American Equity Investment Life Holding Company
(NYSE:AEL)

American Equity Investment Life Holding Company, through its subsidiaries, provides life insurance products in the United States. The company issues fixed index and rate annuities; and single premium immediate annuities. It markets its products through independent agents, including independent marke...

Website: http://www.american-equity.com

Founded: 1995

Full Time Employees: 608

Sector: Financial Services

Industry: Insurance-Life

Insurance Financial Services

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2006-12-31	2005-12-31

net premiums	566,000,000	752,000,000	889,000,000	2,482,000,000	888,000,000
other policy revenue	181,000,000	172,000,000	149,000,000	153,000,000	208,000,000
net investment income	1,285,000,000	1,160,000,000	1,275,000,000	1,232,000,000	1,024,000,000	554,739,000	582,176,000	586,614,000	542,685,000	561,323,000	537,995,000	609,737,000	592,308,000	567,423,000	514,599,000	526,366,000	499,320,000	497,190,000	521,725,000	543,331,000	543,704,000	573,318,000	588,217,000	590,412,000	570,568,000	558,438,000
investment related gains	2,000,000	73,000,000	-4,000,000	-40,000,000	-128,000,000
other income	24,000,000	29,000,000	30,000,000	33,000,000	12,000,000
total revenues	2,058,000,000	2,186,000,000	2,339,000,000	3,714,000,000	2,004,000,000	989,963,000	1,055,131,000	266,652,000	851,639,000	662,548,000	654,454,000	491,853,000	121,395,000	147,799,000	1,109,261,000	542,563,000	1,075,440,000	962,207,000	1,029,699,000	798,705,000	919,948,000	-323,703,000	1,113,835,000	643,396,000	706,394,000	1,000,720,000
yoy	2.69%	120.82%	121.68%	1292.83%	135.31%	49.42%	61.22%	-45.79%	601.54%	348.28%	-41.00%	-9.35%	-88.71%	-84.64%	7.73%	-32.07%	16.90%	-397.25%	-7.55%	24.14%	30.23%	-132.35%
qoq	-5.86%	-6.54%	-37.02%	85.33%	102.43%	-6.18%	295.70%	-68.69%	28.54%	1.24%	33.06%	305.17%	-17.86%	-86.68%	104.45%	-49.55%	11.77%	-6.55%	28.92%	-13.18%	-384.20%	-129.06%	73.12%	-8.92%	-29.41%
policyholder benefits and claims incurred	527,000,000	828,000,000	888,000,000	2,399,000,000	846,000,000
interest sensitive contract benefits	523,000,000	485,000,000	512,000,000	677,000,000	523,000,000
amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	345,000,000	332,000,000	318,000,000	290,000,000	289,000,000
change in fair value of insurance-related derivatives and embedded derivatives	-187,000,000	131,000,000	199,000,000	-440,000,000	344,000,000
change in fair value of market risk benefits	310,000,000	-47,000,000	361,000,000	-295,000,000	134,000,000
operating expenses	156,000,000	216,000,000	275,000,000	214,000,000	228,000,000
interest expense	47,000,000	49,000,000	44,000,000	51,000,000	49,000,000
total benefits and expenses	1,721,000,000	1,994,000,000	2,597,000,000	2,896,000,000	2,413,000,000	554,072,000	1,626,783,000	-343,153,000	400,841,000	854,447,000	693,030,000	93,038,000	-343,508,000	-573,516,000	994,869,000	345,001,000	1,145,866,000	600,988,000	1,019,764,000	-53,049,000	1,235,851,000	-593,878,000	833,008,000	592,391,000	683,198,000	1,040,183,000
net income before income taxes	337,000,000	192,000,000	-258,000,000	818,000,000	-409,000,000
income tax benefit	119,000,000	38,000,000	-55,000,000	167,000,000	-77,000,000
net income	218,000,000	154,000,000	-203,000,000	651,000,000	-332,000,000	342,645,000	-463,450,000	476,114,000	355,146,000	-155,891,000	-18,098,000	312,601,000	360,576,000	566,223,000	93,137,000	152,865,000	-54,694,000	282,684,000	8,742,000	667,200,000	-247,429,000	242,947,000	220,150,000	37,360,000	18,590,000	-30,010,000
yoy	-165.66%	-55.06%	-56.20%	36.73%	-193.48%	-319.80%	2460.78%	52.31%	-1.51%	-127.53%	-119.43%	104.49%	-759.26%	100.30%	965.40%	-77.09%	-77.90%	16.36%	-96.03%	1685.87%	-1430.98%	-909.55%
qoq	41.56%	-175.86%	-131.18%	-296.08%	-196.89%	-173.93%	-197.34%	34.06%	-327.82%	761.37%	-105.79%	-13.31%	-36.32%	507.95%	-39.07%	-379.49%	-119.35%	3133.63%	-98.69%	-369.65%	-201.84%	10.36%	489.27%	100.97%	-161.95%
net income margin %	10.59%	7.04%	-8.68%	17.53%	-16.57%	34.61%	-43.92%	178.55%	41.70%	-23.53%	-2.77%	63.56%	297.03%	383.10%	8.40%	28.17%	-5.09%	29.38%	0.85%	83.54%	-26.90%	-75.05%	19.77%	5.81%	2.63%	-3.00%
less: net income attributable to noncontrolling interests	-1,000,000	2,000,000	3,000,000	2,000,000	-44,000,000
net income attributable to american national group inc. stockholders	219,000,000	152,000,000	-206,000,000	649,000,000	-288,000,000
less: preferred stock dividends and redemption	11,000,000	11,000,000	30,000,000
net income attributable to american national group inc. common stockholder	208,000,000	141,000,000	-236,000,000	638,000,000	-299,000,000
less: preferred stock dividends				11,000,000	11,000,000	10,919,000	10,919,000	10,918,000	10,919,000	10,919,000	10,919,000	10,918,000	10,919,000	10,919,000	10,919,000	10,918,000	10,919,000	10,919,000	15,004,000	5,950,000	5,950,000	6,611,000
revenues:
premiums and other considerations						640,000	2,657,000	2,657,000	2,516,000	4,137,000	2,991,000	2,839,000	3,831,000	10,078,000	14,553,000	15,841,000	14,595,000	13,213,000	10,279,000	10,407,000	11,032,000	7,664,000	8,846,000	5,152,000	4,126,000	5,410,000
annuity product charges						95,613,000	96,947,000	84,316,000	71,642,000	62,591,000	61,666,000	60,819,000	55,514,000	52,355,000	60,310,000	58,480,000	63,759,000	60,082,000	65,963,000	62,277,000	63,438,000	59,549,000	62,722,000	63,647,000	60,700,000	52,966,000
change in fair value of derivatives						409,767,000	353,443,000	-383,026,000	242,739,000	45,890,000	22,243,000	-176,671,000	-506,181,000	-477,519,000	522,251,000	-70,701,000	500,880,000	396,305,000	443,867,000	205,011,000	327,662,000	-941,874,000	466,434,000	-20,042,000	76,045,000	384,469,000
net realized losses on investments						-94,050,000	-2,065,000	-44,672,000	-24,679,000	-27,787,000			-33,272,000	-13,127,000			-3,114,000	-4,583,000
other revenue						23,254,000	21,973,000	20,763,000	16,736,000	16,394,000	15,148,000	10,989,000	9,195,000	8,589,000	8,026,000	7,644,000
benefits and expenses:
insurance policy benefits and change in future policy benefits						4,238,000	3,161,000	2,193,000	5,125,000	7,208,000	5,663,000	5,707,000	7,091,000	12,638,000	16,975,000	18,756,000	15,828,000	16,424,000	13,066,000	13,273,000	13,331,000	10,072,000	11,553,000	7,627,000	6,939,000	9,299,000
interest sensitive and index product benefits						304,220,000	193,439,000	193,686,000	122,387,000	57,911,000	160,243,000	121,890,000	234,855,000	372,662,000	574,816,000	817,014,000	812,981,000	476,595,000	325,912,000	576,147,000	240,992,000	400,219,000	399,514,000	500,285,000	251,103,000	136,674,000
market risk benefits losses						-138,770,000	241,998,000	-296,114,000	-144,124,000	183,694,000
amortization of deferred sales inducements						54,214,000	50,346,000	48,354,000	46,951,000	46,601,000	46,773,000	127,784,000	90,446,000	143,545,000	59,409,000	-17,172,000	-12,520,000	122,975,000	22,768,000	416,983,000	-75,178,000	73,591,000	91,260,000	-55,769,000	19,785,000	33,309,000
change in fair value of embedded derivatives						162,202,000	977,178,000	-451,806,000	213,764,000	404,440,000	342,409,000	-415,374,000	-885,984,000	-1,393,649,000	186,802,000	-536,404,000	273,713,000	-282,413,000	568,836,000	-1,732,497,000	1,126,935,000	-1,250,061,000	147,879,000	212,278,000	327,562,000	766,323,000
interest expense on notes and loan payable						11,581,000	11,642,000	12,003,000	11,227,000	11,018,000
interest expense on subordinated debentures						1,342,000	1,341,000	1,340,000	1,338,000	1,336,000	1,335,000	1,333,000	1,346,000	1,317,000	1,330,000	1,342,000	1,326,000	1,326,000	1,325,000	1,323,000	1,321,000	1,588,000	3,651,000	3,968,000	4,057,000	4,088,000
amortization of deferred policy acquisition costs						77,337,000	72,428,000	70,561,000	68,476,000	68,235,000	64,338,000	183,182,000	142,354,000	225,426,000	82,999,000	-1,588,000	-16,906,000	203,823,000	26,145,000	622,596,000	-119,889,000	120,702,000	133,573,000	-120,934,000	29,946,000	45,132,000
other operating costs and expenses						77,708,000	75,250,000	76,630,000	75,697,000	74,004,000	62,041,000	59,532,000	59,923,000	58,120,000	66,279,000	56,518,000	65,050,000	55,865,000	55,321,000	42,738,000	41,951,000	43,626,000	39,194,000	38,554,000	37,426,000	38,979,000
income before income taxes						435,891,000	-571,652,000	609,805,000	450,798,000	-191,899,000	-38,576,000	398,815,000	464,903,000	721,315,000	114,392,000	197,562,000	-70,426,000	361,219,000	9,935,000	851,754,000	-315,903,000	270,175,000	280,827,000	51,005,000	23,196,000	-39,463,000
income tax expense						93,246,000	-108,202,000	133,691,000	95,652,000	-36,008,000	-20,478,000	86,214,000	104,327,000	155,092,000	21,255,000	44,697,000	-15,732,000	78,535,000	1,193,000	184,554,000	-68,474,000	27,228,000	60,677,000	13,645,000	4,606,000	-9,453,000
less: net income available to noncontrolling interests						-353,000	1,545,000	-42,000		103,000	361,000	1,000	-4,000
net income available to american equity investment life holding company stockholders						342,998,000	-464,995,000	476,156,000	355,363,000	-155,994,000	-18,459,000	312,600,000	360,580,000	566,223,000
net income available to american equity investment life holding company common stockholders						332,079,000	-475,914,000	465,238,000	344,444,000	-166,913,000	-29,378,000	301,682,000	349,661,000	555,304,000
earnings per common share						4,200	-5,960	5,960	4,430	-2,000	-70	3,440	3,780	5,730	890	1,530	-690	2,840	-90	7,200	-2,760	2,580	2,420	410	200	-330
earnings per common share - assuming dilution						4,130	-5,860	5,820	4,360	-2,000	-80	3,410	3,740	5,670	880	1,530	-690	2,820	-100	7,170	-2,760	2,570	2,400	410	200	-330
weighted-average common shares outstanding
less: net loss available to noncontrolling interests									-217,000
net realized gains on investments											-15,564,750	-15,860,000			-10,478,000	4,933,000			-12,135,000	-22,321,000	-25,888,000
interest expense on notes payable											5,467,500	8,984,000	6,461,000	6,425,000	6,259,000	6,535,000	6,394,000	6,393,000	6,391,000	6,388,000	6,388,000	6,385,000	4,785,250	6,382,000	6,380,000	6,379,000
loss on extinguishment of debt																						-2,024,000
net income available to common stockholders															82,218,000	141,947,000	-65,613,000	271,765,000	-6,262,000	661,250,000	-253,379,000	236,336,000
other than temporary impairment (otti) losses on investments:
total otti losses																							-17,412,000	-101,000	-998,000
portion of otti losses recognized from other comprehensive income																									-215,000
net otti losses recognized in operations																							-17,412,000	-101,000	-1,213,000
net realized gains on investments, excluding credit losses on fixed maturity securities, available for sale																						11,035,000
credit losses on fixed maturity securities, available for sale																						-31,371,000
net realized gains on investments, excluding other than temporary impairment ("otti") losses																							-16,750	4,328,000		-563,000
otti losses on investments:
net realized losses on investments, excluding other than temporary impairment ("otti") losses																									-3,832,000
portion of otti losses recognized in (from) other comprehensive income

