AMERICAN EQUITY INVESTMENT LIFE HOLDING CO - FORM 8-K - EX-99.2 - FINANCIAL SUPPLEMENT - February 12, 2020

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Exhibit 99.2



AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement

December 31, 2019


A.
Financial Highlights
 
 
 
 
 
Non-GAAP Financial Measures
 
 
 
 
 
 
 
 
 
 
B.
Product Summary
 
 
 
 
 
 
 
 
 
C.
Investment Summary
 
 
 
 
 
 
 
 
 
D.
 
 
 
E.





AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
 
December 31, 2019
 
December 31, 2018
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities, available for sale, at fair value
$
51,580,490

 
$
45,923,727

Mortgage loans on real estate
3,448,793

 
2,943,091

Derivative instruments
1,355,989

 
205,149

Other investments
492,301

 
355,531

Total investments
56,877,573

 
49,427,498

 
 
 
 
Cash and cash equivalents
2,293,392

 
344,396

Coinsurance deposits
5,115,013

 
4,954,068

Accrued investment income
472,826

 
468,729

Deferred policy acquisition costs
2,923,454

 
3,535,838

Deferred sales inducements
1,966,723

 
2,516,721

Deferred income taxes
—

 
291,169

Income taxes recoverable
—

 
26,537

Other assets
47,571

 
60,608

Total assets
$
69,696,552

 
$
61,625,564

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Policy benefit reserves
$
61,893,945

 
$
57,606,009

Other policy funds and contract claims
256,105

 
270,858

Notes payable
495,116

 
494,591

Subordinated debentures
157,265

 
242,982

Amounts due under repurchase agreements
—

 
109,298

Deferred income taxes
177,897

 
—

Income taxes payable
429

 
—

Other liabilities
2,145,676

 
502,725

Total liabilities
65,126,433

 
59,226,463

 
 
 
 
Stockholders' equity:
 
 
 
Preferred stock
16

 
—

Common stock
91,107

 
90,369

Additional paid-in capital
1,212,311

 
811,186

Accumulated other comprehensive income (loss)
1,497,921

 
(52,432
)
Retained earnings
1,768,764

 
1,549,978

Total stockholders' equity
4,570,119

 
2,399,101

Total liabilities and stockholders' equity
$
69,696,552

 
$
61,625,564




Page 1


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands, except per share data)


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended 
 December 31,
 
Year Ended 
 December 31,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Premiums and other considerations
$
8,846

 
$
4,430

 
$
23,534

 
$
26,480

Annuity product charges
62,722

 
60,394

 
240,035

 
224,488

Net investment income
588,217

 
554,355

 
2,307,635

 
2,147,812

Change in fair value of derivatives
466,434

 
(1,054,281
)
 
906,906

 
(777,848
)
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses
7,029

 
3,097

 
6,962

 
(37,178
)
OTTI losses on investments:
 
 
 
 
 
 
 
Total OTTI losses
(17,412
)
 
(18,980
)
 
(18,511
)
 
(35,005
)
Portion of OTTI losses recognized from other comprehensive income
—

 
—

 
(215
)
 
(1,651
)
Net OTTI losses recognized in operations
(17,412
)
 
(18,980
)
 
(18,726
)
 
(36,656
)
Loss on extinguishment of debt
(2,001
)
 
—

 
(2,001
)
 
—

Total revenues
1,113,835

 
(450,985
)
 
3,464,345

 
1,547,098

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Insurance policy benefits and change in future policy benefits
11,553

 
7,439

 
35,418

 
39,530

Interest sensitive and index product benefits
399,514

 
255,700

 
1,287,576

 
1,610,835

Amortization of deferred sales inducements
91,260

 
(11,578
)
 
88,585

 
222,201

Change in fair value of embedded derivatives
147,879

 
(804,026
)
 
1,454,042

 
(1,389,491
)
Interest expense on notes payable
6,384

 
6,376

 
25,525

 
25,498

Interest expense on subordinated debentures
3,651

 
4,041

 
15,764

 
15,491

Amortization of deferred policy acquisition costs
133,573

 
(8,750
)
 
87,717

 
327,991

Other operating costs and expenses
39,194

 
33,597

 
154,153

 
129,301

Total benefits and expenses
833,008

 
(517,201
)
 
3,148,780

 
981,356

Income before income taxes
280,827

 
66,216

 
315,565

 
565,742

Income tax expense
60,677

 
12,393

 
69,475

 
107,726

Net income
$
220,150

 
$
53,823

 
$
246,090

 
$
458,016

 
 
 
 
 
 
 
 
Earnings per common share
$
2.41

 
$
0.59

 
$
2.70

 
$
5.07

Earnings per common share - assuming dilution
$
2.40

 
$
0.59

 
$
2.68

 
$
5.01

 
 
 
 
 
 
 
 
Weighted average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Earnings per common share
91,314

 
90,555

 
91,139

 
90,348

Earnings per common share - assuming dilution
91,883

 
91,622

 
91,782

 
91,423



Page 2


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands, except per share data)


Quarterly Summary - Most Recent 5 Quarters
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
Revenues:
 
 
 
 
 
 
 
 
 
