Exhibit 99.1

FOR IMMEDIATE RELEASE For more information, contact:
Marty Ketelaar, Director,
Investor Relations
(515) 362-3693

AmerUs Group Reports Record 2002 Adjusted Net
Operating Income of $144.5 million; $3.58 Per Share

     DES MOINES, Iowa (February 6, 2003)—AmerUs Group Co. (NYSE: AMH), a leading producer of life insurance and annuity products, today announced fourth quarter adjusted net operating income of $36.1 million, or $0.92 per diluted share, compared with $35.2 million, or $0.83 per diluted share ($0.79 per diluted share including goodwill amortization) in the fourth quarter of 2001. Adjusted net operating income for 2002 was $144.5 million, or $3.58 per diluted share, compared with $122.4 million, or $3.27 per diluted share ($3.05 per diluted share including goodwill amortization) a year ago. “I’m pleased with the operating results we’ve achieved in 2002,” said Roger K. Brooks, chairman, president and chief executive officer of AmerUs Group. “We will continue to focus on our core protection and asset accumulation businesses to build scale, achieve greater efficiencies and increase profitability during the coming year.” Adjusted net operating income excludes items such as open block realized capital gains and losses, restructuring charges and the cumulative effect of accounting changes. A reconciliation of GAAP net income to net adjusted operating earnings has been included as part of this press release. In accordance with Statement of Financial Accounting Standard

142, “Goodwill and Other Intangible Assets,” AmerUs Group stopped amortizing goodwill on January 1, 2002.

Net Income

     As previously announced by the company, credit-related losses impacted net income during 2002. Net income decreased to $7.2 million for the fourth quarter of 2002, or $0.18 per diluted share compared to $21.5 million, or $0.51 per diluted share a year ago ($0.46 per diluted share including goodwill amortization). Year-to-date net income was $62.9 million, or $1.56 per diluted share, compared with $81.2 million or $2.17 per diluted share ($1.95 per diluted share including goodwill amortization) a year ago.

Record Protection Product Sales

     Fourth quarter fixed life sales increased to $33.6 million, compared to $28.1 million in the fourth quarter of 2001. Year-to-date, fixed life sales were up 73 percent to $129.7 million compared to $74.7 million during the same period of 2001. The increase in year-to-date sales is primarily a result of the acquisition of Indianapolis Life Insurance Company in May 2001. Assuming Indianapolis Life was owned for all of 2001, year-to-date fixed life sales would have increased 33 percent, up from $97.3 million. “These outstanding sales results exceeded our expectations for the year and are the result of our innovative product offerings and quality distribution systems,” said Brooks.

Accumulation Product Sales

     Sales of fixed annuity products for the quarter were $514 million, compared with $550 million for the fourth quarter of 2001. Year-to-date, fixed annuity sales were $1.8 billion compared to $1.9 billion a year ago. Additionally, the company issued $125 million of funding agreements during the quarter, resulting in total funding agreement issuance of

$875 million during 2002. “These are solid results and are in line with our plan given the current interest rate environment,” said Brooks.

Net Investment Income

     Net investment income was $250 million in the fourth quarter of 2002 compared to $253 million for the fourth quarter of 2001. Growth in invested assets was offset by lower yields on new investments. The portfolio yield during the fourth quarter of 2002 was 6.19 percent, compared to 6.61 percent in the fourth quarter of 2001. The 2002 annual portfolio yield was 6.38 percent, compared to 6.72 percent in 2001.

Corporate Actions

     During the quarter, the company paid its annual dividend of $0.40 per share on December 4, 2002, to shareholders of record on November 18, 2002. Additionally, the company will hold its annual meeting of shareholders at its corporate headquarters on May 8, 2003, at 2 p.m. CDT. Individuals interested in attending should contact the company’s corporate secretary’s office at (515) 362-3695.

Conference Call, Audio Replay and Additional Financial Information

     Interested parties may listen to a conference call with AmerUs Group’s management discussing fourth quarter 2002 results by calling (toll free) 888-820-4341 (international 706-679-8569) at 10:30 a.m. EST on Friday, February 7, 2003. An audio replay of AmerUs Group’s call will be available at 1 p.m. EST, February 7, 2003, through February 14, 2003. The replay can be accessed by dialing 800-642-1687 (international: 706-645-9291), Conference ID 7477637.

