American Equity Declares Third Quarter 2020 Preferred Stock Dividend

American Equity Investment Life Holding Company (NYSE: AEL), today announced that in accordance with the terms of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the "Preferred Stock”), which is represented by depositary shares, each representing a 1/1,000^th interest in a share of Preferred Stock (the "Depositary Shares”), the Board of Directors has declared a cash dividend of $371.8750000 per share of Preferred Stock (equivalent to $0.371875000 per Depositary Share). The dividend will be payable on September 1, 2020 to preferred shareholders of record as of August 15, 2020. Depositary receipts for the Preferred Stock are listed on the New York Stock Exchange ("NYSE”) under the ticker symbol "AELPRA”.

ABOUT AMERICAN EQUITY

American Equity Investment Life Holding Company, through its wholly-owned subsidiaries, is a leading issuer of fixed index annuities through independent agents, banks and broker-dealers. American Equity Investment Life Holding Company, a New York Stock Exchange listed company (NYSE: AEL), is headquartered in West Des Moines, Iowa. For more information, please visit www.american-equity.com.

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