Exhibit 99.2

AmerUs Group Co.

Financial Supplement
Fourth Quarter 2002

AmerUs Group Co.

Analyst Coverage

Name	Company	Phone	Facsimile	e-mail
Lisa Fasano	Salomon Smith Barney	212-816-7370	212-816-6334	lisa.fasano@ssmb.com
Paul Goulekas	Dowling Partners	860-676-8600	860-676-8617	paul@dowlingp.com
Jonathan Joseph	Fox-Pitt, Kelton, Inc.	860-520-1542	860-520-1229	jjoseph@foxpitt.com
Tanya Lewandowski	A.G. Edwards & Sons	314-955-2649	314-955-5810	lewandot@agedwards.com
Caitlin Long	Credit Suisse First Boston	212-325-2165	212-325-8197	caitlin.long@csfb.com
Steven Schwartz	Raymond James Financial, Inc.	312-612-7686	312-612-7781	sschwartz@ecm.rjf.com
Elizabeth Werner	Goldman Sachs	212-902-3646	212-902-2147	elizabeth.werner@gs.com

Page 1

AmerUs Group Co.

Financial Highlights
($ in thousands, except for per share data)

				For The Three Months Ended						For the Year Ended
				December 31,						December 31,
Earnings:				2002			2001			2002			2001
	Net Income			$	7,199		$	19,534		$	62,866		$	72,907
		Adjustments for:
			Realized losses on open block investments		29,986			10,896			66,386			25,475
			Net amortization of DAC and VOBA due to open block gains or losses		(3,994	)		2,311			(10,869	)		(3,613	)
			Net effect of accounting differences from the adoption of SFAS 133		(2,769	)		(878	)		14,638			6,417
			Demutualization costs		—			518			1,186			969
			Restructuring costs		6,581			1,287			13,225			5,476
			Other income from non-insurance operations		(953	)		(446	)		(2,898	)		(1,820	)
			Cumulative effect of change in accounting for derivatives		—			—			—			8,236
	Adjusted Net Operating Income			$	36,050		$	33,222		$	144,534		$	114,047
Basic Earnings Per Share:
	Adjusted Net Operating Income per Share			$	0.93		$	0.80		$	3.62		$	3.09
	Net Income from Continuing Operations per Share			$	0.18		$	0.47		$	1.57		$	2.20
	Net Income per Share			$	0.18		$	0.47		$	1.57		$	1.97
	Weighted Average Shares Outstanding				38,919			41,742			39,972			36,949
Diluted Earnings Per Share:
	Adjusted Net Operating Income per Share			$	0.92		$	0.79		$	3.58		$	3.05
	Net Income from Continuing Operations per Share			$	0.18		$	0.46		$	1.56		$	2.17
	Net Income per Share			$	0.18		$	0.46		$	1.56		$	1.95
	Weighted Average Shares Outstanding				39,169			42,288			40,398			37,453
Cash Earnings Per Share (1):
	Basic			$	0.93		$	0.84		$	3.62		$	3.31
	Diluted			$	0.92		$	0.83		$	3.58		$	3.27
Capitalization:					12/31/2002			12/31/2001
	Bank Borrowings				113,000			150,000
	Senior Notes				125,000			125,000
	OCEANs				186,233			—
	Surplus Note				25,000			25,000
	Other Borrowings				13,871			15,574
		Total Notes Payable		$	463,104		$	315,574
	Capital Securities — AmerUs Capital I				48,095			68,900
	Capital Securities — AmerUs Capital II				154			154
		Total Debt		$	511,353		$	384,628
	Stockholders’ Equity (excluding AOCI)				1,174,426			1,225,848
		Total Capitalization (excluding AOCI)		$	1,685,779		$	1,610,476
	Unrealized Gains / (Losses)				88,522			12,669
		Total Capitalization (including AOCI)		$	1,774,301		$	1,623,145
Book Value per Share (2):
	including AOCI			$	32.37		$	29.66
	excluding AOCI			$	30.10		$	29.36
Debt-to-Capital Ratio (3):
	Standard & Poor’s				16.42	%		19.60	%
	Moody’s				27.02	%		23.88	%

(1)	Cash earnings represent adjusted operating earnings adjusted for goodwill amortization.
(2)	Common shares outstanding at 12/31/2002 and 12/31/2001 were 39,011,578 and 41,759,450, respectively.
(3)	Debt-to-Capital Ratio excludes AOCI. For Standard & Poor’s, the OCEANs, AmerUs Capital I and AmerUs Capital II are treated as 100% equity. For Moody’s, AmerUs Capital I and AmerUs Capital II are treated as 100% debt and the OCEANs are treated as 70% debt and 30% equity.

