WEST DES MOINES, Iowa (AP) — WEST DES MOINES, Iowa (AP) — American Equity Investment Life Holding Co. (AEL) on Wednesday reported a loss of $465 million in its fourth quarter.

The West Des Moines, Iowa-based company said it had a loss of $6.04 per share. Earnings, adjusted for non-recurring costs, were $1.99 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.

The annuity and insurance underwriter posted revenue of $1.06 billion in the period. Its adjusted revenue was $582.2 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $575.1 million.

For the year, the company reported profit of $210.5 million, or $2.06 per share. Revenue was reported as $2.27 billion.

American Equity shares have dropped slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $55.55, an increase of 17% in the last 12 months.

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