Financial Performance - Total revenues for the three months ended September 30, 2021, were $542.6 million, a decrease from $798.7 million in the same period of 2020, representing a decline of approximately 32.2%[14] - Net income for the three months ended September 30, 2021, was $152.9 million, compared to $667.2 million for the same period in 2020, reflecting a decrease of about 77.2%[14] - Comprehensive income for the three months ended September 30, 2021, was $85.9 million, significantly lower than $1.0 billion in the same period of 2020[18] - Earnings per common share for the three months ended September 30, 2021, were $1.53, down from $7.20 in the same period of 2020, a decline of approximately 78.7%[14] - Net income available to common stockholders for the three months ended September 30, 2021, was $141.9 million, a decrease of 78.6% from $661.3 million in the same period of 2020[164] Investment Income and Losses - Net investment income for the nine months ended September 30, 2021, was $1.5 billion, down from $1.7 billion in the same period of 2020, a decrease of about 8.3%[14] - The company reported a loss on the change in fair value of derivatives of $70.7 million for the three months ended September 30, 2021, compared to a gain of $205.0 million in the same period of 2020[14] - The company reported a net realized loss on investments of $2.8 million for the nine months ended September 30, 2021, compared to a loss of $68.5 million in the same period of 2020[14] - The change in fair value of embedded derivatives negatively impacted net income, with a decrease of $125,752 thousand in Q3 2021 compared to a decrease of $2,341,279 thousand in Q3 2020[202] Assets and Liabilities - Total stockholders' equity as of September 30, 2021, was $6,375,208, up from $5,918,215 as of September 30, 2020, indicating a growth of about 7.7%[22] - The total assets increased to $71,688,579, up from $71,389,674, reflecting an adjustment of $298,905[43] - The fair value of the company's fixed maturity securities, including corporate securities, was $31,021.89 million as of September 30, 2021, with gross unrealized gains of $3,695.00 million[78] - The total unrealized losses on fixed maturity securities were $3.6 billion as of September 30, 2021, reflecting the impact of the COVID-19 pandemic on credit markets[90] Cash Flow and Financing Activities - Net cash provided by operating activities for the nine months ended September 30, 2021, was $637,291, an increase from $355,231 in the same period of 2020, reflecting an increase of approximately 79.3%[24] - Net cash provided by investing activities for the nine months ended September 30, 2021, was $1,401,460, compared to $628,742 in 2020, indicating an increase of approximately 122.3%[24] - Net cash provided by financing activities was $1,550,520, a significant improvement from a net cash used of $(620,733) in the prior year[28] - Cash and cash equivalents at the end of the period reached $12,684,793, up 377% from $2,656,632 at the end of the previous year[28] Insurance and Policy Benefits - The company experienced a significant increase in insurance policy benefits, totaling $18.8 million for the three months ended September 30, 2021, compared to $13.3 million in the same period of 2020, an increase of about 41.5%[14] - The total benefits and expenses for the nine months ended September 30, 2021, were $2.1 billion, compared to $588.9 million in the same period of 2020, indicating a substantial increase[14] - Policy benefit reserves increased to $62,352,882, an adjustment of $584,636 from the previous report[43] Reinsurance and Strategic Initiatives - The company completed a reinsurance transaction with North End Re, which is expected to free up capital for potential shareholder returns and enhance investment income through higher yielding assets[182] - The company is implementing a new strategy called AEL 2.0, focusing on four key pillars: Go-to-Market, Investment Management, Capital Structure, and Foundational Capabilities[179] - The company finalized a reinsurance treaty with North End Re that covers a portion of in-force and new business, expected to drive higher return on equity through a capital-efficient earnings model[187] Market and Sales Performance - Fixed index annuity sales increased significantly, with American Equity Life reporting $727.6 million in sales for Q3 2021, up from $432.6 million in Q3 2020, representing a 68% increase[196] - Total annuity deposits before coinsurance ceded increased by 128% in Q3 2021 compared to Q3 2020, and by 168% for the nine months ended September 30, 2021 compared to the same period in 2020[196] - The company targets total sales of $5 billion to $6 billion in 2021, driven by new product offerings and increased sales of fixed index annuities[196] Credit Quality and Loan Portfolio - The company maintains a rigorous evaluation of credit quality indicators, including loan-to-value (LTV) and debt service coverage (DSC) ratios, to assess the risk in its mortgage loan portfolios[121] - The valuation allowance for commercial mortgage loans decreased to $17.7 million as of September 30, 2021, from $25.5 million on December 31, 2020, reflecting improved credit quality[116] - The commercial mortgage loan portfolio is diversified by geographic region, with the South Atlantic region representing 22.5% of the total portfolio as of September 30, 2021[110]

