WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Wednesday reported first-quarter net income of $242.9 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the West Des Moines, Iowa-based company said it had profit of $2.57. Earnings, adjusted for investment gains, were $1.67 per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.
American Equity shares have dropped 41% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.80, a decrease of 42% in the last 12 months.