American Equity Investment Life Holding Co. on Wednesday reported first-quarter 2015 net income of $5.9 million, or 7 cents per common share, compared with a first-quarter 2014 net loss of $9.8 million, or 13 cents per share. Operating income on a non-GAAP basis for the first quarter was $48.8 million, or 62 cents per share, compared with year-ago non-GAAP operating income of $37.5 million, or 47 cents per share. Annuity sales for first-quarter 2015 were up 43 percent to $1.32 billion, compared with first-quarter 2014 annuity sales of $921 million. The competitive dynamic in the fixed index annuity marketplace changed significantly in early March with the withdrawal of a competitor’s product that offered one of the highest levels of guaranteed income in the marketplace for the past several years, the West Des Moines-based company said in a release.