Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

March 31, 2023

A.			Financial Highlights
			Condensed Consolidated Balance Sheets			1
			Consolidated Statements of Operations			2
			Quarterly Summary - Most Recent 5 Quarters			3
			Non-GAAP Financial Measures
			Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income Available to Common Stockholders			5
			Summary of Adjustments to Arrive at Non-GAAP Operating Income Available to Common Stockholders			6
			Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders			7
			Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders			8
			Capitalization/Book Value per Common Share			9
			Spread Results			10
			Investment Yields			10
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			11
			Annuity Account Balance Rollforward			11
			MRB Liability			11
			Account Values Subject to Recurring Fees Under Reinsurance Agreements			12
			Annuity Deposits by Product Type			12
			Surrender Charge Protection and Account Values by Product Type			13
			Annuity Liability Characteristics			13
C.			Investment Summary
			Summary of Invested Assets			15
			Credit Quality of Fixed Maturity Securities			15
			Watch List Securities			16
			Fixed Maturity Securities by Sector			17
			Mortgage Loans on Real Estate			18
D.			Shareholder Information			20
E.			Research Analyst Coverage			21

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 to reflect the new guidance. The prior period numbers within this financial supplement have been recast, to the extent impacted by LDTI, from the original financial supplements published by the Company.

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			March 31, 2023						December 31, 2022
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	39,555,624					$	39,804,617
Mortgage loans on real estate			7,199,225						6,949,027
Real estate investments			1,164,879						1,056,063
Limited partnerships and limited liability companies			1,657,415						1,266,779
Derivative instruments			684,033						431,727
Other investments			1,157,162						1,817,085
Total investments			51,418,338						51,325,298
Cash and cash equivalents			2,777,852						1,919,669
Coinsurance deposits			13,710,877						13,254,956
Market risk benefits			230,304						229,871
Accrued investment income			497,425						497,851
Deferred policy acquisition costs			2,772,175						2,773,643
Deferred sales inducements			2,044,349						2,045,683
Deferred income taxes			290,648						438,434
Income taxes recoverable			50,821						55,498
Other assets			702,937						642,696
Total assets			$	74,495,726					$	73,183,599
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	59,019,189					$	58,781,836
Market risk benefits			2,653,185						2,455,492
Other policy funds and contract claims			306,359						512,790
Notes and loan payable			790,413						792,073
Subordinated debentures			78,839						78,753
Funds withheld for reinsurance liabilities			6,984,409						6,577,426
Other liabilities			2,034,523						1,614,479
Total liabilities			71,866,917						70,812,849
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			77,753						84,810
Additional paid-in capital			1,045,453						1,325,316
Accumulated other comprehensive loss			(3,036,429)						(3,746,230)
Retained earnings			4,518,680						4,685,593
Total stockholders' equity attributable to American Equity Investment Life Holding Company			2,605,485						2,349,517
Noncontrolling interests			23,324						21,233
Total stockholders' equity			2,628,809						2,370,750
Total liabilities and stockholders' equity			$	74,495,726					$	73,183,599

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

									Three Months Ended   March 31,
															2023						2022
Revenues:
Premiums and other considerations															$	4,137					$	10,078
Annuity product charges															62,591						52,355
Net investment income															561,323						567,423
Change in fair value of derivatives															45,890						(477,519)
Net realized losses on investments															(27,787)						(13,127)
Other revenue															16,394						8,817
Total revenues															662,548						148,027
Benefits and expenses:
Insurance policy benefits and change in future policy benefits															7,208						13,615
Interest sensitive and index product benefits															57,911						287,917
Market risk benefits (gains) losses															183,694						191,893
Amortization of deferred sales inducements															46,601						45,085
Change in fair value of embedded derivatives															404,440						(1,393,649)
Interest expense on notes and loan payable															11,018						6,425
Interest expense on subordinated debentures															1,336						1,317
Amortization of deferred policy acquisition costs															68,235						72,969
Other operating costs and expenses															74,004						57,795
Total benefits and expenses															854,447						(716,633)
Income (loss) before income taxes															(191,899)						864,660
Income tax expense (benefit)															(36,008)						185,195
Net income (loss)															(155,891)						679,465
Less: Net income available to noncontrolling interests															103						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders															(155,994)						679,465
Less: Preferred stock dividends															10,919						10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders															$	(166,913)					$	668,546
Earnings (loss) per common share															$	(2.00)					$	6.90
Earnings (loss) per common share - assuming dilution															$	(2.00)					$	6.83
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share															83,417						96,866
Earnings (loss) per common share - assuming dilution (a)															83,417						97,953

