Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

December 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 Available to Common Stockholders			7
			Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income 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			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 - December 31, 2023

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			December 31, 2023						December 31, 2022
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	34,780,482					$	39,804,617
Mortgage loans on real estate			7,537,594						6,949,027
Real estate investments			1,334,247						1,056,063
Limited partnerships and limited liability companies			1,089,591						1,266,779
Derivative instruments			1,207,288						431,727
Other investments			2,277,822						1,817,085
Total investments			48,227,024						51,325,298
Cash and cash equivalents			9,772,586						1,919,669
Coinsurance deposits			14,582,728						13,254,956
Market risk benefits			479,694						229,871
Accrued investment income			459,332						497,851
Deferred policy acquisition costs			3,070,280						2,773,643
Deferred sales inducements			2,367,224						2,045,683
Deferred income taxes			152,652						438,434
Income taxes recoverable			37,854						55,498
Other assets			768,928						642,696
Total assets			$	79,918,302					$	73,183,599
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	60,901,641					$	58,781,836
Market risk benefits			3,146,554						2,455,492
Other policy funds and contract claims			188,856						512,790
Notes and loan payable			785,443						792,073
Subordinated debentures			79,107						78,753
Funds withheld for reinsurance liabilities			8,596,373						6,577,426
Other liabilities			3,172,554						1,614,479
Total liabilities			76,870,528						70,812,849
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						12
Common stock			79,338						84,810
Additional paid-in capital			1,071,103						1,325,316
Accumulated other comprehensive loss			(2,979,657)						(3,746,230)
Retained earnings			4,852,448						4,685,593
Total stockholders' equity attributable to American Equity Investment Life Holding Company			3,023,260						2,349,517
Noncontrolling interests			24,514						21,233
Total stockholders' equity			3,047,774						2,370,750
Total liabilities and stockholders' equity			$	79,918,302					$	73,183,599

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   December 31,												Year Ended   December 31,
			2023						2022						2023						2022
Revenues:
Premiums and other considerations			$	2,657					$	2,991					$	11,967					$	19,739
Annuity product charges			96,947						61,666						315,496						230,354
Net investment income			582,176						537,995						2,272,798						2,307,463
Change in fair value of derivatives			353,443						22,243						259,046						(1,138,128)
Net realized gains (losses) on investments			(2,065)						14,411						(99,203)						(47,848)
Other revenue			21,973						13,032						75,866						42,245
Total revenues			1,055,131						652,338						2,835,970						1,413,825
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			3,161						5,948						17,687						33,220
Interest sensitive and index product benefits			193,439						57,626						567,423						554,871
Market risk benefits (gains) losses			241,998						33,490						(14,546)						3,684
Amortization of deferred sales inducements			50,346						45,966						192,252						181,970
Change in fair value of embedded derivatives			977,178						342,409						1,143,576						(2,352,598)
Interest expense on notes and loan payable			11,642						10,228						45,890						32,098
Interest expense on subordinated debentures			1,341						1,335						5,355						5,331
Amortization of deferred policy acquisition costs			72,428						66,831						279,700						284,011
Other operating costs and expenses			75,250						62,389						301,581						239,526
Total benefits and expenses			1,626,783						626,222						2,538,918						(1,017,887)
Income (loss) before income taxes			(571,652)						26,116						297,052						2,431,712
Income tax expense (benefit)			(108,202)						(6,817)						85,133						511,135
Net income (loss)			(463,450)						32,933						211,919						1,920,577
Less: Net income available to noncontrolling interests			1,545						361						1,389						358
Net income (loss) available to American Equity Investment Life Holding Company stockholders			(464,995)						32,572						210,530						1,920,219
Less: Preferred stock dividends			10,919						10,919						43,675						43,675
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(475,914)					$	21,653					$	166,855					$	1,876,544
Earnings (loss) per common share			$	(6.04)					$	0.25					$	2.10					$	20.72
Earnings (loss) per common share - assuming dilution			$	(6.04)					$	0.25					$	2.06					$	20.50
Weighted average common shares outstanding (in thousands):
Earnings (loss) per common share			78,754						85,274						79,476						90,558
Earnings (loss) per common share - assuming dilution			78,754						86,402						80,952						91,538