Traditional life insurance premiums
$
762

 
$
778

 
$
799

 
$
829

 
$
845

Life contingent immediate annuity considerations
8,084

 
4,374

 
3,327

 
4,581

 
3,585

Surrender charges
15,092

 
20,537

 
19,480

 
16,456

 
15,710

Lifetime income benefit rider fees
47,630

 
43,110

 
41,220

 
36,510

 
44,684

Net investment income
588,217

 
590,412

 
570,568

 
558,438

 
554,355

Change in fair value of derivatives
466,434

 
(20,042
)
 
76,045

 
384,469

 
(1,054,281
)
Net realized gains (losses) on investments, excluding OTTI
7,029

 
4,328

 
(3,832
)
 
(563
)
 
3,097

Net OTTI losses recognized in operations
(17,412
)
 
(101
)
 
(1,213
)
 
—

 
(18,980
)
Loss on extinguishment of debt
(2,001
)
 
—

 
—

 
—

 
—

Total revenues
1,113,835

 
643,396

 
706,394

 
1,000,720

 
(450,985
)
 
 
 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
Traditional life insurance policy benefits and change in future policy benefits
835

 
758

 
576

 
878

 
731

Life contingent immediate annuity benefits and change in future policy benefits
10,718

 
6,869

 
6,363

 
8,421

 
6,708

Interest sensitive and index product benefits (a)
399,514

 
500,285

 
251,103

 
136,674

 
255,700

Amortization of deferred sales inducements (b)
91,260

 
(55,769
)
 
19,785

 
33,309

 
(11,578
)
Change in fair value of embedded derivatives (c)
147,879

 
212,278

 
327,562

 
766,323

 
(804,026
)
Interest expense on notes payable
6,384

 
6,382

 
6,380

 
6,379

 
6,376

Interest expense on subordinated debentures
3,651

 
3,968

 
4,057

 
4,088

 
4,041

Amortization of deferred policy acquisition costs (b)
133,573

 
(120,934
)
 
29,946

 
45,132

 
(8,750
)
Other operating costs and expenses
39,194

 
38,554

 
37,426

 
38,979

 
33,597

Total benefits and expenses
833,008

 
592,391

 
683,198

 
1,040,183

 
(517,201
)
Income (loss) before income taxes
280,827

 
51,005

 
23,196

 
(39,463
)
 
66,216

Income tax expense (benefit)
60,677

 
13,645

 
4,606

 
(9,453
)
 
12,393

Net income (loss) (a)(b)(c)
$
220,150

 
$
37,360

 
$
18,590

 
$
(30,010
)
 
$
53,823

 
 
 
 
 
 
 
 
 
 
Earnings (loss) per common share
$
2.41

 
$
0.41

 
$
0.20

 
$
(0.33
)
 
$
0.59

Earnings (loss) per common share - assuming dilution (a)(b)(c)
$
2.40

 
$
0.41

 
$
0.20

 
$
(0.33
)
 
$
0.59

 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding (thousands):
 
 
 
 
 
 
 
 
 
Earnings (loss) per common share
91,314

 
91,252

 
91,103

 
90,883

 
90,555

Earnings (loss) per common share - assuming dilution
91,883

 
91,711

 
91,785

 
91,744

 
91,622

(a)
Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million and decreased net income and earnings per common share - assuming dilution by $247.3 million and $2.70 per share, respectively.
(b)
Q3 2019 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $104.7 million and $193.0 million, respectively, and increased net income and earnings per common share - assuming dilution by $233.4 million and $2.54 per share, respectively.
(c)
Q3 2019 includes expense from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact increased change in fair value of embedded derivatives by $28.2 million and decreased net income and earnings per common share - assuming dilution by $22.1 million and $0.24 per share, respectively.



Page 3


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands, except per share data)


NON-GAAP FINANCIAL MEASURES
In addition to net income, we have consistently utilized non-GAAP operating income and non-GAAP operating income per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income equals net income adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income together with net income provides information that may enhance an investor’s understanding of our underlying results and profitability.
Reconciliation from Net Income to Non-GAAP Operating Income
 
Three Months Ended 
 December 31,
 
Year Ended 
 December 31,
 
2019
 
2018
 
2019
 
2018
Net income
$
220,150

 
$
53,823

 
$
246,090

 
$
458,016

Adjustments to arrive at non-GAAP operating income: (a)
 
 
 
 
 
 
 
Net realized investment gains/losses, including OTTI
7,606

 
9,525

 
7,361

 
45,450

Change in fair value of derivatives and embedded derivatives - fixed index annuities
(127,777
)
 
36,186

 
373,221

 
(72,181
)
Change in fair value of derivatives - interest rate caps and swap
(167
)
 
1,276

 
1,247

 
(1,892
)
Income taxes
26,023

 
(10,475
)
 
(79,736
)
 
(3,653
)
Non-GAAP operating income
$
125,835

 
$
90,335

 
$
548,183

 
$
425,740

 
 
 
 
 
 
 
 
Per common share - assuming dilution:
 
 
 
 
 
 
 
Net income
$
2.40

 
$
0.59

 
$
2.68

 
$
5.01

Adjustments to arrive at non-GAAP operating income:
 
 
 
 
 
 
 
Net realized investment gains/losses, including OTTI
0.08

 
0.10

 
0.08

 
0.50

Change in fair value of derivatives and embedded derivatives - fixed index annuities
(1.39
)
 
0.40

 
4.07

 
(0.79
)
Change in fair value of derivatives - interest rate caps and swap
—

 
0.01

 
0.01

 
(0.02
)
Income taxes
0.28

 
(0.11
)
 
(0.87
)
 
(0.04
)
Non-GAAP operating income
$
1.37

 
$
0.99

 
$
5.97

 
$
4.66

(a)
Adjustments to net income to arrive at non-GAAP operating income are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) where applicable.