(a)Weighted average common shares outstanding - assuming dilution were 84,751 excluding the impact of anti-dilution related to the net loss for the three month period ended March 31, 2023.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
Revenues:
Traditional life insurance premiums			$	698					$	626					$	634					$	691					$	675
Life contingent immediate annuity considerations			3,439						2,365						2,205						3,140						9,403
Surrender charges			26,542						22,030						19,783						15,345						15,541
Lifetime income benefit rider fees			36,049						39,636						41,036						40,169						36,814
Net investment income			561,323						537,995						609,737						592,308						567,423
Change in fair value of derivatives			45,890						22,243						(176,671)						(506,181)						(477,519)
Net realized gains (losses) on investments			(27,787)						14,411						(15,860)						(33,272)						(13,127)
Other revenue (a)			16,394						13,032						10,988						9,408						8,817
Total revenues			662,548						652,338						491,852						121,608						148,027
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)			1,206						944						118						495						1,491
Life contingent immediate annuity benefits and change in future policy benefits (c)			6,002						5,004						6,541						6,503						12,124
Interest sensitive and index product benefits			57,911						57,626						68,982						140,346						287,917
Market risk benefits (gains) losses (d)			183,694						33,490						77,579						(299,278)						191,893
Amortization of deferred sales inducements			46,601						45,966						46,223						44,696						45,085
Change in fair value of embedded derivatives (e)			404,440						342,409						(415,374)						(885,984)						(1,393,649)
Interest expense on notes payable			11,018						10,228						8,984						6,461						6,425
Interest expense on subordinated debentures			1,336						1,335						1,333						1,346						1,317
Amortization of deferred policy acquisition costs			68,235						66,831						71,726						72,485						72,969
Other operating costs and expenses			74,004						62,389						59,470						59,872						57,795
Total benefits and expenses			854,447						626,222						(74,418)						(853,058)						(716,633)
Income (loss) before income taxes			(191,899)						26,116						566,270						974,666						864,660
Income tax expense (benefit)			(36,008)						(6,817)						121,380						211,377						185,195
Net income (loss) (b)(c)(d)(e)			(155,891)						32,933						444,890						763,289						679,465
Less: Net income (loss) available to noncontrolling interests			103						361						1						(4)						—
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)			(155,994)						32,572						444,889						763,293						679,465
Less: Preferred stock dividends			10,919						10,919						10,918						10,919						10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)			$	(166,913)					$	21,653					$	433,971					$	752,374					$	668,546
Earnings (loss) per common share			$	(2.00)					$	0.25					$	4.95					$	8.13					$	6.90
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)			$	(2.00)					$	0.25					$	4.90					$	8.06					$	6.83
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			83,417						85,274						87,707						92,544						96,866
Earnings (loss) per common share - assuming dilution			83,417						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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

(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.

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income (loss) available to common stockholders, we have consistently utilized non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income available to common stockholders equals net income (loss) available to common stockholders adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income available to common stockholders eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income available to common stockholders together with net income (loss) available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