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
Revenues:
Traditional life insurance premiums			$	2,041					$	1,842					$	629					$	698					$	626
Life contingent immediate annuity considerations			616						815						1,887						3,439						2,365
Surrender charges			57,876						45,550						33,777						26,542						22,030
Lifetime income benefit rider fees			39,071						38,766						37,865						36,049						39,636
Net investment income			582,176						586,614						542,685						561,323						537,995
Change in fair value of derivatives			353,443						(383,026)						242,739						45,890						22,243
Net realized gains (losses) on investments			(2,065)						(44,672)						(24,679)						(27,787)						14,411
Other revenue (a)			21,973						20,763						16,736						16,394						13,032
Total revenues			1,055,131						266,652						851,639						662,548						652,338
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits (b)			(118)						3,623						940						1,206						944
Life contingent immediate annuity benefits and change in future policy benefits (c)			3,279						(1,430)						4,185						6,002						5,004
Interest sensitive and index product benefits			193,439						193,686						122,387						57,911						57,626
Market risk benefits (gains) losses (d)			241,998						(296,114)						(144,124)						183,694						33,490
Amortization of deferred sales inducements			50,346						48,354						46,951						46,601						45,966
Change in fair value of embedded derivatives (e)			977,178						(451,806)						213,764						404,440						342,409
Interest expense on notes payable			11,642						12,003						11,227						11,018						10,228
Interest expense on subordinated debentures			1,341						1,340						1,338						1,336						1,335
Amortization of deferred policy acquisition costs			72,428						70,561						68,476						68,235						66,831
Other operating costs and expenses			75,250						76,630						75,697						74,004						62,389
Total benefits and expenses			1,626,783						(343,153)						400,841						854,447						626,222
Income (loss) before income taxes			(571,652)						609,805						450,798						(191,899)						26,116
Income tax expense (benefit)			(108,202)						133,691						95,652						(36,008)						(6,817)
Net income (loss) (b)(c)(d)(e)			(463,450)						476,114						355,146						(155,891)						32,933
Less: Net income (loss) available to noncontrolling interests			1,545						(42)						(217)						103						361
Net income (loss) available to American Equity Investment Life Holding Company stockholders (b)(c)(d)(e)			(464,995)						476,156						355,363						(155,994)						32,572
Less: Preferred stock dividends			10,919						10,918						10,919						10,919						10,919
Net income (loss) available to American Equity Investment Life Holding Company common stockholders (b)(c)(d)(e)			$	(475,914)					$	465,238					$	344,444					$	(166,913)					$	21,653
Earnings (loss) per common share			$	(6.04)					$	5.96					$	4.43					$	(2.00)					$	0.25
Earnings (loss) per common share - assuming dilution (b)(c)(d)(e)			$	(6.04)					$	5.82					$	4.36					$	(2.00)					$	0.25
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			78,754						78,034						77,767						83,417						85,274
Earnings (loss) per common share - assuming dilution			78,754						79,952						78,928						83,417						86,402

(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.

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands, except per share data)

(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.

(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.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 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   December 31,												Year Ended   December 31,
			2023						2022						2023						2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(475,914)					$	21,653					$	166,855					$	1,876,544
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized gains (losses) on financial assets, including credit losses			(2,277)						(19,460)						91,615						48,264
Change in fair value of derivatives and embedded derivatives			583,961						169,767						549,600						(1,549,205)
Capital markets impact on the change in fair value of market risk benefits			216,214						2,309						(122,094)						(393,617)
Net investment income			(1,509)						1,476						(1,137)						1,476
Other revenue			5,969						5,969						23,876						5,969
Expenses incurred related to acquisition			3,750						—						13,464						—
Income taxes			(170,603)						(39,998)						(115,116)						401,838
Non-GAAP operating income available to common stockholders			$	159,591					$	141,716					$	607,063					$	391,269
Impact of excluding notable items (a)			$	13,255					$	—					$	10,755					$	181,890
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(6.04)					$	0.25					$	2.06					$	20.50
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Anti-dilutive impact for losses (b)			0.11						—						—						—
Net realized gains (losses) on financial assets, including credit losses			(0.03)						(0.23)						1.13						0.53
Change in fair value of derivatives and embedded derivatives			7.28						1.96						6.79						(16.92)
Capital markets impact on the change in fair value of market risk benefits			2.70						0.03						(1.51)						(4.30)
Net investment income			(0.02)						0.02						(0.01)						—
Other revenue			0.07						0.07						0.29						0.01
Expenses incurred related to acquisition			0.05						—						0.17						0.06
Income taxes			(2.13)						(0.46)						(1.42)						4.39
Non-GAAP operating income available to common stockholders			$	1.99					$	1.64					$	7.50					$	4.27
Impact of excluding notable items (a)			$	0.17					$	—					$	0.13					$	1.99

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands, except per share data)

			Three Months Ended   December 31,												Year Ended   December 31,
			2023						2022						2023						2022
Notable items impacting non-GAAP operating income available to common stockholders:
Expense associated with strategic incentive award			$	13,255					$	—					$	38,323					$	—
Impact of actuarial assumption updates			—						—						(27,568)						181,890
Total notable items (a)			$	13,255					$	—					$	10,755					$	181,890

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

For the three months ended December 31, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would increase $13.3 million and $0.0 million, respectively, if we were to exclude the impact of notable items.