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-03-31	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-03-31	2007-06-30	2006-12-31	2006-06-30	2005-12-31

assets
investments:
available-for-sale fixed maturity securities, at fair value	61,180,000,000	57,992,000,000	55,408,000,000	48,931,000,000	49,290,000,000	47,292,000,000	45,683,000,000	46,480,000,000
equity securities, at fair value	1,128,000,000	1,179,000,000	1,212,000,000	1,238,000,000	1,086,000,000	1,142,000,000	1,522,000,000	1,200,000,000
mortgage loans on real estate, at amortized cost	10,920,000,000	11,113,000,000	11,090,000,000	11,254,000,000	11,675,000,000	12,117,000,000	11,866,000,000	12,042,000,000
private loans, at amortized cost	8,405,000,000	8,926,000,000	8,387,000,000	8,120,000,000	6,147,000,000	5,732,000,000	2,725,000,000	1,724,000,000
real estate and real estate partnerships	5,786,000,000	5,800,000,000	6,061,000,000	5,944,000,000	4,998,000,000		6,474,000,000	6,329,000,000
investment funds	3,539,000,000	3,187,000,000	3,809,000,000	3,038,000,000	3,037,000,000	3,015,000,000	2,661,000,000	2,642,000,000
policy loans	243,000,000	234,000,000	253,000,000	257,000,000	265,000,000	274,000,000	277,000,000	401,000,000																																														428,000	419,000	391,000
short-term investments, at estimated fair value	683,000,000	600,000,000	1,435,000,000	4,067,000,000	8,017,000,000	4,177,000,000
other invested assets	1,676,000,000	1,485,000,000	2,073,000,000	1,999,000,000	2,175,000,000	2,014,000,000	1,142,000,000	955,000,000
total investments	93,560,000,000	90,516,000,000	89,728,000,000	84,848,000,000	86,690,000,000	80,755,000,000	76,024,000,000	73,718,000,000	44,997,839,000	48,227,024,000	44,587,107,000	51,518,774,000	51,418,338,000	51,325,298,000	51,419,837,000	54,537,816,000	58,548,706,000	60,376,504,000	52,297,360,000	53,639,708,000	52,399,272,000	53,605,414,000	56,997,923,000	55,849,082,000	52,078,355,000	56,877,573,000	56,723,956,000	54,785,405,000	52,204,775,000	49,427,498,000	50,618,366,000	49,027,082,000	49,657,594,000	48,853,133,000	47,925,152,000	46,032,216,000	44,757,568,000	41,643,945,000	37,230,628,000	37,617,667,000	35,981,858,000	34,610,052,000	33,072,633,000	31,988,223,000	29,053,075,000	29,245,856,000	26,047,028,000	25,427,245,000	24,034,739,000	23,395,348,000	21,247,635,000	20,784,812,000	16,459,146,000	12,112,858,000	11,385,464,000	11,103,796,000
cash and cash equivalents	8,934,000,000	11,660,000,000	11,568,000,000	12,104,000,000	7,520,000,000	11,330,000,000	13,873,000,000	13,895,000,000	13,495,847,000	9,772,586,000	10,188,438,000	5,000,657,000	2,777,852,000	1,919,669,000	1,808,132,000	1,287,225,000	1,933,899,000	4,508,982,000	12,684,793,000	11,524,265,000	11,087,125,000	9,095,522,000	2,656,632,000	2,408,635,000	1,833,099,000	2,293,392,000	1,138,737,000	1,215,967,000	1,115,890,000	344,396,000	1,129,242,000	1,259,722,000	723,784,000	1,285,662,000	1,574,913,000	1,172,748,000	791,266,000	707,177,000	733,814,000	293,764,000	701,514,000	788,800,000	1,464,533,000	679,172,000	746,889,000	882,097,000	2,397,434,000	1,407,830,000	2,527,113,000	572,314,000	949,484,000	746,737,000	704,166,000	22,243,000	29,949,000	35,627,000	61,100
accrued investment income	805,000,000	799,000,000	786,000,000	735,000,000	764,000,000	761,000,000	688,000,000	684,000,000	431,105,000	459,332,000	443,642,000	488,396,000	497,425,000	497,851,000	516,649,000	492,539,000	483,902,000	445,097,000	413,370,000	397,393,000	410,112,000	398,082,000	452,647,000	450,290,000	472,667,000	472,826,000	497,291,000	480,664,000	497,464,000	468,729,000	481,999,000	447,550,000	454,519,000	439,182,000	416,482,000	424,144,000	397,773,000	393,333,000	343,172,000	358,241,000	326,559,000	340,215,000	304,041,000	322,818,000	287,692,000	298,341,000	276,875,000	244,644,000	236,622,000	212,792,000	215,457,000	197,648,000	131,248,000	73,384,000	68,323,000	69,042,000
deferred policy acquisition costs, deferred sales inducements and value of business acquired	11,615,000,000	11,513,000,000	11,384,000,000	11,051,000,000	10,783,000,000	10,631,000,000	8,376,000,000	8,355,000,000
deferred tax asset	446,000,000	460,000,000	303,000,000	471,000,000	517,000,000	529,000,000	288,000,000	233,000,000
reinsurance recoverables and deposit assets	9,092,000,000	9,255,000,000	9,531,000,000	9,835,000,000	9,943,000,000	10,055,000,000	18,015,000,000	15,261,000,000
property and equipment	157,000,000	161,000,000	170,000,000	167,000,000	172,000,000	175,000,000	187,000,000	189,000,000
intangible assets	1,483,000,000	1,501,000,000	1,541,000,000	1,557,000,000	1,569,000,000	1,545,000,000	1,599,000,000	1,612,000,000
goodwill	748,000,000	748,000,000	783,000,000	783,000,000	783,000,000	783,000,000	754,000,000	754,000,000
other assets	2,786,000,000	2,822,000,000	2,928,000,000	2,836,000,000	2,858,000,000	2,745,000,000	1,885,000,000	2,055,000,000	821,281,000	768,928,000	847,047,000	829,831,000	702,937,000	543,128,000	714,186,000	678,605,000	255,245,000	232,490,000	449,961,000	60,816,000	76,247,000	70,198,000	46,448,000	43,592,000	65,101,000	47,571,000	31,765,000	53,380,000	164,365,000	60,608,000	234,796,000	168,506,000	175,006,000	185,106,000	178,882,000	175,926,000	173,726,000	106,538,000	177,781,000	436,349,000	280,396,000	283,427,000	357,946,000	412,020,000	307,406,000	311,076,000	88,901,000	215,384,000	104,435,000	58,867,000	108,067,000	114,983,000	66,057,000	42,925,000	69,866,000	33,523,000	14,101
separate account assets	780,000,000	822,000,000	1,195,000,000	1,322,000,000	1,253,000,000	1,343,000,000	1,302,000,000	1,266,000,000
total assets	130,406,000,000	130,257,000,000	130,559,000,000	126,345,000,000	123,434,000,000	121,221,000,000	123,659,000,000	118,618,000,000	80,779,523,000	79,918,302,000	76,712,897,000	77,645,425,000	74,495,726,000	73,926,141,000	70,184,997,000	71,663,266,000	74,899,344,000	78,349,109,000	78,317,963,000	73,882,299,000	72,677,666,000	71,389,674,000	68,665,076,000	68,608,296,000	65,549,556,000	69,696,552,000	68,329,993,000	66,371,304,000	64,482,164,000	61,625,564,000	63,448,998,000	61,627,503,000	61,301,324,000	60,379,715,000	59,635,590,000	57,548,610,000	56,053,472,000	51,262,936,000	46,247,482,000	45,388,715,000	43,989,734,000	42,953,529,000	42,003,696,000	40,544,496,000	37,288,550,000	36,852,969,000	34,597,773,000	33,133,602,000	33,038,533,000	29,875,937,000	28,566,771,000	27,834,876,000	22,507,750,000	15,800,678,000	14,990,123,000	14,778,961,000	1,029,028
american national group inc. and subsidiaries
condensed consolidated statements of financial position
liabilities
future policy benefits	10,784,000,000	10,962,000,000	10,345,000,000	10,029,000,000	9,629,000,000	9,170,000,000	7,179,000,000	7,227,000,000
policyholders’ account balances	94,081,000,000	92,992,000,000	89,469,000,000	86,934,000,000	84,606,000,000	83,079,000,000	82,413,000,000	80,489,000,000
policy and contract claims	328,000,000	410,000,000	1,811,000,000	1,910,000,000	1,908,000,000	1,867,000,000	1,903,000,000	1,880,000,000
market risk benefits	4,501,000,000	4,536,000,000	4,505,000,000	4,227,000,000	4,066,000,000	3,655,000,000	3,725,000,000	3,276,000,000	524,598,000	479,694,000	346,515,000	234,470,000	230,304,000
due to related parties	109,000,000	103,000,000	115,000,000	72,000,000	108,000,000	80,000,000	43,000,000
other policyholder funds	351,000,000	353,000,000	353,000,000	397,000,000	357,000,000	347,000,000	348,000,000	343,000,000
notes payable	206,000,000	205,000,000	204,000,000	200,000,000	196,000,000	189,000,000	179,000,000	657,000,000								496,552,000	496,425,000	496,250,000	496,101,000	495,955,000	495,811,000	495,668,000	495,528,000	495,388,000	495,251,000	495,116,000	494,982,000	494,850,000	494,720,000		494,464,000	494,339,000	494,215,000					393,482,000	422,163,000	421,919,000	421,679,000	475,295,000	474,361,000	521,758,000	303,126,000	313,043,000	306,696,000	303,595,000	300,567,000	340,552,000	337,239,000	334,000,000	317,957,000	264,848,000	266,383,000	269,736,000	264,626
long term borrowings	2,954,000,000	2,951,000,000	3,449,000,000	2,953,000,000	2,959,000,000	2,957,000,000	2,959,000,000	2,476,000,000
funds withheld for reinsurance liabilities	2,969,000,000	3,088,000,000	3,131,000,000	3,171,000,000	3,197,000,000	3,321,000,000	8,812,000,000	8,731,000,000	8,811,816,000	8,596,373,000	8,139,724,000	7,565,295,000	6,984,409,000	6,577,426,000	3,235,894,000	2,936,366,000	3,003,062,000	3,124,740,000
other liabilities	3,947,000,000	4,166,000,000	4,268,000,000	4,044,000,000	4,166,000,000	4,141,000,000	3,650,000,000	1,839,000,000	3,647,641,000	3,172,554,000	2,655,213,000	3,885,208,000	2,034,523,000	1,656,509,000	1,461,534,000	1,465,040,000	1,773,869,000	2,079,977,000	5,862,955,000	1,739,130,000	2,024,400,000	1,668,025,000	1,108,521,000	829,710,000	400,325,000	2,145,676,000	1,664,781,000	1,669,078,000	1,298,979,000	502,725,000	1,842,035,000	1,327,261,000	1,455,826,000	1,637,546,000	1,600,926,000	1,362,166,000	1,090,896,000	623,095,000	834,020,000	900,127,000	1,009,361,000	1,004,210,000	1,101,357,000	969,297,000	1,061,137,000	1,135,668,000	817,841,000	635,533,000	1,412,369,000	614,465,000	662,555,000	968,782,000	803,934,000	100,160,000	92,198,000	78,129,000	14,326
separate account liabilities	780,000,000	822,000,000	1,195,000,000	1,322,000,000	1,253,000,000	1,343,000,000	1,302,000,000	1,266,000,000
total liabilities	121,010,000,000	120,588,000,000	119,578,000,000	116,128,000,000	113,389,000,000	111,193,000,000	113,677,000,000	109,361,000,000	77,607,950,000	76,870,528,000	74,636,352,000	75,050,384,000	71,866,917,000	70,735,685,000	66,974,369,000	67,779,880,000	69,727,174,000	72,025,982,000	71,942,755,000	67,586,564,000	66,748,906,000	64,814,958,000	62,546,342,000	63,546,237,000	62,026,799,000	65,126,433,000	64,203,277,000	62,873,829,000	61,542,627,000	59,226,463,000	60,959,702,000	59,200,678,000	58,754,334,000	57,617,048,000	56,984,182,000	55,112,379,000	53,761,877,000	49,028,620,000	44,339,720,000	43,061,995,000	41,849,858,000	40,978,453,000	40,089,886,000	38,889,547,000	35,846,474,000	35,122,740,000	32,882,820,000	31,555,951,000	31,664,949,000	28,516,400,000	27,527,239,000	26,873,699,000	21,699,850,000	15,198,975,000	14,395,057,000	14,278,760,000	509,670
commitments and contingencies
equity
preferred stock, series d; par value 1 per share; 25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2026 - 12,000 shares 2025 - 12,000 shares	292,000,000
additional paid-in capital	6,467,000,000	6,404,000,000	7,558,000,000	7,547,000,000	7,571,000,000	7,569,000,000	6,942,000,000	6,935,000,000	1,073,079,000	1,071,103,000	1,071,907,000	1,055,963,000	1,045,453,000	1,325,316,000	1,362,022,000	1,507,601,000	1,689,606,000	1,614,374,000	1,609,039,000	1,604,535,000	1,687,669,000	1,681,127,000	1,510,987,000	1,508,171,000	1,215,464,000	1,212,311,000	820,362,000	817,997,000	815,088,000	811,186,000	807,310,000	804,094,000	798,835,000	783,116,000	778,376,000	775,834,000	770,344,000	635,732,000	524,246,000	521,203,000	513,218,000	541,882,000	538,472,000	542,003,000	512,613,000	504,470,000	493,797,000	482,563,000	470,079,000	464,768,000	463,245,000	459,498,000		388,917,000	389,644,000	380,173,000	379,107
accumulated other comprehensive income, net of taxes	711,000,000	1,094,000,000	1,132,000,000	664,000,000	670,000,000	340,000,000	1,481,000,000	445,000,000
retained earnings	1,756,000,000	1,759,000,000	1,480,000,000	1,283,000,000	1,133,000,000	1,356,000,000	709,000,000	1,005,000,000	5,184,527,000	4,852,448,000	5,328,362,000	4,863,124,000	4,518,680,000	3,914,124,000	3,974,069,000	3,672,387,000	3,322,726,000	2,767,422,000	2,716,654,000	2,574,707,000	2,640,320,000	2,368,555,000	2,403,676,000	1,742,426,000	1,995,805,000	1,768,764,000	1,575,918,000	1,538,558,000	1,519,968,000	1,549,978,000	1,521,420,000	1,352,092,000	1,258,189,000	1,231,126,000	1,174,169,000	1,147,223,000	1,093,284,000	986,310,000	917,943,000	835,098,000	829,195,000	812,993,000	745,178,000	708,434,000	623,691,000	503,578,000	450,353,000	458,182,000	439,423,000	386,169,000	399,237,000	380,963,000	327,215,000	225,206,000	190,690,000	158,914,000	112,030