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

									Three Months Ended   March 31,
															2023						2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders															$	(166,913)					$	668,546
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized losses on financial assets, including credit losses															24,384						13,725
Change in fair value of derivatives and embedded derivatives															206,202						(847,207)
Capital markets impact on the change in fair value of market risk benefits															136,950						118,913
Net investment income															(2,491)						—
Other revenue															5,969						—
Income taxes															(79,765)						153,090
Non-GAAP operating income available to common stockholders															$	124,336					$	107,067
Impact of excluding notable items (a)															$	9,566					$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders															$	(2.00)					$	6.83
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Anti-dilutive impact for losses (b)															0.03						—
Net realized losses on financial assets, including credit losses															0.29						0.14
Change in fair value of derivatives and embedded derivatives															2.43						(8.65)
Capital markets impact on the change in fair value of market risk benefits															1.62						1.21
Net investment income															(0.03)						—
Other revenue															0.07						—
Income taxes															(0.94)						1.56
Non-GAAP operating income available to common stockholders															$	1.47					$	1.09
Impact of excluding notable items (a)															$	0.11					$	—

									Three Months Ended   March 31,
															2023						2022
Notable items impacting non-GAAP operating income available to common stockholders:
Expense associated with strategic incentive award															$	9,566					$	—
Total notable items (a)															$	9,566					$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results.

For the three months ended March 31, 2023, non-GAAP operating income available to common stockholders would increase $9.6 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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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

									Three Months Ended   March 31,
															2023						2022
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses															$	24,384					$	13,725
Income taxes															(5,243)						(2,951)
															$	19,141					$	10,774
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities															$	142,947					$	(644,763)
Reinsurance contracts															64,380						(202,444)
Interest rate swaps															(1,125)						—
Income taxes															(44,330)						181,607
															$	161,872					$	(665,600)
Capital market impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits															$	121,342					$	113,002
Amortization of capital markets impact on the fair value of market risk benefits															15,608						5,911
Income taxes															(29,444)						(25,566)
															$	107,506					$	93,347
Net investment income:
Income associated with assets transferred under reinsurance treaty															$	(2,491)					$	—
Income taxes															535						—
															$	(1,956)					$	—
Other revenue:
Amortization of deferred fees associated with reinsurance treaties															$	5,969					$	—
Income taxes															(1,283)						—
															$	4,686					$	—

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

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

			Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(166,913)					$	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			24,384						(19,460)						16,945						37,054						13,725
Change in fair value of derivatives and embedded derivatives			206,202						169,767						(400,952)						(470,813)						(847,207)
Capital markets impact on the change in fair value of market risk benefits			136,950						2,309						(179,509)						(335,330)						118,913
Net investment income			(2,491)						1,476						—						—						—
Other revenue			5,969						5,969						—						—						—
Income taxes			(79,765)						(39,998)						120,802						167,944						153,090
Non-GAAP operating income (loss) available to common stockholders			$	124,336					$	141,716					$	(8,743)					$	151,229					$	107,067
Impact of excluding notable items (a)			$	9,566					$	—					$	181,890					$	—					$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(2.00)					$	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)			0.03						—						—						—						—
Net realized (gains) losses on financial assets, including credit losses			0.29						(0.23)						0.19						0.39						0.14
Change in fair value of derivatives and embedded derivatives			2.43						1.96						(4.52)						(5.04)						(8.65)
Capital markets impact on the change in fair value of market risk benefits			1.62						0.03						(2.03)						(3.59)						1.21
Net investment income			(0.03)						0.02						—						—						—
Other revenue			0.07						0.07						—						—						—
Income taxes			(0.94)						(0.46)						1.36						1.80						1.56
Non-GAAP operating income (loss) available to common stockholders			$	1.47					$	1.64					$	(0.10)					$	1.62					$	1.09
Impact of excluding notable items (a)			$	0.11					$	—					$	2.05					$	—					$	—

Notable Items

			Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Expense associated with strategic incentive award			$	9,566					$	—					$	—					$	—					$	—
Impact of actuarial assumption updates			—						—						181,890						—						—
Total notable items (a)			$	9,566					$	—					$	181,890					$	—					$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income (loss) available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results. For the three months ended March 31, 2023 and September 30, 2022, non-GAAP operating income available to common stockholders would increase $9.6 million and $181.9 million, respectively, 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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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

