American Equity Investment Life Holding Co., a leading issuer of fixed index annuities based in West Des Moines, reported fourth-quarter net income of $36.8 million, or 41 cents per share, down from net income of $120.8 million, or $1.35 per diluted common share, for fourth quarter 2016. The company ended the year with net income of $174.6 million, or $1.93 per diluted common share, compared with $83.2 million, or 97 cents per share, for the year ended Dec. 31, 2016. The Tax Cut and Jobs Act of 2017 reduced net income for the fourth quarter by $35.9 million, or 40 cents per share, due to the rate change on net deferred tax assets at the time of enactment. Gross sales and net sales for the quarter were down 27.4 percent and 21.6 percent, respectively, from fourth quarter 2016 sales. However, on a sequential basis, gross and net sales increased 10.3 percent and 5.9 percent, respectively. Sales of fixed index annuities were up 8.4 percent over the third quarter to $945 million, with the majority of the increase attributable to sales at American Equity’s Eagle Life Insurance Co. subsidiary.