West Des Moines-based American Equity Investment Life Holding Co., a leading issuer of fixed index annuities, reported first-quarter net income of $141 million, or $1.55 per share, compared with net income of $53.9 million, or 60 cents per share, for first-quarter 2017. The company’s non-GAAP operating income for the quarter was $77.7 million, compared with $59.6 million in the year-ago quarter. Gross sales and net sales for the quarter were down 4.5 percent and 6.6 percent respectively from a year ago. However, on a sequential basis, gross and net sales increased 2.2 percent and 6.6 percent respectively over the fourth quarter. Sales of fixed index annuities in the first quarter were up 5.2 percent sequentially, to $994 million.