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

			Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
Net realized (gains) losses on investments			$	27,787					$	(14,411)					$	15,860					$	33,272					$	13,127
Net investment income			(2,491)						1,476						—						—						—
Other revenue			5,969						5,969						—						—						—
Change in fair value of derivatives			(198,239)						(172,643)						14,423						415,171						546,442
Increase (decrease) in total revenues			(166,974)						(179,609)						30,283						448,443						559,569
Change in fair value of embedded derivatives			(404,440)						(342,409)						415,374						885,984						1,393,649
Market risk benefits (gains) losses			(136,950)						(2,309)						179,509						335,330						(118,913)
Interest sensitive and index product benefits (a)			3,402						5,048						(1,084)						(3,782)						(598)
Increase (decrease) in total benefits and expenses			(537,988)						(339,670)						593,799						1,217,532						1,274,138
Increase (decrease) in income (loss) before income taxes			371,014						160,061						(563,516)						(769,089)						(714,569)
Increase (decrease) in income tax expense benefit			79,765						39,998						(120,802)						(167,944)						(153,090)
Increase (decrease) in net income (loss) available to common stockholders			$	291,249					$	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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

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

Capitalization/Book Value per Common Share

			Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
Capitalization:
Notes and loan payable			$	800,000					$	800,000					$	800,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,839						78,753						78,668						78,584						78,502
Total debt			878,839						878,753						878,668						578,584						578,502
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			2,605,485						2,349,517						2,157,667						3,625,377						5,718,944
Total capitalization			3,484,324						3,228,270						3,036,335						4,203,961						6,297,446
Accumulated other comprehensive (income) loss (AOCI)			3,036,429						3,746,230						3,984,496						2,231,594						(426,490)
Total capitalization excluding AOCI (a)			$	6,520,753					$	6,974,500					$	7,020,831					$	6,435,555					$	5,870,956
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	2,605,485					$	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)						(700,000)
Total common stockholders' equity (c)			1,905,485						1,649,517						1,457,667						2,925,377						5,018,944
Accumulated other comprehensive (income) loss			3,036,429						3,746,230						3,984,496						2,231,594						(426,490)
Total common stockholders’ equity excluding AOCI (c)			4,941,914						5,395,747						5,442,163						5,156,971						4,592,454
Net impact of fair value accounting for derivatives and embedded derivatives			(1,735,943)						(1,652,169)						(1,721,324)						(1,418,244)						(1,051,245)
Net capital markets impact on the fair value of market risk benefits			(247,806)						(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)			$	2,958,165					$	3,142,620					$	3,118,067					$	3,276,871					$	3,342,587
Common shares outstanding			77,753,194						84,810,255						85,966,505						90,168,512						95,019,904
Book Value per Common Share: (d)
Book value per common share			$	24.51					$	19.45					$	16.96					$	32.44					$	52.82
Book value per common share excluding AOCI (c)			$	63.56					$	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)			$	38.05					$	37.05					$	36.27					$	36.34					$	35.18
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			12.3		%				11.5		%				11.4		%				7.8		%				8.5		%
Total debt / Total capitalization			13.5		%				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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Spread Results

												Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
									Average yield on invested assets			4.48%						4.30%						4.48%						4.33%						4.15%
									Aggregate cost of money			1.81%						1.76%						1.75%						1.69%						1.64%
									Aggregate investment spread			2.67%						2.54%						2.73%						2.64%						2.51%
									Impact of:
									Investment yield - additional prepayment income			—%						0.01%						0.03%						0.05%						0.03%
									Cost of money effect of over hedging			—%						—%						—%						0.02%						0.03%
									Weighted average investments			$	49,304,219					$	50,040,228					$	54,378,154					$	54,768,966					$	54,728,239
									Ending investments			48,852,319						49,811,623						54,056,886						54,699,422						54,838,509

