Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

September 30, 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 Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders			5
			Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) 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			12
			Account Values Subject to Recurring Fees Under Reinsurance Agreements			12
			Annuity Deposits by Product Type			13
			Surrender Charge Protection and Account Values by Product Type			13
			Annuity Liability Characteristics			14
C.			Investment Summary
			Summary of Invested Assets			16
			Credit Quality of Fixed Maturity Securities			16
			Watch List Securities			17
			Fixed Maturity Securities by Sector			18
			Mortgage Loans on Real Estate			19
D.			Shareholder Information			21
E.			Research Analyst Coverage			22

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 - September 30, 2023

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			September 30, 2023						December 31, 2022
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	32,084,932					$	39,804,617
Mortgage loans on real estate			7,494,983						6,949,027
Real estate investments			1,302,185						1,056,063
Limited partnerships and limited liability companies			1,763,551						1,266,779
Derivative instruments			733,784						431,727
Other investments			1,207,672						1,817,085
Total investments			44,587,107						51,325,298
Cash and cash equivalents			10,188,438						1,919,669
Coinsurance deposits			14,628,884						13,254,956
Market risk benefits			346,515						229,871
Accrued investment income			443,642						497,851
Deferred policy acquisition costs			2,933,304						2,773,643
Deferred sales inducements			2,257,064						2,045,683
Deferred income taxes			425,398						438,434
Income taxes recoverable			55,498						55,498
Other assets			847,047						642,696
Total assets			$	76,712,897					$	73,183,599
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	60,226,094					$	58,781,836
Market risk benefits			2,552,907						2,455,492
Other policy funds and contract claims			196,299						512,790
Notes and loan payable			787,098						792,073
Subordinated debentures			79,017						78,753
Funds withheld for reinsurance liabilities			8,139,724						6,577,426
Other liabilities			2,655,213						1,614,479
Total liabilities			74,636,352						70,812,849
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			78,974						84,810
Additional paid-in capital			1,071,907						1,325,316
Accumulated other comprehensive loss			(4,425,695)						(3,746,230)
Retained earnings			5,328,362						4,685,593
Total stockholders' equity attributable to American Equity Investment Life Holding Company			2,053,576						2,349,517
Noncontrolling interests			22,969						21,233
Total stockholders' equity			2,076,545						2,370,750
Total liabilities and stockholders' equity			$	76,712,897					$	73,183,599

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2023						2022						2023						2022
Revenues:
Premiums and other considerations			$	2,657					$	2,839					$	9,310					$	16,748
Annuity product charges			84,316						60,819						218,549						168,688
Net investment income			586,614						609,737						1,690,622						1,769,468
Change in fair value of derivatives			(383,026)						(176,671)						(94,397)						(1,160,371)
Net realized losses on investments			(44,672)						(15,860)						(97,138)						(62,259)
Other revenue			20,763						10,988						53,893						29,213
Total revenues			266,652						491,852						1,780,839						761,487
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			2,193						6,659						14,526						27,272
Interest sensitive and index product benefits			193,686						68,982						373,984						497,245
Market risk benefits (gains) losses			(296,114)						77,579						(256,544)						(29,806)
Amortization of deferred sales inducements			48,354						46,223						141,906						136,004
Change in fair value of embedded derivatives			(451,806)						(415,374)						166,398						(2,695,007)
Interest expense on notes and loan payable			12,003						8,984						34,248						21,870
Interest expense on subordinated debentures			1,340						1,333						4,014						3,996
Amortization of deferred policy acquisition costs			70,561						71,726						207,272						217,180
Other operating costs and expenses			76,630						59,470						226,331						177,137
Total benefits and expenses			(343,153)						(74,418)						912,135						(1,644,109)
Income before income taxes			609,805						566,270						868,704						2,405,596
Income tax expense			133,691						121,380						193,335						517,952
Net income			476,114						444,890						675,369						1,887,644
Less: Net income (loss) available to noncontrolling interests			(42)						1						(156)						(3)
Net income available to American Equity Investment Life Holding Company stockholders			476,156						444,889						675,525						1,887,647
Less: Preferred stock dividends			10,918						10,918						32,756						32,756
Net income available to American Equity Investment Life Holding Company common stockholders			$	465,238					$	433,971					$	642,769					$	1,854,891
Earnings per common share			$	5.96					$	4.95					$	8.06					$	20.09
Earnings per common share - assuming dilution			$	5.82					$	4.90					$	7.92					$	19.89
Weighted average common shares outstanding (in thousands):
Earnings per common share			78,034						87,707						79,719						92,339
Earnings per common share - assuming dilution			79,952						88,581						81,191						93,270