Page 4


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income
 
Three Months Ended 
 December 31,
 
Year Ended 
 December 31,
 
2019
 
2018
 
2019
 
2018
Net realized investment gains and losses, including OTTI:
 
 
 
 
 
 
 
Net realized gains/losses on investments, including OTTI
$
10,383

 
$
15,883

 
$
11,764

 
$
73,834

Amortization of DAC and DSI
(2,777
)
 
(6,358
)
 
(4,403
)
 
(28,384
)
Income taxes
(1,643
)
 
(2,374
)
 
875

 
(12,282
)
 
$
5,963

 
$
7,151

 
$
8,236

 
$
33,168

Change in fair value of derivatives and embedded derivatives:
 
 
 
 
 
 
 
Fixed index annuities
$
(222,927
)
 
$
212,253

 
$
368,650

 
$
(42,394
)
Interest rate caps and swap
(167
)
 
1,276

 
1,247

 
(1,892
)
Amortization of DAC and DSI
95,150

 
(176,067
)
 
4,571

 
(29,787
)
Income taxes
27,666

 
(8,101
)
 
(80,611
)
 
16,077

 
$
(100,278
)
 
$
29,361

 
$
293,857

 
$
(57,996
)
Worthless stock deduction:
 
 
 
 
 
 
 
Income taxes
$
—

 
$
—

 
$
—

 
$
(7,448
)


Page 5


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands, except per share data)


NON-GAAP FINANCIAL MEASURES
Quarterly Summary - Most Recent 5 Quarters
Reconciliation from Net Income (Loss) to Non-GAAP Operating Income
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
Net income (loss)
$
220,150

 
$
37,360

 
$
18,590

 
$
(30,010
)
 
$
53,823

Adjustments to arrive at non-GAAP operating income: (a)
 
 
 
 
 
 
 
 
 
Net realized investment gains/losses, including OTTI
7,606

 
(3,175
)
 
2,625

 
305

 
9,525

Change in fair value of derivatives and embedded derivatives -
fixed index annuities
(127,777
)
 
250,186

 
99,868

 
150,944

 
36,186

Change in fair value of derivatives - interest rate caps and swap
(167
)
 
(76
)
 
854

 
636

 
1,276

Income taxes
26,023

 
(50,940
)
 
(22,346
)
 
(32,473
)
 
(10,475
)
Non-GAAP operating income (b)(c)
$
125,835

 
$
233,355

 
$
99,591

 
$
89,402

 
$
90,335

 
 
 
 
 
 
 
 
 
 
Per common share - assuming dilution:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
2.40

 
$
0.41

 
$
0.20

 
$
(0.33
)
 
$
0.59

Adjustments to arrive at non-GAAP operating income:
 
 
 
 
 
 
 
 
 
Net realized investment gains/losses, including OTTI
0.08

 
(0.04
)
 
0.03

 
—

 
0.10

Change in fair value of derivatives and embedded derivatives - fixed index annuities
(1.39
)
 
2.73

 
1.09

 
1.64

 
0.40

Change in fair value of derivatives - interest rate caps and swap
—

 
—

 
0.01

 
0.01

 
0.01

Income taxes
0.28

 
(0.56
)
 
(0.24
)
 
(0.35
)
 
(0.11
)
Non-GAAP operating income (b)(c)
$
1.37

 
$
2.54

 
$
1.09

 
$
0.97

 
$
0.99

(a)
Adjustments to net income (loss) to arrive at non-GAAP operating income are presented net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs where applicable.
(b)
Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million and decreased non-GAAP operating income and non-GAAP operating income per common share - assuming dilution by $247.3 million and $2.70 per share, respectively.
(c)
Q3 2019 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $184.9 million and $288.3 million, respectively, and increased non-GAAP operating income and non-GAAP operating income per common share- assuming dilution by $371.0 million and $4.05 per share, respectively.

Page 6


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


NON-GAAP FINANCIAL MEASURES
Summary of Adjustments to Arrive at Non-GAAP Operating Income
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
Net realized (gains) losses on investments
$
(7,029
)
 
$
(4,328
)
 
$
3,832

 
$
563

 
$
(3,097
)
Net OTTI losses recognized in operations
17,412

 
101

 
1,213

 
—

 
18,980

Change in fair value of derivatives
(370,973
)
 
(79,943
)
 
(108,662
)
 
(524,567
)
 
1,017,555

Increase (decrease) in total revenues
(360,590
)
 
(84,170
)
 
(103,617
)
 
(524,004
)
 
1,033,438

 
 
 
 
 
 
 
 
 
 
Amortization of deferred sales inducements
(37,374
)
 
(57,408
)
 
49,101

 
35,494

 
77,745

Change in fair value of embedded derivatives
(147,879
)
 
(212,278
)
 
(327,562
)
 
(766,323
)
 
804,026

Amortization of deferred policy acquisition costs
(54,999
)
 
(61,419
)
 
71,497

 
54,940

 
104,680

Increase (decrease) in total benefits and expenses
(240,252
)
 
(331,105
)
 
(206,964
)
 
(675,889
)
 
986,451

Increase in income (loss) before income taxes
(120,338
)
 
