American Equity Investment Life Holding Company - AEL STOCK NEWS

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (ICR) of a- (Excellent) for North End Re (Cayman) SPC, with a stable outlook. The ratings highlight NER Cayman’s very strong balance sheet strength, adequate operating performance, and effective enterprise risk management. In 2021, NER Cayman entered a reinsurance agreement with American Equity Investment Life Holding Company (AEL) to assume up to $10 billion of annuity products, yielding $195 million in net income by year-end 2022. NER Cayman is a subsidiary of Brookfield Reinsurance Ltd. (BNRE), which focuses on capital-based insurance solutions and completed a $5.1 billion acquisition of American National Group in May 2022.

American Equity Investment Life Holding Company (NYSE: AEL) is set to release its first quarter 2023 earnings on May 8 after market close. The financial results and accompanying supplement will be accessible on the company's investor relations website. A conference call to discuss these results is scheduled for May 9 at 10:00 a.m. CT, where management may provide forward-looking statements regarding their future performance. Interested parties can register for the call via phone or online. The company emphasizes its commitment to financial dignity through its annuity products, now focusing on insurance liability-driven asset allocation for better investment outcomes.

American Equity Investment Life Holding Company (NYSE: AEL) has appointed Mike Hayes as an independent director, expanding its Board to 10 members, with 8 being independent. Hayes brings extensive experience from the financial services and technology sectors, previously serving as COO at VMware and in various roles at Cognizant Technologies and Bridgewater Associates. Chairman David Mulcahy emphasized Hayes's expertise in driving customer value and strategic execution, aligning with the company's AEL 2.0 strategy for sustainable long-term value creation. Hayes expressed enthusiasm for contributing to the firm's innovative efforts in the financial industry.

American Equity Investment Life Holding Company (NYSE: AEL) has entered into an accelerated share repurchase (ASR) agreement with JP Morgan to repurchase $200 million of its common stock. This initiative, part of the company's growth strategy, reflects its strong balance sheet and commitment to enhancing shareholder value. Approximately 6 million shares, or 7% of total outstanding stock, will be repurchased based on the closing price on March 17, 2023. Following this ASR, $276 million will remain in the company's repurchase program. The final share count will depend on the stock's average price during the ASR's duration, with settlement expected by September 30, 2023.

Prosperity Group Holdings LP has announced its withdrawal of the proposal to acquire the common shares of American Equity Investment Life Holding Company (NYSE: AEL) at $45.00 per share. The decision comes after American Equity's refusal to engage in discussions, leading Prosperity to opt against pursuing the transaction further. Prosperity Group, involved in financial security and asset management, has been expanding its platform since its acquisition by Elliott Investment Management LP in 2019.