For the year ended December 31, 2023 and 2022, non-GAAP operating income (loss) available to common stockholders would increase $10.8 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.

NON-GAAP FINANCIAL MEASURES

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

			Three Months Ended   December 31,												Year Ended   December 31,
			2023						2022						2023						2022
Net realized gains (losses) on financial assets, including credit losses:
Net realized gains (losses) on financial assets, including credit losses			$	(2,277)					$	(19,460)					$	91,615					$	48,264
Income taxes			490						4,183						(19,697)						(10,377)
			$	(1,787)					$	(15,277)					$	71,918					$	37,887
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	314,777					$	89,662					$	373,608					$	(1,129,326)
Reinsurance contracts			269,184						78,594						185,088						(439,502)
Interest rate swaps			—						1,511						(9,096)						19,623
Income taxes			(122,841)						(42,083)						(113,885)						329,188
			$	461,120					$	127,684					$	435,715					$	(1,220,017)
Capital market impact on the fair value of market risk benefits:
Capital markets impact on the change in fair value of market risk benefits			$	194,164					$	(16,236)					$	(207,682)					$	(449,887)
Amortization of capital markets impact on the fair value of market risk benefits			22,050						18,545						85,588						56,270
Income taxes			(46,486)						(498)						26,250						84,627
			$	169,728					$	1,811					$	(95,844)					$	(308,990)
Net investment income:
Income associated with assets transferred under reinsurance treaty			$	(1,509)					$	1,476					$	(1,137)					$	1,476
Income taxes			324						(317)						244						(317)
			$	(1,185)					$	1,159					$	(893)					$	1,159
Other revenue:
Amortization of deferred fees associated with reinsurance treaties			$	5,969					$	5,969					$	23,876					$	5,969
Income taxes			(1,283)						(1,283)						(5,133)						(1,283)
			$	4,686					$	4,686					$	18,743					$	4,686
Other operating costs and expenses:
Expenses incurred related to acquisition			$	3,750					$	—					$	13,464					$	—
Income taxes			(807)						—						(2,895)						—
			$	2,943					$	—					$	10,569					$	—

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 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 Available to Common Stockholders

			Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(475,914)					$	465,238					$	344,444					$	(166,913)					$	21,653
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Net realized (gains) losses on financial assets, including credit losses			(2,277)						46,771						22,737						24,384						(19,460)
Change in fair value of derivatives and embedded derivatives			583,961						(115,747)						(124,816)						206,202						169,767
Capital markets impact on the change in fair value of market risk benefits			216,214						(290,558)						(184,700)						136,950						2,309
Net investment income			(1,509)						(1,746)						4,609						(2,491)						1,476
Other revenue			5,969						5,969						5,969						5,969						5,969
Expenses incurred related to acquisition			3,750						9,714						—						—						—
Income taxes			(170,603)						75,879						59,373						(79,765)						(39,998)
Non-GAAP operating income available to common stockholders (c)(d)(e)			$	159,591					$	195,520					$	127,616					$	124,336					$	141,716
Impact of excluding notable items (a)			$	13,255					$	(20,958)					$	8,892					$	9,566					$	—
Per common share - assuming dilution:
Net income (loss) available to American Equity Investment Life Holding Company common stockholders			$	(6.04)					$	5.82					$	4.36					$	(2.00)					$	0.25
Adjustments to arrive at non-GAAP operating income available to common stockholders:
Anti-dilutive impact for losses (b)			0.11						—						—						0.03						—
Net realized (gains) losses on financial assets, including credit losses			(0.03)						0.58						0.29						0.29						(0.23)
Change in fair value of derivatives and embedded derivatives			7.28						(1.44)						(1.58)						2.43						1.96
Capital markets impact on the change in fair value of market risk benefits			2.70						(3.63)						(2.34)						1.62						0.03
Net investment income			(0.02)						(0.02)						0.06						(0.03)						0.02
Other revenue			0.07						0.07						0.08						0.07						0.07
Expenses incurred related to acquisition			0.05						0.12						—						—						—
Income taxes			(2.13)						0.95						0.75						(0.94)						(0.46)
Non-GAAP operating income available to common stockholders (c)(d)(e)			$	1.99					$	2.45					$	1.62					$	1.47					$	1.64
Impact of excluding notable items (a)			$	0.17					$	(0.26)					$	0.11					$	0.11					$	—

Notable Items

			Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
Notable items impacting non-GAAP operating income available to common stockholders:
Expense associated with strategic incentive award			$	13,255					$	6,610					$	8,892					$	9,566					$	—
Impact of actuarial assumption updates			—						(27,568)						—						—						—
Total notable items (a)			$	13,255					$	(20,958)					$	8,892					$	9,566					$	—

(a)Notable items reflect the after-tax increase (decrease) to non-GAAP operating income available to common stockholders for certain matters where more detail may help investors better understand, evaluate, and forecast results. For the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, non-GAAP operating income available to common stockholders would increase $13.3 million, decrease $21.0 million, increase $8.9 million and $9.6 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 - December 31, 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.

