Shares of life insurance company American Equity Investment (AEL) - Get Report  were falling nearly 8% Friday after the company announced it was no longer in discussions regarding a potential sale. 

The company's board decided to halt sale discussions after failing to receive a deal that it thought was equitable with its value. 

"Significant growth opportunities exist for American Equity as a standalone company because of well-known demographic trends. Our long-term outlook is favorable due to the growing number of Americans who need attractive fixed index annuity products that offer principal protection and guaranteed lifetime income. American Equity is well positioned to take advantage of these opportunities," said CEO John Matovina. 

The company's stock, which peaked at $33.57 in February, was trading at $27.81 on Friday, down 7.7%. 

"The value proposition we have always offered our policyholders and distribution partners - transparent products, attractive renewal crediting history, and unparalleled service - remains as attractive as ever. American Equity's Board and management team are committed to creating value for shareholders and will continue to take actions that position the Company to achieve this objective," Matovina said.