246,935

 
103,347

 
151,885

 
46,987

Increase (decrease) in income tax expense (benefit)
(26,023
)
 
50,940

 
22,346

 
32,473

 
10,475

Increase (decrease) in net income (loss)
$
(94,315
)
 
$
195,995

 
$
81,001

 
$
119,412

 
$
36,512


Page 7


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands, except share and per share data)


Capitalization/Book Value per Common Share
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
Capitalization:
 
 
 
 
 
 
 
 
 
Notes payable
$
500,000

 
$
500,000

 
$
500,000

 
$
500,000

 
$
500,000

Subordinated debentures payable to subsidiary trusts
159,272

 
247,362

 
247,294

 
247,227

 
247,161

Total debt
659,272

 
747,362


747,294


747,227


747,161

Total stockholders’ equity
4,570,119

 
4,126,716

 
3,497,475

 
2,939,537

 
2,399,101

Total capitalization
5,229,391

 
4,874,078


4,244,769


3,686,764


3,146,262

Accumulated other comprehensive (income) loss (AOCI)
(1,497,921
)
 
(1,639,429
)
 
(1,049,984
)
 
(513,697
)
 
52,432

Total capitalization excluding AOCI (a)
$
3,731,470

 
$
3,234,649


$
3,194,785


$
3,173,067


$
3,198,694

 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
$
4,570,119

 
$
4,126,716


$
3,497,475


$
2,939,537


$
2,399,101

Equity available to preferred stockholders (c)
(400,000
)
 
—

 
—

 
—

 
—

Total common stockholders' equity (b)
4,170,119


4,126,716


3,497,475


2,939,537


2,399,101

Accumulated other comprehensive (income) loss
(1,497,921
)
 
(1,639,429
)

(1,049,984
)

(513,697
)

52,432

Total common stockholders’ equity excluding AOCI (b)
$
2,672,198


$
2,487,287


$
2,447,491


$
2,425,840


$
2,451,533

 
 
 
 
 
 
 
 
 
 
Common shares outstanding
91,107,555

 
91,006,950

 
90,936,324

 
90,784,123

 
90,369,229

 
 
 
 
 
 
 
 
 
 
Book Value per Common Share: (d)
 
 
 
 
 
 
 
 
 
Book value per common share (b)
$
45.77


$
45.35


$
38.46


$
32.38


$
26.55

Book value per common share excluding AOCI (b)
$
29.33


$
27.33


$
26.91


$
26.72


$
27.13

 
 
 
 
 
 
 
 
 
 
Debt-to-Capital Ratios: (e)
 
 
 
 
 
 
 
 
 
Senior debt / Total capitalization
13.4
%
 
15.5
%

15.7
%

15.8
%

15.6
%
Total debt / Total capitalization
17.7
%

23.1
%

23.4
%

23.5
%

23.4
%
(a)
Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.
(b)
Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common 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 securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and total common stockholder's equity excluding AOCI, non-GAAP financial measures, exclude equity available to preferred stockholders.
(c)
Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.
(d)
Book value per common share including and excluding AOCI is calculated as total common stockholders’ equity and total common stockholders’ equity excluding AOCI divided by the total number of shares of common stock outstanding.
(e)
Debt-to-capital ratios are computed using total capitalization excluding AOCI.

Page 8


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Spread Results
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
4.52%
 
4.47%
Average yield on invested assets
4.52%
 
4.59%
 
4.51%
 
4.48%
 
4.51%
1.84%
 
1.87%
Aggregate cost of money
1.75%
 
1.84%
 
1.88%
 
1.90%
 
1.95%
2.68%
 
2.60%
Aggregate investment spread
2.77%
 
2.75%
 
2.63%
 
2.58%
 
2.56%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact of:
 
 
 
 
 
 
 
 
 
0.06%
 
0.08%
Investment yield - additional prepayment income
0.08%
 
0.11%
 
0.04%
 
0.01%
 
0.09%
0.03%
 
0.05%
Cost of money effect of over hedging
0.05%
 
0.02%
 
0.04%
 
0.02%
 
0.03%
 
 
 
 
 
 
 
 
 
 
 
 
 
$51,072,498
 
$48,104,780
Weighted average investments
$52,141,459
 
$51,529,850
 
$50,709,966
 
$49,908,718
 
$49,258,548
Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.
Summary of Cost of Money for Deferred Annuities
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
 
 
 
Included in interest sensitive and index product benefits:
 
 
 
 
 
 
 
 
 
$
587,818

 
$
1,285,555

Index credits
$
277,798

 
$
92,343

 
$
161,752

 
$
55,925

 
$
157,999

196,907

 
214,166

Interest credited
49,482

 
49,511

 
50,478

 
47,436

 
53,559

 
 
 
Included in change in fair value of derivatives:
 
 
 
 
 
 
 
 
 
(605,005
)
 
(1,307,755
)
Proceeds received at option expiration
(284,624
)
 
(95,491
)
 
(166,430
)
 
(58,460
)
 
(162,433
)
781,841

 
739,558

Pro rata amortization of option cost
188,984

 
195,354

 
199,006

 
198,497

 
198,999

$
961,561

 
$
931,524

Cost of money for deferred annuities
$
231,640

 
$
241,717


$
244,806


$
243,398


$
248,124

 
 
 
 
 
 
 
 
 
 
 
 
