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American Equity Investment Life Holding Co (AEL) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

AEL Annual Reports

American Equity Investment Life Holding

CIK: 1039828 Ticker: AEL

Exhibit 99.1
aeholdinglogo2019.jpg
For more information, contact:
Steven D. Schwartz, Vice President-Investor Relations
(515) 273-3763, sschwartz@american-equity.com
FOR IMMEDIATE RELEASE
February 17, 2022
American Equity Reports Fourth Quarter and Full Year 2021 Results
Company Highlights
Fourth quarter 2021 net income available to common stockholders of $82.2 million, or $0.88 per diluted common share; full year 2021 net income available to common stockholders of $430.3 million, or $4.55 per diluted common share
Non-GAAP operating income1 available to common stockholders for the fourth quarter and full year 2021 was $75.8 million, or $0.81 per diluted common share, and $290.5 million, or $3.07 per diluted common share, respectively; fourth quarter 2021 and full year 2021 non-GAAP operating income available to common stockholders, excluding notable items1, of $97.1 million, or $1.04 per diluted common share, and $368.5 million, or $3.90 per diluted common share, respectively
Accelerated private asset deployment with $2.3 billion sourced in the quarter bringing full year total to $3.4 billion; private assets at approximately 15% of total invested assets at December 31, 2021, as part of plans to ramp to 30-40% asset allocation over time
Formation and licensing of AEL Bermuda Reinsurance Company and transfer of $4 billion of in-force policies supported by approximately $300 million of capital on a Bermuda regulatory basis lays the foundation for future growth in reinsurance side car vehicles to drive "fee-like" return on assets (ROA) earnings
Executed issuance of Tranche 2 shares thereby cementing cornerstone partnership with Brookfield Reinsurance with all necessary approvals; year-end notional value under reinsurance agreements of $4.1 billion generating six to seven years of "fee-like" ROA earnings
Book value per common share of $60.78 at December 31, 2021; non-GAAP book value per common share excluding accumulated other comprehensive income (AOCI)1 of $40.80 at December 31, 2021; excluding both AOCI and net impact of accounting for fair value of derivatives and embedded derivatives, non-GAAP book value per common share1 of $37.83 at December 31, 2021
WEST DES MOINES, Iowa (February 17, 2022) - American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs) today reported on its fourth quarter 2021 results. These results include additional substantial progress on completing the building blocks of the AEL 2.0 strategy as outlined in a presentation published simultaneously with this release.


