American Equity Investment Life Holding Company (NYSE:AEL) Q3 2022 Earnings Conference Call November 8, 2022 11:00 AM ET
Company Participants
Julie Heidemann - IR
Anant Bhalla - President & CEO
Axel Andre - EVP & CFO
Jim Hamalainen - EVP & Chief Investment Officer
Conference Call Participants
John Barnidge - Piper Sandler
Erik Bass - Autonomous
Thomas Gallagher - Evercore
Ryan Krueger - KBW
Dan Bergman - Jefferies
Pablo Singzon - JPMorgan
Operator
Welcome to American Equity Investment Life Holding Company's Third Quarter 2022 Conference Call.
At this time, for opening remarks and introductions, I would like to turn the call over to Julie Heidemann, Coordinator of Investor Relations.
Julie Heidemann
Good morning, and welcome to American Equity Investment Life Holding Company's conference call to discuss third quarter 2022 earnings. Our earnings release and financial supplement can be found on our website at www.american-equity.com.
Non-GAAP financial measures discussed on today's call and reconciliations of non-GAAP financial measures to the most comparable GAAP measures can be found in those documents or elsewhere on our Investor Relations portion of our website. Presenting on today's call are Anant Bhalla, Chief Executive Officer; and Axel Andre, Chief Financial Officer.
Some of our comments will contain forward-looking statements which refer or relate to future results, many of which we have identified in our earnings release. Our actual results could significantly differ due to many risks, including the risk factors in our SEC filings. An audio replay will be made available on our website shortly after today's call.
It is now my pleasure to introduce Anant Bhalla.
Anant Bhalla
Thank you, Julie. Good morning, and thank you all for your interest in American Equity. We are now at the two year anniversary of announcing the AEL 2.0 strategy. Even in tumultuous markets, we are witnessing the resilience in our business results due to the successful execution of the strategy.
Additionally, we are proud to share that American Equity Life has been ranked as number one for customer satisfaction among annuity providers in the J.D. Power's 2022 U.S. Individual Annuity Study. This is a demonstration of our focus on winning through a combination of product competitiveness, policyholder focus, producer loyalty driven by our leading client service and value-added marketing support provided to our distribution partners.
In the investments area, as markets repriced risk return attractiveness across asset classes, we continue to see unique opportunities in private assets. In the quarter, we put an additional $1.3 billion to work in private assets, bringing our total allocation to private assets to 18.4% of the investment portfolio. We put over $1 billion to work in the real estate sector, primarily in non-qualified mortgages, residential transition loans and single-family real estate at an average expected return of close to 6%.