(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.

(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.

NON-GAAP FINANCIAL MEASURES

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

			Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
Net realized (gains) losses on investments			$	2,065					$	44,672					$	24,679					$	27,787					$	(14,411)
Net investment income			(1,509)						(1,746)						4,609						(2,491)						1,476
Other revenue			5,969						5,969						5,969						5,969						5,969
Change in fair value of derivatives			(393,217)						336,059						(338,579)						(198,239)						(172,643)
Increase (decrease) in total revenues			(386,692)						384,954						(303,322)						(166,974)						(179,609)
Change in fair value of embedded derivatives			(977,178)						451,806						(213,764)						(404,440)						(342,409)
Market risk benefits (gains) losses			(216,214)						290,558						184,700						(136,950)						(2,309)
Interest sensitive and index product benefits (a)			4,342						(2,099)						1,943						3,402						5,048
Other operating costs and expenses			(3,750)						(9,714)						—						—						—
Increase (decrease) in total benefits and expenses			(1,192,800)						730,551						(27,121)						(537,988)						(339,670)
Increase (decrease) in income (loss) before income taxes			806,108						(345,597)						(276,201)						371,014						160,061
Increase (decrease) in income tax expense benefit			170,603						(75,879)						(59,373)						79,765						39,998
Increase (decrease) in net income (loss) available to common stockholders			$	635,505					$	(269,718)					$	(216,828)					$	291,249					$	120,063

(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits. The change in this allowance is reflected in the net realized (gains) losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.

Page 8

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

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

Capitalization/Book Value per Common Share

			Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
Capitalization:
Notes and loan payable			$	800,000					$	800,000					$	800,000					$	800,000					$	800,000
Subordinated debentures payable to subsidiary trusts			79,107						79,017						78,927						78,839						78,753
Total debt			879,107						879,017						878,927						878,839						878,753
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			3,023,260						2,053,576						2,571,915						2,605,485						2,349,517
Total capitalization			3,902,367						2,932,593						3,450,842						3,484,324						3,228,270
Accumulated other comprehensive loss (AOCI)			2,979,657						4,425,695						3,425,248						3,036,429						3,746,230
Total capitalization excluding AOCI (a)			$	6,882,024					$	7,358,288					$	6,876,090					$	6,520,753					$	6,974,500
Total stockholders’ equity attributable to American Equity Investment Life Holding Company			$	3,023,260					$	2,053,576					$	2,571,915					$	2,605,485					$	2,349,517
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(700,000)						(700,000)						(700,000)
Total common stockholders' equity (c)			2,323,260						1,353,576						1,871,915						1,905,485						1,649,517
Accumulated other comprehensive loss			2,979,657						4,425,695						3,425,248						3,036,429						3,746,230
Total common stockholders’ equity excluding AOCI (c)			5,302,917						5,779,271						5,297,163						4,941,914						5,395,747
Net impact of fair value accounting for derivatives and embedded derivatives			(1,240,397)						(1,689,153)						(1,587,599)						(1,490,297)						(1,652,169)
Net capital markets impact on the fair value of market risk benefits			(698,808)						(866,530)						(638,442)						(493,452)						(600,958)
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	3,363,712					$	3,223,588					$	3,071,122					$	2,958,165					$	3,142,620
Common shares outstanding			79,337,818						78,974,095						78,047,941						77,753,194						84,810,255
Book Value per Common Share: (d)
Book value per common share			$	29.28					$	17.14					$	23.98					$	24.51					$	19.45
Book value per common share excluding AOCI (c)			$	66.84					$	73.18					$	67.87					$	63.56					$	63.62
Book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities (c)			$	42.40					$	40.82					$	39.35					$	38.05					$	37.05
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			11.6		%				10.9		%				11.6		%				12.3		%				11.5		%
Total debt / Total capitalization			12.8		%				11.9		%				12.8		%				13.5		%				12.6		%

(a)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.

(b)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.

(c)Total common stockholders' equity, total common stockholders' equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities, non-GAAP financial measures, exclude equity available to preferred stockholders. Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities. Since the net impact of fair value accounting for our fixed index annuity business is not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.

(d)Book value per common share including and excluding AOCI and book value per common share excluding AOCI and the net impact of fair value accounting for fixed index annuities are calculated as total common stockholders’ equity, total common stockholders’ equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for fixed index annuities divided by the total number of shares of common stock outstanding.