     Further detailed financial information, including operating segment income, investment composition, operating expenses and product distribution by channel, can be

found in AmerUs Group’s Financial Supplement, which is available by accessing the company’s web site at www.amerus.com or by contacting the company’s investor relations department.

     AmerUs Group Co. is located in Des Moines, Iowa, and is engaged through its subsidiaries in the business of marketing and underwriting individual life insurance and annuity products in 50 states, the District of Columbia and the U.S. Virgin Islands. Its major subsidiaries include: AmerUs Life Insurance Company, American Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York, IL Annuity and Insurance Company, and Indianapolis Life Insurance Company.

     As of December 31, 2002, AmerUs Group’s total assets were $20.3 billion and shareholders’ equity totaled $1,262.9 million, including accumulated other comprehensive income.

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AMERUS GROUP CO.
ADJUSTED NET OPERATING INCOME
($ in thousands, except share data)

Adjusted net operating income reflects net income adjusted to eliminate certain items, such as open block realized gains and losses, restructuring costs and non-insurance operations. Adjusted net operating income shown below does not constitute our net income computed in accordance with GAAP. The adjustments are presented net of income taxes.

			For The Three Months Ended						For The Year Ended
			December 31,						December 31,
			2002			2001			2002			2001
Net Income			$	7,199		$	19,534		$	62,866		$	72,907
Realized losses on open block investments (A)				29,986			10,896			66,386			25,475
Net amortization of deferred policy acquisition costs due to open block gains or losses (B)				(3,994	)		2,311			(10,869	)		(3,613	)
Net effect of accounting differences from the adoption of SFAS 133 (C)				(2,769	)		(878	)		14,638			6,417
Demutualization costs (D)				—			518			1,186			969
Restructuring costs (E)				6,581			1,287			13,225			5,476
Other income from non-insurance operations (F)				(953	)		(446	)		(2,898	)		(1,820	)
Cumulative effect of change in accounting for derivatives (G)				—			—			—			8,236
Adjusted Net Operating Income			$	36,050		$	33,222		$	144,534		$	114,047
Adjusted Net Operating Income per common share:
		Basic	$	0.93		$	0.80		$	3.62		$	3.09
		Diluted	$	0.92		$	0.79		$	3.58		$	3.05
Weighted average common
	shares outstanding:
		Basic		38,919,178			41,741,649			39,972,328			36,949,198
		Diluted		39,168,989			42,288,468			40,398,378			37,453,428

AMERUS GROUP CO.
NOTES TO ADJUSTED NET OPERATING INCOME

(A)	Represents total open block realized gains or losses on investments. Open block realized gains or losses may vary widely between periods. Such amounts are determined by management’s timing of individual transactions or current market conditions and do not necessarily correspond to the underlying operating trends.
(B)	Represents amortization of DAC and VOBA on the open block realized gains or losses that are included in our product margins.
(C)	Represents the net effect of SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” related accounting entries. The accounting entries consist of cash flow hedge amortization, market value adjustments on trading securities, derivatives, certain annuity contracts, and the associated change in amortization of DAC and VOBA resulting from such adjustments.
(D)	Represents costs directly related to our demutualizations. The costs consist primarily of legal, actuarial and consulting expenses.
(E)	Represents costs of restructuring our operations to eliminate duplicative functions. The costs consist primarily of relocation of employees, severance and termination benefits, and systems conversion.
(F)	Represents the net income from our residential financing and property operations which is not part of our core insurance operations.
(G)	Represents the cumulative effect of change in accounting for derivatives, as of January 1, 2001, resulting from our adoption of SFAS No. 133.

AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except share data)

		For The Three Months Ended						For The Year Ended
		December 31,						December 31,
		2002			2001			2002			2001
Revenues:
	Insurance premiums	$	86,956		$	90,085		$	350,812		$	305,905
	Universal life and annuity product charges		37,118			39,535			161,510			146,055
	Net investment income		249,953			253,010			994,007			873,174
	Realized (losses) on investments		(46,691	)		(9,956	)		(104,710	)		(30,579	)
	Unrealized (losses) on investments		19,346			16,636			(45,209	)		(60,050	)
	Other income		18,418			11,906			71,986			47,024
			365,100			401,216			1,428,396			1,281,529
Benefits and expenses:
	Policyowner benefits		230,653			252,892			890,688			753,003
	Underwriting, acquisition and other expenses		37,328			33,216			152,749			140,471
	Demutualization costs		—			518			1,186			969
	Restructuring costs		10,445			2,039			21,225			8,566
	Amortization of deferred policy acquisition costs and value of business acquired		36,114			46,387			139,565			132,899
	Dividends to policyowners		32,866			30,529			104,866			98,945
			347,406			365,581			1,310,279			1,134,853
Income from continuing operations			17,694			35,635			118,117			146,676
Interest expense			6,709			5,295			25,487			26,011
Income before income tax expense			10,985			30,340			92,630			120,665
Income tax expense			3,786			10,806			29,764			39,522
Net income from continuing operations			7,199			19,534			62,866			81,143
Cumulative effect of change in accounting for derivatives, net of tax			—			—			—			(8,236	)
Net income		$	7,199		$	19,534		$	62,866		$	72,907
Net income from continuing operations per common share:
	Basic	$	0.18		$	0.47		$	1.57		$	2.20
	Diluted	$	0.18		$	0.46		$	1.56		$	2.17
Net income per common share:
	Basic	$	0.18		$	0.47		$	1.57		$	1.97
	Diluted	$	0.18		$	0.46		$	1.56		$	1.95
Weighted average common shares outstanding:
	Basic		38,919,178			41,741,649			39,972,328			36,949,198
	Diluted		39,168,989			42,288,468			40,398,378			37,453,428

AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)

				December 31,
				2002		2001
			Assets
Investments:
	Securities available-for-sale at fair value:
		Fixed maturity securities		$	13,328,902	$	11,037,425
		Equity securities			63,345		11,362
		Short-term investments			32,318		14,881
	Securities held for trading purposes:
		Fixed maturity securities			1,843,868		2,175,106
		Equity securities			—		12,013
		Short-term investments			—		4,212
	Mortgage loans				883,034		944,532
	Real estate				476		1,405
	Policy loans				496,753		506,318
	Other investments				283,794		345,179
			Total investments		16,932,490		15,052,433
Cash and cash equivalents					102,612		179,376
Accrued investment income					185,660		174,238
Premiums, fees and other receivables					13,082		9,920
Reinsurance receivables					865,930		732,030
Deferred policy acquisition costs					884,239		642,680
Value of business acquired					454,159		583,829
Goodwill					218,995		195,484
Property and equipment					74,188		83,221
Deferred income taxes					—		12,140
Other assets					326,397		305,416
Separate account assets					235,913		328,385
			Total assets	$	20,293,665	$	18,299,152

AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)

					December 31,
					2002			2001
		Liabilities and Stockholders’ Equity
Liabilities:
	Policy reserves and policyowner funds:
			Future life and annuity policy benefits		$	16,244,016		$	15,102,001
			Policyowner funds			1,335,144			432,941
						17,579,160			15,534,942
	Accrued expenses and other liabilities					283,836			512,500
	Dividends payable to policyowners					303,062			221,224
	Policy and contract claims					39,569			33,147
	Income taxes payable					57,753			45,809
	Deferred income taxes					20,071			—
	Notes payable					511,353			384,628
	Separate account liabilities					235,913			328,385
				Total liabilities		19,030,717			17,060,635
Stockholders’ equity:
	Preferred Stock, no par value, 20,000,000 shares authorized, none issued					—			—
	Common Stock, no par value, 230,000,000 shares authorized; 43,656,280 shares issued and 39,011,578 shares outstanding in 2002; 43,505,998 shares issued and 41,759,450 shares outstanding in 2001					43,656			43,506
	Additional paid-in capital					1,179,646			1,177,688
	Accumulated other comprehensive income					88,522			12,669
	Unearned compensation					(458	)		(727	)
	Unallocated ESOP shares					(1,443	)		(224	)
	Retained earnings					109,517			62,187
	Treasury stock, at cost (4,644,702 shares in 2002 and 1,746,548 shares in 2001)					(156,492	)		(56,582	)
				Total stockholders’ equity		1,262,948			1,238,517
				Total liabilities and stockholders’ equity	$	20,293,665		$	18,299,152

AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

December 31, 2002
($ in thousands)

							Accumulated
				Additional			Other						Unallocated												Total
				Paid-In			Comprehensive			Unearned			ESOP			Unassigned			Retained			Treasury			Stockholders'
		Common Stock		Capital			Income (Loss)			Compensation			Shares			Surplus			Earnings			Stock			Equity
Balance at December 31, 1999		$	—	$	—		$	(67,948	)	$	(187	)	$	(797	)	$	840,962		$	—		$	—		$	772,030
2000:
	Net income		—		—			—			—			—			33,801			18,039			—			51,840
	Net unrealized gain (loss) on securities		—		—			50,937			—			—			—			—			—			50,937
	Stock issued under various incentive plans, net of forfeitures		6		169			—			105			—			273			—			—			553
	Dividends declared on common stock		—		—			—			—			—			—			(11,972	)		—			(11,972	)
	Allocation of shares in leveraged ESOP		—		600			—			—			695			—			—			—			1,295
	Minority interest ownership changes		—		—			(177	)		—			(2	)		94			—			—			(85	)
	Acquisition of minority interest		12,615		285,405			—			—			—			—			—			—			298,020
	Demutualization of AmerUs Group		17,390		518,535			—			(64	)		(579	)		(875,130	)		—			—			(339,848	)
	Other		—		5,185			—			—			—			—			—			—			5,185
Balance at December 31, 2000			30,011		809,894			(17,188	)		(146	)		(683	)		—			6,067			—			827,955
2001:
	Net income		—		—			—			—			—			—			72,907			—			72,907
	Change in accounting for derivatives		—		—			2,661			—			—			—			—			—			2,661
	Transfer related to unrealized gain on available-for-sale securities reclassified to trading		—		—			(430	)		—			—			—			—			—			(430	)
	Net unrealized gain (loss) on securities		—		—			35,891			—			—			—			—			—			35,891
	Net unrealized gain (loss) on derivatives designated as cash flow hedges		—		—			(5,933	)		—			—			—			—			—			(5,933	)
	Stock issued under various incentive plans, net of forfeitures		206		5,861			—			(581	)		—			—			—			108			5,594
	Stock issued under exercise of warrants		—		(1,383	)		—			—			—			—			—			4,468			3,085
	Dividends declared on common stock		—		—			—			—			—			—			(16,787	)		—			(16,787	)
	Purchase of treasury stock		—		—			—			—			—			—			—			(44,985	)		(44,985	)
	Acquisition of IL Holdings		9,047		223,358			—			—			—			—			—			—			232,405
	Conversion of company-obligated mandatorily redeemable preferred capital securities		4,242		139,478			—			—			—			—			—			(16,173	)		127,547
	Allocation of shares in leveraged ESOP		—		480			—			—			459			—			—			—			939
	Minimum pension liability adjustment		—		—			(2,332	)		—			—			—			—			—			(2,332	)
Balance at December 31, 2001			43,506		1,177,688			12,669			(727	)		(224	)		—			62,187			(56,582	)		1,238,517
2002:
	Net income		—		—			—			—			—			—			62,866			—			62,866
	Net unrealized gain on securities		—		—			73,646			—			—			—			—			—			73,646
	Net unrealized gain on derivatives designated as cash flow hedges		—		—			3,434			—			—			—			—			—			3,434
	Stock issued under various incentive plans, net of forfeitures		150		5,730			—			269			—			—			—			1			6,150
	Stock issued under exercise of warrants		—		(3,802	)		—			—			—			—			—			12,205			8,403
	Purchase of treasury stock and ESOP shares		—		—			—			—			(2,522	)		—			—			(112,116	)		(114,638	)
	Dividends declared on common stock		—		—			—			—			—			—			(15,536	)		—			(15,536	)
	Allocation of shares in leveraged ESOP		—		30			—			—			1,303			—			—			—			1,333
	Minimum pension liability adjustment		—		—			(1,227	)		—			—			—			—			—			(1,227	)
Balance at December 31, 2002		$	43,656	$	1,179,646		$	88,522		$	(458	)	$	(1,443	)	$	—		$	109,517		$	(156,492	)	$	1,262,948