 
$
52,278,357

 
$
49,855,778

Weighted average liability balance outstanding
$
53,092,419

 
$
52,682,886

 
$
52,009,407

 
$
51,328,715

 
$
50,832,984

Annuity Account Balance Rollforward
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
$
51,053,450

 
$
48,400,755

Account balances at beginning of period
$
52,950,937

 
$
52,414,835

 
$
51,603,979

 
$
51,053,450

 
$
50,612,519

4,661,171

 
3,967,928

Net deposits
838,761

 
1,216,720

 
1,425,325

 
1,180,365

 
1,040,857

177,942

 
179,465

Premium bonuses
36,983

 
46,968

 
48,370

 
45,621

 
44,450

784,725

 
1,499,721

Fixed interest credited and index credits
327,280

 
141,854

 
212,230

 
103,361

 
211,558

(71,565
)
 
(65,644
)
Surrender charges
(15,092
)
 
(20,537
)
 
(19,480
)
 
(16,456
)
 
(15,710
)
(168,470
)
 
(158,844
)
Lifetime income benefit rider fees
(47,630
)
 
(43,110
)
 
(41,220
)
 
(36,510
)
 
(44,684
)
(3,203,355
)
 
(2,769,931
)
Surrenders, withdrawals, deaths, etc.
(857,341
)
 
(805,793
)
 
(814,369
)
 
(725,852
)
 
(795,540
)
$
53,233,898

 
$
51,053,450

Account balances at end of period
$
53,233,898

 
$
52,950,937

 
$
52,414,835

 
$
51,603,979

 
$
51,053,450


Page 9


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Annuity Deposits by Product Type
Year Ended 
 December 31,
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
Q4 2018
 
 
 
American Equity Life:
 
 
 
 
 
 
 
 
 
$
4,058,638

 
$
3,560,881

Fixed index annuities
$
765,180

 
$
1,054,796

 
$
1,211,004

 
$
1,027,658

 
$
944,097

11,245

 
45,636

Annual reset fixed rate annuities
1,843

 
2,340

 
3,614

 
3,448

 
5,574

1,613

 
3,581

Multi-year fixed rate annuities
306

 
593

 
566

 
148

 
332

12,002

 
23,813

Single premium immediate annuities
4,873

 
3,314

 
1,747

 
2,068

 
2,893

4,083,498

 
3,633,911

 
772,202

 
1,061,043

 
1,216,931

 
1,033,322

 
952,896

 
 
 
Eagle Life:
 
 
 
 
 
 
 
 
 
646,903

 
660,401

Fixed index annuities
67,784

 
166,081

 
235,558

 
177,480

 
162,847

199

 
1,555

Annual reset fixed rate annuities
6

 
—

 
66

 
127

 
484

232,613

 
109,096

Multi-year fixed rate annuities
81,041

 
79,000

 
47,004

 
25,568

 
12,802

879,715

 
771,052

 
148,831

 
245,081

 
282,628

 
203,175

 
176,133

 
 
 
Consolidated:
 
 
 
 
 
 
 
 
 
4,705,541

 
4,221,282

Fixed index annuities
832,964

 
1,220,877

 
1,446,562

 
1,205,138

 
1,106,944

11,444

 
47,191

Annual reset fixed rate annuities
1,849


2,340


3,680


3,575


6,058

234,226

 
112,677

Multi-year fixed rate annuities
81,347

 
79,593

 
47,570

 
25,716

 
13,134

12,002

 
23,813

Single premium immediate annuities
4,873

 
3,314

 
1,747

 
2,068

 
2,893

4,963,213

 
4,404,963

Total before coinsurance ceded
921,033

 
1,306,124

 
1,499,559

 
1,236,497

 
1,129,029

290,040

 
413,222

Coinsurance ceded
77,399

 
86,090

 
72,487

 
54,064

 
85,279

$
4,673,173

 
$
3,991,741

Net after coinsurance ceded
$
843,634

 
$
1,220,034

 
$
1,427,072

 
$
1,182,433

 
$
1,043,750

Surrender Charge Protection and Account Values by Product Type
Annuity Surrender Charges and Net (of Coinsurance) Account Values at December 31, 2019:
 
 
Surrender Charge
 
Net Account Value
Product Type
 
Avg.
Years
At Issue
 
Avg.
Years
Remaining
 
Avg.
%
Remaining
 
Dollars in Thousands
 
%
Fixed Index Annuities
 
12.9
 
6.9
 
11.0%
 
$
51,200,043

 
96.2
%
Annual Reset Fixed Rate Annuities
 
9.6
 
3.4
 
6.2%
 
1,421,259

 
2.7
%
Multi-Year Fixed Rate Annuities
 
4.2
 
0.7
 
1.9%
 
612,596

 
1.1
%
Total
 
12.7
 
6.7
 
10.8%
 
$
53,233,898

 
100.0
%



Page 10


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Annuity Liability Characteristics
Surrender Charge Percentages:
Fixed
Annuities
Account Value
 
Fixed Index
Annuities
Account Value
No surrender charge
$
809,540

 
$
2,646,816

0.0% < 2.0%
13,700

 
226,563

2.0% < 3.0%
9,894

 
481,526

3.0% < 4.0%
59,363

 
1,484,260

4.0% < 5.0%
54,923

 
1,157,238

5.0% < 6.0%
90,011

 
2,553,299

6.0% < 7.0%
285,493

 
1,134,898

7.0% < 8.0%
67,225

 
5,126,742

8.0% < 9.0%
38,681

 
3,915,131

9.0% < 10.0%
106,631

 
4,192,664

10.0% or greater
498,394

 
28,280,906

 
$
2,033,855

 
$
51,200,043

Surrender Charge Expiration By Year:
Fixed and
Fixed Index
Annuities
Account Value
 
