American Equity Investment Life Holding Company (NYSE:AEL) Q4 2022 Earnings Call Transcript

Pablo Singzon: Yes. That’s helpful. Thanks on that. And then the last one for me, just any high-level comments you can give on start earnings for €˜22 and €˜23, which as you guys ultimately drive capital generation? And what I am thinking about here is the drag from low index credits, right, with better spreads and fee income as offsets. I think on the past presentation, you had mentioned the distributable cash flow of about $150 million to $175 million for €˜22. Is that all funded by stat earnings, or is there something down if cat was involved there? Thank you.

Axel Andre: Yes. Thanks Pablo for the question. Yes, I would €“ exactly, I would refer back to in the investment symposium, we kind of laid that out, right. Essentially, what are the distributable earnings from spread-related business and then adding on top of that, fee-related earnings, which are basically by definition all distributable. The other number that you mentioned there are in line with what we talked about then. I would also point you to kind of the proof is in the pudding. So, this year, we took €“ I just mentioned we took a $325 million dividend from the operating company to the holding company at the end of the year.

Pablo Singzon: Thank you for your answers.

Operator: And thank you. And I am showing no further questions. I would now like to turn the call back to Julie Heidemann for closing remarks.

Julie Heidemann: Thank you for your interest in American Equity and for participating in today’s call. Should you have any follow-up questions, please feel free to contact us.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.