Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
GERLACH JAMES M
 2. Issuer Name and Ticker or Trading Symbol
AMERICAN EQUITY INVESTMENT LIFE HOLDING CO [AEL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)

6000 WESTOWN PARKWAY		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2010
(Street)


WEST DES MOINES, IA 50266		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock             176,770 D  
Common Stock             13,140 I By Spouse
Common Stock             3,021 I By ESOP (1)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options - Right to Buy $ 9.27           06/11/2013 06/10/2020 Common Stock
27,750
  27,750
D
 
Options - Right to Buy $ 10.24           03/15/2013 03/14/2016 Common Stock
47,250
  47,250
D
 
Options - Right to Buy $ 7           05/08/2012 05/08/2019 Common Stock
20,000
  20,000
D
 
Options - Right to Buy $ 10.85           06/11/2011 06/11/2018 Common Stock
40,000
  40,000
D
 
Options - Right to Buy $ 10.77           06/30/2005 12/31/2014 Common Stock
17,500
  17,500
D
 
Options - Right to Buy $ 11           06/10/2004 06/10/2014 Common Stock
15,000
  15,000
D
 
Options - Right to Buy $ 9           12/04/2003 12/04/2013 Common Stock
15,000
  15,000
D
 
American Equity Capital Trust I 8% Conv TP $ 8.1           09/30/2002 09/30/2029 Common Stock
3,703
  3,703
D
 
Deferred Compensation $ 3.33             (2)   (2) Common Stock
24,285
  24,285
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
GERLACH JAMES M
6000 WESTOWN PARKWAY
WEST DES MOINES, IA 50266		   X     Executive Vice President  

Signatures

Debra J. Richardson, by Power of Attorney 02/11/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 664 shares of the total ESOP ownership reported represent an estimated number for the December 31, 2010 allocation.
(2) Deferred Compensation payment is exercisable on the 10th business day after the occurrence on any of the following events: (i) action of the Board of Directors; (ii) written notification of employee's resignation; (iii) employee's termination of employment; (iv) employee's disability; (v) employee's death.

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