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
Revenues:
Traditional life insurance premiums			$	1,842					$	629					$	698					$	626					$	634
Life contingent immediate annuity considerations			815						1,887						3,439						2,365						2,205
Surrender charges			45,550						33,777						26,542						22,030						19,783
Lifetime income benefit rider fees			38,766						37,865						36,049						39,636						41,036
Net investment income			586,614						542,685						561,323						537,995						609,737
Change in fair value of derivatives			(383,026)						242,739						45,890						22,243						(176,671)
Net realized gains (losses) on investments			(44,672)						(24,679)						(27,787)						14,411						(15,860)
Other revenue (a)			20,763						16,736						16,394						13,032						10,988
Total revenues			266,652						851,639						662,548						652,338						491,852
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)			3,623						940						1,206						944						118
Life contingent immediate annuity benefits and change in future policy benefits (c)			(1,430)						4,185						6,002						5,004						6,541
Interest sensitive and index product benefits			193,686						122,387						57,911						57,626						68,982
Market risk benefits (gains) losses (d)			(296,114)						(144,124)						183,694						33,490						77,579
Amortization of deferred sales inducements			48,354						46,951						46,601						45,966						46,223
Change in fair value of embedded derivatives (e)			(451,806)						213,764						404,440						342,409						(415,374)
Interest expense on notes payable			12,003						11,227						11,018						10,228						8,984
Interest expense on subordinated debentures			1,340						1,338						1,336						1,335						1,333
Amortization of deferred policy acquisition costs			70,561						68,476						68,235						66,831						71,726
Other operating costs and expenses			76,630						75,697						74,004						62,389						59,470
Total benefits and expenses			(343,153)						400,841						854,447						626,222						(74,418)
Income (loss) before income taxes			609,805						450,798						(191,899)						26,116						566,270
Income tax expense (benefit)			133,691						95,652						(36,008)						(6,817)						121,380
Net income (loss) (b)(c)(d)(e)			476,114						355,146						(155,891)						32,933						444,890
Less: Net income (loss) available to noncontrolling interests			(42)						(217)						103						361						1
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)			476,156						355,363						(155,994)						32,572						444,889
Less: Preferred stock dividends			10,918						10,919						10,919						10,919						10,918
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)			$	465,238					$	344,444					$	(166,913)					$	21,653					$	433,971
Earnings (loss) per common share			$	5.96					$	4.43					$	(2.00)					$	0.25					$	4.95
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)			$	5.82					$	4.36					$	(2.00)					$	0.25					$	4.90
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			78,034						77,767						83,417						85,274						87,707
Earnings (loss) per common share - assuming dilution			79,952						78,928						83,417						86,402						88,581

(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 2023 includes expense from the update of assumptions used in determining the deferred profit liability. The impact increased traditional life insurance policy benefits and change in future policy benefits by $2.3 million and decreased both net income and net income available to common stockholders by $1.8 million and decreased earnings per common share - assuming dilution by $0.02 per share.

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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands, except per share data)

(c)Q3 2023 includes benefit from the update of assumptions used in determining the liability for future policyholder benefits. The impact decreased life contingent immediate annuity benefits and change in future policy benefits by $4.6 million and increased both net income and net income available to common stockholders by $3.6 million and increased earnings per common share - assuming dilution by $0.05 per share.

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 2023 includes benefit from the update of assumptions used in determining the reserves held for market risk benefits. The impact decreased market risk benefits (gains) losses by $63.3 million and increased both net income and net income available to common stockholders by $49.7 million and increased earnings per common share - assuming dilution by $0.62 per share.

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 2023 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 $84.4 million and decreased both net income and net income available to common stockholders by $66.2 million and decreased earnings per common share - assuming dilution by $0.83 per share.

Q3 2022 includes 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 - September 30, 2023

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   September 30,												Nine Months Ended   September 30,
			2023						2022						2023						2022
Net income available to American Equity Investment Life Holding Company common stockholders			$	465,238					$	433,971					$	642,769					$	1,854,891
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized losses on financial assets, including credit losses			46,771						16,945						93,892						67,724
Change in fair value of derivatives and embedded derivatives			(115,747)						(400,952)						(34,361)						(1,718,972)
Capital markets impact on the change in fair value of market risk benefits			(290,558)						(179,509)						(338,308)						(395,926)
Net investment income			(1,746)						—						372						—
Other revenue			5,969						—						17,907						—
Expenses incurred related to acquisition			9,714						—						9,714						—
Income taxes			75,879						120,802						55,487						441,836
Non-GAAP operating income (loss) available to common stockholders			$	195,520					$	(8,743)					$	447,472					$	249,553
Impact of excluding notable items (a)			$	(20,958)					$	181,890					$	(2,500)					$	181,890
Per common share - assuming dilution:
Net income available to American Equity Investment Life Holding Company common stockholders			$	5.82					$	4.90					$	7.92					$	19.89
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized losses on financial assets, including credit losses			0.58						0.19						1.16						0.73
Change in fair value of derivatives and embedded derivatives			(1.44)						(4.52)						(0.42)						(18.43)
Capital markets impact on the change in fair value of market risk benefits			(3.63)						(2.03)						(4.17)						(4.25)
Net investment income			(0.02)						—						—						—
Other revenue			0.07						—						0.22						—
Expenses incurred related to acquisition			0.12						—						0.12						—
Income taxes			0.95						1.36						0.68						4.74
Non-GAAP operating income (loss) available to common stockholders			$	2.45					$	(0.10)					$	5.51					$	2.68
Impact of excluding notable items (a)			$	(0.26)					$	2.05					$	(0.03)					$	1.95

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2023						2022						2023						2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Expense associated with strategic incentive award			$	6,610					$	—					$	25,068					$	—
Impact of actuarial assumption updates			(27,568)						181,890						(27,568)						181,890
Total notable items (a)			$	(20,958)					$	181,890					$	(2,500)					$	181,890

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands, except per share data)

(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 September 30, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would decrease $21.0 million and increase $181.9 million, respectively, if we were to exclude the impact of notable items.

