Paragraph beneath SPREAD IMPROVES AS CASH AND SHORT-TERM INVESTMENTS REDUCED, first sentence should read: American Equity’s investment spread for the second quarter of 2013 increased to 2.70% compared to 2.68% for the first quarter of 2013 (sted American Equity’s investment spread for the first quarter of 2013 increased to 2.70% compared to 2.68% for the first quarter of 2013).
The corrected release reads:
AMERICAN EQUITY REPORTS SECOND QUARTER 2013 RESULTS
American Equity Investment Life Holding Company (NYSE: AEL), a leading underwriter of index and fixed rate annuities, today reported second quarter 2013 net income of $120.1 million, or $1.71 per diluted common share, compared to second quarter 2012 net income of $18.8 million, or $0.30 per diluted common share.Non-GAAP operating income 1 for the second quarter of 2013 was $30.3 million, or $0.43 per diluted common share, compared to second quarter 2012 non-GAAP operating income 1 of $27.4 million or $0.43 per diluted common share. Second quarter 2013 net income and non-GAAP operating income 1 includes an after tax charge of $5.5 million or $0.08 per diluted common share to cover assessments from state guaranty fund associations related to the insolvency of Executive Life Insurance Company of New York (“ELNY”). Excluding this charge, second quarter 2013 non-GAAP operating income 1 was $35.8 million, or $0.51 per diluted common share. Highlights for the second quarter of 2013 include:
- Pre-charge non-GAAP operating income 1 per share of $0.51 up 19% compared to second quarter 2012.
- Annuity sales (before coinsurance) were $1.1 billion compared to first quarter 2013 annuity sales of $930 million.
- Total invested assets were $29.1 billion (amortized cost basis = $27.9 billion).
- Investment spread was 2.70% compared to 2.68% for the first quarter of 2013.
- Estimated risk-based capital (RBC) ratio at June 30, 2013 remained above target at 324%.
- Book value per share (excluding accumulated other comprehensive income) increased to $18.66 at June 30, 2013 compared to $16.84 at March 31, 2013.
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