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

Page 9

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands)

Spread Results

Year Ended   December 31,
2023						2022						Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
4.55%						4.34%			Average yield on invested assets			4.65%						4.69%						4.42%						4.48%						4.30%
1.90%						1.71%			Aggregate cost of money			2.01%						1.96%						1.85%						1.81%						1.76%
2.65%						2.63%			Aggregate investment spread			2.64%						2.73%						2.57%						2.67%						2.54%
									Impact of:
0.01%						0.03%			Investment yield - additional prepayment income			0.01%						—%						0.01%						—%						0.01%
0.04%						0.01%			Cost of money effect of over hedging			0.07%						0.05%						0.03%						—%						—%
$	49,485,288					$	53,225,871		Weighted average investments			$	49,682,210					$	49,528,255					$	49,125,197					$	49,304,219					$	50,040,228
49,705,986						49,811,623			Ending investments			49,705,986						49,658,435						49,398,076						48,852,319						49,811,623

Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.

Investment Yields

Year Ended   December 31,
2023						2022						Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
									Investment income:
$	2,150,881					$	2,108,088		Fixed income (a)			$	544,245					$	539,584					$	533,930					$	533,122					$	511,077
102,472						200,349			Mark-to-market private asset income (a)			32,910						40,900						9,035						19,627						26,816
$	2,253,353					$	2,308,437		Total non-GAAP investment income (b)			$	577,155					$	580,484					$	542,965					$	552,749					$	537,893
									Investment yield:
4.59%						4.08%			Fixed income investment yield			4.65%						4.61%						4.57%						4.52%						4.26%
3.97%						12.95%			Mark-to-market private asset yield			4.52%						6.12%						1.48%						3.61%						5.29%
4.55%						4.34%			Total investment yield			4.65%						4.69%						4.42%						4.48%						4.30%
									Weighted average investments:
$	46,901,060					$	51,678,469		Fixed income investments			$	46,766,942					$	46,853,771					$	46,684,803					$	47,129,120					$	48,012,311
2,584,228						1,547,402			Mark-to-market private assets			2,915,268						2,674,484						2,440,394						2,175,099						2,027,917
$	49,485,288					$	53,225,871		Total weighted average investments			$	49,682,210					$	49,528,255					$	49,125,197					$	49,304,219					$	50,040,228

(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 (Loss) to Non-GAAP Operating Income on page 5. The net impact of these adjustments were $3,512 thousand in Q4 2023, $4,384 thousand in Q3 2023, $4,329 thousand in Q2 2023, $6,083 thousand in Q1 2023, and $1,578 thousand in Q4 2022, respectively.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands, except per share data)

Summary of Cost of Money for Deferred Annuities

Year Ended   December 31,
2023						2022						Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
									Included in interest sensitive and index product benefits:
$	326,471					$	305,292		Index credits			$	136,537					$	120,894					$	65,507					$	3,533					$	3,861
236,403						240,889			Interest credited			61,306						61,546						57,235						56,316						56,402
									Included in change in fair value of derivatives:
(344,876)						(312,133)			Proceeds received at option expiration			(145,076)						(126,750)						(69,449)						(3,601)						(4,061)
682,918						647,132			Pro rata amortization of option cost			186,052						175,603						163,992						157,271						154,463
$	900,916					$	881,180		Cost of money for deferred annuities			$	238,819					$	231,293					$	217,285					$	213,519					$	210,665
$	47,330,279					$	51,558,865		Weighted average liability balance outstanding			$	47,487,836					$	47,280,339					$	47,086,271					$	47,266,672					$	47,802,219

Annuity Account Balance Rollforward

Year Ended   December 31,
2023						2022						Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
$	47,504,615					$	53,191,277		Account balances at beginning of period			$	47,419,417					$	47,143,582					$	47,031,605					$	47,504,615					$	51,913,689
—						(4,068,761)			Reserves ceded - in-force			—						—						—						—						(3,810,982)
47,504,615						49,122,516			Account balance at beginning of period, net of reinsurance ceded			47,419,417						47,143,582						47,031,605						47,504,615						48,102,707
5,223,294						2,347,315			Net deposits			1,949,552						1,366,125						1,174,953						732,664						613,084
513,793						107,691			Premium bonuses			160,506						171,164						136,856						45,267						33,617
562,874						546,181			Fixed interest credited and index credits			197,843						182,440						122,742						59,849						60,263
(163,745)						(72,699)			Surrender charges			(57,876)						(45,550)						(33,777)						(26,542)						(22,030)
(151,751)						(157,655)			Lifetime income benefit rider fees			(39,071)						(38,766)						(37,865)						(36,049)						(39,636)
(5,930,590)						(4,388,734)			Surrenders, withdrawals, deaths, etc.			(2,071,881)						(1,359,578)						(1,250,932)						(1,248,199)						(1,243,390)
$	47,558,490					$	47,504,615		Account balances at end of period			$	47,558,490					$	47,419,417					$	47,143,582					$	47,031,605					$	47,504,615