Part I: Financial Information [Financial Statements](index=4&type=section&id=Item%201%3A%20Financial%20Statements) This section presents the unaudited consolidated financial statements for American Equity Investment Life Holding Company, covering balance sheets, income, and cash flows, with detailed notes on accounting and investments [Consolidated Financial Statements Overview](index=4&type=section&id=Consolidated%20Financial%20Statements%20Overview) For the six months ended June 30, 2021, the company reported a net income of **$228.0 million**, a significant turnaround from a net loss of **$4.5 million** in the prior-year period, with total assets growing to **$73.9 billion** Key Financial Highlights (Six Months Ended June 30) | Metric | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | $2,037,647 | $596,245 | | **Net Income (Loss)** | $227,990 | $(4,482) | | **Net Income (Loss) to Common Stockholders** | $206,152 | $(17,043) | | **EPS - Diluted** | $2.15 | $(0.19) | Balance Sheet Summary | Account | June 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $73,882,299 | $71,688,579 | | **Total Liabilities** | $67,586,564 | $65,339,591 | | **Total Stockholders' Equity** | $6,295,735 | $6,348,988 | Cash Flow Summary (Six Months Ended June 30) | Activity | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $624,244 | $(327,896) | | **Net Cash from Investing Activities** | $450,516 | $777,846 | | **Net Cash from Financing Activities** | $1,353,983 | $(334,707) | | **Increase in Cash** | $2,428,743 | $115,243 | [Note 2: Revision of Immaterial Misstatement](index=12&type=section&id=Note%202.%20Revision%20of%20Immaterial%20Misstatement%20in%20Prior%20Year%20Financial%20Statements) The company corrected an immaterial error in its December 31, 2020 financial statements, impacting reserves, deferred costs, and comprehensive income, with no effect on operations or cash flows Impact of Revision on Dec 31, 2020 Balance Sheet (in thousands) | Account | As Reported | Adjustment | As Revised | | :--- | :--- | :--- | :--- | | Deferred policy acquisition costs | $2,045,812 | $179,387 | $2,225,199 | | Deferred sales inducements | $1,328,857 | $119,518 | $1,448,375 | | Policy benefit reserves | $61,768,246 | $584,636 | $62,352,882 | | Accumulated other comprehensive income | $2,429,285 | $(225,728) | $2,203,557 | [Note 4: Investments](index=18&type=section&id=Note%204.%20Investments) As of June 30, 2021, the **$46.7 billion** fixed maturity portfolio was **97% investment grade**, with gross unrealized losses significantly decreasing to **$96.2 million** Fixed Maturity Securities by NAIC Designation (Fair Value, June 30, 2021) | NAIC Designation | Fair Value (in thousands) | Percent of Total | | :--- | :--- | :--- | | 1 (Highest Quality) | $25,937,900 | 55.6% | | 2 (High Quality) | $19,387,062 | 41.6% | | **Total Investment Grade** | **$45,324,962** | **97.2%** | | 3 - 6 (Below Investment Grade) | $1,334,294 | 2.8% | | **Total** | **$46,659,256** | **100.0%** | - Gross unrealized losses on fixed maturity securities (net of allowance for credit losses) decreased from **$250.8 million** at Dec 31, 2020 to **$96.2 million** at June 30, 2021. **82%** of these unrealized losses are on securities rated investment grade[90](index=90&type=chunk)[93](index=93&type=chunk) Rollforward of Allowance for Credit Loss on Fixed Maturity Securities (Six Months Ended June 30, 2021, in thousands) | | Amount | | :--- | :--- | | Beginning Balance (Jan 1, 2021) | $64,771 | | Additions for credit losses | $816 | | Change in allowance on existing securities | $797 | | Reduction for securities sold | $(50,758) | | Recoveries | $(1,436) | | **Ending Balance (June 30, 2021)** | **$14,190** | [Note 5: Mortgage Loans on Real Estate](index=24&type=section&id=Note%205.%20Mortgage%20Loans%20on%20Real%20Estate) The mortgage loan portfolio grew to **$4.3 billion** as of June 30, 2021, maintaining high credit quality with a decreased valuation allowance for credit losses Mortgage Loan Portfolio (Carrying Value) | Loan Type | June 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Commercial | $3,435,972 | $3,553,359 | | Agricultural | $276,265 | $243,043 | | Residential | $587,708 | $369,087 | | **Total** | **$4,299,945** | **$4,165,489** | - As of June 30, 2021, the commercial mortgage loan portfolio had an average Loan-to-Value (LTV) ratio of **59%**. The portfolio is diversified, with the largest property type concentrations in Retail (**32.3%**), Apartment (**27.4%**), and Industrial/Warehouse (**26.3%**)[117](index=117&type=chunk)[130](index=130&type=chunk) - The portfolio's credit performance is strong, with no commercial mortgage loans past due as of June 30, 2021. The residential portfolio had **$8.9 million** in loans over 90 days past due or in non-accrual status[138](index=138&type=chunk) [Note 7: Derivative Instruments](index=30&type=section&id=Note%207.