American Equity Investment Life Holding Co. a leading issuer of fixed index annuities based in West Des Moines, reported third quarter 2020 net income of $661.3 million, or $7.17 per diluted common share, compared to net income available to common stockholders of $37.4 million, or 41 cents per share, for third quarter 2019. The non-GAAP operating loss for the third quarter 2020 was $(249.8) million, or $(2.72) per diluted common share, compared to non-GAAP operating income of $233.4 million, or $2.54 per diluted common share, for third quarter 2019. Third quarter 2020 net income was positively affected by $663 million ($7.19 per diluted common share) due to updates to actuarial assumptions used to estimate a number of components of the annuity policies, while non-GAAP operating income was negatively affected by $341 million ($3.70 per diluted common share) from assumption updates. Gross sales were $574 million for the quarter, a 3% increase compared to the second quarter of 2020, driven by increased multi-year fixed rate annuity sales at the company’s Eagle Life subsidiary. Gross sales at American Equity Life decreased 8% from the second quarter while Eagle Life sales were up 75%.