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AEL American Equity Investment Life Holding

American Equity Investment Life Holding Co. engages in the development and sale of annuity and life insurance products through its subsidiaries. It focuses on issuing fixed index and fixed rate annuities. The company was founded by David J. Noble on December 15, 1995 and is headquartered in West Des Moines, IA.

Company profile

Ticker
AEL, AEL-PA, AEL-PB
Exchange
CEO
Anant Bhalla
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
421447959

AEL stock data

(
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Calendar

1 Mar 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
24 Mar 21 Neugent Gerard D. Common Stock Sell Dispose S No No 29.3645 6,281 184.44K 38,219
24 Mar 21 Neugent Gerard D. Common Stock Option exercise Aquire M No No 12.26 15,000 183.9K 44,500
24 Mar 21 Neugent Gerard D. Options - Right to Buy Common Stock Option exercise Dispose M No No 12.26 15,000 183.9K 0
19 Mar 21 John M Matovina Common Stock Sell Dispose S No No 31.0105 23,201 719.47K 138,303
9 Mar 21 Chapman Joyce Ann Common Stock Sell Dispose S No No 30.6119 6,036 184.77K 38,114
9 Mar 21 Chapman Joyce Ann Common Stock Option exercise Aquire M No No 12.26 15,000 183.9K 44,150
9 Mar 21 Chapman Joyce Ann Options - Right to Buy Common Stock Option exercise Dispose M No No 12.26 15,000 183.9K 0
27 Feb 21 John M Matovina Common Stock Payment of exercise Dispose F No No 27.63 7,805 215.65K 161,504
27 Feb 21 John M Matovina Common Stock Grant Aquire A No No 0 31,006 0 169,309
27 Feb 21 Renee Denise Montz Common Stock Payment of exercise Dispose F No No 27.63 6,716 185.56K 49,492

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

93.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 244 210 +16.2%
Opened positions 69 17 +305.9%
Closed positions 35 39 -10.3%
Increased positions 57 58 -1.7%
Reduced positions 87 96 -9.4%
13F shares
Current Prev Q Change
Total value 2.46B 1.96B +26.0%
Total shares 89.05M 88.92M +0.1%
Total puts 41.63K 19.9K +109.2%
Total calls 185.9K 38.2K +386.6%
Total put/call ratio 0.2 0.5 -57.0%
Largest owners
Shares Value Change
BLK Blackrock 13.52M $374.08M +1.3%
Vanguard 10.32M $285.55M +1.8%
BAM Brookfield Asset Management 9.11M $251.87M NEW
Dimensional Fund Advisors 7.25M $200.45M -3.0%
MCQEF Macquarie 5.02M $138.79M -14.6%
STT State Street 3.19M $88.36M -2.3%
Kohlberg Kravis Roberts & Co. 2.75M $76.1M -39.7%
Clearbridge Advisors 2.74M $75.66M +51.9%
River Road Asset Management 2.29M $63.27M NEW
NTRS Northern Trust 2.2M $60.96M -2.1%
Largest transactions
Shares Bought/sold Change
BAM Brookfield Asset Management 9.11M +9.11M NEW
C Citigroup 26.68K -8.12M -99.7%
Earnest Partners 464 -3.42M -100.0%
River Road Asset Management 2.29M +2.29M NEW
Kohlberg Kravis Roberts & Co. 2.75M -1.81M -39.7%
Norges Bank 1.43M +1.43M NEW
Paulson & Co. 1M +1M NEW
Clearbridge Advisors 2.74M +934.14K +51.9%
MCQEF Macquarie 5.02M -858.24K -14.6%
Assenagon Asset Management 715.03K +715.03K NEW