Weighted
Average
Surrender
Charge
Out of Surrender Charge
$
3,456,356

 
0.00
%
2020
741,765

 
2.58
%
2021
1,219,601

 
4.33
%
2022
1,747,549

 
5.46
%
2023
4,244,073

 
6.00
%
2024
5,256,078

 
8.30
%
2025
5,918,598

 
9.31
%
2026
5,266,175

 
10.84
%
2027
4,462,910

 
12.25
%
2028
4,781,322

 
13.12
%
2029
6,000,531

 
14.28
%
2030
2,578,809

 
17.11
%
2031
3,144,762

 
17.86
%
2032
2,145,751

 
18.30
%
2033
1,252,193

 
18.75
%
2034
699,504

 
19.33
%
2035
317,921

 
20.00
%
 
$
53,233,898

 
10.78
%

Page 11


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Annuity Liability Characteristics
Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:
Fixed
Annuities
Account Value
 
Fixed Index
Annuities
Account Value
No differential
$
958,763

 
$
1,334,400

› 0.0% - 0.25%
51,338

 
168,517

› 0.25% - 0.5%
241,152

 
5,826

› 0.5% - 1.0%
37,957

 
12,745

› 1.0% - 1.5%
11,704

 
—

1.00% ultimate guarantee - 2.39% wtd avg interest rate (a)
456,845

 
671,589

1.50% ultimate guarantee - 1.20% wtd avg interest rate (a)
145,717

 
3,425,873

1.75% ultimate guarantee - 1.98% wtd avg interest rate (a)
49,359

 
461,336

2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)
81,020

 
—

2.25% ultimate guarantee - 1.84% wtd avg interest rate (a)
—

 
815,101

3.00% ultimate guarantee - 2.05% wtd avg interest rate (a)
—

 
1,566,836

Allocated to index strategies (see tables that follow)
—

 
42,737,820

 
$
2,033,855

 
$
51,200,043

(a)
The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy is 1.00%. The ultimate guaranteed rate is applied on less than 100% of the premium.
If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of December 31, 2019 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.16%.

Page 12


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Annuity Liability Characteristics
FIXED INDEX ANNUITIES ACCOUNT VALUE - INDEX STRATEGIES
    
Annual Monthly Average and Point-to-Point with Caps
 
Minimum Guaranteed Cap
 
1%
 
3%
 
4%
 
7%
 
8% +
Current Cap
 
 
 
 
 
 
 
 
 
At minimum
$
1,434

 
$
91,846

 
$
4,810,024

 
$
67,045

 
$
158,331

1.75% - 3%
8,374,483

 
—

 
—

 
—

 
—

3% - 4%
264,045

 
12,531

 
—

 
—

 
—

4% - 5%
786,914

 
224,780

 
1,644,751

 
—

 
—

5% - 6%
601,161

 
195,814

 
32,070

 
—

 
—

6% - 7%
—

 
—

 
422

 
—

 
—

>= 7%
10,895

 
6,819

 
710

 
5,961

 
183

Annual Monthly Average and Point-to-Point with Participation Rates
 
Minimum Guaranteed Participation Rate
 
10%
 
20% - 25%
 
35%
 
50% +
Current Participation Rate
 
 
 
 
 
 
 
At minimum
$
980

 
$
368,796

 
$
101,284

 
$
108,619

< 20%
772,874

 
—

 
—

 
—

20% - 40%
1,026,625

 
161,404

 
—

 
—

40% - 60%
3,119,243

 
93,718

 
59,843

 
—

60% - 100%
449,364

 
—

 
—

 
—

> 100%
364,083

 
—

 
—

 
—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
 
At minimum
$
1,704,610

1.10% - 1.30%
7,695,584

1.40% - 1.60%
2,319,064

1.70% - 2.00%
434,754

>= 2.10%
1,653

Volatility Control Index
 
Current Asset Fee
 
At Maximum
$
—

0.75% - 1.75%
406,445

2.25% - 2.75%
210,571

3.00% - 3.50%
3,155,631

3.75% - 4.50%
1,579,560

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums, the cost of options would decrease by 0.70% based upon prices of options for the week ended January 29, 2020.

Page 13


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Summary of Invested Assets
 
December 31, 2019
 
December 31, 2018
 
Carrying
Amount
 
Percent
 
Carrying
Amount
 
Percent
Fixed maturity securities:
 
 
 
 
 
 
 
