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American Equity reports continued upswing in annuity sales


American Equity Investment Life Holding Co.a leading issuer of fixed index annuities, on Monday reported second-quarter net income of $18.6 million, or 20 cents per diluted common share, compared with net income of $93.9 million, or $1.03 per diluted share, for second quarter 2018.  Non-GAAP operating income for the second quarter was $99.6 million, or $1.09 per diluted common share, compared with $86.6 million, or 95 cents per share, a year ago. Policyholder funds under management at June 30 were $52.4 billion, an $811 million or 1.6% increase from March 31, 2019. Second-quarter gross and net sales were $1.5 billion and $1.4 billion, respectively, representing increases of 25% and 33% from a year ago. Commenting on sales, John Matovina, Chairman and CEO, said: “We delivered substantial sequential and year-over-year increases in fixed index annuity sales in American Equity Life’s independent agent channel. Sales have been on an upswing for the last three quarters and the momentum carried over into July.” The market environment remains competitive, he said, and the company has taken a number of measures to adjust to declines in interest rates since year-end. 

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