American Equity Investment (AEL) Misses Q4 EPS by 20c

American Equity Investment (NYSE: AEL) reported Q4 EPS of $0.77, $0.20 worse than the analyst estimate of $0.97.

• Fourth quarter 2020 net loss available to common stockholders of $6.3 million or $(0.07) per diluted common share; Full year 2020 net income available to common stockholders of $637.9 million or $6.90 per diluted common share
• Fourth quarter 2020 non-GAAP operating income1 available to common stockholders of $71.7 million or $0.77 per diluted common share; Full year 2020 non-GAAP operating income1 available to common stockholders of $69.1 million or $0.75 per diluted common share
• Excluding notable items, full year 2020 net loss available to common stockholders of $160.2 million or $(1.74) per share; Full year 2020 non-GAAP operating income1 available to common stockholders of $381.4 million or $4.13 per diluted common share, excluding notable items
• Notable items affecting full year 2020 net income and non-GAAP operating income1 available to common stockholders include the effect of actuarial assumption revisions, a tax benefit from enactment of the CARES Act, and loss on extinguishment of debt
• Book value per share excluding accumulated other comprehensive income with and without net impact of accounting for fair value of derivatives and embedded derivatives of $35.99 and $34.26, respectively
• Fourth quarter 2020 annuity sales of $1.8 billion
• Policyholder funds under management of $54.1 billion
• Fourth quarter 2020 investment spread of 2.25%
• Risk-based capital ratio at December 31, 2020 of 372% excluding over $300 million of excess cash at the holding company

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

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