For the nine months ended September 30, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would decrease $2.5 million and increase $181.9 million, respectively, if we were to exclude the impact of notable items.

NON-GAAP FINANCIAL MEASURES

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

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2023						2022						2023						2022
Net realized losses on financial assets, including credit losses:
Net realized losses on financial assets, including credit losses			$	46,771					$	16,945					$	93,892					$	67,724
Income taxes			(10,056)						(3,643)						(20,187)						(14,560)
			$	36,715					$	13,302					$	73,705					$	53,164
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	12,979					$	(299,168)					$	58,831					$	(1,218,988)
Reinsurance contracts			(128,726)						(116,230)						(84,096)						(518,096)
Interest rate swaps			—						14,446						(9,096)						18,112
Income taxes			26,461						85,850						8,956						371,271
			$	(89,286)					$	(315,102)					$	(25,405)					$	(1,347,701)
Capital market impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits			$	(318,409)					$	(197,977)					$	(401,846)					$	(433,651)
Amortization of capital markets impact on the fair value of market risk benefits			27,851						18,468						63,538						37,725
Income taxes			62,470						38,595						72,736						85,125
			$	(228,088)					$	(140,914)					$	(265,572)					$	(310,801)
Net investment income:
Income associated with assets transferred under reinsurance treaty			$	(1,746)					$	—					$	372					$	—
Income taxes			375						—						(80)						—
			$	(1,371)					$	—					$	292					$	—
Other revenue:
Amortization of deferred fees associated with reinsurance treaties			$	5,969					$	—					$	17,907					$	—
Income taxes			(1,283)						—						(3,850)						—
			$	4,686					$	—					$	14,057					$	—
Other operating costs and expenses:
Expenses incurred related to acquisition			$	9,714					$	—					$	9,714					$	—
Income taxes			(2,088)						—						(2,088)						—
			$	7,626					$	—					$	7,626					$	—

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 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

			Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	465,238					$	344,444					$	(166,913)					$	21,653					$	433,971
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			46,771						22,737						24,384						(19,460)						16,945
Change in fair value of derivatives and embedded derivatives			(115,747)						(124,816)						206,202						169,767						(400,952)
Capital markets impact on the change in fair value of market risk benefits			(290,558)						(184,700)						136,950						2,309						(179,509)
Net investment income			(1,746)						4,609						(2,491)						1,476						—
Other revenue			5,969						5,969						5,969						5,969						—
Expenses incurred related to acquisition			9,714						—						—						—						—
Income taxes			75,879						59,373						(79,765)						(39,998)						120,802
Non-GAAP operating income (loss) available to common stockholders (c)(d)(e)			$	195,520					$	127,616					$	124,336					$	141,716					$	(8,743)
Impact of excluding notable items (a)			$	(20,958)					$	8,892					$	9,566					$	—					$	181,890
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	5.82					$	4.36					$	(2.00)					$	0.25					$	4.90
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			0.58						0.29						0.29						(0.23)						0.19
Change in fair value of derivatives and embedded derivatives			(1.44)						(1.58)						2.43						1.96						(4.52)
Capital markets impact on the change in fair value of market risk benefits			(3.63)						(2.34)						1.62						0.03						(2.03)
Net investment income			(0.02)						0.06						(0.03)						0.02						—
Other revenue			0.07						0.08						0.07						0.07						—
Expenses incurred related to acquisition			0.12						—						—						—						—
Income taxes			0.95						0.75						(0.94)						(0.46)						1.36
Non-GAAP operating income (loss) available to common stockholders (c)(d)(e)			$	2.45					$	1.62					$	1.47					$	1.64					$	(0.10)
Impact of excluding notable items (a)			$	(0.26)					$	0.11					$	0.11					$	—					$	2.05

Notable Items

			Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
Notable items impacting non-GAAP operating income (loss) available to common stockholders:
Expense associated with strategic incentive award			$	6,610					$	8,892					$	9,566					$	—					$	—
Impact of actuarial assumption updates			(27,568)						—						—						—						181,890
Total notable items (a)			$	(20,958)					$	8,892					$	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 September 30, 2023, June 30, 2023, March 31, 2023 and September 30, 2022, non-GAAP operating income available to common stockholders would decrease $21.0 million and increase $8.9 million, $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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands, except per share data)

(c)Q3 2023 includes expense from the update of assumptions used in determining the deferred profit liability. The impact increased traditional life insurance policy benefits and change in future policy benefits by $2.3 million and decreased non-GAAP operating income available to common stockholders by $1.8 million and decreased non-GAAP operating earnings per common share - assuming dilution by $0.02 per share.

