WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Wednesday reported a first-quarter loss of $30 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the West Des Moines, Iowa-based company said it had a loss of 33 cents. Earnings, adjusted for investment costs, came to 97 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The annuity and insurance underwriter posted revenue of $1 billion in the period. Its adjusted revenue was $558.4 million.
American Equity shares have increased roughly 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.99, a drop of 5% in the last 12 months.
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