non-controlling interests	170,000,000	120,000,000	223,000,000	135,000,000	83,000,000	78,000,000	165,000,000	187,000,000
total equity	9,396,000,000	9,669,000,000	10,981,000,000	10,217,000,000	10,045,000,000	10,028,000,000	9,982,000,000	9,257,000,000
total liabilities and equity	130,406,000,000	130,257,000,000	130,559,000,000	126,345,000,000	123,434,000,000	121,221,000,000	123,659,000,000	118,618,000,000
assets related to discontinued operations
consolidated statements of financial position
liabilities related to discontinued operations
preferred stock, series a; par value 1 per share; 25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 2025 - no shares 2024 - 16,000 shares
preferred stock, series b; par value 1 per share; 25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2025 - no shares 2024 - 12,000 shares
preferred stock, series d; par value 1 per share; 25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2025 - 12,000 shares 2024 - no shares		292,000,000	292,000,000	292,000,000	292,000,000
premiums due and other receivables			499,000,000	463,000,000	453,000,000	437,000,000	503,000,000	430,000,000
ceded unearned premiums			143,000,000	173,000,000	129,000,000	132,000,000	165,000,000	166,000,000
unearned premium reserve			733,000,000	869,000,000	944,000,000	1,044,000,000	1,164,000,000	1,177,000,000
preferred stock, series b; par value 1 per share; 25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2025 - 12,000 shares 2024 - 12,000 shares			296,000,000	296,000,000	296,000,000
real estate, at cost and real estate partnerships						4,992,000,000
preferred stock, series a; par value 1 per share; 25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 2024 - 16,000 shares 2023 - no shares						389,000,000	389,000,000	389,000,000
preferred stock, series b; par value 1 per share; 25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2024 - 12,000 shares 2023 - no shares						296,000,000	296,000,000	296,000,000
short-term investments							3,674,000,000	1,945,000,000
fixed maturity securities, available for sale, at fair value									32,044,379,000	34,780,482,000	32,084,932,000	38,680,457,000	39,555,624,000	39,804,617,000	41,087,911,000	45,323,775,000	49,662,120,000	51,305,943,000	45,738,097,000	46,659,256,000	45,690,341,000	47,538,893,000	51,700,743,000	50,738,792,000	47,704,867,000	51,580,490,000	51,854,384,000	50,171,303,000	48,037,107,000
mortgage loans on real estate									7,281,831,000	7,537,594,000	7,494,983,000	7,373,609,000	7,199,225,000	6,949,027,000	6,601,445,000	6,228,616,000	5,734,872,000	5,687,998,000	4,288,742,000	4,299,945,000	4,290,602,000	4,165,489,000	3,926,699,000	3,958,233,000	3,668,625,000	3,448,793,000	3,212,075,000	3,083,675,000	3,049,998,000	2,943,091,000	2,892,155,000	2,794,382,000	2,699,637,000	2,611,426,000	2,553,391,000	2,506,991,000	2,480,956,000	2,471,435,000	2,450,676,000	2,433,757,000	2,434,580,000	2,474,306,000	2,543,810,000	2,584,583,000	2,583,703,000	2,591,897,000	2,724,321,000	2,732,093,000	2,756,392,000	2,838,893,000	2,798,233,000	2,730,841,000	2,461,975,000	1,771,625,000	1,652,757,000	1,573,201,000
real estate investments									1,363,604,000	1,334,247,000
limited partnerships and limited liability companies									1,066,273,000	1,089,591,000	1,763,551,000	1,649,959,000	1,657,415,000	1,266,779,000
derivative instruments									1,617,000,000	1,207,288,000	733,784,000	1,131,597,000	684,033,000	431,727,000	196,656,000	200,781,000	642,413,000	1,277,480,000	990,033,000	1,459,965,000	1,509,892,000	1,310,954,000	874,741,000	672,958,000	207,265,000	1,355,989,000	963,081,000	888,208,000	755,866,000	205,149,000	1,290,387,000	847,243,000	847,741,000	1,235,125,000	1,086,624,000	1,033,552,000	830,519,000	387,469,000	503,953,000	610,764,000	731,113,000	744,033,000	905,688,000	790,396,000	629,135,000	719,683,000	577,784,000	476,699,000	558,610,000	171,905,000	537,920,000	622,106,000	497,469,000	412,289,000	381,601,000	180,213,000
other investments									1,624,752,000	2,277,822,000	1,207,672,000	1,412,939,000	1,157,162,000	1,817,085,000	2,636,152,000	2,112,169,000	1,999,113,000	1,767,144,000	1,021,226,000	962,305,000	908,437,000	590,078,000	495,740,000	479,099,000	497,598,000	492,301,000	694,416,000	642,219,000	361,804,000	355,531,000	536,594,000	508,932,000	481,825,000	328,299,000	314,421,000	309,429,000	308,774,000	290,556,000	285,743,000	285,177,000	286,726,000	283,924,000	221,459,000	213,706,000	208,635,000	193,714,000	196,779,000	201,757,000	115,594,000	112,876,000	26,030,000	23,357,000	15,565,000
coinsurance deposits									14,743,795,000	14,582,728,000	14,628,884,000	14,247,284,000	13,710,877,000	13,208,399,000	8,848,418,000	8,600,297,000	8,713,069,000	8,850,608,000	8,733,096,000	4,441,950,000	4,646,406,000	4,844,927,000	4,886,705,000	4,962,859,000	4,933,992,000	5,115,013,000	5,072,015,000	5,029,374,000	4,995,744,000	4,954,068,000	5,017,255,000	4,936,037,000	4,871,912,000	4,758,417,000	4,710,650,000	4,630,422,000	4,639,492,000	3,586,871,000	3,101,189,000	3,101,783,000	3,044,342,000	3,080,282,000	3,085,340,000	3,028,367,000	2,944,726,000	2,941,816,000	2,913,273,000	2,895,212,000	2,902,172,000	2,759,735,000	2,699,158,000	2,657,102,000	2,420,411,000
deferred policy acquisition costs									3,184,757,000	3,070,280,000	2,933,304,000	2,842,615,000	2,772,175,000	3,562,075,000	3,878,343,000	3,474,319,000	2,840,938,000	2,222,769,000	2,193,889,000	2,310,931,000	2,470,851,000	2,045,812,000	2,163,003,000	2,920,793,000	3,615,101,000	2,923,454,000	2,883,599,000	2,805,568,000	3,127,669,000	3,535,838,000	3,318,733,000	3,210,749,000	3,039,311,000	2,757,130,000	2,721,596,000	2,839,557,000	2,905,377,000	2,667,185,000	2,522,277,000	2,021,990,000	2,058,556,000	2,132,926,000	2,040,084,000	2,210,694,000	2,147,252,000	1,803,498,000	1,639,791,000	1,677,770,000	1,820,153,000	1,638,087,000	1,825,392,000	1,827,090,000	1,611,704,000	1,183,229,000	1,088,890,000	1,117,495,000
deferred sales inducements									2,440,714,000	2,367,224,000	2,257,064,000	2,134,254,000	2,044,349,000	2,593,350,000	2,649,102,000	2,380,288,000	1,957,518,000	1,546,073,000	1,545,494,000	1,466,217,000	1,587,653,000	1,328,857,000	1,426,945,000	1,937,083,000	2,414,533,000	1,966,723,000	1,952,353,000	1,943,534,000	2,199,588,000	2,516,721,000	2,384,161,000	2,324,912,000	2,219,597,000	2,054,494,000	2,042,889,000	2,146,891,000	2,208,218,000	2,047,763,000	1,944,619,000	1,558,921,000	1,587,257,000	1,641,558,000	1,578,621,000	1,713,246,000	1,646,164,000	1,370,285,000	1,234,471,000	1,253,583,000	1,352,771,000	1,199,372,000	1,326,984,000	1,313,986,000	1,028,192,000	506,608,000	427,554,000	402,681,000
deferred income taxes									115,245,000	152,652,000	425,398,000	293,466,000	290,648,000	220,873,000	246,492,000	76,936,000	219,013,000	541,972,000	426,176,000	483,631,000	376,895,000	564,003,000	512,428,000	229,757,000	90,384,000			9,328,000	151,988,000	291,169,000	250,734,000	221,632,000	159,601,000	35,524,000	64,074,000	126,706,000	168,578,000	101,098,000	172,114,000	74,149,000		76,269,000	73,564,000	189,956,000	153,701,000	33,313,000			60,528,000	21,386,000	185,152,000	192,518,000	86,826,000	83,630,000
income taxes recoverable									24,342,000	37,854,000	55,498,000	55,678,000	50,821,000	55,498,000	103,838,000	135,241,000	166,067,000	166,586,000		41,019,000		862,000	34,773,000	35,962,000	46,324,000		30,277,000	48,084,000	24,681,000	26,537,000	13,712,000	31,313,000		11,067,000	952,000		11,474,000	9,026,000	21,888,000		9,252,000		26,934,000		1,645,000			11,934,000		18,036,000	9,442,000			3,040,000	4,526,000
american equity investment life holding company and subsidiaries
consolidated balance sheets
liabilities and stockholders' equity
liabilities:
policy benefit reserves									60,980,242,000	60,901,641,000	60,226,094,000	59,856,677,000	59,019,189,000	61,118,134,000	61,137,017,000	62,280,575,000	63,730,995,000	65,477,778,000	64,810,504,000	64,555,597,000	63,519,546,000	61,768,246,000	60,109,669,000	61,669,232,000	60,619,047,000	61,893,945,000	61,348,138,000	60,203,010,000	58,995,947,000	57,606,009,000	57,992,164,000	56,859,540,000	56,072,140,000	54,935,694,000	53,903,497,000	52,701,412,000	51,637,026,000	47,456,425,000	42,494,314,000	41,037,401,000	39,802,861,000	38,790,456,000	37,876,044,000	36,731,438,000	33,635,600,000	32,937,308,000	30,980,046,000	29,896,751,000	29,255,621,000	26,917,463,000	25,940,513,000	24,983,321,000
other policy funds and contract claims									182,342,000	188,856,000	196,299,000	202,251,000	306,359,000	512,790,000	266,425,000	522,763,000	425,308,000	226,844,000	229,199,000	233,987,000	234,468,000	240,904,000	242,159,000	244,186,000	248,178,000	256,105,000	259,939,000	263,691,000	266,560,000	270,858,000	271,765,000	276,768,000	280,072,000	284,149,000	287,381,000	293,094,000	298,347,000	314,068,000	342,878,000	353,741,000	365,819,000	377,341,000	391,979,000	402,895,000	440,217,000	447,301,000	457,162,000	434,142,000	418,818,000	375,368,000	318,420,000	268,676,000	132,572,000	122,353,000	128,579,000	128,621,000
notes and loan payable									783,791,000	785,443,000	787,098,000	788,754,000	790,413,000	792,073,000	794,831,000															494,591,000				493,972,000	888,660,000	494,071,000	493,755,000
subordinated debentures									79,200,000	79,107,000	79,017,000	78,927,000	78,839,000	78,753,000	78,668,000	78,584,000	78,502,000	78,421,000	78,342,000	78,264,000	78,187,000	78,112,000	78,037,000	77,964,000	77,893,000	157,265,000	243,311,000	243,200,000	243,090,000	242,982,000	242,875,000	242,770,000	242,667,000	242,145,000	242,045,000	241,949,000	241,853,000	241,550,000	246,345,000	246,293,000	246,243,000	246,193,000	246,145,000	246,097,000	245,958,000	245,913,000	245,825,000	256,122,000	268,574,000	268,552,000	268,512,000	268,473,000	268,383,000	268,298,000	268,489,000	261,487,000
stockholders' equity:
preferred stock, series a; par value 1 per share; 400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2024 and 2023 - 16,000 shares									16,000
preferred stock, series b; par value 1 per share; 300,000 aggregate liquidation preference; 12,000 shares authorized; issued and outstanding: 2024 and 2023 - 12,000 shares									12,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2024 - 79,572,172 shares									79,572,000
accumulated other comprehensive loss									-3,189,720,000	-2,979,657,000	-4,425,695,000	-3,425,248,000	-3,036,429,000
total stockholders' equity attributable to american equity investment life holding company									3,147,486,000	3,023,260,000	2,053,576,000	2,571,915,000	2,605,485,000	3,169,223,000	3,207,698,000	3,882,217,000	5,171,086,000
noncontrolling interests									24,087,000	24,514,000	22,969,000	23,126,000	23,324,000	21,233,000	2,930,000	1,169,000	1,084,000
total stockholders' equity									3,171,573,000	3,047,774,000	2,076,545,000	2,595,041,000	2,628,809,000	3,190,456,000	3,210,628,000	3,883,386,000	5,172,170,000	6,323,127,000	6,375,208,000	6,295,735,000	5,928,760,000	6,574,716,000	6,118,734,000	5,062,059,000	3,522,757,000	4,570,119,000	4,126,716,000	3,497,475,000	2,939,537,000	2,399,101,000	2,489,296,000	2,426,825,000	2,546,990,000	2,762,667,000	2,651,408,000	2,436,231,000	2,291,595,000	2,234,316,000	1,907,762,000	2,326,720,000	2,139,876,000	1,975,076,000	1,913,810,000	1,654,949,000	1,442,076,000	1,730,229,000	1,714,953,000	1,577,651,000	1,373,584,000	1,359,537,000	1,039,532,000	961,177,000	807,900,000
