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American Equity beats Street 3Q forecasts

WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Monday reported third-quarter net income of $57 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 63 cents. Earnings, adjusted for non-recurring costs, came to 96 cents per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The annuity and insurance underwriter posted revenue of $906 million in the period. Its adjusted revenue was $500.2 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $493.9 million.

American Equity shares have increased 29 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $29.06, a climb of 82 percent 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