American Equity Investment Life Holding Co (NYSE:AEL) reported Q2 2023 sales worth $2 billion, led by fixed index annuities business.

The fixed index annuities sales totaled $1.9 billion in Q2, increasing 94% Q/Q and 141% Y/Y.

FIA sales at American Equity Life in the Independent Marketing Organization channel rose 99% Q/Q, and Eagle Life FIA sales through banks and broker-dealers were up 77% Q/Q.

The company is expected to release Q2 2023 results on August 7, 2023.

"This significant increase in sales reflects the value proposition offered by our industry-leading FIA solutions, enhanced by our private asset strategies driving strong new money yields. Each aspect of the AEL flywheel is working seamlessly – a testament to our team's execution of the AEL 2.0 strategy – creating momentum in annuity origination and ensuring lifelong financial dignity for our policyholders," said Anant Bhalla, President, and CEO.

Price Action: AEL shares closed higher by 0.38% at $53.11 after-hours on Tuesday.