American Equity Investment Life Holding Company - AEL STOCK NEWS

American Equity Investment Life Holding Company (AEL) announced strong fourth quarter 2021 results with net income of $82.2 million, or $0.88 per diluted share, contributing to a total full year income of $430.3 million. Non-GAAP operating income for Q4 was $75.8 million, while full year non-GAAP income reached $290.5 million. The company accelerated private asset deployment with $2.3 billion sourced in Q4, aiming for a 30-40% asset allocation in the future. Book value per share stood at $60.78, reflecting solid positioning for growth in reinsurance and investments.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of ‘a-’ (Excellent) to North End Re (Cayman) SPC, with a stable outlook. These ratings reflect strong balance sheet strength, adequate operating performance, and appropriate enterprise risk management. NER Cayman plans to make significant capital investments to maintain a robust level of risk-adjusted capital. In a notable development, NER Cayman has executed a reinsurance transaction with American Equity Investment Life Holding Company (AEL), assuming $10 billion in annuity products, increasing its equity interest in AEL to 16%.

American Equity Investment Life Holding Company (NYSE: AEL) declared dividends for its Series A and Series B Preferred Stocks. The cash dividend for Series A is $371.8750000 per share, payable on March 1, 2022, to shareholders of record by February 15, 2022. For Series B, the cash dividend is $414.0625000 per share, also payable on March 1, 2022, to shareholders of record by February 15, 2022. These dividends reflect the company’s commitment to shareholder returns.

American Equity Investment Life Holding Company (NYSE: AEL) will announce its fourth quarter and full-year 2021 earnings after market close on February 17, 2022. A conference call is scheduled for February 18 at 8:00 a.m. CT to discuss financial results, conditions, and business strategy. The call will include forward-looking statements subject to risks and uncertainties. An audio replay will be available until February 25. For more information, visit www.american-equity.com.

American Equity Investment Life Holding Company (NYSE: AEL) announces a $500 million increase in its common stock repurchase authorization, raising the total to $736 million. This initiative aims to return capital to shareholders and mitigate future dilution from a planned increase in Brookfield Reinsurance's stake from 9.9% to 15-19.9%. Additionally, the company declared a dividend of $0.34 per common share, up by $0.02, with a record date of November 29, 2021, and a payment date of December 13, 2021.

American Equity Investment Life Insurance Company has launched the FlexShield 10, a new fixed index annuity designed for aggressive accumulation over a 10-year period. This product offers enhanced upside potential while protecting the principal from market volatility. The FlexShield 10 combines three elements: protection from market fluctuations, opportunities for greater asset growth, and flexibility in risk tolerance through customizable strategies. With no annual fees and tax-deferred growth, this innovative annuity caters to various retirement planning needs.

American Equity Investment Life Holding Company (AEL) reported a net income of $141.9 million ($1.53/share) for Q3 2021. This marks a significant decline from $661.3 million ($7.17/share) in Q3 2020. Non-GAAP operating income was $136.3 million, negatively impacted by $56.8 million from an actuarial update. The company established a pivotal reinsurance partnership with Brookfield Asset Management and deployed $375 million in private assets, totaling $2.5 billion year-to-date. Policyholder funds under management grew by 1.1% to $52.9 billion with Q3 sales increasing 128% year-over-year.

SS&C Technologies Holdings announced that American Equity Investment Life Holding Company will migrate its $5.4 billion mortgage loan portfolio to SS&C's Precision LM solution. This partnership aims to enhance loan management operations, automate servicing, and improve regulatory reporting. The system will handle over 800 commercial and 2,000 residential loans, optimizing document management and collaboration. Both companies expect the integration to streamline operations and support American Equity's growth.

American Equity Investment Life Holding Company (NYSE: AEL) has appointed Dewayne Lummus as Senior Vice President and Chief Accounting Officer, effective November 30, 2021. Lummus brings extensive experience from Equitable and Teachers Insurance and Annuity Association of America, aiming to enhance American Equity's financial strategies. Scott Samuelson will transition to Controller for the Insurance and Reinsurance division. This leadership change is positioned as a vital step during a transformative phase for the company, which focuses on providing financial dignity in retirement.