WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Monday reported second-quarter net income of $93.9 million.
The West Des Moines, Iowa-based company said it had profit of $1.03 per share. Earnings, adjusted for non-recurring gains, came to 95 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The annuity and insurance underwriter posted revenue of $685.5 million in the period. Its adjusted revenue was $533.3 million.
American Equity shares have climbed 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $35.55, an increase of 30 percent in the last 12 months.