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

												Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
									Investment income:
									Fixed income (a)			$	533,122					$	511,077					$	547,326					$	539,382					$	510,303
									Mark-to-market private asset income (a)			19,627						26,816						61,671						53,816						58,046
									Total non-GAAP investment income (b)			$	552,749					$	537,893					$	608,997					$	593,198					$	568,349
									Investment yield:
									Fixed income investment yield			4.52%						4.26%						4.16%						4.04%						3.80%
									Mark-to-market private asset yield			3.61%						5.29%						13.89%						15.15%						22.36%
									Total investment yield			4.48%						4.30%						4.48%						4.33%						4.15%
									Weighted average investments:
									Fixed income investments			$	47,129,120					$	48,012,311					$	52,602,319					$	53,347,874					$	53,689,782
									Mark-to-market private assets			2,175,099						2,027,917						1,775,835						1,421,092						1,038,457
									Total weighted average investments			$	49,304,219					$	50,040,228					$	54,378,154					$	54,768,966					$	54,728,239

(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 Holding Company and tax exempt investment income was $6,083 in Q1 2023, $1,578 thousand in Q4 2022, $740 thousand in Q3 2022, $890 thousand in Q2 2022, and $926 thousand in Q1 2022, respectively.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

												Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
									Included in interest sensitive and index product benefits:
									Index credits			$	3,533					$	3,861					$	4,648					$	72,398					$	224,385
									Interest credited			56,316						56,402						62,383						60,770						61,334
									Included in change in fair value of derivatives:
									Proceeds received at option expiration			(3,601)						(4,061)						(4,865)						(75,115)						(228,092)
									Pro rata amortization of option cost			157,271						154,463						167,197						165,375						160,097
									Cost of money for deferred annuities			$	213,519					$	210,665					$	229,363					$	223,428					$	217,724
									Weighted average liability balance outstanding			$	47,266,672					$	47,802,219					$	52,337,208					$	52,940,739					$	53,155,293

Annuity Account Balance Rollforward

												Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
									Account balances at beginning of period			$	47,504,615					$	51,913,689					$	52,762,558					$	53,119,291					$	53,191,277
									Reserves ceded - in-force			—						(3,810,982)						(257,779)						—						—
									Account balance at beginning of period, net of reinsurance ceded			47,504,615						48,102,707						52,504,779						53,119,291						53,191,277
									Net deposits			732,664						613,084						496,940						562,366						674,925
									Premium bonuses			45,267						33,617						27,385						23,547						23,142
									Fixed interest credited and index credits			59,849						60,263						67,031						133,168						285,719
									Surrender charges			(26,542)						(22,030)						(19,783)						(15,345)						(15,541)
									Lifetime income benefit rider fees			(36,049)						(39,636)						(41,036)						(40,169)						(36,814)
									Surrenders, withdrawals, deaths, etc.			(1,248,199)						(1,243,390)						(1,121,627)						(1,020,300)						(1,003,417)
									Account balances at end of period			$	47,031,605					$	47,504,615					$	51,913,689					$	52,762,558					$	53,119,291

MRB Liability

												Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
									MRB balance at beginning of period			$	1,521,954					$	1,762,629					$	1,721,376					$	2,075,033					$	2,362,947
									Reserves ceded - in-force			—						(331,020)						4,496						—						—
									Issuances			2,921						1,230						1,366						913						3,920
									Interest accrual			29,559						23,910						20,626						12,424						9,238
									Attributed fees collected			28,197						29,585						29,010						29,378						29,513
									Benefits payments			—						—						—						—						—
									Effect of changes in interest rates and equity markets			118,422						(16,236)						(197,978)						(348,675)						113,002
									Effect of changes in assumptions and policyholder behavior			1,870						(5,023)						224,522						7,220						37,111
									Effect of changes in instrument specific credit risk			(70,005)						56,879						(40,789)						(54,917)						(480,698)
									MRB balance at end of period, net (a)			1,632,918						1,521,954						1,762,629						1,721,376						2,075,033
									MRB net deferred capital markets impact, end of period			628,602						765,552						767,862						588,352						253,022
									Non-GAAP MRB balance, end of period (b)			$	2,261,520					$	2,287,506					$	2,530,491					$	2,309,728					$	2,328,055