United States Government full faith and credit
$
161,765

 
0.3
%
 
$
11,652

 
—
%
United States Government sponsored agencies
625,020

 
1.1
%
 
1,138,529

 
2.3
%
United States municipalities, states and territories
4,527,671

 
7.9
%
 
4,126,267

 
8.3
%
Foreign government obligations
205,096

 
0.3
%
 
230,274

 
0.5
%
Corporate securities
32,536,839

 
57.2
%
 
28,371,514

 
57.4
%
Residential mortgage backed securities
1,575,664

 
2.8
%
 
1,202,159

 
2.4
%
Commercial mortgage backed securities
5,786,279

 
10.2
%
 
5,379,003

 
10.9
%
Other asset backed securities
6,162,156

 
10.8
%
 
5,464,329

 
11.1
%
Total fixed maturity securities
51,580,490

 
90.6
%
 
45,923,727

 
92.9
%
Mortgage loans on real estate
3,448,793

 
6.1
%
 
2,943,091

 
6.0
%
Derivative instruments
1,355,989

 
2.4
%
 
205,149

 
0.4
%
Other investments
492,301

 
0.9
%
 
355,531

 
0.7
%
 
$
56,877,573

 
100.0
%
 
$
49,427,498

 
100.0
%
Credit Quality of Fixed Maturity Securities - December 31, 2019
NAIC Designation
 
Carrying
Amount
 
Percent
 
Rating Agency Rating
 
Carrying
Amount
 
Percent
1
 
$
30,122,657

 
58.4
%
 
Aaa/Aa/A
 
$
30,662,644

 
59.4
%
2
 
20,316,911

 
39.4
%
 
Baa
 
19,833,309

 
38.4
%
3
 
977,191

 
1.9
%
 
Ba
 
821,902

 
1.6
%
4
 
112,534

 
0.2
%
 
B
 
81,407

 
0.2
%
5
 
45,205

 
0.1
%
 
Caa
 
95,676

 
0.2
%
6
 
5,992

 
—
%
 
Ca and lower
 
85,552

 
0.2
%
 
 
$
51,580,490

 
100.0
%
 
 
 
$
51,580,490

 
100.0
%
Watch List Securities - December 31, 2019
General Description
 
Amortized
Cost
 
Unrealized
Gains (Losses)
 
Fair Value
 
Months Below Amortized Cost
Below investment grade
 
 
 
 
 
 
 
 
Corporate securities:
 
 
 
 
 
 
 
 
Consumer discretionary
 
$
52,654

 
$
(3,575
)
 
$
49,079

 
0 - 59
Energy
 
38,386

 
(5,742
)
 
32,644

 
0 - 64
Industrials
 
563

 
(363
)
 
200

 
7
Materials
 
3,990

 
560

 
4,550

 
—
Other asset backed securities:
 
 
 
 
 
 
 
 
Financials
 
977

 
261

 
1,238

 
—
Industrials
 
8,364

 
(2,420
)
 
5,944

 
50
 
 
$
104,934

 
$
(11,279
)
 
$
93,655

 
 

Page 14


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Fixed Maturity Securities by Sector
 
December 31, 2019
 
December 31, 2018
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Available for sale:
 
 
 
 
 
 
 
United States Government full faith and credit and sponsored agencies
$
763,164

 
$
786,785

 
$
1,220,340

 
$
1,150,181

United States municipalities, states and territories
4,147,343

 
4,527,671

 
3,880,703

 
4,126,267

Foreign government obligations
186,993

 
205,096

 
226,860

 
230,274

Corporate securities:
 
 
 
 
 
 
 
Capital goods
2,550,750

 
2,794,986

 
2,491,620

 
2,485,845

Consumer discretionary
6,082,974

 
6,658,120

 
5,742,182

 
5,665,192

Energy
2,499,030

 
2,677,646

 
2,543,114

 
2,468,545

Financials
6,737,325

 
7,323,150

 
6,046,859

 
6,054,591

Government non-guaranteed
539,639

 
606,308

 
564,912

 
578,657

Industrials
311,269

 
336,537

 
302,078

 
298,620

Information technology
1,868,131

 
2,051,175

 
1,794,676

 
1,781,800

Materials
1,818,048

 
1,961,033

 
1,771,359

 
1,759,325

Other
439,171

 
469,344

 
434,228

 
432,739

Telecommunications
1,510,836

 
1,664,350

 
1,604,307

 
1,594,978

Transportation
1,486,540

 
1,603,997

 
1,438,723

 
1,428,378

Utilities
3,978,459

 
4,390,193

 
3,749,080

 
3,822,844

Residential mortgage backed securities:
 
 
 
 
 
 
 
Government agency
591,100

 
646,787

 
604,998

 
636,632

Prime
793,357

 
815,916

 
420,350

 
434,991

Alt-A
93,281

 
112,961

 
109,275

 
130,536

Commercial mortgage backed securities:
 
 
 
 
 
 
 
Government agency
414,626

 
437,420

 
442,287

 
438,063

Non-agency
5,176,541

 
5,348,859

 
5,049,984

 
4,940,940

Other asset backed securities:
 
 
 
 
 
 
 
Auto
403,860

 
411,371

 
315,439

 
318,616

Energy
7,495

 
8,603

 
—

 
—

Financials
4,967

 
5,493

 
8,322

 
8,931

Industrials
167,466

 
171,273

 
217,358

 
216,724

Collateralized loan obligations
4,787,402

 
4,612,694

 
4,579,467

 
4,320,168

Military housing
471,621

 
539,029

 
438,350

 
464,071

Other
407,558

 
413,693

 
134,319

 
135,819

 
$
48,238,946

 
$
51,580,490

 
$
46,131,190

 
$
45,923,727



Page 15


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019
Unaudited (Dollars in thousands)


Mortgage Loans on Commercial Real Estate
 
December 31, 2019
 
December 31, 2018
 
Principal
 
Percent
 
Principal
 
Percent
Geographic distribution
 
 
 
 
 
 
 