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 non-GAAP operating income available to common stockholders by $0.4 million and did not impact non-GAAP operating earnings per common share - assuming dilution.

(d)Q3 2023 includes benefit from the update of assumptions used in determining the liability for future policyholder benefits. The impact decreased life contingent immediate annuity benefits and change in future policy benefits by $4.6 million and increased non-GAAP operating income available to common stockholders by $3.6 million and increased non-GAAP operating earnings per common share - assuming dilution by $0.05 per share.

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 non-GAAP operating income available to common stockholders by $1.0 million and decreased non-GAAP operating earnings per common share - assuming dilution by $0.01 per share.

(e)Q3 2023 includes benefit from the update of assumptions used in determining the reserves held for market risk benefits. The impact decreased market risk benefits (gains) losses by $32.8 million and increased non-GAAP operating income available to common stockholders by $25.8 million and increased non-GAAP operating earnings per common share - assuming dilution by $0.32 per share.

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 $231.0 million and decreased non-GAAP operating income available to common stockholders by $181.3 million and decreased non-GAAP operating earnings per common share - assuming dilution by $2.05 per share.

NON-GAAP FINANCIAL MEASURES

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

			Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
Net realized (gains) losses on investments			$	44,672					$	24,679					$	27,787					$	(14,411)					$	15,860
Net investment income			(1,746)						4,609						(2,491)						1,476						—
Other revenue			5,969						5,969						5,969						5,969						—
Change in fair value of derivatives			336,059						(338,579)						(198,239)						(172,643)						14,423
Increase (decrease) in total revenues			384,954						(303,322)						(166,974)						(179,609)						30,283
Change in fair value of embedded derivatives			451,806						(213,764)						(404,440)						(342,409)						415,374
Market risk benefits (gains) losses			290,558						184,700						(136,950)						(2,309)						179,509
Interest sensitive and index product benefits (a)			(2,099)						1,943						3,402						5,048						(1,084)
Other operating costs and expenses			(9,714)						—						—						—						—
Increase (decrease) in total benefits and expenses			730,551						(27,121)						(537,988)						(339,670)						593,799
Increase (decrease) in income (loss) before income taxes			(345,597)						(276,201)						371,014						160,061						(563,516)
Increase (decrease) in income tax expense benefit			(75,879)						(59,373)						79,765						39,998						(120,802)
Increase (decrease) in net income (loss) available to common stockholders			$	(269,718)					$	(216,828)					$	291,249					$	120,063					$	(442,714)

(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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

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

Capitalization/Book Value per Common Share

			Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
Capitalization:
Notes and loan payable			$	800,000					$	800,000					$	800,000					$	800,000					$	800,000
Subordinated debentures payable to subsidiary trusts			79,017						78,927						78,839						78,753						78,668
Total debt			879,017						878,927						878,839						878,753						878,668
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			2,053,576						2,571,915						2,605,485						2,349,517						2,157,667
Total capitalization			2,932,593						3,450,842						3,484,324						3,228,270						3,036,335
Accumulated other comprehensive loss (AOCI)			4,425,695						3,425,248						3,036,429						3,746,230						3,984,496
Total capitalization excluding AOCI (a)			$	7,358,288					$	6,876,090					$	6,520,753					$	6,974,500					$	7,020,831
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	2,053,576					$	2,571,915					$	2,605,485					$	2,349,517					$	2,157,667
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			1,353,576						1,871,915						1,905,485						1,649,517						1,457,667
Accumulated other comprehensive loss			4,425,695						3,425,248						3,036,429						3,746,230						3,984,496
Total common stockholders’ equity excluding AOCI (c)			5,779,271						5,297,163						4,941,914						5,395,747						5,442,163
Net impact of fair value accounting for derivatives and embedded derivatives			(1,689,153)						(1,587,599)						(1,490,297)						(1,652,169)						(1,721,324)
Net capital markets impact on the fair value of market risk benefits			(866,530)						(638,442)						(493,452)						(600,958)						(602,772)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	3,223,588					$	3,071,122					$	2,958,165					$	3,142,620					$	3,118,067
Common shares outstanding			78,974,095						78,047,941						77,753,194						84,810,255						85,966,505
Book Value per Common Share: (d)
Book value per common share			$	17.14					$	23.98					$	24.51					$	19.45					$	16.96
Book value per common share excluding AOCI (c)			$	73.18					$	67.87					$	63.56					$	63.62					$	63.31
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	40.82					$	39.35					$	38.05					$	37.05					$	36.27
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			10.9		%				11.6		%				12.3		%				11.5		%				11.4		%
Total debt / Total capitalization			11.9		%				12.8		%				13.5		%				12.6		%				12.5		%

