American Equity Beats Street 2Q Forecasts

WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Wednesday reported second-quarter profit of $26.9 million.

On a per-share basis, the West Des Moines, Iowa-based company said it had profit of 30 cents. Earnings, adjusted for one-time gains and costs, were 71 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The annuity and insurance underwriter posted revenue of $819.1 million in the period. Its adjusted revenue was $493.5 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $484.8 million.

American Equity shares have increased 19 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.80, a rise of 71 percent in the last 12 months.

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

Keywords: American Equity Investment, Earnings Report