Brookfield Reinsurance Increases Stake in American Equity Investment Life Holding Company

BROOKFIELD, NEWS, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) (together with its affiliates, "Brookfield Reinsurance") today announced that it has purchased an additional 6,775,000 shares of common stock of American Equity Investment Life Holding Company (NYSE: AEL) ("AEL"), bringing its total combined equity interest in AEL to approximately 16%. The share purchase took place pursuant to the terms of Brookfield Reinsurance's previously announced investment agreement with AEL following receipt of required regulatory approvals on December 29, 2021. Brookfield Reinsurance acquired the additional shares at a price of $37.33 per share, being AEL's adjusted book value as of September 30, 2021, for total consideration of approximately $253 million.

About Brookfield Reinsurance

Brookfield Asset Management Reinsurance Partners Ltd. (NYSE: BAMR; TSX: BAMR) operates a leading reinsurance business focused on providing capital-based and annuity solutions for insurance and reinsurance companies, and pension risk transfer products for pension plan sponsors. Each class A exchangeable share of Brookfield Reinsurance is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A).

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