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended   September 30,
2023						2022						Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
4.52%						4.33%			Average yield on invested assets			4.69%						4.42%						4.48%						4.30%						4.48%
1.87%						1.69%			Aggregate cost of money			1.96%						1.85%						1.81%						1.76%						1.75%
2.65%						2.64%			Aggregate investment spread			2.73%						2.57%						2.67%						2.54%						2.73%
									Impact of:
0.01%						0.04%			Investment yield - additional prepayment income			—%						0.01%						—%						0.01%						0.03%
0.03%						0.02%			Cost of money effect of over hedging			0.05%						0.03%						—%						—%						—%
$	49,430,113					$	54,553,196		Weighted average investments			$	49,528,255					$	49,125,197					$	49,304,219					$	50,040,228					$	54,378,154
49,658,435						54,056,886			Ending investments			49,658,435						49,398,076						48,852,319						49,811,623						54,056,886

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

Nine Months Ended   September 30,
2023						2022						Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
									Investment income:
$	1,606,636					$	1,597,011		Fixed income (a)			$	539,584					$	533,930					$	533,122					$	511,077					$	547,326
69,562						173,533			Mark-to-market private asset income (a)			40,900						9,035						19,627						26,816						61,671
$	1,676,198					$	1,770,544		Total non-GAAP investment income (b)			$	580,484					$	542,965					$	552,749					$	537,893					$	608,997
									Investment yield:
4.56%						4.01%			Fixed income investment yield			4.61%						4.57%						4.52%						4.26%						4.16%
3.75%						16.44%			Mark-to-market private asset yield			6.12%						1.48%						3.61%						5.29%						13.89%
4.52%						4.33%			Total investment yield			4.69%						4.42%						4.48%						4.30%						4.48%
									Weighted average investments:
$	46,959,205					$	53,146,050		Fixed income investments			$	46,853,771					$	46,684,803					$	47,129,120					$	48,012,311					$	52,602,319
2,470,908						1,407,146			Mark-to-market private assets			2,674,484						2,440,394						2,175,099						2,027,917						1,775,835
$	49,430,113					$	54,553,196		Total weighted average investments			$	49,528,255					$	49,125,197					$	49,304,219					$	50,040,228					$	54,378,154

(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 (loss) 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 $4,384 thousand in Q3 2023, $4,329 thousand in Q2 2023, $6,083 thousand in Q1 2023, $1,578 thousand in Q4 2022, and $740 thousand in Q3 2022, respectively.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

Nine Months Ended   September 30,
2023						2022						Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
									Included in interest sensitive and index product benefits:
$	189,934					$	301,431		Index credits			$	120,894					$	65,507					$	3,533					$	3,861					$	4,648
175,097						184,487			Interest credited			61,546						57,235						56,316						56,402						62,383
									Included in change in fair value of derivatives:
(199,800)						(308,072)			Proceeds received at option expiration			(126,750)						(69,449)						(3,601)						(4,061)						(4,865)
496,866						492,669			Pro rata amortization of option cost			175,603						163,992						157,271						154,463						167,197
$	662,097					$	670,515		Cost of money for deferred annuities			$	231,293					$	217,285					$	213,519					$	210,665					$	229,363
$	47,273,505					$	52,811,080		Weighted average liability balance outstanding			$	47,280,339					$	47,086,271					$	47,266,672					$	47,802,219					$	52,337,208

Annuity Account Balance Rollforward

Nine Months Ended   September 30,
2023						2022						Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
$	47,504,615					$	53,191,277		Account balances at beginning of period			$	47,143,582					$	47,031,605					$	47,504,615					$	51,913,689					$	52,762,558
—						(257,779)			Reserves ceded - in-force			—						—						—						(3,810,982)						(257,779)
47,504,615						52,933,498			Account balance at beginning of period, net of reinsurance ceded			47,143,582						47,031,605						47,504,615						48,102,707						52,504,779
3,273,742						1,734,231			Net deposits			1,366,125						1,174,953						732,664						613,084						496,940
353,287						74,074			Premium bonuses			171,164						136,856						45,267						33,617						27,385
365,031						485,918			Fixed interest credited and index credits			182,440						122,742						59,849						60,263						67,031
(105,869)						(50,669)			Surrender charges			(45,550)						(33,777)						(26,542)						(22,030)						(19,783)
(112,680)						(118,019)			Lifetime income benefit rider fees			(38,766)						(37,865)						(36,049)						(39,636)						(41,036)
(3,858,709)						(3,145,344)			Surrenders, withdrawals, deaths, etc.			(1,359,578)						(1,250,932)						(1,248,199)						(1,243,390)						(1,121,627)
$	47,419,417					$	51,913,689		Account balances at end of period			$	47,419,417					$	47,143,582					$	47,031,605					$	47,504,615					$	51,913,689

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands, except per share data)