Page 2

AmerUs Group Co.

Consolidated Income Statement
($ in thousands)

			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/unrealized gains (losses) on investments				(27,345	)		6,680			(149,919	)		(90,629	)
Other income:
	Income from Independent Marketing Organizations			12,420			7,935			48,642			27,724
	Other			5,998			3,971			23,344			19,300
		Total Revenue		365,100			401,216			1,428,396			1,281,529
Benefits and Expenses:
Policyowner benefits — traditional life:
	Death benefits			13,535			7,217			57,115			22,081
	Surrender and other benefits			878			589			2,606			2,459
	Increase in future policy benefits			62,674			77,304			257,910			245,262
		Total policyowner benefits — traditional life		77,087			85,110			317,631			269,802
Policyowner benefits — universal life and annuities:
	Interest credited to account balances			111,820			108,612			440,475			394,323
	Change in option value of equity-indexed products and market value adjustments on total return strategy annuities			12,351			9,321			(28,759	)		(52,747	)
	Cash flow hedge amortization			1,693			—			4,351			—
	Benefit claims incurred in excess of account balances & other annuity benefits			27,702			49,849			156,990			141,625
		Total policyowner benefits — universal life and annuities		153,566			167,782			573,057			483,201
Underwriting, acquisition and other expenses:
	Commissions			896			679			6,023			6,404
	General insurance and other expenses			20,937			21,518			91,804			92,078
	Expenses from Independent Marketing Organizations			9,561			5,063			34,545			19,510
	Taxes, licenses and fees			5,934			3,981			20,377			14,155
	Demutualization costs			—			518			1,186			969
	Restructuring costs			10,445			2,039			21,225			8,566
	Amortization — value of business acquired (VOBA)			18,236			21,221			71,867			83,520
	Amortization — deferred policy acquisition costs (DAC)			22,978			15,296			82,700			52,367
	Amortization — goodwill			—			1,975			—			8,324
	Amortization — DAC/VOBA realized gains / (losses)			(5,100	)		9,870			(15,002	)		(2,988	)
		Total underwriting, acquisition and other expenses		83,887			82,160			314,725			282,905
Interest expense:
	Interest on bank debt			789			711			2,420			3,316
	Interest on Senior Notes			2,172			2,172			8,688			8,687
	Interest on Capital Securities (AmerUs Capital I)			1,065			1,525			4,717			6,098
	Interest on Capital Securities (AmerUs Capital II)			3			3			12			5,498
	Interest on OCEANs			1,836			—			6,120			—
	Interest on Surplus Note			541			541			2,165			1,341
	Interest on other borrowings			303			343			1,365			1,071
		Total interest expense		6,709			5,295			25,487			26,011
Dividends to policyowners				32,866			30,529			104,866			98,945
Income before income taxes				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
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

Page 3

AmerUs Group Co.

Operating Segment Income
($ in thousands)

			Protection			Accumulation					Total
For The Three Months Ended December 31, 2002			Products			Products		All Other			Consolidated
Revenues:
	Insurance premiums		$	85,175		$	1,849	$	(68	)	$	86,956
	Universal life and annuity product charges			27,053			10,065		—			37,118
	Net investment income			87,067			161,278		1,608			249,953
	Realized gains (losses) on closed block investments			(520	)		—		—			(520	)
	Other income			1,013			15,458		350			16,821
				199,788			188,650		1,890			390,328
Benefits and expenses:
	Policyowner benefits			98,784			116,948		878			216,610
	Underwriting, acquisition, and other expenses			14,653			19,774		2,900			37,327
	Amortization of DAC and VOBA, net of non-core loss adjustment of ($5,100)			19,142			22,072		—			41,214
	Dividends to policyowners			32,866			—		—			32,866
				165,445			158,794		3,778			328,017
Adjusted pre-tax operating income			$	34,343		$	29,856	$	(1,888	)		62,311
	Realized gains (losses) on open block investments											(46,171	)
	Unrealized gains (losses) on open block trading investments											19,346
	Change in option value of equity-indexed annuity products and market value adjustments on total return strategy annuities											(12,351	)
	Cash flow hedge amortization											(1,692	)
	Amortization of DAC and VOBA due to open block losses											5,100
	Restructuring costs											(10,445	)
	Other income from non-insurance operations											1,596
Income from continuing operations												17,694
Interest (expense)												(6,709	)
Income tax (expense)												(3,786	)
		Net income									$	7,199

Page 4

AmerUs Group Co.