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands, except per share data)

MRB Liability

Year Ended   December 31,
2023						2022						Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
$	1,521,954					$	2,362,947		MRB balance at beginning of period			$	1,468,271					$	1,587,694					$	1,632,918					$	1,521,954					$	1,762,629
—						(326,524)			Reserves ceded - in-force			—						—						—						—						(331,020)
8,572						7,429			Issuances			10,774						(3,052)						(2,071)						2,921						1,230
124,374						66,198			Interest accrual			29,086						32,355						33,374						29,559						23,910
117,185						117,486			Attributed fees collected			31,387						29,354						28,247						28,197						29,585
—						—			Benefits payments			—						—						—						—						—
(185,333)						(449,887)			Effect of changes in interest rates and equity markets			183,192						(284,238)						(202,709)						118,422						(16,236)
(82,111)						263,830			Effect of changes in assumptions and policyholder behavior			(12,463)						(70,544)						(974)						1,870						(5,023)
330,251						(519,525)			Effect of changes in instrument specific credit risk			124,645						176,702						98,909						(70,005)						56,879
1,834,892						1,521,954			MRB balance at end of period, net (a)			1,834,892						1,468,271						1,587,694						1,632,918						1,521,954
887,646						765,552			MRB net deferred capital markets impact, end of period			887,646						1,103,860						813,302						628,602						765,552
$	2,722,538					$	2,287,506		Non-GAAP MRB balance, end of period (b)			$	2,722,538					$	2,572,131					$	2,400,996					$	2,261,520					$	2,287,506

(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

Year Ended   December 31,
2023						2022						Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
$	9,642,336					$	4,660,690		Account value of business ceded subject to fee income at beginning of period			$	11,592,667					$	10,863,738					$	10,155,767					$	9,642,336					$	5,612,098
—						4,068,761			In-force account value ceded subject to fee income			—						—						—						—						3,810,982
2,369,765						1,045,600			Premiums on business ceded subject to fee income			44,171						870,021						821,413						634,160						351,971
(523,974)						(132,715)			Disbursements on business ceded subject to fee income			(148,711)						(141,092)						(113,442)						(120,729)						(132,715)
$	11,488,127					$	9,642,336		Account value of business ceded subject to fee income at end of period			$	11,488,127					$	11,592,667					$	10,863,738					$	10,155,767					$	9,642,336
$	99,742					$	48,214		Non-GAAP operating revenue associated with recurring fees (a)			$	27,942					$	26,732					$	22,705					$	22,363					$	19,001

(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 and page 8 for the summary of adjustments to arrive at Non-GAAP Operating Income.

Page 12

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Year Ended   December 31,
2023						2022						Q4 2023						Q3 2023						Q2 2023						Q1 2023						Q4 2022
									American Equity Life:
$	5,470,434					$	2,692,141		Fixed index annuities			$	1,547,595					$	1,715,362					$	1,471,638					$	735,839					$	637,021
2,053						5,329			Annual reset fixed rate annuities			276						250						834						693						1,856
216,172						56,511			Multi-year fixed rate annuities			9,979						13,127						37,032						156,034						49,216
1,224						18,935			Single premium immediate annuities			309						210						278						427						494
5,689,883						2,772,916						1,558,159						1,728,949						1,509,782						892,993						688,587
									Eagle Life:
1,563,992						479,279			Fixed index annuities			430,689						498,431						406,273						228,599						145,772
3,039						380			Annual reset fixed rate annuities			—						—						1,770						1,269						230
349,616						82,581			Multi-year fixed rate annuities			7,839						10,616						82,932						248,229						65,434
1,916,647						562,240						438,528						509,047						490,975						478,097						211,436
									Consolidated:
7,034,426						3,171,420			Fixed index annuities			1,978,284						2,213,793						1,877,911						964,438						782,793
5,092						5,709			Annual reset fixed rate annuities			276						250						2,604						1,962						2,086
565,788						139,092			Multi-year fixed rate annuities			17,818						23,743						119,964						404,263						114,650
1,224						18,935			Single premium immediate annuities			309						210						278						427						494
7,606,530						3,335,156			Total before coinsurance ceded			1,996,687						2,237,996						2,000,757						1,371,090						900,023
2,382,012						968,906			Coinsurance ceded			46,826						871,661						825,526						637,999						286,445
$	5,224,518					$	2,366,250		Net after coinsurance ceded			$	1,949,861					$	1,366,335					$	1,175,231					$	733,091					$	613,578