The following information was filed by American Equity Investment Life Holding Co (AEL) on Thursday, February 17, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside American Equity Investment Life Holding Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (Narrative And Schedule Of Future Minimum Rental Payments For Operating Leases) (Details)
Commitments And Contingencies (Tables)
Deferred Policy Acquisition Costs, Deferred Sales Inducements And Liability For Lifetime Income Benefit Riders
Deferred Policy Acquisition Costs, Deferred Sales Inducements And Liability For Lifetime Income Benefit Riders (Assumption Updates) (Details)
Deferred Policy Acquisition Costs, Deferred Sales Inducements And Liability For Lifetime Income Benefit Riders (Deferred Policy Acquisition Costs) (Details)
Deferred Policy Acquisition Costs, Deferred Sales Inducements And Liability For Lifetime Income Benefit Riders (Deferred Sales Inducements) (Details)
Deferred Policy Acquisition Costs, Deferred Sales Inducements And Liability For Lifetime Income Benefit Riders (Liability For Lifetime Income Benefit Riders) (Details)
Deferred Policy Acquisition Costs, Deferred Sales Inducements And Liability For Lifetime Income Benefit Riders (Tables)
Derivative Instruments
Derivative Instruments (Change In Fair Value Of Derivative Instruments) (Details)
Derivative Instruments (Fair Value Of Derivative Instruments As Presented In The Consolidated Balance Sheets) (Details)
Derivative Instruments (Narrative) (Details)
Derivative Instruments (Schedule Of Call Options By Counterparty) (Details)
Derivative Instruments (Tables)
Earnings Per Common Share And Stockholders' Equity
Earnings Per Common Share And Stockholders' Equity (Brookfield) (Details)
Earnings Per Common Share And Stockholders' Equity (Schedule Of Earnings Per Common Share, Basic And Diluted) (Details)
Earnings Per Common Share And Stockholders' Equity (Share Repurchase Program And Treasury Stock) (Details)
Earnings Per Common Share And Stockholders' Equity (Stockholders' Equity) (Details)
Earnings Per Common Share And Stockholders' Equity (Tables)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Assets And Liabilities Measured On A Recurring Basis By Fair Value Hierarchy) (Details)
Fair Values Of Financial Instruments (Assumptions Used In Estimating Fair Value) (Details)
Fair Values Of Financial Instruments (Carrying Amounts And Fair Values Of Financial Instruments) (Details)
Fair Values Of Financial Instruments (Narrative) (Details)
Fair Values Of Financial Instruments (Reconciliation Of Beginning And Ending Balances Of Level 3 Assets And Liabilities) (Details)
Fair Values Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Components Of Income Tax Expense) (Details)
Income Taxes (Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Tables)
Investments
Investments (Changes In Net Unrealized Gains/Losses On Investments) (Details)
Investments (Components Of Net Investment Income) (Details)
Investments (Credit Quality Of Fixed Maturity Security Portfolio By Naic Designation) (Details)
Investments (Fixed Maturity Securities By Contractual Maturity) (Details)
Investments (Gross Unrealized Losses On Investments, By Category And Length Of Time) (Details)
Investments (Narrative) (Details)
Investments (Net Realized Gains (Losses) On Invesments) (Details)
Investments (Net Unrealized Gains On Available For Sale Fixed Maturity Securities Reported As A Seperate Component Of Stockholders' Equity) (Details)
Investments (Non-Income Producing Investments) (Details)
Investments (Rollforward Of Allowance For Credit Loss) (Details)
Investments (Schedule Of Fixed Maturity Securities) (Details)
Investments (Tables)
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate (Aging Of Financing Receivables) (Details)
Mortgage Loans On Real Estate (Commercial Mortgage Loan Portfolio Summarized By Geographic Region And Property Type) (Details)
Mortgage Loans On Real Estate (Narrative) (Details)
Mortgage Loans On Real Estate (Rollforward Of Valuation Allowance On Mortgage Loan Portfolios) (Details)
Mortgage Loans On Real Estate (Summary By Debt Service Coverage And Loan To Value Ratios) (Details)
Mortgage Loans On Real Estate (Summary Of Mortgage Loan Portfolio) (Details)
Mortgage Loans On Real Estate (Tables)
Notes Payable And Amounts Due Under Repurchase Agreements
Notes Payable And Amounts Due Under Repurchase Agreements (2027 Notes Narrative) (Details)
Notes Payable And Amounts Due Under Repurchase Agreements (Line Of Credit And Term Loan Narrative) (Details)
Notes Payable And Amounts Due Under Repurchase Agreements (Repurchase Agreements Narrative) (Details)
Notes Payable And Amounts Due Under Repurchase Agreements (Schedule Of Notes Payable) (Details)
Notes Payable And Amounts Due Under Repurchase Agreements (Tables)
Reinsurance And Policy Provisions
Reinsurance And Policy Provisions (Amounts Ceded, Impact On Consolidated Statements Of Operations And Consolidated Statements Of Cash Flows) (Details)
Reinsurance And Policy Provisions (Athene Coinsurance Agreements) (Details)
Reinsurance And Policy Provisions (Equitrust Coinsurance Agreements) (Details)
Reinsurance And Policy Provisions (Hannover Financing Arrangements) (Details)
Reinsurance And Policy Provisions (Intercompany Reinsurance Agreements) (Details)
Reinsurance And Policy Provisions (North End Re) (Details)
Reinsurance And Policy Provisions (Tables)
Retirement And Share-Based Compensation Plans
Retirement And Share-Based Compensation Plans (2014 Independent Insurance Agent Restricted Stock And Restricted Stock Unit Plan) (Details)
Retirement And Share-Based Compensation Plans (Changes In Stock Options Outstanding) (Details)
Retirement And Share-Based Compensation Plans (Deferred Compensation Arrangements) (Details)
Retirement And Share-Based Compensation Plans (Defined Contribution Plan) (Details)
Retirement And Share-Based Compensation Plans (Employee Stock Ownership Plan) (Details)
Retirement And Share-Based Compensation Plans (Incentive Plans) (Details)
Retirement And Share-Based Compensation Plans (Schedule Of Stock Options Outstanding, By Exercise Price Range) (Details)
Retirement And Share-Based Compensation Plans (Share-Based Compensation Expense By Plan) (Details)
Retirement And Share-Based Compensation Plans (Tables)
Revision Of Immaterial Misstatement In Prior Year Financial Statements
Revision Of Immaterial Misstatement In Prior Year Financial Statements (Reconciliation From Previously Reported Amounts To Revised Amounts) (Details)
Revision Of Immaterial Misstatement In Prior Year Financial Statements (Tables)
Schedule I - Summary Of Investments - Other Than Investments In Related Parties
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details)
Schedule Ii - Condensed Financial Information Of Registrant
Schedule Ii - Condensed Financial Information Of Registrant (Condensed Balance Sheets) (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Condensed Statements Of Cash Flows) (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Condensed Statements Of Operations) (Details)
Schedule Iii - Supplementary Insurance Information
Schedule Iii - Supplementary Insurance Information (Details)
Schedule Iv - Reinsurance
Schedule Iv - Reinsurance (Details)
Significant Accounting Policies
Significant Accounting Policies (Annuity Deposits (Net Of Coinsurance), By Product Type) (Details)
Significant Accounting Policies (Narrative) (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Statutory Financial Information And Dividend Restrictions
Statutory Financial Information And Dividend Restrictions (Narrative And Statutory Accounting Practices Tables) (Details)
Statutory Financial Information And Dividend Restrictions (Tables)
Subordinated Debentures
Subordinated Debentures (Summary Of Subordinated Debt Obligations To The Trusts) (Details)
Subordinated Debentures (Tables)
Variable Interest Entities
Variable Interest Entities (Consolidated Vies) (Details)
Variable Interest Entities (Tables)
Variable Interest Entities (Unconsolidated Vies) (Details)
Ticker: AEL
CIK: 1039828
Form Type: 10-K Annual Report
Accession Number: 0001039828-22-000022
Submitted to the SEC: Tue Mar 01 2022 2:13:29 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Life Insurance

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