total liabilities and stockholders' equity									80,779,523,000	79,918,302,000	76,712,897,000	77,645,425,000	74,495,726,000	73,926,141,000	70,184,997,000	71,663,266,000	74,899,344,000	78,349,109,000	78,317,963,000	73,882,299,000	72,677,666,000	71,389,674,000	68,665,076,000	68,608,296,000	65,549,556,000	69,696,552,000	68,329,993,000	66,371,304,000	64,482,164,000	61,625,564,000	63,448,998,000	61,627,503,000	61,301,324,000	60,379,715,000	59,635,590,000	57,548,610,000	56,053,472,000	51,262,936,000	46,247,482,000	45,388,715,000	43,989,734,000	42,953,529,000	42,003,696,000	40,544,496,000	37,288,550,000	36,852,969,000	34,597,773,000	33,133,602,000	33,038,533,000	29,875,937,000	28,566,771,000	27,834,876,000	22,507,750,000
preferred stock, series a; par value 1 per share; 400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2023 and 2022 - 16,000 shares										16,000	16,000	16,000	16,000
preferred stock, series b; par value 1 per share; 300,000 aggregate liquidation preference; 12,000 shares authorized; issued and outstanding: 2023 and 2022 - 12,000 shares										12,000	12,000	12,000	12,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2023 - 79,337,818 shares										79,338,000
real estate investments related to consolidated variable interest entities											1,302,185,000	1,270,213,000	1,164,879,000	1,056,063,000	897,673,000	672,475,000	510,188,000	337,939,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2023 - 78,974,095 shares											78,974,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2023 - 78,047,941 shares												78,048,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2023 - 77,753,194 shares													77,753,000
preferred stock, series a; par value 1 per share; 400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2022 and 2021 - 16,000 shares														16,000	16,000	16,000
preferred stock, series b; par value 1 per share; 300,000 aggregate liquidation preference; 12,000 shares authorized; issued and outstanding: 2022 and 2021 - 12,000 shares														12,000	12,000	12,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2022 - 84,810,255 shares														84,810,000
accumulated other comprehensive income														-2,155,055,000	-2,214,388,000	-1,387,968,000	63,706,000	1,848,789,000	1,956,974,000	2,023,911,000	1,505,260,000	2,429,285,000	2,112,111,000	1,719,839,000	219,974,000	1,497,921,000	1,639,429,000	1,049,984,000	513,697,000	-52,432,000	70,288,000	180,406,000	399,982,000	659,491,000	610,122,000	424,543,000	339,966,000	530,119,000	388,779,000	893,738,000	721,401,000	545,931,000	556,071,000	332,435,000	244,280,000	661,663,000	712,186,000	579,872,000	408,747,000	454,710,000	123,482,000	67,579,000	5,230,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2022 - 85,966,505 shares															85,967,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2022 - 90,168,512 shares																90,169,000
preferred stock, series a; par value 1 per share; 400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2022 - 16,000 shares; 2021 - 16,000 shares																	16,000
preferred stock, series b; par value 1 per share; 300,000 aggregate liquidation preference; 12,000 shares authorized; issued and outstanding: 2022 - 12,000 shares; 2021 - 12,000 shares																	12,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2022 - 95,019,904 shares																	95,020,000
preferred stock, series a; par value 1 per share; 400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2021 - 16,000 shares; 2020 - 16,000 shares																		16,000	16,000	16,000	16,000
preferred stock, series b; par value 1 per share; 300,000 aggregate liquidation preference; 12,000 shares authorized; issued and outstanding: 2021 - 12,000 shares; 2020 - 12,000 shares																		12,000	12,000	12,000	12,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2021 - 92,513,517 shares																		92,514,000	92,513,000
real estate related to consolidated variable interest entities																			259,262,000	258,237,000
income taxes payable																			39,478,000		19,599,000					429,000							72,191,000			19,687,000				13,290,000		3,769,000		18,062,000		10,194,000	1,415,000		9,000,000			50,447,000	24,098,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2021 - 92,553,825 shares																				92,554,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2021 - 95,482,733 shares																					95,483,000
preferred stock, series a; par value 1 per share; 400,000 aggregate liquidation preference; 20,000 shares authorized; issued and outstanding: 2020 - 16,000 shares; 2019 - 16,000 shares																						16,000	16,000	16,000
preferred stock, series b; par value 1 per share; 300,000 aggregate liquidation preference; 12,000 shares authorized; issued and outstanding: 2020 - 12,000 shares; 2019 - no shares																						12,000	12,000	12,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2020 - 95,720,622 shares																						95,721,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2020 - 91,931,837 shares																							91,932,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2020 - 91,595,066 shares																								91,595,000
amounts due under repurchase agreements																									186,105,000		48,931,000		243,331,000	109,298,000	116,399,000		137,223,000	23,542,000	61,673,000					15,075,000		81,189,000			160,436,000									396,570,000	385,973,000	789,926,000
preferred stock; par value 1 per share; 400,000 aggregate liquidation preference; 2,000,000 shares authorized; issued and outstanding: 2020 - 16,000 shares; 2019 - 16,000 shares																									16,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding: 2020 - 91,497,841 shares																									91,498,000
preferred stock; par value 1 per share; 2,000,000 shares authorized; issued and outstanding:2019 - 16,000 shares (400,000 aggregate liquidation preference); 2018 - no shares																										16,000
common stock; par value 1 per share; 200,000,000 shares authorized; issued and outstanding:2019 - 91,107,555 shares																										91,107,000
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2019 and 2018 - no shares issued and outstanding
common stock																											91,007,000	90,936,000	90,784,000	90,369,000	90,278,000	90,233,000	89,984,000	88,934,000	88,741,000	88,631,000	88,001,000	82,155,000	76,794,000	76,681,000	76,062,000	74,270,000	74,089,000	72,390,000	63,501,000	62,784,000	61,548,000	60,209,000	58,622,000	57,855,000	57,832,000	57,688,000	56,428,000	53,862,000	53,501,000	55,661,000	55,527
fixed maturity securities:
available for sale, at fair value																														45,923,727,000	45,822,017,000	44,799,370,000	45,551,348,000	44,601,297,000	43,893,785,000	42,105,366,000	41,060,494,000	38,410,000,000	33,905,869,000	34,203,641,000	32,445,202,000	31,023,646,000	29,317,572,000	28,315,473,000	25,545,642,000	25,609,218,000	22,410,492,000	20,955,231,000	19,007,153,000	17,378,812,000	15,682,872,000	15,745,405,000	12,365,666,000	4,623,126,000	4,177,029,000	4,270,459,000
held for investment, at amortized cost																															77,213,000	77,155,000	77,043,000	76,986,000	76,931,000	76,878,000	76,825,000	76,672,000	76,526,000	76,479,000	76,432,000	76,387,000	76,342,000	76,298,000	76,170,000	76,129,000	76,048,000	1,000,024,000	1,531,763,000	2,827,461,000	2,135,968,000	1,593,459,000	1,030,490,000	5,226,441,000	5,128,146,000	5,006,210,000
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2018 and 2017 - no shares issued and outstanding
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2017 and 2016 - no shares issued and outstanding
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2016 and 2015 - no shares issued and outstanding
equity securities, available for sale, at fair value																																						7,813,000	7,861,000	7,849,000	7,805,000	7,756,000	7,762,000	7,767,000	9,790,000	55,215,000	61,604,000	61,441,000	65,227,000	65,401,000	66,612,000	69,644,000	87,981,000	78,949,000	45,512,000	73,322,000
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2015 and 2014 - no shares issued and outstanding
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2014 and 2013 - no shares issued and outstanding
unallocated common stock held by esop; 2013 - 58,618 shares
unallocated common stock held by esop; 2014 - 58,618 shares; 2013 - 58,618 shares																																												-313,000
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2013 and 2012 - no shares issued and outstanding
unallocated common stock held by esop; 2013 - 186,485 shares; 2012 - 239,799 shares																																													-2,009,000
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2013 and 2012 no shares issued and outstanding
unallocated common stock held by esop; 2013 - 239,799 shares; 2012 - 239,799 shares																																														-2,266,000
preferred stock, par value 1 per share, 2,000,000 shares authorized, 2012 and 2011 no shares issued and outstanding
unallocated common stock held by esop; 2012 - 294,770 shares; 2011 - 336,093 shares																																															-2,931,000	-3,175,000
preferred stock, no par value, 2,000,000 shares authorized, 2012 and 2011 no shares issued and outstanding
unallocated common stock held by esop; 2012 - 336,093 shares; 2011 - 336,093 shares																																																	-3,287,000
preferred stock, no par value, 2,000,000 shares authorized, 2011 and 2010 no shares issued and outstanding
unallocated common stock held by esop; 2011 - 395,859 shares; 2010 - 447,048 shares																																																		-3,965,000	-4,264,000
preferred stock, no par value, 2,000,000 shares authorized, 2011 and 2010 no shares issued and oustanding
unallocated common stock held by esop; 2011 - 447,048 shares; 2010 - 447,048 shares																																																				-4,551,000
policy benefit reserves:
traditional life and accident and health insurance products																																																					145,694,000	102,489,000	93,632,000	85,210,000
annuity products																																																					20,007,212,000
additional pain-in capital																																																					424,525,000
unallocated common stock held by esop; 2010 - 527,272 shares; 2009 - 527,272 shares																																																					-5,498,000
coinsurance deposits - related party																																																						1,772,761,000		1,895,020,000
liabilities and stockholders’ equity
annuity and single premium universal life products																																																						13,899,180,000	13,114,299,000	12,643,471,000
other amounts due to related parties																																																						45,077,000	45,504,000	22,180,000
stockholders’ equity:
total stockholders’ equity																																																						601,703,000	595,066,000	500,201,000	519,358
total liabilities and stockholders’ equity																																																						15,800,678,000	14,990,123,000	14,778,961,000	1,029,028
coinsurance deposits—related party																																																							1,841,720,000
deferred income tax asset																																																							73,831,000	97,458,000	7,943
federal income taxes recoverable																																																								24,319,000
fixed maturity securities, available for sale, at market																																																									218,374
equity securities of subsidiary trusts																																																									6,967
receivable from subsidiary																																																									406
receivables from related party
federal income tax recoverable																																																									6,008
investment in and advances to subsidiaries																																																									714,129
subordinated debentures payable to subsidiary trusts																																																									230,718