Surrender Charge Protection and Account Values by Product Type

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

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.0						4.9						8.2%						$	42,708,093					89.8		%
Annual Reset Fixed Rate Annuities						7.2						1.4						3.0%						1,119,156						2.4		%
Multi-Year Fixed Rate Annuities						4.1						1.2						6.1%						3,731,241						7.8		%
Total						11.2						4.6						7.9%						$	47,558,490					100.0		%

Page 13

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	1,201,886					$	5,291,934
0.0% < 2.0%			74,758						2,821,053
2.0% < 3.0%			13,799						2,747,252
3.0% < 4.0%			7,551						823,508
4.0% < 5.0%			6,799						2,787,498
5.0% < 6.0%			55,957						1,807,736
6.0% < 7.0%			370,963						2,240,692
7.0% < 8.0%			2,470,779						1,840,104
8.0% < 9.0%			331,773						4,252,724
9.0% < 10.0%			154,684						3,135,064
10.0% or greater			161,448						14,960,528
			$	4,850,397					$	42,708,093

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	6,493,820					0.00		%
2024			3,569,836						4.42		%
2025			4,672,248						3.17		%
2026			4,340,338						5.01		%
2027			3,690,236						6.04		%
2028			3,811,466						7.59		%
2029			3,765,240						9.03		%
2030			3,956,253						10.46		%
2031			3,531,481						12.80		%
2032			3,278,755						13.57		%
2033			5,072,207						16.08		%
2034			629,134						17.39		%
2035			324,974						18.08		%
2036			187,883						18.50		%
2037			118,697						19.00		%
2038			99,474						19.50		%
2039			16,448						20.00		%
			$	47,558,490					7.88		%

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of December 31, 2023 for the $11.8 billion of account value of fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.25%.

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 $35.8 billion of account value allocated to index strategies, the cost of options would decrease by 1.55% based upon prices of options for the week ended December 31, 2023.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands)

Summary of Invested Assets

			December 31, 2023												December 31, 2022
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
U.S. Government and agencies			$	171,141					0.4		%				$	169,071					0.4		%
States, municipalities and territories			3,075,024						7.7		%				3,822,943						8.5		%
Foreign corporate securities and foreign governments			408,936						1.0		%				616,938						1.4		%
Corporate securities			16,076,506						40.0		%				20,201,774						44.8		%
Residential mortgage backed securities			1,208,317						3.0		%				1,366,927						3.0		%
Commercial mortgage backed securities			2,624,123						6.5		%				3,447,075						7.6		%
Other asset backed securities			5,202,395						12.9		%				5,155,254						11.4		%
Total fixed maturity securities			28,766,442						71.5		%				34,779,982						77.1		%
Mortgage loans on real estate			7,231,667						18.0		%				6,778,977						15.0		%
Real estate investments			1,334,247						3.3		%				1,056,063						2.3		%
Limited partnerships and limited liability companies			1,089,591						2.7		%				1,266,779						2.8		%
Derivative instruments			1,207,288						3.0		%				431,727						1.0		%
Other investments			590,271						1.5		%				829,900						1.8		%
Total investments, net of modified coinsurance investments			40,219,506						100.0		%				45,143,428						100.0		%
Coinsurance investments (a)			8,007,518												6,181,870
Total investments			$	48,227,024											$	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 - December 31, 2023

NAIC Designation (b)			Amortized Cost						Carrying Amount						Percent						Rating Agency Rating (b)			Amortized Cost						Carrying Amount						Percent
1			$	19,330,614					$	17,116,519					60.1		%				Aaa/Aa/A			$	19,237,683					$	17,030,736					59.8		%
2			11,895,433						10,680,088						37.5		%				Baa			12,036,591						10,801,336						37.9		%
3			517,425						476,419						1.7		%				Ba			539,417						489,286						1.7		%
4			168,694						147,692						0.5		%				B			144,657						128,150						0.4		%
5			88,581						68,538						0.2		%				Caa			21,295						18,497						0.1		%
6			9,400						10,132						—		%				Ca and lower			30,504						31,383						0.1		%
			32,010,147						28,499,388						100.0		%							32,010,147						28,499,388						100.0		%
Coinsurance investments (a)			6,277,105						6,014,040												Coinsurance investments (a)			6,277,105						6,014,040
			$	38,287,252					$	34,513,428														$	38,287,252					$	34,513,428

(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 $250,210 and carrying amount of $267,054 as of December 31, 2023.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands)

Watch List Securities - December 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						$	22,715					$	—					$	22,715					$	(5,491)					$	17,224
Corporate securities - Public securities						31,502						—						31,502						(768)						30,734
Corporate securities - Private placement securities						5,180						(3,412)						1,768						(58)						1,710
Residential mortgage backed securities						55,054						—						55,054						(8,050)						47,004
Commercial mortgage backed securities						139,961						—						139,961						(27,340)						112,621
Other asset backed securities						1,524						—						1,524						131						1,655
Collateralized loan obligations						159,600						(618)						158,982						(19,980)						139,002
						$	415,536					$	(4,030)					$	411,506					$	(61,556)					$	349,950

