AEL Board Approves Additional $400 Million Share Buyback Authorization With Continued Execution Of AEL 2.0 Strategy

Rhea-AI Summary

American Equity Investment Life Holding Company (NYSE: AEL) has authorized an additional $400 million common stock buyback, part of its ongoing AEL 2.0 strategy initiated in October 2020. This new measure increases the total share repurchase authorization to $594 million. The buyback aims to enhance shareholder value and reflects the company's commitment to managing its capital effectively.

Positive

• Authorization of an additional $400 million stock buyback enhances shareholder value.
• Total buyback authorization now stands at $594 million, demonstrating strong financial management.

Negative

• None.

WEST DES MOINES, Iowa--(BUSINESS WIRE)-- American Equity Investment Life Holding Company (NYSE: AEL) announced today that its Board of Directors has put in place an additional $400 million common stock buyback authorization consistent with the continued execution of AEL 2.0 strategy first outlined in October 2020. In addition to the remaining share repurchase authorization, this brings the total available authorization to $594 million.

ABOUT AMERICAN EQUITY

At American Equity Investment Life Holding Company (NYSE: AEL), we think of ourselves as The Financial Dignity Company. Our policyholders work with independent agents, banks and broker-dealers through our wholly-owned operating subsidiaries, to choose one of our leading annuity products best suited for their personal needs to create financial dignity in retirement. To deliver on its promises to policyholders, American Equity has re-framed its investments focus – building a stronger emphasis on insurance liability driven asset allocation and specializing in alternate, private asset management. American Equity is headquartered in West Des Moines, Iowa with satellite offices slated to open in 2022 in Charlotte, NC and New York, NY. For more information, please visit www.american-equity.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110006231/en/

Steven Schwartz | Head of Investor Relations

American Equity Investment Life Holding Company®

515-273-3763 | sschwartz@american-equity.com

Source: American Equity Investment Life Holding Company

FAQ

What is the total stock buyback amount authorized by AEL?

As of now, American Equity Investment Life Holding Company has authorized a total stock buyback of $594 million.

What is the purpose of the $400 million stock buyback by AEL?

The $400 million stock buyback aims to enhance shareholder value as part of the company's AEL 2.0 strategy.

When did American Equity outline its AEL 2.0 strategy?

The AEL 2.0 strategy was first outlined in October 2020.