American equity investment life holding co (AEL)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Operating activities
Operating activities
Net income (loss)

246

458

174

83

219

126

253

57

86

42

68

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest sensitive and index product benefits

1,287

1,610

2,023

725

968

1,473

1,272

808

775

733

347

Amortization of deferred sales inducements

88

222

176

251

209

131

253

87

71

59

39

Annuity product charges

240

224

200

173

136

118

103

89

76

69

63

Change in fair value of embedded derivatives

-1,454

1,389

-919

-543

464

-32

-133

-286

105

-130

-529

Change in traditional life and accident and health insurance reserves

-3

-0

-0

12

5

2

14

35

76

43

9

Policy acquisition costs deferred

422

388

406

543

657

426

-425

-403

-478

-402

-305

Amortization of deferred policy acquisition costs

87

327

255

374

286

163

365

164

143

136

88

Provision for depreciation and other amortization

4

3

3

3

4

9

18

18

18

11

5

Amortization of discounts and premiums on investments

-25

-19

-15

-1

8

14

-6

69

154

240

212

Realized gains (losses) on investments and net credit losses recognized in operations

-11

-73

5

-11

-9

-6

34

-21

-52

-0

-35

Change in fair value of derivatives

906

-777

1,678

165

-334

506

1,076

221

-112

141

219

Distributions from equity method investments

2

1

1

2

-

-

-

-

-

-

-

Deferred income taxes

56

-12

-46

-10

41

-46

3

-52

-80

-118

-56

Loss on extinguishment of debt

-2

0

-18

0

0

-12

-32

0

0

-0

-0

Share-based compensation

11

11

6

6

7

3

10

6

9

11

4

Change in accrued investment income

4

39

31

35

35

24

39

32

61

53

21

Change in income taxes recoverable/payable

26

-60

45

18

-20

-19

5

13

-2

-97

117

Change in other assets

5

0

-0

-1

-0

2

-1

7

-5

26

10

Change in other policy funds and contract claims

-21

-19

-23

-34

-49

-60

-47

55

177

103

8

Change in collateral held for derivatives

1,190

-1,296

772

414

-269

27

236

99

-215

35

346

Change in collateral held for securities lending

495

0

0

-

-

-

-

-

-

-

-

Change in other liabilities

-28

-17

-84

-55

75

-51

-11

5

-77

64

40

Other

7

13

13

14

15

8

7

0

-0

-0

1

Net cash provided by (used in) operating activities

3,351

43

1,923

1,416

504

707

862

784

277

420

516

Investing activities
Sales, maturities, or repayments of investments:
Fixed maturity securities, available for sale

3,266

3,870

1,911

2,746

1,612

1,490

3,456

3,298

3,705

4,568

2,975

Fixed maturity securitiesheld for investment

-

-

-

-

-

-

-

2,618

219

1,585

2,057

Equity securitiesavailable for sale

-

-

-

-

-

-

46

13

2

46

22

Mortgage loans on real estate

294

298

351

383

468

453

539

543

206

145

109

Derivative instruments

657

1,446

1,697

284

640

1,169

971

483

506

492

79

Short-term investments

-

-

-

-

-

-

-

-

-

600

0

Other investments

472

358

9

11

16

23

24

33

2

0

0

Acquisitions of investments:
Fixed maturity securities, available for sale

5,509

6,852

5,026

6,883

7,256

5,191

7,962

8,266

5,347

8,544

6,742

Fixed maturity securitiesheld for investment

-

-

-

-

-

-

-

-

1,940

745

0

Equity securities - available for sale

-

-

-

-

-

-

-

-

-

10

6

Mortgage loans on real estate

799

575

535

428

455

327

505

386

481

317

249

Derivative instruments

823

864

691

602

588

492

419

379

395

331

257

Short-term investments

-

-

-

-

-

-

-

-

-

599

0

Other investments

611

85

305

11

13

72

29

86

77

0

0

Purchases of property, furniture and equipment

4

4

4

1

1

1

0

0

5

5

2

Net cash provided by (used in) investing activities

-3,054

-2,408

-2,593

-4,501

-5,577

-2,947

-3,879

-2,129

-3,605

-3,116

-2,013

Financing activities
Receipts credited to annuity policyholder account balances

4,951

4,381

4,152

7,092

7,051

4,160

4,160

3,782

4,784

4,497

3,677

Coinsurance deposits

-91

23

6

1,317

80

109

25

4

-122

-267

-555

Return of annuity policyholder account balances

3,584

3,159

2,809

2,535

2,271

2,025

1,763

1,575

1,494

1,465

1,418

Financing fees incurred and deferred

0

0

5

1

0

0

11

0

1

6

2

Proceeds from notes payable

-

-

-

-

-

-

415

0

0

200

127

Proceeds from issuance of notes payable

0

0

499

0

0

0

-

-

-

-

-

Repayment of notes payable

0

0

413

0

48

219

234

0

46

156

4

Repayment of loan payable

0

0

100

0

0

-

-

-

-

-

-

Repayment of subordinated debentures

88

0

0

-

-

-

-

1

0

0

-

Proceeds from issuance of loan payable

-

-

-

100

0

-

-

-

-

-

-

Net proceeds from settlement of notes hedges and warrants

-

-

-

-

25

16

22

0

0

-37

0

Acquisition of common stock

-

-

-

-

0

0

0

-

0

1

0

Net proceeds from amounts due under repurchase agreements

-109

109

0

0

-

-

-

-

-

-

-

Excess tax benefits realized from share-based compensation plans

-

-

-

0

3

5

4

0

1

0

0

Proceeds from issuance of common stock, net

1

9

14

139

112

13

31

5

4

6

1

Proceeds from issuance of preferred stock, net

388

0

0

-

-

-

-

-

-

-

-

Proceeds from issuance of warrants

-

-

-

-

-

-

-

-

-

15

0

Equity issue costs incurred

-

-

-

-

-

-

-

-

-

-

1

Change in checks in excess of cash balance

29

-15

4

21

-5

-1

9

1

17

-13

-8

Dividends paid

27

25

23

21

17

15

12

9

6

5

4

Net cash provided by (used in) financing activities

1,652

1,275

1,312

3,478

4,768

2,043

2,645

2,208

3,135

2,765

1,810

Increase (decrease) in cash and cash equivalents

1,948

-1,089

642

393

-303

-196

-371

863

-192

69

313

Supplemental disclosures of cash flow information
Cash paid during period for interest:
Interest expense

42

39

55

-

-

-

-

-

-

-

-

Interest expense

-

-

-

39

39

42

25

27

30

25

19

Cash paid during period for income taxes:
Income taxes

28

181

142

39

91

132

128

67

129

143

191

Income tax refunds received

-

-

-

-

-

-

-

0

0

101

0

Non-cash operating activity:
Deferral of sales inducements

177

179

216

353

486

330

337

306

385

370

292

Real estate acquired in satisfaction of mortgage loans

-

-

-

-

-

14

8

26

20

7

12

Mortgage loan on real estate sold

-

-

-

-

4

0

0

-

1

0

0

Common stock issued to settle warrants that have expired

-

-

-

0

0

-

-

-

-

-

31

Conversion of subordinated debentures

-

-

-

-

-

-

-

20

0

0

0

Common stock issued in extinguishment of debt

-

-

-

-

-

-

-

0

0

-

-

Retirement of debt through debt exchange

-

-

-

-

-

-

-

-

-

-

63