(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 - December 31, 2023

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			December 31, 2023												December 31, 2022
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
U.S. Government and agencies			$	172,683					$	171,141					$	173,638					$	169,071
States, municipalities and territories			3,615,861						3,075,024						4,356,191						3,822,943
Foreign corporate securities and foreign governments			471,188						408,936						680,263						616,938
Corporate securities:
Capital goods			1,180,367						1,036,451						1,601,113						1,395,595
Consumer discretionary			3,613,225						3,121,655						5,086,479						4,320,219
Energy			881,404						811,482						1,219,370						1,111,891
Financials			5,795,094						5,198,811						6,467,052						5,634,229
Government non-guaranteed			167,059						145,579						202,740						179,440
Industrials			16,966						16,206						166,061						138,999
Information technology			963,228						835,461						1,344,461						1,160,067
Materials			834,268						722,468						1,169,188						1,021,288
Telecommunications			1,047,936						882,396						1,306,495						1,090,868
Transportation			899,832						803,538						1,100,681						975,393
Utilities			2,838,788						2,437,216						3,620,946						3,115,520
Other			66,440						65,243						58,184						58,265
Residential mortgage backed securities:
Government agency			732,557						689,920						806,999						754,349
Prime			352,524						299,353						387,838						334,613
Alt-A			52,923						52,493						54,910						58,091
Non-qualified mortgage			156,648						148,516						169,847						157,960
Other			17,759						18,035						62,235						61,914
Commercial mortgage backed securities:
Government agency			144,372						134,737						170,307						157,903
Non-agency			2,892,601						2,489,386						3,668,300						3,289,172
Other asset backed securities:
Auto			239,142						237,596						44,450						41,896
Consumer discretionary			544,455						520,327						122,068						118,843
Financials			307,150						285,018						283,238						252,493
Collateralized loan obligations			3,503,091						3,410,445						4,071,929						3,775,347
Other			752,796						749,009						1,005,440						966,675
			32,260,357						28,766,442						39,400,423						34,779,982
Coinsurance investments (a)			6,277,105						6,014,040						5,465,596						5,024,635
			$	38,537,462					$	34,780,482					$	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 - December 31, 2023

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			December 31, 2023												December 31, 2022
			Principal						Percent						Principal						Percent
Property type distribution
Commercial mortgage loans:
Office			$	239,086					3.3		%				$	277,767					4.1		%
Retail			784,047						10.9		%				878,352						13.0		%
Industrial/Warehouse			895,966						12.4		%				853,215						12.6		%
Apartment			965,474						13.4		%				893,910						13.2		%
Hotel			280,733						3.9		%				285,271						4.2		%
Mixed Use/Other			76,039						1.0		%				200,756						3.0		%
Agricultural mortgage loans			581,287						8.1		%				567,630						8.4		%
Residential mortgage loans			3,384,737						47.0		%				2,807,652						41.5		%
			7,207,369						100.0		%				6,764,553						100.0		%
Coinsurance investments (a)			308,859												171,633
			$	7,516,228											$	6,936,186

			Commercial												Agricultural
			Amortized Cost						Average LTV						Amortized Cost						Average LTV
As of December 31, 2023:
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	2,256,505					50%						$	259,384					50%
Greater than or equal to 1.2 and less than 1.5			388,135						58%						186,598						51%
Greater than or equal to 1.0 and less than 1.2			456,845						47%						17,216						53%
Less than 1.0			136,172						53%						116,435						45%
			3,237,657						51%						579,633						49%
Coinsurance investments (a)			307,342						51%						—						—%
			$	3,544,999					51%						$	579,633					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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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - December 31, 2023

Unaudited (Dollars in thousands)

			December 31, 2023
			Commercial						Agricultural						Residential						Total
Credit exposure - by payment activity
Performing			$	3,241,345					$	568,691					$	3,287,763					$	7,097,799
In workout			—						—						—						—
Delinquent			—						12,596						96,974						109,570
Principal outstanding			3,241,345						581,287						3,384,737						7,207,369
Unamortized discounts and premiums, net			(902)						—						65,802						64,900
Deferred fees and costs, net			(2,786)						(1,654)						558						(3,882)
Amortized cost			3,237,657						579,633						3,451,097						7,268,387
Valuation allowance			(16,487)						(2,590)						(17,643)						(36,720)
Carrying value			3,221,170						577,043						3,433,454						7,231,667
Coinsurance investments (a)			305,927						—						—						305,927
			$	3,527,097					$	577,043					$	3,433,454					$	7,537,594
			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 - December 31, 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
Fourth Quarter			$56.09						$52.70						$55.80						$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 - December 31, 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 21