MRB Liability

Nine Months Ended   September 30,
2023						2022						Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
$	1,521,954					$	2,362,947		MRB balance at beginning of period			$	1,587,694					$	1,632,918					$	1,521,954					$	1,762,629					$	1,721,376
—						4,496			Reserves ceded - in-force			—						—						—						(331,020)						4,496
(2,202)						6,199			Issuances			(3,052)						(2,071)						2,921						1,230						1,366
95,288						42,288			Interest accrual			32,355						33,374						29,559						23,910						20,626
85,798						87,901			Attributed fees collected			29,354						28,247						28,197						29,585						29,010
—						—			Benefits payments			—						—						—						—						—
(368,525)						(433,651)			Effect of changes in interest rates and equity markets			(284,238)						(202,709)						118,422						(16,236)						(197,978)
(69,648)						268,853			Effect of changes in assumptions and policyholder behavior			(70,544)						(974)						1,870						(5,023)						224,522
205,606						(576,404)			Effect of changes in instrument specific credit risk			176,702						98,909						(70,005)						56,879						(40,789)
1,468,271						1,762,629			MRB balance at end of period, net (a)			1,468,271						1,587,694						1,632,918						1,521,954						1,762,629
1,103,860						767,862			MRB net deferred capital markets impact, end of period			1,103,860						813,302						628,602						765,552						767,862
$	2,572,131					$	2,530,491		Non-GAAP MRB balance, end of period (b)			$	2,572,131					$	2,400,996					$	2,261,520					$	2,287,506					$	2,530,491

(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.

(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 9 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

Nine Months Ended   September 30,
2023						2022						Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
$	9,642,336					$	4,660,690		Account value of business ceded subject to fee income at beginning of period			$	10,863,738					$	10,155,767					$	9,642,336					$	5,612,098					$	5,065,538
—						257,779			In-force account value ceded subject to fee income			—						—						—						3,810,982						257,779
2,325,594						693,629			Premiums on business ceded subject to fee income			870,021						821,413						634,160						351,971						288,781
(375,263)						—			Disbursements on business ceded subject to fee income			(141,092)						(113,442)						(120,729)						(132,715)						—
$	11,592,667					$	5,612,098		Account value of business ceded subject to fee income at end of period			$	11,592,667					$	10,863,738					$	10,155,767					$	9,642,336					$	5,612,098
$	71,800					$	29,213		Non-GAAP operating revenue associated with recurring fees (a)			$	26,732					$	22,705					$	22,363					$	19,001					$	10,988

(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 7 for the reconciliation of Net Income (Loss) to Non-GAAP Operating Income (Loss) and page 8 for the summary of adjustments to arrive at Non-GAAP Operating Income (Loss).

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended   September 30,
2023						2022						Q3 2023						Q2 2023						Q1 2023						Q4 2022						Q3 2022
									American Equity Life:
$	3,922,839					$	2,055,120		Fixed index annuities			$	1,715,362					$	1,471,638					$	735,839					$	637,021					$	627,444
1,777						3,473			Annual reset fixed rate annuities			250						834						693						1,856						1,271
206,193						7,295			Multi-year fixed rate annuities			13,127						37,032						156,034						49,216						4,465
915						18,441			Single premium immediate annuities			210						278						427						494						1,915
4,131,724						2,084,329						1,728,949						1,509,782						892,993						688,587						635,095
									Eagle Life:
1,133,303						333,507			Fixed index annuities			498,431						406,273						228,599						145,772						102,379
3,039						150			Annual reset fixed rate annuities			—						1,770						1,269						230						143
341,777						17,147			Multi-year fixed rate annuities			10,616						82,932						248,229						65,434						14,684
1,478,119						350,804						509,047						490,975						478,097						211,436						117,206
									Consolidated:
5,056,142						2,388,627			Fixed index annuities			2,213,793						1,877,911						964,438						782,793						729,823
4,816						3,623			Annual reset fixed rate annuities			250						2,604						1,962						2,086						1,414
547,970						24,442			Multi-year fixed rate annuities			23,743						119,964						404,263						114,650						19,149
915						18,441			Single premium immediate annuities			210						278						427						494						1,915
5,609,843						2,435,133			Total before coinsurance ceded			2,237,996						2,000,757						1,371,090						900,023						752,301
2,335,186						682,461			Coinsurance ceded			871,661						825,526						637,999						286,445						253,446
$	3,274,657					$	1,752,672		Net after coinsurance ceded			$	1,366,335					$	1,175,231					$	733,091					$	613,578					$	498,855

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2023:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.1						4.8						8.0%						$	41,949,830					88.5		%
Annual Reset Fixed Rate Annuities						7.2						1.5						3.1%						1,153,026						2.4		%
Multi-Year Fixed Rate Annuities						3.9						1.2						6.9%						4,316,561						9.1		%
Total						11.3						4.4						7.7%						$	47,419,417					100.0		%

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	884,374					$	4,935,647
0.0% < 2.0%			69,501						2,720,098
2.0% < 3.0%			21,420						3,207,130
3.0% < 4.0%			11,004						710,847
4.0% < 5.0%			6,347						2,913,937
5.0% < 6.0%			44,961						2,044,412
6.0% < 7.0%			72,481						2,386,991
7.0% < 8.0%			3,716,813						2,063,075
8.0% < 9.0%			322,400						3,543,497
9.0% < 10.0%			140,766						3,301,744
10.0% or greater			179,520						14,122,452
			$	5,469,587					$	41,949,830