%20Derivative%20Instruments) The company uses derivatives, primarily call options, to hedge fixed index annuity risk, with **$1.46 billion** in derivative assets and **$8.38 billion** in embedded derivative liabilities Derivative Fair Values (in thousands) | Instrument | June 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Assets (Call Options)** | $1,459,754 | $1,310,954 | | **Liabilities (FIA Embedded Derivatives)** | $8,384,764 | $7,938,281 | - The company held **$1.4 billion** in cash and other investments as collateral from derivative counterparties as of June 30, 2021, limiting the maximum economic loss due to credit risk to **$31.5 million**[152](index=152&type=chunk) - The notional amount of call options totaled **$39.1 billion** as of June 30, 2021, spread across multiple high-credit-quality counterparties like Bank of America, Barclays, and Canadian Imperial Bank of Commerce[151](index=151&type=chunk) [Note 10: Stockholders’ Equity and Strategic Transactions](index=33&type=section&id=Note%2010.%20Stockholders%E2%80%99%20Equity%20and%20Strategic%20Transactions) This note details Brookfield's strategic equity investment and the company's **$500 million** share repurchase program, with **9.1 million** shares repurchased as of June 30, 2021 - Brookfield Asset Management acquired a **9.9%** equity interest for **$37.00** per share and has an agreement for a second purchase of up to an additional **10.0%**, pending regulatory approvals[165](index=165&type=chunk) - The Board approved a **$500 million** share repurchase program in October 2020. As of June 30, 2021, the company has repurchased **9.1 million** shares for approximately **$263 million**[166](index=166&type=chunk)[167](index=167&type=chunk) [Management's Discussion and Analysis (MD&A)](index=35&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting the 'AEL 2.0' strategy, increased annuity deposits, narrowed investment spread, and the investment portfolio's credit quality and liquidity [Business Strategy and Profitability (AEL 2.0)](index=36&type=section&id=Business%20Strategy%20and%20Profitability%20%28AEL%202.0%29) The 'AEL 2.0' strategy aims to enhance shareholder value through go-to-market, investment management, capital structure, and foundational capabilities, with strong Q2 2021 progress - The AEL 2.0 strategy aims to shift the business model from a traditional investment spread business to a combination spread and fee-based model using externally sourced risk capital[177](index=177&type=chunk)[180](index=180&type=chunk) - The company plans to increase its allocation to private assets to **30%** or more over a multi-year journey, with **$1-2 billion** in private asset additions planned for 2021[183](index=183&type=chunk) - Key Q2 2021 achievements include reaching a reinsurance agreement with Brookfield, investing over **$800 million** in privately-sourced alpha assets, and revitalizing fixed index annuity sales[184](index=184&type=chunk)[185](index=185&type=chunk) [Results of Operations Analysis](index=38&type=section&id=Results%20of%20Operations%20Analysis) Q2 2021 saw annuity deposits surge **113%** to **$1.18 billion**, while the investment spread narrowed to **1.95%**, and non-GAAP operating income remained stable at **$93.8 million** Annuity Deposits by Quarter (in thousands) | Product Type | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Fixed index annuities | $887,125 | $545,270 | | Multi-year fixed rate annuities | $275,871 | $1,114 | | **Total before coinsurance** | **$1,180,257** | **$558,801** | Investment Spread Comparison | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Average yield on invested assets | 3.51% | 4.12% | | Aggregate cost of money | 1.56% | 1.73% | | **Aggregate investment spread** | **1.95%** | **2.39%** | Non-GAAP Operating Income Reconciliation (Q2, in thousands) | | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Net income (loss) available to common stockholders | $(65,613) | $(253,379) | | Adjustments for fair value accounting, etc. | $159,401 | $346,483 | | **Non-GAAP operating income available to common stockholders** | **$93,788** | **$93,104** | [Financial Condition Analysis](index=46&type=section&id=Financial%20Condition%20Analysis) The **$53.6 billion** investment portfolio, primarily fixed maturity securities and mortgage