(a)The MRB balance is the MRB liability net of the MRB asset and reinsurance recoverable asset associated with the ceded MRB. The reinsurance recoverable asset associated with the ceded MRB is included in coinsurance deposits on the Consolidated Balance Sheet.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

(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 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

												Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
									Account value of business ceded subject to fee income at beginning of period			$	9,642,336					$	5,612,098					$	5,065,538					$	4,859,360					$	4,660,690
									In-force account value ceded subject to fee income			—						3,810,982						257,779						—						—
									Premiums on business ceded subject to fee income			634,160						351,971						288,781						206,178						198,670
									Disbursements on business ceded subject to fee income			(120,729)						(132,715)						—						—						—
									Account value of business ceded subject to fee income at end of period			$	10,155,767					$	9,642,336					$	5,612,098					$	5,065,538					$	4,859,360
									Non-GAAP operating revenue associated with recurring fees (a)			$	22,363					$	19,001					$	10,988					$	9,408					$	8,817

(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 (Loss) to Non-GAAP Operating Income and page 6 for the summary of adjustments to arrive at Non-GAAP Operating Income

Annuity Deposits by Product Type

												Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
									American Equity Life:
									Fixed index annuities			$	735,839					$	637,021					$	627,444					$	671,696					$	755,980
									Annual reset fixed rate annuities			693						1,856						1,271						1,140						1,062
									Multi-year fixed rate annuities			156,034						49,216						4,465						485						2,345
									Single premium immediate annuities			427						494						1,915						3,073						13,453
												892,993						688,587						635,095						676,394						772,840
									Eagle Life:
									Fixed index annuities			228,599						145,772						102,379						104,374						126,754
									Annual reset fixed rate annuities			1,269						230						143						—						7
									Multi-year fixed rate annuities			248,229						65,434						14,684						123						2,340
												478,097						211,436						117,206						104,497						129,101
									Consolidated:
									Fixed index annuities			964,438						782,793						729,823						776,070						882,734
									Annual reset fixed rate annuities			1,962						2,086						1,414						1,140						1,069
									Multi-year fixed rate annuities			404,263						114,650						19,149						608						4,685
									Single premium immediate annuities			427						494						1,915						3,073						13,453
									Total before coinsurance ceded			1,371,090						900,023						752,301						780,891						901,941
									Coinsurance ceded			637,999						286,445						253,446						215,452						213,563
									Net after coinsurance ceded			$	733,091					$	613,578					$	498,855					$	565,439					$	688,378

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands, except per share data)

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at March 31, 2023:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.4						4.9						7.9%						$	41,404,188					88.0		%
Annual Reset Fixed Rate Annuities						7.3						1.7						3.3%						1,339,807						2.9		%
Multi-Year Fixed Rate Annuities						4.0						1.6						7.0%						4,287,610						9.1		%
Total						11.5						4.5						7.7%						$	47,031,605					100.0		%

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	888,445					$	3,834,335
0.0% < 2.0%			50,686						2,505,840
2.0% < 3.0%			44,152						4,153,052
3.0% < 4.0%			49,464						800,303
4.0% < 5.0%			5,090						2,890,227
5.0% < 6.0%			41,888						2,388,250
6.0% < 7.0%			66,204						2,563,019
7.0% < 8.0%			3,181,971						2,657,664
8.0% < 9.0%			923,445						2,154,631
9.0% < 10.0%			161,317						3,439,889
10.0% or greater			214,755						14,016,978
			$	5,627,417					$	41,404,188

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	4,722,780					0.00		%
2023			3,753,879						3.20		%
2024			3,829,960						4.81		%
2025			5,278,723						4.18		%
2026			4,762,948						5.56		%
2027			4,158,392						7.36		%
2028			3,890,062						8.60		%
2029			4,074,565						10.10		%
2030			2,845,400						12.40		%
2031			3,820,329						13.59		%
2032			3,072,979						14.11		%
2033			1,388,042						15.98		%
2034			664,622						17.84		%
2035			344,605						18.37		%
2036			195,296						18.86		%
2037			118,244						19.34		%
2038			103,533						19.84		%
2039			7,246						20.00		%
			$	47,031,605					7.71		%

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of March 31, 2023 for the $12.2 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.23%.