Operating Segment Income
($ in thousands)

			Protection		Accumulation					Total
For The Three Months Ended December 31, 2001			Products		Products		All Other			Consolidated
Revenues:
	Insurance premiums		$	90,021	$	448	$	(384	)	$	90,085
	Universal life and annuity product charges			29,776		9,759		—			39,535
	Net investment income			85,183		163,097		4,730			253,010
	Realized gains (losses) on closed block investments			6,517		—		—			6,517
	Other income			942		9,203		1,315			11,460
				212,439		182,507		5,661			400,607
Benefits and expenses:
	Policyowner benefits			119,289		123,692		589			243,570
	Underwriting, acquisition, and other expenses			15,418		15,680		2,118			33,216
	Amortization of DAC and VOBA, net of non-core loss adjustment of ($9,871)			17,973		18,543		—			36,516
	Dividends to policyowners			30,529		—		—			30,529
				183,209		157,915		2,707			343,831
Adjusted pre-tax operating income			$	29,230	$	24,592	$	2,954			56,776
	Realized gains (losses) on open block investments										(16,474	)
	Unrealized gains (losses) on open block trading investments										16,637
	Change in option value of equity-indexed annuity products and market value adjustments on total return strategy annuities										(9,322	)
	Amortization of DAC and VOBA due to open block losses										(9,871	)
	Demutualization costs										(518	)
	Restructuring costs										(2,039	)
	Other income from non-insurance operations										446
Income from continuing operations											35,635
Interest (expense)											(5,295	)
Income tax (expense)											(10,806	)
		Net income								$	19,534

Page 5

AmerUs Group Co.

Operating Segment Income
($ in thousands)

For the Year Ended December 31, 2002
			Protection			Accumulation					Total
			Products			Products		All Other			Consolidated
Revenues:
	Insurance premiums		$	341,114		$	8,702	$	996		$	350,812
	Universal life and annuity product charges			120,161			41,349		—			161,510
	Net investment income			335,111			653,220		5,676			994,007
	Realized gains (losses) on closed block investments			(2,400	)		—		—			(2,400	)
	Other income			4,026			60,420		2,675			67,121
				798,012			763,691		9,347			1,571,050
Benefits and expenses:
	Policyowner benefits			429,339			483,151		2,606			915,096
	Underwriting, acquisition, and other expenses			70,801			68,585		13,363			152,749
	Amortization of DAC and VOBA, net of non-core loss adjustment of ($15,002)			63,267			91,300		—			154,567
	Dividends to policyowners			104,866			—		—			104,866
				668,273			643,036		15,969			1,327,278
Adjusted pre-tax operating income			$	129,739		$	120,655	$	(6,622	)		243,772
	Realized gains (losses) on open block investments											(102,310	)
	Unrealized gains (losses) on open block trading investments											(45,209	)
	Change in option value of equity-indexed annuity products and market value adjustments on total return strategy annuities											28,759
	Cash flow hedge amortization											(4,351	)
	Amortization of DAC and VOBA due to open block losses											15,002
	Demutualization costs											(1,186	)
	Restructuring costs											(21,225	)
	Other income from non-insurance operations											4,865
Income from continuing operations												118,117
Interest (expense)												(25,487	)
Income tax (expense)												(29,764	)
		Net income									$	62,866

Page 6

AmerUs Group Co.

Operating Segment Income
($ in thousands)

For the Year Ended December 31, 2001
			Protection		Accumulation				Total
			Products		Products		All Other		Consolidated
Revenues:
	Insurance premiums		$	300,690	$	5,083	$	132	$	305,905
	Universal life and annuity product charges			110,403		35,652		—		146,055
	Net investment income			283,330		577,913		11,931		873,174
	Realized gains (losses) on closed block investments			8,720		—		—		8,720
	Other income			1,947		36,198		7,059		45,204
				705,090		654,846		19,122		1,379,058
Benefits and expenses:
	Policyowner benefits			384,159		419,132		2,459		805,750
	Underwriting, acquisition, and other expenses			69,035		60,911		10,525		140,471
	Amortization of DAC and VOBA, net of non-core loss adjustment of ($2,988)			56,996		78,891		—		135,887
	Dividends to policyowners			98,945		—		—		98,945
				609,135		558,934		12,984		1,181,053
Adjusted pre-tax operating income			$	95,955	$	95,912	$	6,138		198,005
	Realized gains (losses) on open block investments									(39,299	)
	Unrealized gains (losses) on open block trading investments									(60,050	)
	Change in option value of equity-indexed annuity products and market value adjustments on total return strategy annuities									52,747
	Amortization of DAC and VOBA due to open block losses									2,988
	Demutualization costs									(969	)
	Restructuring costs									(8,566	)
	Other income from non-insurance operations									1,820
Income from continuing operations										146,676
Interest (expense)										(26,011	)
Income tax (expense)										(39,522	)
Cumulative effect of change in accounting for derivatives, net of tax										(8,236	)
		Net income							$	72,907

