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American Equity: 1Q Earnings Snapshot

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AEL at https://www.zacks.com/ap/AEL