After Effects export through Media Encoder restricts bitrate issue

I have strange issue. When exporting After Effects composition through Media Encoder into H.264 format, I set target bitrate VBR to 40Mbps. I even tried all possible combinations and I tried CBR to 50Mbps but final encoded H.264 video clip is always up to 12Mbps. Why?

If I export from AE to lossless MOV and import that MOV (as standalone) into Media Encoder, with same settings I get H.264 output at 50Mbps.

If I export anything from Premiere through Media Encoder, with same setting I am getting final H.264 with 50Mbps.

I have only issue exporting from After Effects through Media Encoder where I cannot get output with higher bitrate than cca. 12Mbps although in Media Encoder it is set to CBR 50Mbps.

Please, help... I am using CC 2019.

Here are settings from AME and final rendered video properties from After Effects through AME.

<a href="https://imgbb.com/"><img src="https://i.ibb.co/RcyTxR3/AME-Settings-2.jpg" alt="AME-Settings-2" border="0" /></a>