Page 7

AmerUs Group Co.
Consolidated Balance Sheet
($ in thousands)

			December 31,		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

Page 8

AmerUs Group Co.

Consolidated Balance Sheet
($ in thousands)

			December 31,			December 31,
			2002			2001
LIABILITIES:
Policyowner reserves and policyowner funds:
	Future life and annuity benefits		$	16,244,016		$	15,102,001
	Policyowner funds			1,335,144			432,941
		Sub-total		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			—
Debt:
	Bank debt			113,000			150,000
	Senior notes			125,000			125,000
	OCEANs			186,233			—
	Surplus note			25,000			25,000
	AmerUs Capital I			48,095			68,900
	AmerUs Capital II			154			154
	Other borrowings			13,871			15,574
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 (loss)				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

Page 9

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

December 31, 2002

			With		FAS 115 and 133			Without
			FAS 115 and 133		Adjustment			FAS 115 and 133
ASSETS:
Investments:
	Securities available-for-sale at fair value:
		Fixed maturity securities	$	13,328,902	$	(461,190	)	$	12,867,712
		Equity securities		63,345		(742	)		62,603
		Short-term investments		32,318		(268	)		32,050
	Securities held for trading purposes:
		Fixed maturity securities		1,843,868		—			1,843,868
		Equity securities		—		—			—
		Short-term investments		—		—			—
Mortgage loans				883,034		—			883,034
Real estate				476		—			476
Policy loans				496,753		—			496,753
Other investments				283,794		3,536			287,330
		Total invested assets		16,932,490		(458,664	)		16,473,826
Cash and cash equivalents				102,612		—			102,612
Accrued investment income				185,660		—			185,660
Premiums, fees and other receivables				13,082		—			13,082
Reinsurance receivables				865,930		—			865,930
Deferred policy acquisition costs				884,239		99,206			983,445
Value of business acquired				454,159		117,768			571,927
Goodwill				218,995		—			218,995
Property and equipment				74,188		—			74,188
Deferred income taxes				—		63,087			63,087
Other assets				326,397		—			326,397
Separate Account assets				235,913		—			235,913
Total Assets			$	20,293,665	$	(178,603	)	$	20,115,062

Page 10

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

December 31, 2002

			With			FAS 115 and 133			Without
			FAS 115 and 133			Adjustment			FAS 115 and 133
LIABILITIES:
Policyowner reserves and policyowner funds:
	Future life and annuity benefits		$	16,244,016		$	1,402		$	16,245,418
	Policyowner funds			1,335,144			—			1,335,144
		Sub-total		17,579,160			1,402			17,580,562
Accrued expenses and other liabilities				283,836			(5,475	)		278,361
Dividends payable to policyowners				303,062			(65,937	)		237,125
Policy and contract claims				39,569			—			39,569
Income taxes payable				57,753			—			57,753
Deferred income taxes				20,071			(20,071	)		—
Debt:
	Bank debt			113,000			—			113,000
	Senior notes			125,000			—			125,000
	OCEANs			186,233			—			186,233
	Surplus note			25,000			—			25,000
	AmerUs Capital I			48,095			—			48,095
	AmerUs Capital II			154						154
	Other borrowings			13,871			—			13,871
Separate Account liabilities				235,913			—			235,913
		Total Liabilities		19,030,717			(90,081	)		18,940,636
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			—			43,656
Additional paid-in capital				1,179,646			—			1,179,646
Accumulated other comprehensive income (loss)				88,522			(88,522	)		—
Unearned compensation				(458	)		—			(458	)
Unallocated ESOP shares				(1,443	)		—			(1,443	)
Retained earnings				109,517			—			109,517
Treasury stock, at cost (4,644,702 shares in 2002 and 1,746,548 shares in 2001)				(156,492	)		—			(156,492	)
		Total Stockholders’ Equity		1,262,948			(88,522	)		1,174,426
Total Liabilities and Stockholders’ Equity			$	20,293,665		$	(178,603	)	$	20,115,062

Page 11

AmerUs Group Co.