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-03-31	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30

operating activities:
net income	3,000,000	371,000,000	218,000,000	154,000,000	-203,000,000	651,000,000	-332,000,000	18,355,000	342,645,000	-463,450,000	476,114,000	355,146,000	-155,891,000	-18,098,000	312,601,000	360,576,000	566,223,000	93,137,000	152,865,000	-54,694,000	282,684,000	8,742,000	667,200,000	-247,429,000	242,947,000	220,150,000	37,360,000	18,590,000	-30,010,000	93,903,000	140,962,000	56,957,000	26,946,000	53,939,000	-44,841,000	82,845,000	5,903,000	67,815,000	36,744,000	-9,753,000	120,113,000	26,031,000	-7,829,000	18,759,000	10,471,000	-13,068,000
less: net income from discontinued operations
adjustments to reconcile net income to net cash from operating activities:
other policy revenue	-162,000,000	-189,000,000	-181,000,000	-172,000,000	-149,000,000	-173,000,000
accretion on investments	-138,000,000	-130,000,000	-139,000,000	-206,000,000	-206,000,000	-164,000,000	-495,000,000
amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	272,000,000	13,000,000	345,000,000	332,000,000	318,000,000	290,000,000
deferral of policy acquisition costs	-240,000,000	-81,000,000	-442,000,000	-395,000,000	-327,000,000	-343,000,000	-373,000,000
gains on investments and derivatives	434,000,000	-200,000,000
other losses	5,000,000	16,000,000	19,000,000	9,000,000	-12,000,000
provisions for credit losses	1,000,000	-7,000,000	47,000,000	-1,000,000	-2,000,000	77,000,000
income from real estate partnerships, investment funds and corporations	-72,000,000	-100,000,000	-114,000,000	-91,000,000	-73,000,000	-46,000,000
distributions from real estate partnerships, investment funds and corporations	31,000,000	13,000,000	60,000,000	46,000,000	131,000,000	128,000,000
interest credited to policyholders' account balances	545,000,000	506,000,000	523,000,000
change in fair value of embedded derivatives	-297,000,000	142,000,000	161,000,000	362,000,000	-134,000,000	-692,000,000	725,000,000	203,798,000	162,202,000	977,178,000	-451,806,000	213,764,000	404,440,000	342,409,000	-415,374,000	-885,984,000	-1,393,649,000	186,802,000	-536,404,000	273,713,000	-282,413,000	568,836,000	-1,732,497,000	1,126,935,000	-1,250,061,000	147,879,000	212,278,000	327,562,000	766,323,000	-101,949,000	-867,232,000	229,702,000	174,973,000	224,170,000	265,857,000	-219,601,000	51,213,000	-195,206,000	80,935,000	92,619,000	-408,409,000	363,272,000	188,201,000	-80,989,000	359,066,000	-205,565,000
depreciation and amortization	41,000,000	46,000,000	38,000,000	33,000,000	51,000,000	-2,000,000	83,000,000
deferred income taxes	13,000,000	-49,000,000	96,000,000	98,000,000	-56,000,000	532,000,000	-332,000,000	-396,247,000	93,247,000	-124,960,000	133,452,000	100,538,000	-40,895,000	9,694,000	50,134,000	90,068,000	155,050,000	140,699,000	-39,662,000	-31,128,000	58,514,000	-30,194,000	178,397,000	-78,559,000	71,427,000	71,623,000	-3,469,000	102,000	-11,309,000	-3,665,000	-1,253,000	1,967,000	-37,295,000	-3,670,000	-45,276,000	25,637,000	-22,541,000	3,095,000	-5,558,000	-37,360,000	41,232,000	-2,451,000	-27,220,000	-1,806,000	-12,443,000	-14,588,000
changes in operating assets and liabilities:
insurance-related liabilities	50,000,000	828,000,000	-143,000,000	169,000,000	652,000,000	384,000,000	189,000,000
funds withheld for reinsurance liabilities	-80,000,000	-46,000,000	-82,000,000	-72,000,000	-84,000,000	-174,000,000
reinsurance recoverables and deposit assets	166,000,000	141,000,000	342,000,000	200,000,000	219,000,000	150,000,000	825,000,000
accrued investment income	-6,000,000	-38,000,000	-51,000,000	29,000,000	-3,000,000	-60,000,000	-6,000,000
working capital and other	133,000,000	296,000,000	159,000,000	-206,000,000	-254,000,000	-1,398,000,000	164,000,000
cash used by operating activities - discontinued operations
cash flows from operating activities	699,000,000	1,146,000,000	430,000,000	535,000,000	671,000,000	418,000,000	727,000,000
investing activities:
purchase of investments:
available-for-sale fixed maturity securities	-4,696,000,000	-4,203,000,000	-6,944,000,000
equity securities	-1,000,000	-144,000,000	-16,000,000	-21,000,000	-36,000,000	-149,000,000	-140,000,000
mortgage loans on real estate	-337,000,000	-792,000,000	-403,000,000	-276,000,000	-305,000,000	-1,101,000,000	-301,000,000	-919,126,000	442,126,000	379,190,000	598,869,000	277,438,000	279,348,000	343,908,000	490,185,000	546,019,000	536,216,000	362,526,000	234,765,000	159,997,000	105,378,000	148,770,000	100,511,000	45,947,000	83,584,000	87,302,000	71,019,000	78,436,000	57,599,000	71,127,000	68,017,000	54,839,000	110,296,000	75,110,000	84,248,000	119,333,000	109,846,000	99,056,000	133,050,000	84,735,000	140,541,000	125,998,000	122,348,000	120,224,000	99,199,000	47,481,000
private loans	-286,000,000	-812,000,000	-811,000,000	-980,000,000	-631,000,000	-315,000,000	-585,000,000
investment real estate and real estate partnerships	-118,000,000	-109,000,000	-91,000,000
investment funds	-434,000,000	-665,000,000	-812,000,000	-875,000,000	-161,000,000	-112,000,000	-69,000,000
short-term investments	-526,000,000	129,000,000	-525,000,000	-3,383,000,000	-7,455,000,000	-8,301,000,000	2,268,000,000
other invested assets	-107,000,000	-181,000,000	-157,000,000	-58,000,000	-20,000,000	236,000,000	-184,000,000
proceeds from sales and maturities of investments:
purchases of derivatives	-272,000,000	-469,000,000	-249,000,000	-252,000,000	-213,000,000	-218,000,000	-232,000,000
proceeds from sales and maturities of derivatives	293,000,000	407,000,000	266,000,000	239,000,000	308,000,000	586,000,000
purchase of intangibles and property and equipment	-11,000,000	-19,000,000	-17,000,000	-20,000,000	-5,000,000	23,000,000	-30,000,000
change in collateral held for derivatives	-719,000,000	208,000,000	381,000,000	269,000,000	-575,000,000	-495,000,000	156,000,000	-129,978,000	390,978,000	481,127,000	-314,120,000	435,741,000	184,088,000	53,828,000	146,009,000	-466,839,000	-584,969,000	187,794,000	-326,781,000	-80,148,000	236,558,000	434,322,000	220,334,000	379,395,000	-1,106,464,000	453,553,000	56,895,000	255,318,000	424,890,000	55,188,000	-784,932,000	157,662,000	55,266,000	233,992,000	-26,754,000	228,975,000	-326,248,000	-71,293,000	179,692,000	-98,351,000	-60,486,000	224,755,000	149,047,000	-116,494,000	292,043,000	-297,780,000
other	-6,000,000	106,000,000	10,000,000	-17,000,000	29,000,000	-75,000,000	60,000,000	-74,894,000	25,894,000	28,759,000	-30,674,000	14,757,000	-22,855,000	-65,056,000	-59,208,000	-21,713,000	-75,670,000	75,645,000	-62,369,000	-14,770,000	-11,844,000	-3,521,000	-2,402,000	6,852,000	-125,000	3,419,000	-4,990,000	-3,845,000	-2,009,000	-2,266,000	-3,757,000	-4,056,000	-2,529,000	-4,431,000	-2,205,000	-3,510,000	-1,307,000	-1,642,000	11,000	-1,708,000	-854,000	-1,014,000	-4,037,000	646,000	-482,000	-187,000
cash from investing activities - discontinued operations
cash flows from investing activities	-4,314,000,000	-3,261,000,000	-3,347,000,000	2,610,000,000	-5,748,000,000	-4,045,000,000	-1,110,000,000
financing activities:
issuance of preferred equity		0	0	0	292,000,000
redemption of preferred equity		-300,000,000	0	0	-400,000,000
dividends paid to stockholders	-6,000,000	-8,000,000	-11,000,000	-11,000,000	-19,000,000
borrowings from related parties	8,000,000	-194,000,000	-1,000,000	10,000,000	197,000,000
repayment of borrowings to related parties	-13,000,000	16,000,000	34,000,000	-77,000,000	-14,000,000
borrowings from external parties	1,000,000	-6,000,000	511,000,000			600,000,000	0
borrowings issued to reinsurance entities					6,000,000
repayment of borrowings issued to reinsurance entities				8,000,000	-6,000,000
policyholders’ account deposits	3,687,000,000	5,632,000,000	4,601,000,000	3,903,000,000	3,514,000,000	3,081,000,000	3,733,000,000
policyholders’ account withdrawals	-2,796,000,000	-2,814,000,000	-2,734,000,000	-2,450,000,000	-2,301,000,000	-2,636,000,000	-3,076,000,000
issuance of equity, noncontrolling interests	6,000,000	8,000,000	2,000,000
distributions to noncontrolling interests	2,000,000	5,000,000	-12,000,000
cash flows from financing activities	889,000,000	2,207,000,000	2,381,000,000	1,439,000,000	1,267,000,000	1,084,000,000	361,000,000
cash and cash equivalents
cash and cash equivalents, beginning of period	11,660,000,000	0	0	0	11,330,000,000
net change during the period	-2,726,000,000	92,000,000	-536,000,000	4,584,000,000	-3,810,000,000	-2,543,000,000
cash and cash equivalents, end of period	8,934,000,000				7,520,000,000	-2,543,000,000	-22,000,000
less: cash and cash equivalents of discontinued operations
supplementary cash flow disclosure:
cash taxes paid	-55,000,000		1,000,000	92,000,000	-38,000,000	324,000,000	63,000,000
cash interest paid	26,000,000	61,000,000	12,000,000	65,000,000	20,000,000	55,000,000	36,000,000
less: net loss from discontinued operations
premiums due and other receivables		9,000,000			-17,000,000
acquisition of subsidiary, net of cash acquired						-2,821,000,000	0