loans, maintains high credit quality with **97.9%** investment grade fixed maturities and stable mortgage loan performance Investment Portfolio Composition (June 30, 2021) | Asset Class | Carrying Amount (in thousands) | Percent | | :--- | :--- | :--- | | Fixed maturity securities | $46,659,256 | 87.0% | | Mortgage loans on real estate | $4,299,945 | 8.0% | | Real estate | $258,237 | 0.5% | | Derivative instruments | $1,459,965 | 2.7% | | Other investments | $962,305 | 1.8% | | **Total Investments** | **$53,639,708** | **100.0%** | - The fixed maturity portfolio's credit quality is strong, with **97.9%** of securities rated investment grade (Baa/BBB or higher) by NRSROs[231](index=231&type=chunk) - International exposure in the fixed maturity portfolio was **16.1%** of carrying value, or **$7.5 billion**, all denominated in U.S. dollars. The vast majority of these securities are investment grade[255](index=255&type=chunk)[256](index=256&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity, with **$382.1 million** in parent cash, access to a **$150 million** credit line, and a robust **372%** RBC ratio for its main insurance subsidiary - The parent holding company had cash and cash equivalents of **$382.1 million** at June 30, 2021[280](index=280&type=chunk) - American Equity Life can pay up to an additional **$372.9 million** in dividends in 2021 without prior approval from the Iowa Insurance Commissioner[277](index=277&type=chunk) - The company's main insurance subsidiary, American Equity Life, maintained a strong RBC ratio of **372%** at December 31, 2020[279](index=279&type=chunk) [Market Risk Disclosures](index=56&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, managed through asset-liability matching and product design, with a **10%** rate increase potentially decreasing fixed maturity fair value by **$711.9 million** - Interest rate risk is the primary market risk. A **10%** (**21 basis point**) increase in interest rates would decrease the fair value of fixed maturity securities by approximately **$711.9 million**, resulting in a **$311.5 million** decrease in accumulated other comprehensive income[288](index=288&type=chunk) - As of June 30, 2021, approximately **18%** of annuity liabilities were at their minimum guaranteed crediting rates, indicating some but not unlimited flexibility to lower interest costs further[289](index=289&type=chunk) - The company manages the cost of call options for its fixed index annuity business by adjusting caps, participation rates, and asset fees on policy anniversaries, subject to contractual minimums[291](index=291&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[293](index=293&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2021[294](index=294&type=chunk) Part II: Other Information [Legal Proceedings](index=59&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is involved in litigation and regulatory matters, accruing for probable and estimable loss contingencies while continuously monitoring outcomes - The company is involved in litigation and regulatory matters in the normal course of business and accrues for losses when they are probable and estimable[157](index=157&type=chunk)[158](index=158&type=chunk) [Share Repurchases](index=59&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Under its **$500 million** share repurchase program, the company repurchased **3.6 million** shares in H1 2021, with **$237 million** remaining available as of June 30, 2021 Share Repurchase Activity (Q2 2021) | Period | Total Shares Purchased | Average Price Paid ($) | | :--- | :--- | :--- | | April 2021 | 44,559 | $30.92 | | May 2021 | 557,293 | $30.92 | | June 2021 | 2,383,418 | $32.08 | - As of June 30, 2021, approximately **$237 million** remained available for purchase under the **$500 million** share repurchase program[299](index=299&type=chunk)[300](index=300&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number : 001-31911 American Equity Investment Life Holding Company (Exact name of registrant as specified in its char ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number : 001-31911 American Equity Investment Life Holding Company (Exact name of registrant as specified in its charter) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $1 AEL New York Stock Exchange Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A AELPRA New York Stock Exchange Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ FORM 10-Q (Mar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-31911 ______________________________________________ American Equity Investment Life Holding Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $1 AEL New York Stock Exchange Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPO ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $1 AEL New York Stock Exchange Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PU ...