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 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			$	5,820,021					0.00		%
2023			1,758,500						4.68		%
2024			3,655,105						4.51		%
2025			4,894,123						3.59		%
2026			4,439,164						5.12		%
2027			3,855,433						6.50		%
2028			3,916,461						7.93		%
2029			3,892,192						9.37		%
2030			3,599,233						10.97		%
2031			3,680,800						13.05		%
2032			3,147,057						13.74		%
2033			3,345,772						15.83		%
2034			642,054						17.52		%
2035			332,756						18.16		%
2036			191,196						18.61		%
2037			119,832						19.12		%
2038			100,996						19.60		%
2039			28,722						20.00		%
			$	47,419,417					7.73		%

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of September 30, 2023 for the $12.3 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.26%.

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 $35.1 billion of account value allocated to index strategies, the cost of options would decrease by 1.59% based upon prices of options for the week ended September 30, 2023.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands)

Summary of Invested Assets

			September 30, 2023												December 31, 2022
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
U.S. Government and agencies			$	162,885					0.4		%				$	169,071					0.4		%
States, municipalities and territories			2,564,632						6.6		%				3,822,943						8.5		%
Foreign corporate securities and foreign governments			376,549						1.0		%				616,938						1.4		%
Corporate securities			15,327,047						39.2		%				20,201,774						44.8		%
Residential mortgage backed securities			1,179,159						3.0		%				1,366,927						3.0		%
Commercial mortgage backed securities			2,666,615						6.8		%				3,447,075						7.6		%
Other asset backed securities			4,544,208						11.6		%				5,155,254						11.4		%
Total fixed maturity securities			26,821,095						68.6		%				34,779,982						77.1		%
Mortgage loans on real estate			7,253,036						18.6		%				6,778,977						15.0		%
Real estate investments			1,302,185						3.3		%				1,056,063						2.3		%
Limited partnerships and limited liability companies			1,763,551						4.5		%				1,266,779						2.8		%
Derivative instruments			733,784						1.9		%				431,727						1.0		%
Other investments			1,207,672						3.1		%				829,900						1.8		%
Total investments, net of modified coinsurance investments			39,081,323						100.0		%				45,143,428						100.0		%
Coinsurance investments (a)			5,505,784												6,181,870
Total investments			$	44,587,107											$	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 - September 30, 2023

NAIC Designation (b)			Amortized Cost						Carrying Amount						Percent						Rating Agency Rating (b)			Amortized Cost						Carrying Amount						Percent
1			$	19,327,495					$	16,056,424					60.0		%				Aaa/Aa/A			$	19,135,971					$	15,898,906					59.4		%
2			11,960,953						10,118,937						37.8		%				Baa			12,120,183						10,243,694						38.3		%
3			486,580						424,137						1.6		%				Ba			465,323						408,223						1.6		%
4			116,264						98,929						0.4		%				B			134,646						113,734						0.4		%
5			61,334						45,253						0.2		%				Caa			72,400						55,761						0.2		%
6			10,000						7,127						—		%				Ca and lower			34,103						30,489						0.1		%
			31,962,626						26,750,807						100.0		%							31,962,626						26,750,807						100.0		%
Coinsurance investments (a)			5,792,530						5,263,837												Coinsurance investments (a)			5,792,530						5,263,837
			$	37,755,156					$	32,014,644														$	37,755,156					$	32,014,644

(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.

(b)The table excludes residual tranche securities that are not rated with an amortized cost of $58,394 and carrying amount of $70,288 as of September 30, 2023.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Unaudited (Dollars in thousands)

Watch List Securities - September 30, 2023

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					$	(5,211)					$	15,446
Corporate securities - Public securities						31,490						—						31,490						(3,174)						28,316
Corporate securities - Private placement securities						5,902						(2,911)						2,991						(1,220)						1,771
Residential mortgage backed securities						56,503						(97)						56,406						(9,757)						46,649
Commercial mortgage backed securities						140,270						—						140,270						(29,352)						110,918
Other asset backed securities						1,632						—						1,632						(17)						1,615
Collateralized loan obligations						159,599						(610)						158,989						(22,537)						136,452
						$	416,053					$	(3,618)					$	412,435					$	(71,268)					$	341,167