disposition of subsidiary, net of cash disposed
proceeds from sales of intangibles and property and equipment						7,000,000	1,000,000
purchase of equity accounted investments
distributions from equity accounted investments
contributions from (distributions to) shareholders
repayment of borrowings to external parties		-500,000,000	0			614,000,000	-286,000,000
debt issuance costs		0	-7,000,000			0	0
payment related to recapture of reinsurance agreement
non-cash transactions:
available-for-sale fixed maturity securities received in connection with pension risk transfer transactions
equity securities transferred as consideration paid for acquisition of a subsidiary
non-cash deposit on reinsurance						0
transfer of invested assets						7,000,000
available-for-sale fixed maturity securities received as proceeds from investment fund sales
assets reverted in connection with pension termination
private loans received as proceeds from other invested assets as part of common control transactions
payments to noncontrolling interests
cash and cash equivalents, at end of period			-536,000,000
fixed maturities received as proceeds from investment fund sales
losses on investments and derivatives				-230,000,000	308,000,000	343,000,000
premiums due and other receievables
investments received as in-kind consideration from sales of investment funds
interest credited to policyholder account balances					512,000,000	844,000,000	663,000,000
fixed maturity, available-for-sale					-2,596,000,000	-3,890,000,000
real estate and real estate partnerships					-39,000,000	1,326,000,000
issuance of equity, noncontrolling interest					1,000,000
distributions to noncontrolling interest					-3,000,000	-53,000,000	4,000,000
supplementary disclosures of cash flow information:
non-cash investing and financing activities:
premium in-kind consideration received
issuance of common equity
fixed maturity securities, available-for-sale received in connection with pension risk transfer transactions						1,167,000,000
deposit liabilities							-73,000,000
net change in policy loans
dividends paid on preferred stock							-11,000,000	-81,000	-10,919,000	-10,919,000	-10,918,000	-10,919,000	-10,919,000	-10,919,000	-10,918,000	-10,919,000	-10,919,000
payments to noncontrolling interest
cash and cash equivalents, beginning of year							0
other policy revenue - annuity product charges
amortization of dac, dsi and voba asset
losses on investments and derivatives and from disposition of business, net:
unrealized losses on investments and derivatives
realized losses on investments and derivatives
investment credit losses
income from real estate partnerships and investment funds
distributions from real estate partnerships and investment funds
reinsurance funds withheld
fixed maturity, available for sale
real estate
real estate partnerships
proceeds from (payments upon) sales and maturities of derivatives
proceeds from noncontrolling interest
net change during the year
fixed maturity securities, available for sale received in connection with pension risk transfer transactions
equity securities transferred as part of acquisition of a subsidiary
operating activities
interest sensitive and index product benefits									304,220,000	193,439,000	193,686,000	122,387,000	57,911,000	160,243,000	121,890,000	234,855,000	372,662,000	574,816,000	817,014,000	812,981,000	476,595,000	325,912,000	576,147,000	240,992,000	400,219,000	399,514,000	500,285,000	251,103,000	136,674,000	427,951,000	514,095,000	501,028,000	472,596,000	419,139,000	97,671,000	306,141,000	282,825,000	429,415,000	367,774,000	317,192,000	336,025,000	225,809,000	246,105,000	142,733,000	139,123,000	223,232,000
amortization of deferred sales inducements									54,214,000	50,346,000	48,354,000	46,951,000	46,601,000	46,773,000	127,784,000	90,446,000	143,545,000	59,409,000	-17,172,000	-12,520,000	122,975,000	22,768,000	416,983,000	-75,178,000	73,591,000	91,260,000	-55,769,000	19,785,000	33,309,000	78,112,000	100,423,000	14,707,000	33,695,000	62,325,000	27,479,000	75,518,000	10,953,000	40,661,000	55,349,000	666,000	120,536,000	28,831,000	7,709,000	25,940,000	16,710,000	-28,065,000
annuity product charges									-95,613,000	-96,947,000	-84,316,000	-71,642,000	-62,591,000	-61,666,000	-60,819,000	-55,514,000	-52,355,000	-60,310,000	-58,480,000	-63,759,000	-60,082,000	-65,963,000	-62,277,000	-63,438,000	-59,549,000	-62,722,000	-63,647,000	-60,700,000	-52,966,000	-55,006,000	-50,723,000	-51,931,000	-48,603,000	-43,572,000	-36,505,000	-32,409,000	-28,682,000	-31,958,000	-29,247,000	-25,272,000	-23,511,000	-21,481,000	-23,875,000	-21,908,000	-19,393,000	-20,405,000
change in traditional life and accident and health insurance reserves									-9,563,000	10,277,000	-11,819,000	-10,384,000	1,720,000	-5,479,000	-4,909,000	-3,806,000	-12,779,000	20,603,000	8,147,000	5,966,000	5,374,000	2,187,000	3,185,000	3,360,000	-38,000	1,567,000	-2,224,000	-2,464,000	-425,000	-594,000	2,049,000	48,000	-604,000	726,000				-927,000	1,414,000	-91,000
policy acquisition costs deferred									-191,814,000	-209,404,000	-161,250,000	-138,916,000	-66,767,000	-52,125,000	-41,585,000	-48,344,000	-56,569,000	-64,146,000	-63,553,000	-83,154,000	-97,004,000	-76,903,000	-54,390,000	-59,417,000	-64,444,000	-78,223,000	-108,217,000	-127,656,000	-108,420,000	-103,482,000	-96,562,000	-90,446,000	-111,335,000	-110,574,000	-156,934,000	-170,318,000	-121,822,000	-112,092,000	-106,645,000	-93,333,000	-110,881,000	-94,638,000	-100,712,000	-95,396,000	-91,177,000	-119,941,000
amortization of deferred policy acquisition costs									77,337,000	72,428,000	70,561,000	68,476,000	68,235,000	64,338,000	183,182,000	142,354,000	225,426,000	82,999,000	-1,588,000	-16,906,000	203,823,000	26,145,000	622,596,000	-119,889,000	120,702,000	133,573,000	-120,934,000	29,946,000	45,132,000	115,049,000	140,639,000	23,023,000	49,547,000	89,678,000	49,713,000	104,700,000	14,286,000	39,671,000	67,084,000	7,194,000	169,270,000	46,230,000	25,954,000	44,848,000	34,284,000	-28,930,000
provision for depreciation and other amortization									3,350,000	2,586,000	2,146,000	896,000	3,025,000	1,340,000	2,581,000	8,014,000	2,250,000	1,542,000	1,214,000	1,253,000	1,518,000	1,342,000	1,372,000	1,403,000	1,082,000	1,205,000	947,000	967,000	949,000
amortization of discounts and premiums on investments									2,601,000	-107,685,000	79,373,000	18,335,000	13,450,000	2,003,000	5,348,000	-4,453,000	-258,000	1,423,000	2,994,000	7,347,000	8,097,000	20,327,000	19,465,000	7,843,000	9,802,000	4,084,000	9,028,000	8,249,000	4,485,000	3,330,000	6,002,000	2,435,000	5,844,000	2,800,000	-3,103,000	-5,100,000	-1,428,000	-10,076,000	405,000	-2,829,000	15,842,000	-6,296,000	-11,576,000	-24,282,000	-39,738,000	-36,758,000
realized gains/losses on investments									94,050,000	38,065,000	44,672,000	24,679,000	27,787,000	-14,411,000	15,860,000	33,272,000	13,127,000	10,478,000	-4,933,000	3,114,000	4,583,000	12,135,000	22,321,000
distributions from equity method investments									24,601,000	74,109,000	33,434,000			-1,008,000	2,894,000			1,712,000	763,000	2,303,000	7,631,000	1,778,000				1,593,000	407,000			60,000	66,000
change in fair value of derivatives									-409,767,000	-353,443,000	383,026,000	-242,739,000	-45,890,000	-22,244,000	176,671,000	506,181,000	477,519,000	-522,220,000	70,701,000	-500,880,000	-396,305,000	-443,869,000	-205,011,000	-327,662,000	941,874,000	-465,929,000	20,054,000	-75,945,000	-384,381,000	-132,267,000	450,906,000	-362,775,000	-267,097,000	-386,842,000	73,657,000	22,555,000	30,636,000	-39,773,000	-271,360,000	-48,493,000	-64,040,000	-373,962,000	-161,090,000	150,847,000	-259,161,000	333,063,000
share-based compensation									1,946,000	-1,844,000	10,263,000	10,973,000	9,904,000	5,119,000	4,288,000	824,000	5,596,000	5,336,000	6,109,000	8,860,000	4,296,000	2,700,000	3,121,000	2,105,000	2,289,000	1,893,000	2,042,000	3,155,000	4,205,000	2,520,000	3,526,000	1,260,000	1,751,000	2,403,000	2,234,000	1,660,000	1,687,000	522,000	583,000	37,000	1,721,000	1,290,000	1,883,000	1,918,000	1,106,000	1,410,000
change in accrued investment income									28,227,000	-15,690,000	44,754,000	9,029,000	426,000	18,798,000	-24,110,000	-8,637,000	-38,805,000	-31,727,000	-15,977,000	12,719,000	-12,030,000	54,565,000	-2,357,000	22,377,000	159,000	24,465,000	-16,627,000	16,800,000	-28,735,000	6,969,000	-25,511,000	-22,700,000	7,662,000	-26,371,000	-31,229,000	15,069,000	-31,682,000	-36,174,000	18,777,000	-21,177,000	10,649,000	-36,508,000	-32,231,000	-8,022,000	-7,685,000	2,665,000
change in income taxes recoverable/payable									13,512,000			-4,857,000	4,677,000	48,340,000	31,403,000	30,826,000	519,000	-206,064,000	80,497,000	-60,618,000	20,461,000	33,911,000	1,189,000	10,362,000	-46,753,000	30,706,000	17,807,000	-23,403,000	1,856,000	-103,504,000	37,906,000	-10,115,000	-20,639,000	31,161,000	20,573,000	-35,178,000	22,542,000	30,703,000					13,349,000	-20,934,000	17,441,000	-8,594,000