Product Mix

($ in thousands)

For the Year Ended December 31,

Protection Products Repetitive Premiums (1):				2002		2001		% Change
Whole Life				$	4,236	$	6,842		(38.1	%)
Interest-Sensitive Whole Life					30,622		12,411		146.7	%
Term Life					16,390		7,763		111.1	%
Universal Life					32,570		21,794		49.4	%
Equity-Indexed Life					45,843		25,865		77.2	%
	Sub-total				129,661		74,675		73.6	%
Term Life from Private Label Sales (2)					8,970		6,637		35.2	%
Variable universal life (3)					890		5,113		(82.6	%)
	Total Repetitive Premiums			$	139,521	$	86,425		61.4	%
Accumulation Deposits (1):
Annuity Premiums:
		Fixed Annuity:
			Deferred Fixed Annuity	$	1,099,872	$	1,322,725		(16.8	%)
			Equity-Indexed Annuity		683,819		612,043		11.7	%
		Variable Annuity			6,230		27,483		(77.3	%)
Funding Agreements					875,000		—		—
	Sub-total				2,664,921		1,962,251		35.8	%
Joint Venture Premium (3):
	Fixed				25,759		18,491		39.3	%
	Variable				35,880		64,416		(44.3	%)
					61,639		82,907		(25.7	%)
Total Accumulation Deposits				$	2,726,560	$	2,045,158		33.3	%

(1)	Sales numbers include Indianapolis Life Insurance Company from the acquisition date (May 18, 2001) forward.
(2)	Represents the Company’s share of private label sales.
(3)	Represents production at AMAL Corp. from AmerUs distribution sources

Page 12

AmerUs Group Co.

Sources of Business
($ in thousands)
For the Year Ended December 31,

	2002		2001		% Change
Protection Products Repetitive Premiums (1):
Preferred Producer (Career)	$	24,098	$	21,889		10.1	%
Personal producing general agent (PPGA)		61,416		28,817		113.1	%
Bank Distribution		510		205		148.8	%
Independent Agent Force (2)		43,637		23,764		83.6	%
Total Repetitive Premium (excluding AMAL J.V.)		129,661		74,675		73.6	%
Private Label Distribution (3)		8,970		6,637		35.2	%
AMAL Joint Venture (4)		890		5,113		(82.6	%)
Total Repetitive Premiums	$	139,521	$	86,425		61.4	%
Accumulation Deposits (1):
Preferred Producer (Career)	$	124,560	$	114,106		9.2	%
Personal Producing General Agent (PPGA)		28,402		199,851		(85.8	%)
Bank Distribution		69,321		200,301		(65.4	%)
Independent Agent Force (2)		1,567,638		1,447,993		8.3	%
Funding Agreements		875,000		—		—
Total Accumulation Deposits (excluding AMAL J.V.)		2,664,921		1,962,251		35.8	%
AMAL Joint Venture (4)		61,639		82,907		(25.7	%)
Total Accumulation Deposits	$	2,726,560	$	2,045,158		33.3	%

(1)	Sales numbers include Indianapolis Life Insurance Company from the acquisition date (May 18, 2001) forward.
(2)	Independent agent premiums through brokerages are included with all other independent agent premiums.
(3)	Represents the Company’s share of private label sales.
(4)	AMAL Joint Venture premiums include production from AmerUs distribution channels.

Page 13

AmerUs Group Co.
Policyowner Liability Characteristics
($ in thousands)
December 31, 2002