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 $34.8 billion of account value allocated to index strategies, the cost of options would decrease by 1.04% based upon prices of options for the week ended April 1, 2023.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Summary of Invested Assets

			March 31, 2023												December 31, 2022
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
U.S. Government and agencies			$	177,878					0.4		%				$	169,071					0.4		%
States, municipalities and territories			3,665,674						8.0		%				3,822,943						8.5		%
Foreign corporate securities and foreign governments			622,583						1.4		%				616,938						1.4		%
Corporate securities			19,584,731						43.0		%				20,201,774						44.8		%
Residential mortgage backed securities			1,283,590						2.8		%				1,366,927						3.0		%
Commercial mortgage backed securities			3,409,589						7.5		%				3,447,075						7.6		%
Other asset backed securities			5,817,083						12.8		%				5,155,254						11.4		%
Total fixed maturity securities			34,561,128						75.9		%				34,779,982						77.1		%
Mortgage loans on real estate			6,986,882						15.3		%				6,778,977						15.0		%
Real estate investments			1,164,879						2.6		%				1,056,063						2.3		%
Limited partnerships and limited liability companies			1,657,415						3.6		%				1,266,779						2.8		%
Derivative instruments			684,033						1.5		%				431,727						1.0		%
Other investments			497,523						1.1		%				829,900						1.8		%
Total investments, net of modified coinsurance investments			45,551,860						100.0		%				45,143,428						100.0		%
Coinsurance investments (a)			5,866,478												6,181,870
Total investments			$	51,418,338											$	51,325,298

(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 - March 31, 2023

NAIC Designation			Amortized Cost						Carrying Amount						Percent						Rating Agency Rating			Amortized Cost						Carrying Amount						Percent
1			$	23,863,099					$	21,622,202					62.6		%				Aaa/Aa/A			$	23,751,792					$	21,527,275					62.3		%
2			13,802,465						12,303,113						35.6		%				Baa			13,892,051						12,373,819						35.8		%
3			579,165						503,236						1.5		%				Ba			568,020						494,809						1.4		%
4			151,304						116,477						0.3		%				B			146,297						113,418						0.3		%
5			7,171						7,595						—		%				Caa			19,684						18,397						0.1		%
6			11,648						8,505						—		%				Ca and lower			37,008						33,410						0.1		%
			38,414,852						34,561,128						100.0		%							38,414,852						34,561,128						100.0		%
Coinsurance investments (a)			5,369,579						4,994,496												Coinsurance investments (a)			5,369,579						4,994,496
			$	43,784,431					$	39,555,624														$	43,784,431					$	39,555,624

(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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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Watch List Securities - March 31, 2023

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Gains (Losses), Net of Allowance						Fair Value
States, municipalities and territories						$	20,657					$	—					$	20,657					$	(3,409)					$	17,248
Corporate securities - Public securities						48,310						—						48,310						(21,420)						26,890
Corporate securities - Private placement securities						7,658						(1,914)						5,744						—						5,744
Residential mortgage backed securities						48,492						(133)						48,359						(13,874)						34,485
Commercial mortgage backed securities						93,472						—						93,472						(10,907)						82,565
Other asset backed securities						2,284						—						2,284						100						2,384
Collateralized loan obligations						134,318						—						134,318						(27,040)						107,278
						$	355,191					$	(2,047)					$	353,144					$	(76,550)					$	276,594

