuities			782,793						729,823						776,070						882,734						982,339
5,709						6,483			Annual reset fixed rate annuities			2,086						1,414						1,140						1,069						861
139,092						2,452,994			Multi-year fixed rate annuities			114,650						19,149						608						4,685						47,541
18,935						59,816			Single premium immediate annuities			494						1,915						3,073						13,453						14,145
3,335,156						5,969,840			Total before coinsurance ceded			900,023						752,301						780,891						901,941						1,044,886
968,906						424,819			Coinsurance ceded			286,445						253,446						215,452						213,563						214,851
$	2,366,250					$	5,545,021		Net after coinsurance ceded			$	613,578					$	498,855					$	565,439					$	688,378					$	830,035

Surrender Charge Protection and Account Values by Product Type

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

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.5						5.0						8.1%						$	41,992,352					88.4		%
Annual Reset Fixed Rate Annuities						7.4						1.7						3.4%						1,247,151						2.6		%
Multi-Year Fixed Rate Annuities						3.9						1.7						7.4%						4,265,112						9.0		%
Total						11.6						4.6						7.9%						$	47,504,615					100.0		%

Page 16

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	898,320					$	3,616,403
0.0% < 2.0%			41,672						2,062,990
2.0% < 3.0%			65,004						4,321,344
3.0% < 4.0%			68,626						982,289
4.0% < 5.0%			6,436						2,772,450
5.0% < 6.0%			36,179						2,608,334
6.0% < 7.0%			71,838						2,548,367
7.0% < 8.0%			1,420,984						2,812,800
8.0% < 9.0%			2,547,819						2,219,917
9.0% < 10.0%			112,829						3,337,952
10.0% or greater			242,556						14,709,506
			$	5,512,263					$	41,992,352

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	4,514,723					0.00		%
2023			4,336,011						3.03		%
2024			3,919,595						5.38		%
2025			5,453,784						4.44		%
2026			4,892,384						5.96		%
2027			4,283,172						7.81		%
2028			3,714,323						9.00		%
2029			4,143,581						10.42		%
2030			2,775,742						12.89		%
2031			3,900,824						13.80		%
2032			3,060,964						14.38		%
2033			1,068,172						17.39		%
2034			676,085						18.03		%
2035			350,543						18.50		%
2036			196,242						18.99		%
2037			113,435						19.50		%
2038			105,035						20.00		%
			$	47,504,615					7.92		%

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of December 31, 2022 for the $11.9 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.21%.

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums on the $35.6 billion of account value allocated to index strategies, the cost of options would decrease by 1.03% based upon prices of options for the week ended January 1, 2023.

Page 17

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Summary of Invested Assets

			December 31, 2022												December 31, 2021
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
U.S. Government and agencies			$	169,071					0.4		%				$	1,078,746					1.9		%
States, municipalities and territories			3,822,943						8.5		%				3,758,761						6.5		%
Foreign corporate securities and foreign governments			616,938						1.4		%				375,097						0.6		%
Corporate securities			20,201,774						44.8		%				32,631,189						57.0		%
Residential mortgage backed securities			1,366,927						3.0		%				1,125,049						2.0		%
Commercial mortgage backed securities			3,447,075						7.6		%				4,682,900						8.2		%
Other asset backed securities			5,155,254						11.4		%				5,146,567						9.0		%
Total fixed maturity securities			34,779,982						77.1		%				48,798,309						85.2		%
Mortgage loans on real estate			6,778,977						15.0		%				5,650,480						9.9		%
Real estate investments			1,056,063						2.3		%				337,939						0.6		%
Limited partnerships and limited liability companies			1,266,779						2.8		%				520,120						0.9		%
Derivative instruments			431,727						1.0		%				1,277,480						2.2		%
Other investments			829,900						1.8		%				690,344						1.2		%
Total investments, net of modified coinsurance investments			45,143,428						100.0		%				57,274,672						100.0		%
Coinsurance investments (a)			6,181,870												3,101,832
Total investments			$	51,325,298											$	60,376,504

