WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Monday reported second-quarter profit of $18.6 million.
On a per-share basis, the West Des Moines, Iowa-based company said it had profit of 20 cents. Earnings, adjusted for investment costs, were $1.09 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The annuity and insurance underwriter posted revenue of $706.4 million in the period. Its adjusted revenue was $570.6 million.
American Equity shares have declined 20% since the beginning of the year. In the final minutes of trading on Monday, shares hit $22.24, a fall of 37% in the last 12 months.