WEST DES MOINES, Iowa (AP) — WEST DES MOINES, Iowa (AP) — American Equity Investment Life Holding Co. (AEL) on Monday reported second-quarter profit of $355.4 million.
The West Des Moines, Iowa-based company said it had net income of $4.36 per share. Earnings, adjusted for investment gains, came to $1.62 per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.
The annuity and insurance underwriter posted revenue of $851.6 million in the period. Its adjusted revenue was $542.7 million, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $555 million.
American Equity shares have risen 17% since the beginning of the year. In the final minutes of trading on Monday, shares hit $53.29, a climb of 48% in the last 12 months.
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