American Equity Investment Life Holding Co. Files 2023 Annual Report

TL;DR

<b>American Equity Investment Life Holding Co. has filed its 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO (ANG-PD) filed a Annual Report (10-K) with the SEC on February 29, 2024. Filed 10-K for the fiscal year ended December 31, 2023. Company is American Equity Investment Life Holding Co. Primary SIC code is Life Insurance [6311]. Incorporated in Iowa. Business and mailing address: 6000 Westown Parkway, West Des Moines, IA 50266.

Why It Matters

For investors and stakeholders tracking AMERICAN EQUITY INVESTMENT LIFE HOLDING CO, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and strategic positioning for the past fiscal year. Investors and analysts can use this report to assess the company's financial health, operational efficiency, and future outlook.

Risk Assessment

Risk Level: low — AMERICAN EQUITY INVESTMENT LIFE HOLDING CO shows low risk based on this filing. The filing is a standard 10-K annual report, indicating routine disclosure rather than an immediate event or crisis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand American Equity's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240229 — Filing Date (Filed as of date)
• 6311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• AMERICAN EQUITY INVESTMENT LIFE HOLDING CO (company) — Filer name
• 6000 WESTOWN PARKWAY (location) — Business address street
• WEST DEMOINES (location) — Business address city
• IA (location) — Business address state
• 50266 (location) — Business address zip

FAQ

Industry Context

The company operates within the Life Insurance industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and assets.
2. Review management's discussion and analysis for operational insights.
3. Examine risk factors for potential business challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing updated information compared to previous filings.

Key Financial Figures

• $1 — ich registered Common stock, par value $1 AEL New York Stock Exchange Depositary
• $52.11 — 8,960,860 based on the closing price of $52.11 per share, the closing price of the com
• $385.0 b — , total U.S. annuity sales in 2023 were $385.0 billion, up 23.1% compared to $312.8 bill
• $312.8 billion — re $385.0 billion, up 23.1% compared to $312.8 billion in 2022. Fixed annuity sales totaled $2
• $286.2 billion — on in 2022. Fixed annuity sales totaled $286.2 billion in 2023, up 36.4% compared to $209.9 bi
• $209.9 billion — 2 billion in 2023, up 36.4% compared to $209.9 billion in 2022. This market is directly compar
• $95.6 billion — ucts. Fixed index annuity sales totaled $95.6 billion in 2023, up 20.4% compared to $79.4 bil
• $79.4 billion — 6 billion in 2023, up 20.4% compared to $79.4 billion in 2022. Fixed rate deferred annuity sa
• $164.9 billion — Fixed rate deferred annuity sales were $164.9 billion in 2023, up 47.1% compared to $112.1 bi
• $112.1 billion — 9 billion in 2023, up 47.1% compared to $112.1 billion in 2022. Outside of fixed annuities, th
• $47.4 billion — nuity market. Sales in this market were $47.4 billion in 2023, up 15.9% compared to $40.9 bil
• $40.9 billion — 4 billion in 2023, up 15.9% compared to $40.9 billion in 2022. Strategy While the business
• $7.6 billion — o-Market pillar, we had record sales of $7.6 billion in 2023 which was an increase of 128% f
• $3.3 billion — 2023 which was an increase of 128% from $3.3 billion in 2022. Fixed index annuities represen
• $7.0 billion — 2022. Fixed index annuities represented $7.0 billion of the total sales in 2023 compared to

Filing Documents

• ael-20231231.htm (10-K) — 5172KB
• a2023-12x31ex1042.htm (EX-10.42) — 38KB
• a2023-12x31ex1043.htm (EX-10.43) — 44KB
• a2023-12x31ex1044.htm (EX-10.44) — 15KB
• a2023-12x31ex1045.htm (EX-10.45) — 82KB
• a2023-12x31ex1046.htm (EX-10.46) — 82KB
• a2023-12x31ex1047.htm (EX-10.47) — 16KB
• a2023-12x31ex1048.htm (EX-10.48) — 43KB
• a2023-12x31ex1049.htm (EX-10.49) — 13KB
• a2023-12x31ex1050.htm (EX-10.50) — 29KB
• a2023-12x31ex212.htm (EX-21.2) — 22KB
• a2023-12x31ex231.htm (EX-23.1) — 7KB
• a2023-12x31ex311.htm (EX-31.1) — 12KB
• a2023-12x31ex312.htm (EX-31.2) — 12KB
• a2023-12x31ex321.htm (EX-32.1) — 6KB
• a2023-12x31ex322.htm (EX-32.2) — 6KB
• a2023-12x31ex97.htm (EX-97) — 26KB
• ael-20231231_g1.jpg (GRAPHIC) — 199KB
• 0001039828-24-000020.txt (&nbsp;) — 27402KB
• ael-20231231.xsd (EX-101.SCH) — 146KB
• ael-20231231_cal.xml (EX-101.CAL) — 164KB
• ael-20231231_def.xml (EX-101.DEF) — 1032KB
• ael-20231231_lab.xml (EX-101.LAB) — 1604KB
• ael-20231231_pre.xml (EX-101.PRE) — 1202KB
• ael-20231231_htm.xml (XML) — 5772KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 19 I tem 1C. C ybersecurity 20 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8. Consolidated Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53 Item 9A.

Controls and Procedures

Controls and Procedures 53 Item 9B. Other Information 53 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 54 PART III. The information required by Items 10 through 14 is incorporated by reference from our subsequent disclosure to be filed with the Commission within 120 days after December 31, 2023. 54 PART IV. Item 15. Exhibits and Financial Statement Schedules 54 Item 16. Form 10-K Summary 57

SIGNATURES

SIGNATURES 58 Index to Consolidated Financial Statements and Schedules F- 1 Exhibit 21.2 Subsidiaries of American Equity Investment Life Holding Company Exhibit 23.1 Consent of Independent Registered Public Accounting Firm Exhibit 31.1 Certification Exhibit 31.2 Certification Exhibit 32.1 Certification Exhibit 32.2 Certification Table of Contents PART I

Business

Item 1. Business Introduction We are a leader in the development and sale of fixed index and fixed rate annuity products. We were incorporated in the state of Iowa on December 15, 1995. We issue fixed annuity products through our wholly-owned life insurance subsidiaries, American Equity Investment Life Insurance Company ("American Equity Life"), American Equity Investment Life Insurance Company of New York ("American Equity Life of New York") and Eagle Life Insurance Company ("Eagle Life"). We have one business segment which represents our core business comprised of the sale of fixed index and fixed rate annuities. We are licensed to sell our products in 50 states and the District of Columbia. Throughout this report, unless otherwise specified or the context otherwise requires, all references to "American Equity", the "Company", "we", "our" and similar references are to American Equity Investment Life Holding Company and its consolidated subsidiaries. Investor related information, including periodic reports filed on Forms 10-K, 10-Q and 8-K and any amendments may be found on our website at www.american-equity.com as soon as reasonably practicable after such reports are filed with the Securities and Exchange Commission ("SEC"). In addition, we have available on our website our: (i) code of business conduct and ethics; (ii) audit and risk committee charter; (iii) compensation and talent management committee charter; (iv) nominating and corporate governance committee charter and (v) corporate governance guidelines. The information incorporated herein by reference is also electronically accessible from the SEC's website at www.sec.gov . Annuity Market Overview Our target market includes individuals, typically ages 40 or older, who are seeking to accumulate tax-deferred savings or create guaranteed lifetime income. We believe that significant growth opportunities exist for annuity products because of favorable demographic and economic trends. According to the U.S. C

View Full Filing

View this 10-K filing on SEC EDGAR