Financial report summary

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Risks
  • Our business, financial condition, results of operations and cash flows depend on the accuracy of management assumptions and estimates. Significant deviations between estimated and actual results could lead to significant gains or losses and significant volatility in our net income.
  • Fluctuations in interest rates could adversely affect our business, financial condition, results of operations and cash flows.
  • Our investments are subject to market, credit, liquidity and concentration risks, which could adversely affect our business, financial condition, results of operations, and cash flows.
  • Defaults on mortgage loans and volatility in performance may adversely affect our business, financial condition, results of operations and cash flows.
  • Volatility in the equity market and/or interest rates could increase the cost of options purchased to fund annual index credits and adversely impact our business, financial condition, results of operations and cash flows.
  • We are subject to the credit risk of our counterparties, including companies with whom we have reinsurance agreements or have purchased call options.
  • We utilize and rely on third parties to perform various services for the Company. Failure of these third parties to meet our service level objectives or abide by regulatory requirements could adversely affect our business, financial condition, results of operations and cash flows.
  • We face competition from companies that have greater financial resources, broader arrays of products and higher ratings, which may limit our ability to retain existing customers, attract new customers and could adversely affect our financial condition, results of operations and cash flows.
  • If we are unable to attract and retain independent marketing organizations, independent agents, broker/dealers, banks and registered investment advisors, sales of our products may be adversely affected.
  • Our operations support complex transactions and are highly dependent on the proper functioning of information technology and communication systems. Any failure or security breach of our information technology or communications systems could adversely affect our reputation, business, financial condition, results of operations and cash flows.
  • A downgrade in our credit or financial strength ratings may increase our cost of capital, reduce new sales, adversely affect relationships with distributors and increase policy surrenders and withdrawals.
  • We may require additional capital to support our business and sustain future growth which may not be available when needed or may be available only on unfavorable terms.
  • Conditions in the U.S. and global capital markets and economies could deteriorate in the near future and adversely affect our business, financial condition, results of operations and cash flows.
  • Major public health issues, specifically the COVID-19 pandemic, and the resulting economic uncertainty, may adversely impact our business, financial condition and results of operations.
  • Failure to authorize and pay dividends on our preferred stock could adversely impact our business and our ability to pay dividends on our common stock. Dividends on the Series A and B Preferred Stock are not cumulative and are not mandatory.
  • We are a holding company with limited operations of our own. As a consequence, our ability to pay dividends on our common and preferred stock will depend on the ability of our subsidiaries to pay dividends and other permissible payments to us, which may be restricted by law.
  • Our business model relies on executing reinsurance and investment management agreements with affiliated and non-affiliated entities, some or all of which may require regulatory approval. Failure to receive regulatory approval, failure to receive regulatory approval in a timely manner or being unable to successfully execute our business strategies could adversely affect our business, financial condition, results of operations and cash flows and the value of our common and preferred stock.
  • We face risks relating to litigation and regulatory examination, including the costs of such litigation or examination, management distraction and the potential for damage awards, fines, penalties or other required remediation, which may adversely affect our business, financial condition, results of operations and cash flows.
  • Changes in laws and regulations applicable to our business may adversely affect our business, financial condition, results of operations and cash flows.
  • Changes in federal income taxation laws, including any reduction in individual income tax rates, may adversely affect our business, financial condition, results of operations and cash flows.
  • Changes in corporate tax rates and laws may adversely affect our business, financial condition, results of operations and cash flows.
Management Discussion
  • Annuity deposits before coinsurance ceded decreased 26% during 2020 compared to 2019. Annuity deposits after coinsurance ceded decreased 22% during 2020 compared to 2019. The decrease in sales in 2020 compared to 2019 was primarily due to the impact of the COVID-19 pandemic, including limitations on face to face meetings and increased social distancing requirements, as well as competitive pressures within each of our distribution channels. We continue to face a challenging environment for sales of fixed index annuities due to a highly competitive market.
  • We coinsure 80% of the annuity deposits received from certain multi-year rate guaranteed annuities and 20% of certain fixed index annuities sold by Eagle Life through broker/dealers and banks. The decrease in coinsurance ceded premiums in 2020 was attributable to a decrease in certain multi-year rate guaranteed annuities and fixed index annuities sold by Eagle Life during 2020 compared to 2019.
  • Net income available to common stockholders increased 173% to $671.5 million in 2020 and decreased 46% to $246.1 million in 2019 from $458.0 million in 2018. The increase in net income available to common stockholders for the year ended December 31, 2020 was primarily a result of the impact of assumption updates made during 2020 compared to the impact of assumption updates made during 2019.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
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