change in other assets									-11,255,000	110,717,000	-60,596,000	-169,907,000	-34,940,000	9,015,000	-10,333,000	-8,175,000	-21,480,000	-2,461,000	-2,236,000	1,399,000	-1,166,000	-3,156,000	-748,000	1,022,000	2,033,000	-3,598,000	2,859,000	133,000	-5,001,000	-892,000	-470,000	-402,000	400,000	33,000	-1,164,000	1,096,000	-918,000	-2,279,000	259,000	-339,000	-1,611,000	1,315,000	4,723,000	-9,395,000	-682,000	2,193,000
change in other policy funds and contract claims									-7,645,000	-8,665,000	-6,870,000	-105,696,000	-207,895,000	244,608,000	-257,975,000	96,112,000	197,191,000	-3,838,000	-6,243,000	-2,157,000	-7,571,000	-2,914,000	-3,729,000	-5,734,000	-9,488,000	-5,506,000	-5,860,000	-4,546,000	-6,059,000	-4,824,000	-4,343,000	-5,117,000	-7,839,000	-6,985,000	-12,544,000	-12,944,000	-14,171,000	-16,400,000	-13,569,000	-17,288,000	-7,084,000	-8,451,000	23,020,000	15,324,000	18,224,000	56,948,000
change in market risk benefits									-138,771,000	242,436,000	-296,167,000	-155,389,000	192,253,000
change in funds withheld from reinsurers									256,921,000	187,465,000	703,157,000	600,635,000	342,602,000	302,349,000	415,758,000	132,726,000	80,767,000
change in other liabilities									58,489,000	-208,288,000	-1,023,443,000	1,218,826,000	145,648,000	-149,684,000	90,635,000	-12,555,000	96,591,000	-80,496,000	8,141,000	-56,558,000	-92,813,000	61,276,000	14,126,000	-9,191,000	-27,216,000	-49,277,000	19,364,000	-606,000	1,912,000	-16,625,000	-6,472,000	-25,639,000	1,906,000	-38,754,000	-38,041,000	20,254,000	-7,113,000	-8,024,000	-2,230,000	-30,056,000	6,690,000	-6,215,000	14,863,000	8,102,000	-19,523,000	12,968,000
net cash from operating activities									1,070,006,000	910,207,000	-217,889,000	2,382,448,000	865,043,000	919,086,000	812,725,000	212,438,000	99,932,000	3,595,873,000	13,047,000	152,363,000	471,881,000	949,755,000	683,127,000	836,804,000	-1,164,700,000	1,063,122,000	417,046,000	759,242,000	1,111,992,000	299,589,000	-443,176,000	433,714,000	333,153,000	497,927,000	141,612,000	405,712,000	-140,215,000	91,972,000	347,218,000	48,163,000	121,648,000	369,616,000	329,225,000	42,703,000	457,720,000	-85,506,000
capital expenditures									-4,631,000	-14,050,000	-22,467,000	-9,375,000	-4,192,000	-6,746,000	-25,888,000	-5,903,000	-2,424,000	-3,049,000	-5,272,000	-6,064,000	-3,724,000	-800,000	-816,000	-1,514,000	-10,110,000	-874,000	-1,748,000	-680,000	-720,000	-1,675,000	-1,099,000	-1,400,000	-1,092,000	-1,402,000	-244,000	-297,000	-295,000	-155,000	-422,000	-200,000	-210,000	-78,000	-105,000	-82,000	-191,000	-1,091,000
free cash flows									1,065,375,000	896,157,000	-240,356,000	2,373,073,000	860,851,000	912,340,000	786,837,000	206,535,000	97,508,000	3,592,824,000	7,775,000	146,299,000	468,157,000	948,955,000	682,311,000	835,290,000	-1,174,810,000	1,062,248,000	415,298,000	758,562,000	1,111,272,000	297,914,000	-444,275,000	432,314,000	332,061,000	496,525,000	141,368,000	405,415,000	-140,510,000	91,817,000	346,796,000	47,963,000	121,438,000	369,538,000	329,120,000	42,621,000	457,529,000	-86,597,000
investing activities
sales, maturities, or repayments of investments:
fixed maturity securities, available for sale									4,707,376,000	948,892,000	5,345,751,000	1,954,429,000	3,150,639,000	4,554,798,000	1,679,469,000	1,677,615,000	1,779,328,000		762,640,000	1,416,169,000	1,116,965,000		931,713,000	496,187,000	1,916,960,000		1,324,895,000	572,912,000	286,855,000
derivative instruments									303,371,000	194,542,000	172,594,000	124,471,000	-132,000	6,283,000	204,291,000	92,971,000	280,510,000	519,602,000	571,392,000	769,643,000	400,322,000	226,572,000	203,286,000	109,709,000	320,953,000	305,251,000	114,077,000	183,057,000	55,500,000	369,421,000	479,675,000	400,448,000	400,613,000	349,732,000	6,747,000	237,545,000	214,667,000	353,689,000	291,769,000	241,098,000	262,132,000	146,918,000	166,026,000	53,186,000	57,015,000	156,938,000
other investments									1,103,923,000	1,320,165,000	176,252,000	264,466,000	705,059,000	298,948,000	86,023,000	327,680,000	26,376,000	356,829,000	6,426,000	1,393,000	4,189,000	1,086,000	225,000	33,000	2,980,000	464,662,000	4,480,000	2,345,000	1,062,000	1,726,000	153,936,000	1,862,000	2,521,000	4,990,000	4,274,000	3,712,000	7,218,000	3,270,000	4,303,000	8,942,000	6,366,000	5,371,000	15,539,000	5,794,000	4,568,000	34,000
acquisitions of investments:
real estate investments acquired									-35,649,000	-57,469,000	-28,526,000	-110,668,000	-120,907,000	-112,603,000	-250,061,000	-193,732,000	-168,088,000
purchases of property, furniture and equipment									-4,631,000	-14,050,000	-22,467,000	-9,375,000	-4,192,000	-6,746,000	-25,888,000	-5,903,000	-2,424,000	-3,049,000	-5,272,000	-6,064,000	-3,724,000	-800,000	-816,000	-1,514,000	-10,110,000	-874,000	-1,748,000	-680,000	-720,000	-1,675,000	-1,099,000	-1,400,000	-1,092,000	-1,402,000	-244,000	-297,000	-295,000	-155,000	-422,000	-200,000	-210,000	-78,000	-105,000	-82,000	-191,000	-1,091,000
net cash from investing activities									3,338,218,000	-1,299,809,000	5,213,132,000	-223,196,000	804,501,000	-177,889,000	358,186,000	-188,970,000	-2,446,238,000	-7,625,767,000	950,944,000	329,787,000	120,729,000	4,505,862,000	-149,104,000	-78,446,000	856,292,000	-149,475,000	-954,227,000	-1,026,070,000	-925,114,000	-36,058,000	-661,329,000	-553,739,000	-834,122,000	-519,913,000	-956,073,000	-1,194,044,000	-1,059,890,000	-1,481,227,000	-90,173,000	-626,567,000	-1,106,520,000	-1,270,294,000	85,566,000	-1,660,336,000	1,153,852,000	-1,061,379,000
financing activities
receipts credited to annuity policyholder account balances									2,348,431,000	1,996,378,000	2,237,786,000	2,000,479,000	1,370,663,000	899,529,000	750,386,000	777,818,000	888,488,000	1,030,741,000	1,293,679,000	1,164,827,000	2,420,777,000	1,837,093,000	563,671,000	548,717,000	699,455,000																					1,267,364,000
coinsurance deposits									-91,042,000	375,257,000	-311,913,000	-296,245,000	-215,927,000	55,109,000	-286,854,000	34,351,000	10,757,000	-3,871,161,000	186,432,000	278,410,000	218,987,000	126,475,000	99,410,000	90,228,000	114,531,000	23,380,000	8,668,000	21,388,000	37,802,000	-29,848,000	-6,867,000	-46,000	-32,808,000	63,746,000	-378,412,000	16,261,000	-33,061,000	27,627,000	16,722,000	-2,609,000	10,319,000	5,641,000	12,266,000	20,848,000	-49,478,000	-43,736,000
return of annuity policyholder account balances									-2,910,342,000	-2,546,127,000	-1,778,172,000	-1,648,098,000	-1,601,547,000	-1,533,318,000	-1,274,902,000	-1,250,629,000	-1,198,638,000	-1,283,802,000	-1,246,449,000	-1,364,698,000	-1,250,244,000	-1,117,867,000	-950,843,000	-946,323,000	-1,025,021,000	-958,746,000	-900,201,000	-908,274,000	-817,739,000	-761,067,000	-738,219,000	-647,881,000	-673,592,000	-727,494,000	-581,260,000	-530,425,000	-492,242,000	-466,003,000	-469,399,000	-475,280,000	-426,862,000	-402,185,000	-426,836,000	-433,851,000	-414,521,000	-459,420,000
repayment of loan payable									-1,875,000	-2,025,000	-1,726,000	-1,874,000	-1,875,000	-1,875,000
acquisition of treasury stock										231,000	-13,507,000	-2,932,000	-293,193,000	-44,099,000	-154,088,000	-188,984,000	-179,396,000	0	-1,340,000	-95,077,000	-2,998,000
proceeds from issuance of common stock									264,000	1,173,000	20,114,000	2,764,000	-3,631,000	1,117,000	19,000	1,304,000	251,538,000	0	-306,000	154,000	5,006,000	336,323,000	32,000	451,000	1,255,000	1,279,000	394,000	-94,000	112,000	2,988,000	4,516,000	3,673,000	901,000	3,717,000	3,740,000	1,310,000	4,089,000	1,997,000	1,948,000	6,093,000	5,181,000	7,103,000	2,993,000	341,000	721,000	206,000
change in checks in excess of cash balance									-19,480,000	159,782,000	50,874,000	20,378,000	-54,932,000	35,363,000	28,228,000	-33,083,000	9,393,000	20,674,000	-24,561,000	-17,707,000	18,384,000	10,206,000	7,654,000	25,900,000	-40,149,000	34,437,000	-651,000	-596,000	-4,021,000	1,653,000	-22,838,000	17,861,000	-16,464,000	-10,084,000	-10,358,000	-31,920,000	-12,126,000	2,027,000	-2,027,000	-32,192,000	-3,637,000	-11,570,000	4,705,000	-6,365,000	-6,243,000	5,365,000
net cash from financing activities									-684,963,000	-26,250,000	192,538,000			-629,660,000	-650,004,000	-670,142,000	-228,777,000	-4,145,917,000	196,537,000	-45,010,000	1,398,993,000	983,273,000	-286,026,000	-182,822,000	-151,885,000	241,008,000	459,951,000	366,905,000	584,616,000	272,407,000	394,244,000	-169,226,000	903,134,000	403,468,000	1,123,889,000	1,228,382,000	792,355,000	713,522,000	528,316,000	360,047,000	849,664,000	514,230,000	574,813,000	498,350,000	510,589,000	769,715,000
increase in cash and cash equivalents									3,723,261,000	-415,852,000	5,187,781,000	2,222,805,000	858,183,000	111,537,000	520,907,000	-646,674,000	-2,575,083,000	-8,175,811,000	1,160,528,000	437,140,000	1,991,603,000	6,438,890,000	247,997,000	575,536,000	-460,293,000	1,154,655,000	-77,230,000	100,077,000	771,494,000	535,938,000	-710,261,000	-289,251,000	402,165,000	381,482,000	309,428,000						-135,208,000	-386,448,000	989,604,000	-1,119,283,000	2,122,161,000	-377,170,000