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Credit Quality of Fixed Maturity Securities - December 31, 2022

NAIC Designation			Amortized Cost						Carrying Amount						Percent						Rating Agency Rating			Amortized Cost						Carrying Amount						Percent
1			$	24,466,961					$	21,752,775					62.5		%				Aaa/Aa/A			$	24,462,459					$	21,723,282					62.5		%
2			14,185,506						12,398,001						35.7		%				Baa			14,228,490						12,434,302						35.7		%
3			562,190						490,198						1.4		%				Ba			554,605						485,166						1.4		%
4			109,409						91,495						0.3		%				B			94,185						79,058						0.2		%
5			61,721						36,738						0.1		%				Caa			20,020						18,540						0.1		%
6			14,636						10,775						—		%				Ca and lower			40,664						39,634						0.1		%
			39,400,423						34,779,982						100.0		%							39,400,423						34,779,982						100.0		%
Coinsurance investments (a)			5,465,596						5,024,635												Coinsurance investments (a)			5,465,596						5,024,635
			$	44,866,019					$	39,804,617														$	44,866,019					$	39,804,617

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 18

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Watch List Securities - December 31, 2022

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Losses, Net of Allowance						Fair Value
States, municipalities and territories						$	20,657					$	—					$	20,657					$	(3,344)					$	17,313
Corporate securities - Public securities						20,860						—						20,860						(1,050)						19,810
Corporate securities - Private placement securities						10,646						(3,214)						7,432						—						7,432
Residential mortgage backed securities						25,095						(133)						24,962						(2,954)						22,008
Commercial mortgage backed securities						41,899						—						41,899						(2,752)						39,147
Other asset backed securities						2,314						—						2,314						—						2,314
Collateralized loan obligations						103,907						—						103,907						(21,239)						82,668
						$	225,378					$	(3,347)					$	222,031					$	(31,339)					$	190,692

(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those on which we have taken credit losses.

Page 19

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			December 31, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
U.S. Government and agencies			$	173,638					$	169,071					$	1,046,029					$	1,078,746
States, municipalities and territories			4,356,191						3,822,943						3,325,468						3,758,761
Foreign corporate securities and foreign governments			680,263						616,938						353,198						375,097
Corporate securities:
Capital goods			1,601,113						1,395,595						2,329,169						2,666,627
Consumer discretionary			5,086,479						4,320,219						6,132,199						6,946,585
Energy			1,219,370						1,111,891						1,968,576						2,214,513
Financials			6,467,052						5,634,229						6,998,286						7,714,869
Government non-guaranteed			202,740						179,440						471,015						541,233
Industrials			166,061						138,999						377,631						425,201
Information technology			1,344,461						1,160,067						1,718,596						1,918,197
Materials			1,169,188						1,021,288						1,672,144						1,875,276
Telecommunications			1,306,495						1,090,868						1,569,176						1,756,741
Transportation			1,100,681						975,393						1,312,909						1,454,391
Utilities			3,620,946						3,115,520						4,156,578						4,716,397
Other			58,184						58,265						350,592						401,159
Residential mortgage backed securities:
Government agency			806,999						754,349						455,136						500,698
Prime			387,838						334,613						537,559						544,084
Alt-A			54,910						58,091						59,129						75,361
Non-qualified mortgage			169,847						157,960						—						—
Other			62,235						61,914						4,954						4,906
Commercial mortgage backed securities:
Government agency			170,307						157,903						380,339						415,026
Non-agency			3,668,300						3,289,172						4,169,970						4,267,874
Other asset backed securities:
Auto			44,450						41,896						218,106						222,364
Consumer discretionary			122,068						118,843						—						—
Financials			283,238						252,493						4,441						4,887
Collateralized loan obligations			4,071,929						3,775,347						3,789,984						3,745,452
Other			1,005,440						966,675						1,088,751						1,173,864
			39,400,423						34,779,982						44,489,935						48,798,309
Coinsurance investments (a)			5,465,596						5,024,635						2,509,248						2,507,634
			$	44,866,019					$	39,804,617					$	46,999,183					$	51,305,943

