Top five position in fixed-indexed annuities (FIAs) Well-established independent distribution network and growing presence in banks and the broker-dealer space Strong capitalization, but limited capital redundancy at the 'A' level Limited product diversification tempering overall competitive position Diversified investment portfolio, albeit with material exposure to commercial mortgage-backed securities (CMBS) S&P Global Ratings' ratings on American Equity Investment Life Holding Co. (AEL) and American Equity Investment Life Insurance Co. (collectively, American Equity) reflect the group's satisfactory business risk and strong financial risk profiles, leading us to an anchor of 'a-'. We base our ratings on AEL's strong and consistent market position in the FIA market and well-established independent distribution network offset by limited product diversification. Our ratings also reflect its strong
