American Equity Investment Life Holding Co. reported a net loss available to common stockholders of $65.6 million, or 69 cents per share, for its second quarter, compared with a loss of $253.4 million, or $2.76 per share, in the same period a year ago. The losses were driven in both periods by reductions in discount rates used in the calculation of fair value of fixed index annuity policy benefit reserves, the West Des Moines-based life and annuity company said in an earnings release. Second-quarter gross sales were $1,180 million, representing an increase of 111% from the second quarter 2020. On a sequential basis, gross sales decreased 52% from the all-time record level set in the first quarter of 2021. Notably, American Equity in the second quarter started leveraging its asset management partnerships to invest in single-family rental homes and middle market loans as part of its AEL 2.0 asset allocation strategy. As part of that, in October 2020 AEL entered into a strategic partnership with Toronto-based Brookfield Asset Management. Year-to-date, American Equity has purchased more than $800 million of privately sourced alpha-generating assets. AEL plans to add between $1 billion and $2 billion in private assets this year, growing to a pace of 5% or greater of the portfolio in each subsequent year to evolve into its new asset allocation of 30% or greater in private assets. Insider: Read a related article in this week’s Business Record about private capital investments in Iowa life and annuity companies.