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 20

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			December 31, 2022												December 31, 2021
			Principal						Percent						Principal						Percent
Property type distribution
Commercial mortgage loans:
Office			$	267,502					4.0		%				$	287,557					5.1		%
Medical Office			10,265						0.1		%				10,827						0.2		%
Retail			878,352						13.0		%				1,016,101						18.0		%
Industrial/Warehouse			853,215						12.6		%				924,779						16.3		%
Apartment			893,910						13.2		%				854,580						15.1		%
Hotel			285,271						4.2		%				283,500						5.0		%
Mixed Use/Other			200,756						3.0		%				217,970						3.9		%
Agricultural mortgage loans			567,630						8.4		%				408,135						7.2		%
Residential mortgage loans			2,807,652						41.5		%				1,652,910						29.2		%
			6,764,553						100.0		%				5,656,359						100.0		%
Coinsurance investments (a)			171,633												37,817
			$	6,936,186											$	5,694,176

			Commercial												Agricultural
			Amortized Cost						Average LTV						Amortized Cost						Average LTV
As of December 31, 2022:
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	2,358,793					53%						$	266,695					45%
Greater than or equal to 1.2 and less than 1.5			505,644						61%						236,589						48%
Greater than or equal to 1.0 and less than 1.2			475,315						50%						15,075						39%
Less than 1.0			44,756						66%						47,604						33%
			3,384,508						54%						565,963						45%
Coinsurance investments (a)			170,050						61%						—						—%
			$	3,554,558					54%						$	565,963					45%
As of December 31, 2021:
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	2,491,464					55%						$	180,113					49%
Greater than or equal to 1.2 and less than 1.5			555,055						65%						202,031						48%
Greater than or equal to 1.0 and less than 1.2			466,517						53%						16,304						44%
Less than 1.0			77,948						65%						8,551						59%
			3,590,984						56%						406,999						48%
Coinsurance investments (a)			37,518						51%						—						—%
			$	3,628,502					56%						$	406,999					48%

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

Page 21

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Unaudited (Dollars in thousands)

			December 31, 2022
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,389,271					$	564,495					$	2,773,251					$	6,727,017
In workout			—						—						—						—
Delinquent			—						3,135						34,401						37,536
Principal outstanding			3,389,271						567,630						2,807,652						6,764,553
Unamortized discounts and premiums, net			—						—						55,917						55,917
Deferred fees and costs, net			(4,763)						(1,667)						1,909						(4,521)
Amortized cost			3,384,508						565,963						2,865,478						6,815,949
Valuation allowance			(22,428)						(1,021)						(13,523)						(36,972)
Carrying value			3,362,080						564,942						2,851,955						6,778,977
Coinsurance investments (a)			170,050						—						—						170,050
			$	3,532,130					$	564,942					$	2,851,955					$	6,949,027
			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
Coinsurance investments (a)			37,518						—						—						37,518
			$	3,610,576					$	406,480					$	1,670,942					$	5,687,998

(a)Investments held by American Equity Life in a segregated account to support liabilities reinsured under both coinsurance with funds withheld and modified coinsurance reinsurance agreements.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2022 (Recast for LDTI)

Shareholder Information

A.M. Best

S&P

Fitch

Financial Strength Ratings

American Equity Investment Life Insurance Company

A- (stable)

A- (stable)

A- (stable)

American Equity Investment Life Insurance Company of New York

A- (stable)

A- (stable)

A- (stable)

Eagle Life Insurance Company

A- (stable)

A- (stable)

A- (stable)

Credit Ratings

American Equity Investment Life Holding Company

bbb- (stable)

BBB-

BBB

Senior unsecured debt

bbb- (stable)

BBB-

BBB-

Perpetual, non-cumulative preferred stock

bb (stable)

BB

BB

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
Fourth Quarter			$46.76						$28.05						$45.62						$0.36
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 - December 31, 2022 (Recast for LDTI)

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) 567-9371

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

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