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			March 31, 2023												December 31, 2022
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
U.S. Government and agencies			$	179,026					$	177,878					$	173,638					$	169,071
States, municipalities and territories			4,066,537						3,665,674						4,356,191						3,822,943
Foreign corporate securities and foreign governments			675,154						622,583						680,263						616,938
Corporate securities:
Capital goods			1,466,737						1,311,002						1,601,113						1,395,595
Consumer discretionary			4,772,337						4,146,563						5,086,479						4,320,219
Energy			1,090,897						1,011,671						1,219,370						1,111,891
Financials			6,514,732						5,779,472						6,467,052						5,634,229
Government non-guaranteed			203,412						182,341						202,740						179,440
Industrials			166,491						142,156						166,061						138,999
Information technology			1,278,878						1,129,887						1,344,461						1,160,067
Materials			1,096,259						968,675						1,169,188						1,021,288
Telecommunications			1,237,937						1,059,994						1,306,495						1,090,868
Transportation			1,055,812						957,791						1,100,681						975,393
Utilities			3,247,641						2,837,812						3,620,946						3,115,520
Other			57,078						57,367						58,184						58,265
Residential mortgage backed securities:
Government agency			775,682						738,757						806,999						754,349
Prime			383,652						329,998						387,838						334,613
Alt-A			53,691						54,029						54,910						58,091
Non-qualified mortgage			134,128						124,534						169,847						157,960
Other			36,375						36,272						62,235						61,914
Commercial mortgage backed securities:
Government agency			169,170						158,785						170,307						157,903
Non-agency			3,625,682						3,250,804						3,668,300						3,289,172
Other asset backed securities:
Auto			206,092						204,601						44,450						41,896
Consumer discretionary			65,252						63,218						122,068						118,843
Financials			312,983						286,603						283,238						252,493
Collateralized loan obligations			4,369,026						4,101,569						4,071,929						3,775,347
Other			1,174,191						1,161,092						1,005,440						966,675
			38,414,852						34,561,128						39,400,423						34,779,982
Coinsurance investments (a)			5,369,579						4,994,496						5,465,596						5,024,635
			$	43,784,431					$	39,555,624					$	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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			March 31, 2023												December 31, 2022
			Principal						Percent						Principal						Percent
Property type distribution
Commercial mortgage loans:
Office			$	256,699					3.7		%				$	277,767					4.1		%
Retail			840,628						12.1		%				878,352						13.0		%
Industrial/Warehouse			893,753						12.8		%				853,215						12.6		%
Apartment			1,000,680						14.3		%				893,910						13.2		%
Hotel			285,271						4.1		%				285,271						4.2		%
Mixed Use/Other			79,421						1.1		%				200,756						3.0		%
Agricultural mortgage loans			609,026						8.7		%				567,630						8.4		%
Residential mortgage loans			3,011,666						43.2		%				2,807,652						41.5		%
			6,977,144						100.0		%				6,764,553						100.0		%
Coinsurance investments (a)			213,862												171,633
			$	7,191,006											$	6,936,186

			Commercial												Agricultural
			Amortized Cost						Average LTV						Amortized Cost						Average LTV
As of March 31, 2023:
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	2,297,191					53%						$	300,977					49%
Greater than or equal to 1.2 and less than 1.5			490,237						61%						243,811						52%
Greater than or equal to 1.0 and less than 1.2			493,075						46%						14,914						41%
Less than 1.0			71,061						60%						47,564						39%
			3,351,564						53%						607,266						49%
Coinsurance investments (a)			212,343						53%						—						—%
			$	3,563,907					53%						$	607,266					49%
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%

(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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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

Unaudited (Dollars in thousands)

			March 31, 2023
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,356,452					$	603,683					$	2,966,679					$	6,926,814
In workout			—						—						—						—
Delinquent			—						5,343						44,987						50,330
Principal outstanding			3,356,452						609,026						3,011,666						6,977,144
Unamortized discounts and premiums, net			—						—						60,685						60,685
Deferred fees and costs, net			(4,888)						(1,759)						1,326						(5,321)
Amortized cost			3,351,564						607,267						3,073,677						7,032,508
Valuation allowance			(25,082)						(1,356)						(19,188)						(45,626)
Carrying value			3,326,482						605,911						3,054,489						6,986,882
Coinsurance investments (a)			212,343						—						—						212,343
			$	3,538,825					$	605,911					$	3,054,489					$	7,199,225
			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

(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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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - March 31, 2023

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
2023
First Quarter			$48.37						$31.57						$36.49						$0.00
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

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 - March 31, 2023

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

Page 21