American Equity Investment Reports $2B Q2 Sales Aided By Fixed Index Annuities

American Equity Investment Life Holding Co 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.

Last week, AEL disclosed the acquisition by Brookfield Reinsurance Ltd BNRE for ~$4.3 billion.

Related: American Equity Shareholders Gain: Analyst Explores Brookfield Reinsurance Acquisition

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