American Equity Investment (AEL) Posts Q3 Loss of 0.09/Share

American Equity Investment (NYSE: AEL) reported Q3 EPS of ($0.09), which includes various items and does not compare to the analyst estimate of $0.59.

The third quarter 2016 net loss and operating loss1 were negatively affected by $52.9 million ($0.61 per diluted common share) and $52.6 million ($0.60 per diluted common share), respectively, for revisions to assumptions utilized in the determination of deferred policy acquisition costs, deferred sales inducements and the liability for future benefits to be paid under lifetime income benefit riders. Net income and operating income1 for the third quarter of 2015 were impacted by similar assumption revisions which decreased net income by $1.1 million ($0.01 per diluted common share) and operating income1 by $8.7 million ($0.10 per diluted common share).

In addition, the third quarter 2016 net loss and operating loss1 were increased by $1.3 million after tax or $0.02 per diluted common share for items that were discrete to the quarter. The discrete items included $1.1 million for income tax adjustments related to income earned in 2015 and the first half of 2016 and $0.2 million after tax for the write off of capitalized debt issuance costs associated with the Company's November 2013 revolving line of credit facility which was refinanced and terminated at the end of the third quarter.

For earnings history and earnings-related data on American Equity Investment (AEL) click here.

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