East
$
645,991

 
18.7
%
 
$
586,773

 
19.9
%
Middle Atlantic
284,597

 
8.2
%
 
168,969

 
5.7
%
Mountain
389,892

 
11.3
%
 
357,642

 
12.1
%
New England
9,152

 
0.3
%
 
9,418

 
0.3
%
Pacific
655,518

 
19.0
%
 
521,363

 
17.7
%
South Atlantic
751,199

 
21.7
%
 
694,599

 
23.5
%
West North Central
302,534

 
8.7
%
 
291,890

 
9.9
%
West South Central
420,031

 
12.1
%
 
321,810

 
10.9
%
 
$
3,458,914

 
100.0
%
 
$
2,952,464

 
100.0
%
 
 
 
 
 
 
 
 
Property type distribution
 
 
 
 
 
 
 
Office
$
250,287

 
7.3
%
 
$
268,932

 
9.1
%
Medical office
29,990

 
0.9
%
 
33,467

 
1.1
%
Retail
1,225,670

 
35.4
%
 
1,091,627

 
37.0
%
Industrial/Warehouse
896,558

 
25.9
%
 
762,887

 
25.8
%
Apartment
858,679

 
24.8
%
 
600,638

 
20.3
%
Agricultural
51,303

 
1.5
%
 
25,000

 
0.9
%
Mixed use/other
146,427

 
4.2
%
 
169,913

 
5.8
%
 
$
3,458,914

 
100.0
%
 
$
2,952,464

 
100.0
%
 
 
 
 
 
 
 
 
 
December 31, 2019
 
December 31, 2018
 
 
 
 
Credit exposure - by payment activity
 
 
 
 
 
 
 
Performing
$
3,458,914

 
$
2,952,464

 
 
 
 
In workout
—

 
—

 
 
 
 
Delinquent
—

 
—

 
 
 
 
Collateral dependent
—

 
—

 
 
 
 
 
3,458,914

 
2,952,464

 
 
 
 
Specific loan loss allowance
(229
)
 
(229
)
 
 
 
 
General loan loss allowance
(8,950
)
 
(8,010
)
 
 
 
 
Deferred prepayment fees
(942
)
 
(1,134
)
 
 
 
 
 
$
3,448,793

 
$
2,943,091

 
 
 
 


Page 16


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019


Shareholder Information
Corporate Offices:
American Equity Investment Life Holding Company
6000 Westown Parkway
West Des Moines, IA 50266
Inquiries:
Steven Schwartz, Vice President-Investor Relations
(515) 273-3763, sschwartz@american-equity.com
Common Stock and Dividend Information:
New York Stock Exchange symbol: “AEL”
 
High
 
Low
 
Close
 
Dividend Declared
2019
 
 
 
 
 
 
 
First Quarter
$33.57
 
$26.34
 
$27.02
 
$0.00
Second Quarter
$30.91
 
$25.84
 
$27.16
 
$0.00
Third Quarter
$27.80
 
$20.16
 
$24.20
 
$0.00
Fourth Quarter
$30.96
 
$21.75
 
$29.93
 
$0.30
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
First Quarter
$35.79
 
$28.90
 
$29.36
 
$0.00
Second Quarter
$37.16
 
$27.06
 
$36.00
 
$0.00
Third Quarter
$38.57
 
$34.51
 
$35.36
 
$0.00
Fourth Quarter
$36.39
 
$25.27
 
$27.94
 
$0.28
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
First Quarter
$28.00
 
$21.66
 
$23.63
 
$0.00
Second Quarter
$26.65
 
$22.23
 
$26.28
 
$0.00
Third Quarter
$29.43
 
$25.43
 
$29.08
 
$0.00
Fourth Quarter
$32.54
 
$28.06
 
$30.73
 
$0.26
Transfer Agent:
Computershare Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940-0310
Phone: (877) 282-1169
Fax: (781) 575-2723
www.computershare.com
Annual Report and Other Information:
Shareholders may receive when available, without charge, a copy of American Equity’s Annual Report, SEC filings and/or press releases by calling Steven Schwartz, Vice President-Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.



Page 17


AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Financial Supplement - December 31, 2019


Research Analyst Coverage
Erik Bass
Autonomous Research US LP
(646) 561-6248
ebass@autonomous.com
Randy Binner
B. Riley FBR, Inc.
(703) 312-1890
rbinner@fbr.com
Daniel Bergman
Citi Research
(212) 816-2132
daniel.bergman@citi.com
Thomas Gallagher
Evercore ISI
(212) 446-9439
thomas.gallagher@evercoreisi.com
Alex Scott
Goldman Sachs & Co. LLC
(917) 343-7160
alex.scott@gs.com
Pablo Singzon II
JP Morgan
(212) 622-2295
pablo.s.singzon@jpmorgan.com

 

Ryan Krueger
Keefe, Bruyette & Woods
(860) 722-5930
rkrueger@kbw.com
C. Gregory Peters
Raymond James & Associates, Inc.
(727) 567-1534
greg.peters@raymondjames.com
Mark A. Dwelle
RBC Capital Markets, LLC
(804) 782-4008
mark.dwelle@rbccm.com
John Barnidge
Sandler O'Neill & Partners, L.P.
(312) 281-3412
jbarnidge@sandleroneill.com
Mark Hughes
SunTrust Robinson Humphrey
(615) 748-4422
mark.hughes@suntrust.com



Page 18

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