cash and cash equivalents at beginning of period									9,772,586,000		0	0	1,919,669,000		0	0	4,508,982,000		0	0	9,095,522,000		0	0	2,293,392,000		0	0	344,396,000	0	1,434,045,000	0	0	791,266,000	397,749,000	0	701,514,000	0	0	897,529,000	0	1,268,545,000	0	0	404,952,000	0
cash and cash equivalents at end of period									13,495,847,000		5,187,781,000	2,222,805,000	2,777,852,000		520,907,000	-646,674,000	1,933,899,000		1,160,528,000	437,140,000	11,087,125,000		247,997,000	575,536,000	1,833,099,000		-77,230,000	100,077,000	1,115,890,000	535,938,000	723,784,000	-289,251,000	402,165,000	1,172,748,000	707,177,000	440,050,000	293,764,000	-675,733,000	785,361,000	679,172,000	-135,208,000	882,097,000	989,604,000	-1,119,283,000	2,527,113,000	-377,170,000
supplemental disclosures of cash flow information
cash paid during period for:
interest expense									6,358,000	18,922,000	13,072,000	12,223,000	5,803,000	20,039,000	1,250,000	13,750,000	1,250,000	15,000,000	0	13,750,000	1,250,000	13,750,000	1,250,000	13,904,000	2,523,000	16,389,000	3,977,000	16,721,000	5,792,000	16,661,000	3,488,000	16,844,000	4,057,000	18,682,000	16,278,000	2,946,000	16,580,000	16,993,000	4,104,000	17,993,000	6,125,000	6,470,000	6,550,000	7,294,000	7,014,000	6,919,000
income taxes									546,000	5,103,000	0	-260,121,000	262,020,000	0				85,368,000	4,595,000			32,000	4,971,000	-172,000	11,000	220,000	0					38,055,000	71,479,000	47,000	200,000	53,287,000	114,000	23,252,000	46,923,000	21,500,000	37,500,000	10,200,000	9,288,000			15,600,000
income tax refunds received									14,059,000	19,999,000	0	-52,447,000	52,500,000	81,457,000	310,000						-440,000
non-cash operating activity:
deferral of sales inducements									127,704,000	160,506,000	171,164,000	136,856,000	45,267,000	33,617,000	27,386,000	23,242,000	23,446,000	23,477,000	22,021,000	24,812,000	24,850,000	25,142,000	21,206,000	22,710,000	24,552,000	36,981,000	46,969,000	48,370,000	45,621,000	49,468,000	43,670,000	46,984,000	62,847,000	65,245,000	107,673,000	125,600,000	93,591,000	85,320,000	83,270,000	72,687,000	91,033,000	73,898,000	77,536,000	73,229,000	70,019,000	92,176,000
real estate investments sold										2,000,000	1,131,000
proceeds from issuance of loan payable														0
dividends paid on common stock
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
cash paid during the year for:
net cash provided used in financing activities													-811,361,000
loss on extinguishment of debt																						0	0	0	2,024,000							18,389,000						0
change in collateral held for securities lending																						-671,000	-88,000	-5,233,000	-489,047,000	129,509,000	-76,316,000	120,899,000	321,009,000
repayment of subordinated debentures																						0	0	0	-81,450,000
proceeds from issuance of preferred stock																						0	0
fixed maturity securities - available for sale																														2,109,217,000	265,837,000	363,077,000	453,451,000	517,301,000	581,647,000	609,839,000	276,734,000	293,978,000	730,683,000	208,747,000	1,355,616,000	937,343,000	519,354,000	457,896,000	965,283,000	189,011,000
net proceeds from (repayments of) amounts due under repurchase agreements
real estate acquired																			-1,025,000
preferred stock dividends																			-10,918,000	-10,919,000	-10,919,000		-5,950,000	-5,950,000	-6,611,000
net proceeds from amounts due under repurchase agreements																									186,105,000				134,033,000		137,223,000	-38,131,000
realized gains on investments and net credit losses recognized in operations																									20,336,000
realized gains on investments and net otti losses recognized in operations																										10,383,000	-4,227,000	5,045,000	563,000		605,000	-1,115,000	-2,924,000	-2,197,000
financing fees incurred and deferred																																214,000						0	0	-100,000						0
proceeds from issuance of notes payable																																0
repayment of notes payable																																						0	-65,094,000	-54,583,000
dividends paid
receipts credited to annuity and single premium universal life policyholder account balances																											1,302,810,000	1,497,812,000	1,234,429,000	1,195,904,000	1,020,429,000	908,336,000	1,169,597,000	1,073,583,000	2,089,739,000	1,788,045,000	1,307,792,000	1,066,149,000	1,035,076,000	915,631,000		914,936,000	982,024,000	917,349,000	979,445,000
repayment of amounts due under repurchase agreements
excess tax benefits realized from share-based compensation plans																																			440,000	186,000	2,828,000	536,000	689,000	3,087,000	75,000	305,000	-69,000	28,000	665,000	-57,000
non-cash financing activity:
common stock issued to settle warrants that have expired																																			80,000
benefit from depreciation and other amortization																														804,000	900,000	832,000	1,004,000	957,000	875,000	1,251,000	1,267,000	2,180,000	2,398,000	3,000,000	4,749,000	4,607,000	4,819,000	4,603,000	4,547,000	4,821,000
realized (gains) losses on investments and net otti losses recognized in operations
repayment of debt
increase in traditional life and accident and health insurance reserves																																			-858,000							402,000	15,198,000	6,620,000	6,032,000	24,892,000
realized gains/losses on investments and net otti losses recognized in operations																																			3,007,000	-3,496,000	-4,747,000	3,754,000	2,824,000	1,619,000	-12,914,000	-7,348,000	2,924,000	1,589,000	8,957,000
acquisition of investments:
proceeds from amounts due under repurchase agreements																																					15,075,000
non-cash financing activities:
decrease in traditional life and accident and health insurance reserves																																				2,567,000	-868,000
net proceeds from settlement of notes hedges and warrants																																						0
non-cash investing activity:
real estate acquired in satisfaction of mortgage loans																																						1,748,000	8,294,000	1,713,000	0	844,000	2,947,000	8,682,000	3,303,000	11,050,000
common stock issued in extinguishment of debt																																						0	33,115,000	23,177,000
decrease in cash and cash equivalents																																					-407,750,000			-218,357,000
equity securities - available for sale																																											1,999,000	3,000,000	2,605,000	0
proceeds from notes payable
warrants to be settled in cash
loss on extinguishment of debt, net of tax																																								3,977,000
change in income taxes payable																																								7,909,000	-13,921,000	5,438,000
fixed maturity securities - held for investment																																											929,878,000	547,513,000	1,140,816,000
conversion of subordinated debentures																																											8,216,000	12,494,000	60,000
acquisition of common stock																																														-7,000
mortgage loan on real estate sold																																														0
realized gains on investments and net otti losses recognized																																														26,183,000
repayments of notes payable
purchase of call spread - 2015 notes hedges
proceeds from issuance of warrants
adjustments related to interest sensitive products:
interest credited to account balances
annuity and single premium universal life product charges
amortization of discount on contingent convertible notes
amortization of discount and premiums on investments
realized gains on investments
changes in other operating assets and liabilities:
income taxes recoverable
other assets
other policy funds and contract claims
other amounts due to related parties
other liabilities
equity securities, available for sale
policy loans
coinsurance deposits - related party
return of annuity and single premium universal life policyholder account balances
increase in amounts due under repurchase agreements
proceeds from issuance of subordinated debentures
excess tax benefits realized from exercise of stock options
checks in excess of cash balance
supplemental disclosures of cash flow information:
non-cash financing and investing activities:
premium and interest bonuses deferred as sales inducements
subordinated debentures issued to subsidiary trusts for common equity securities of the subsidiary trust
amortization of discounts and premiums on fixed maturity securities
realized losses (gains) on investments
federal income taxes recoverable/payable
fixed maturity securities—available for sale
fixed maturity securities—held for investment
coinsurance deposits—related parties
settlement of option agreement
tax benefits realized from exercise of stock options, management subscription rights and settlement of option agreement
non-cash operating, financing and investing activities:

American Equity Investment Life Holding Company(NYSE:AEL)

American Equity Investment Life Holding Company
(NYSE:AEL)