Attached files
| file | filename |
|---|---|
| 8-K - 8-K - AMERICAN EQUITY INVESTMENT LIFE HOLDING CO | a2014-01x15ael8xk.htm |
| EX-99.1 - PRESS RELEASE - AMERICAN EQUITY INVESTMENT LIFE HOLDING CO | a20140115ael8kexhibit991.htm |
Exhibit 99.2
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Cash Position & Capitalization/Book Value per Share as of September 30, 2013
(a) Pro-forma | As Reported | ||||||
(Dollars in thousands, except per share data) | |||||||
Parent company cash and cash equivalents (b) | $ | 251,795 | $ | 421,321 | |||
Capitalization: | |||||||
Notes payable - 2021 notes | $ | 400,000 | $ | 400,000 | |||
Notes payable - 2015 notes (c) | 84,362 | 183,580 | |||||
Notes payable - 2029 notes (c) | 63,638 | 107,872 | |||||
Subordinated debentures payable to subsidiary trusts | 246,003 | 246,003 | |||||
Total debt | 794,003 | 937,455 | |||||
Total stockholders’ equity | 1,430,871 | 1,394,668 | |||||
Total capitalization | 2,224,874 | 2,332,123 | |||||
Accumulated other comprehensive income (AOCI) | (163,725 | ) | (163,725 | ) | |||
Total capitalization excluding AOCI (d) | $ | 2,061,149 | $ | 2,168,398 | |||
Total stockholders’ equity | $ | 1,430,871 | $ | 1,394,668 | |||
Accumulated other comprehensive income | (163,725 | ) | (163,725 | ) | |||
Total stockholders’ equity excluding AOCI (d) | $ | 1,267,146 | $ | 1,230,943 | |||
Common shares outstanding (e) | 70,701,882 | 65,428,803 | |||||
Book Value per Share: (f) | |||||||
Book value per share including AOCI | $ | 20.24 | $ | 21.32 | |||
Book value per share excluding AOCI (d) | $ | 17.92 | $ | 18.81 | |||
Debt-to-Capital Ratios: (g) | |||||||
Senior debt / Total capitalization | 26.6 | % | 31.9 | % | |||
Adjusted debt / Total capitalization | 26.6 | % | 31.9 | % | |||
(a) | Pro-forma September 30, 2013 amounts include the impact of public and private exchange offers closed during the three months ended December 31, 2013. The exchange offers resulted in a net decrease in notes payable of $143,452 and a net increase in stockholders' equity of $36,569. |
(b) | Parent company cash is that of American Equity Investment Life Holding Company only and does not include cash and cash equivalents of the subsidiaries included in the consolidated balance sheet at September 30, 2013. |
(c) | Total principal amount outstanding after exchange offers: 2015 notes - $91,951; 2029 notes - $68,373. |
(d) | Total capitalization, total stockholders’ equity and book value per share excluding AOCI, non-GAAP financial measures, are based on stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, we believe these non-GAAP financial measures provide useful supplemental information. |
(e) | Common shares outstanding include 892,688 shares held by the NMO Deferred Compensation Trust and exclude 186,485 unallocated shares held by the ESOP. |
(f) | Book value per share including and excluding AOCI is calculated as total stockholders’ equity and total stockholders’ equity excluding AOCI divided by the total number of shares of common stock outstanding. |
(g) | Debt-to-capital ratios are computed using total capitalization excluding AOCI. Adjusted debt includes notes payable and the portion of the total subordinated debentures payable to subsidiary trusts outstanding (qualifying trust preferred securities) that exceeds 15% of total capitalization excluding AOCI. |