WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Thursday reported fourth-quarter net income of $93.1 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the West Des Moines, Iowa-based company said it had profit of 88 cents. Earnings, adjusted for non-recurring costs, came to $1.04 per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
The annuity and insurance underwriter posted revenue of $1.11 billion in the period. Its adjusted revenue was $514.6 million, which topped Street forecasts. Four analysts surveyed by Zacks expected $506 million.
For the year, the company reported profit of $474 million, or $4.55 per share. Revenue was reported as $2.04 billion.
American Equity shares have risen slightly more than 8% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $42.15, a climb of 42% in the last 12 months.