WEST DES MOINES, Iowa (AP) — WEST DES MOINES, Iowa (AP) — American Equity Investment Life Holding Co. (AEL) on Monday reported a first-quarter loss of $156 million, after reporting a profit in the same period a year earlier.
The West Des Moines, Iowa-based company said it had a loss of $2 per share. Earnings, adjusted for non-recurring costs, came to $1.47 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.
The annuity and insurance underwriter posted revenue of $662.5 million in the period. Its adjusted revenue was $561.3 million, which also topped Street forecasts. Six analysts surveyed by Zacks expected $544.7 million.
American Equity shares have dropped 13% since the beginning of the year. In the final minutes of trading on Monday, shares hit $39.88, a climb of 12% 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
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