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 capital position and well-diversified investment profile with strong financial flexibility as demonstrated by its access to capital markets. The ratings on the holding company are three notches lower than our ratings on the operating company, reflecting AEL's structural subordination to its regulated insurance subsidiaries. The stable outlook on American