(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 - September 30, 2023

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			September 30, 2023												December 31, 2022
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
U.S. Government and agencies			$	172,650					$	162,885					$	173,638					$	169,071
States, municipalities and territories			3,198,030						2,564,632						4,356,191						3,822,943
Foreign corporate securities and foreign governments			471,253						376,549						680,263						616,938
Corporate securities:
Capital goods			1,196,803						955,857						1,601,113						1,395,595
Consumer discretionary			3,986,069						3,098,900						5,086,479						4,320,219
Energy			898,830						777,821						1,219,370						1,111,891
Financials			5,912,712						4,993,005						6,467,052						5,634,229
Government non-guaranteed			172,445						140,264						202,740						179,440
Industrials			105,153						74,555						166,061						138,999
Information technology			951,613						751,771						1,344,461						1,160,067
Materials			838,165						662,877						1,169,188						1,021,288
Telecommunications			1,054,950						801,928						1,306,495						1,090,868
Transportation			872,240						728,781						1,100,681						975,393
Utilities			2,861,062						2,272,475						3,620,946						3,115,520
Other			71,761						68,813						58,184						58,265
Residential mortgage backed securities:
Government agency			741,965						666,154						806,999						754,349
Prime			359,188						292,854						387,838						334,613
Alt-A			54,056						52,653						54,910						58,091
Non-qualified mortgage			161,973						149,121						169,847						157,960
Other			18,355						18,377						62,235						61,914
Commercial mortgage backed securities:
Government agency			145,436						131,881						170,307						157,903
Non-agency			3,011,835						2,534,734						3,668,300						3,289,172
Other asset backed securities:
Auto			248,005						244,709						44,450						41,896
Consumer discretionary			567,460						527,291						122,068						118,843
Financials			307,945						282,731						283,238						252,493
Collateralized loan obligations			3,004,676						2,870,726						4,071,929						3,775,347
Other			636,390						618,751						1,005,440						966,675
			32,021,020						26,821,095						39,400,423						34,779,982
Coinsurance investments (a)			5,792,530						5,263,837						5,465,596						5,024,635
			$	37,813,550					$	32,084,932					$	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 - September 30, 2023

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			September 30, 2023												December 31, 2022
			Principal						Percent						Principal						Percent
Property type distribution
Commercial mortgage loans:
Office			$	248,345					3.4		%				$	277,767					4.1		%
Retail			806,724						11.2		%				878,352						13.0		%
Industrial/Warehouse			887,129						12.3		%				853,215						12.6		%
Apartment			986,690						13.6		%				893,910						13.2		%
Hotel			285,271						3.9		%				285,271						4.2		%
Mixed Use/Other			77,140						1.1		%				200,756						3.0		%
Agricultural mortgage loans			585,020						8.1		%				567,630						8.4		%
Residential mortgage loans			3,359,939						46.4		%				2,807,652						41.5		%
			7,236,258						100.0		%				6,764,553						100.0		%
Coinsurance investments (a)			243,203												171,633
			$	7,479,461											$	6,936,186

			Commercial												Agricultural
			Amortized Cost						Average LTV						Amortized Cost						Average LTV
As of September 30, 2023:
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	2,322,151					50%						$	275,965					49%
Greater than or equal to 1.2 and less than 1.5			332,692						60%						247,369						52%
Greater than or equal to 1.0 and less than 1.2			575,795						47%						15,741						43%
Less than 1.0			56,421						54%						44,238						41%
			3,287,059						51%						583,313						50%
Coinsurance investments (a)			241,947						50%						—						—%
			$	3,529,006					51%						$	583,313					50%
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 - September 30, 2023

Unaudited (Dollars in thousands)

			September 30, 2023
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,291,299					$	585,020					$	3,266,094					$	7,142,413
In workout			—						—						—						—
Delinquent			—						—						93,845						93,845
Principal outstanding			3,291,299						585,020						3,359,939						7,236,258
Unamortized discounts and premiums, net			(958)						—						67,138						66,180
Deferred fees and costs, net			(3,282)						(1,707)						669						(4,320)
Amortized cost			3,287,059						583,313						3,427,746						7,298,118
Valuation allowance			(21,802)						(1,105)						(22,175)						(45,082)
Carrying value			3,265,257						582,208						3,405,571						7,253,036
Coinsurance investments (a)			241,947						—						—						241,947
			$	3,507,204					$	582,208					$	3,405,571					$	7,494,983
			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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Shareholder Information

A.M. Best

S&P

Fitch

Financial Strength Ratings

American Equity Investment Life Insurance Company

A- (watch)

A- (watch)

A- (stable)

American Equity Investment Life Insurance Company of New York

A- (watch)

A- (watch)

A- (stable)

Eagle Life Insurance Company

A- (watch)

A- (watch)

A- (stable)

Credit Ratings

American Equity Investment Life Holding Company

bbb- (watch)

BBB- (watch)

BBB

Senior unsecured debt

bbb- (watch)

BBB-

BBB-

Perpetual, non-cumulative preferred stock

bb (watch)

BB

BB

Corporate Offices:

American Equity Investment Life Holding Company

6000 Westown Parkway

West Des Moines, IA 50266

Inquiries:

Steven Schwartz, Head of 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
Second Quarter			$53.68						$35.22						$52.11						$0.00
Third Quarter			$54.44						$51.73						$53.64						$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, Head of Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2023

Research Analyst Coverage

Thomas Gallagher

Evercore ISI

(212) 446-9439

thomas.gallagher@evercoreisi.com

Suneet Kamath

Jefferies

(212) 778-8602

skamath@jefferies.com

Ryan Krueger

Keefe, Bruyette & Woods

(860) 722-5930

rkrueger@kbw.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 Hughes

Truist Securities

(615) 748-4422

mark.hughes@research.truist.com

Page 22