	Fixed		Equity-Indexed
	Annuities		Annuities
	Account Value		Account Value
FIXED DEFERRED ANNUITY SURRENDER CHARGE PERCENTAGES:
Accrual Adjustment	$	—	$	205,743
Market Value Adjustment		210,453		—
No surrender charge		1,297,327		38,837
1 percent		95,802		2,573
2 percent		210,709		5,965
3 percent		170,052		8,225
4 percent		265,956		36,124
5 percent		260,362		343,908
6 percent		819,960		605,051
7 percent		833,528		478,970
8 percent		496,423		253,615
9 percent		579,025		255,909
10 percent or greater		1,819,981		1,273,938
Total	$	7,059,578	$	3,508,858
FIXED ANNUITY-INTEREST GUARANTEE PERIOD:
Monthly guarantee	$	197,338	$	—
Quarterly		—		—
1 Year		5,497,302		—
Multi-year		1,293,757		—
Bailout		71,181		—
Cumulative floor (1)		—		3,508,858
	$	7,059,578	$	3,508,858
FIXED ANNUITY-ULTIMATE MINIMUM GUARANTEE RATE:
3 percent	$	3,225,210	$	—
3.25 percent		620,076		—
3.50 percent		800,672		—
4 percent		2,335,194		—
4.5 percent		49,659		—
5 percent		28,767		—
Greater than 5 percent		—		—
Cumulative floor (1)		—		3,508,858
Total	$	7,059,578	$	3,508,858
CREDITED RATE VS. MINIMUM GUARANTEED RATE DIFFERENTIAL (2):
No Differential	$	1,020,213	$	—
0.0% - 0.5%		1,188,612		—
0.5% - 1.0%		989,731		—
1.0% - 1.5%		1,189,581		—
1.5% - 2.0%		586,753		—
2.0% - 2.5%		353,135		—
2.5% - 3.0%		257,506		—
Greater Than 3.0% (3)		1,474,047		—
Cumulative floor (1)		—		3,508,858
Total	$	7,059,578	$	3,508,858

(1)	Equity-indexed products provide guarantees based on a cumulative floor over the term of the product.
(2)	Recent issues may contain bonus interest rates ranging from 1.5% to 3.0%.
(3)	Includes products with multi-year interest rate guarantees for which the credited rate cannot be decreased until the end of the multi-year period.

     The difference between the guaranteed and the minimum guaranteed rate will be more than 200 basis points at the end of the multi-year guarantee period.

Page 14

AmerUs Group Co.

AMAL Corp. — Variable Products Joint Venture

($ in thousands)

For the Year Ended December 31,

	2002			2001
Financial Data:
Assets	$	2,211,658		$	2,414,252
Shareholders’ equity		141,221			112,395
Net income		(104	)		7,747
Sales Data:
Repetitive Life Premium	$	10,121		$	12,019
Excess / Single Life Premium		14,000			29,688
Fixed Annuity Premium		26,485			19,157
Variable Annuity Premium		171,924			237,212
Total Premium	$	222,530		$	298,076
Reconciliation of Net Income to Equity in Earnings of AMAL Corp. (1):
Net Income (Loss)	$	(4,553	)	$	7,747
AmerUs’ Minority Ownership (2)		33.59	%		39.00	%
AmerUs Percentage of Net Income		(1,529	)		3,021
AmerUs’ Minority Ownership change (2)		1,194			39
Amortization of Goodwill		—			(102	)
Equity in Earnings of AMAL Corp. (3)	$	(335	)	$	2,958

(1)	Due to the timing of the availability of financial information for AMAL Corp., the recording of the Equity in Earnings was switched from a current basis to one quarter in arrears in the third quarter of 2002.
(2)	AmerUs’ ownership of AMAL Corp. decreased on April 1, 2002 and had increased on March 28, 2001.
(3)	Equity in Earnings of AMAL Corp. included in Net Investment Income on the Consolidated Income Statement.
	Page 15

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

		December 31, 2002				December 31, 2001
Portfolio Composition:		Amortized Cost		Market Value		Amortized Cost		Market Value
Cash and cash equivalents		$	102,612	$	102,612	$	179,376	$	179,376
Securities available-for-sale:
	Investment grade bonds		11,723,143		12,281,187		10,163,128		10,345,084
	Non-investment grade bonds		1,144,569		1,047,716		738,124		692,341
	Equity securities		62,602		63,345		11,019		11,362
	Short-term investments		32,050		32,318		14,829		14,881
Securities held for trading:
	Investment grade bonds		1,737,315		1,737,315		1,998,566		1,998,566
	Non-investment grade bonds		106,553		106,553		176,540		176,540
	Equity securities		—		—		12,013		12,013
	Short-term investments		—		—		4,212		4,212
Loans			883,034		883,034		944,532		944,532
Real estate			476		476		1,405		1,405
Policy loans			496,753		496,753		506,318		506,318
Other invested assets			283,485		283,794		345,109		345,179
	Total	$	16,572,592	$	17,035,103	$	15,095,171	$	15,231,809

Investment Portfolio Data (1):	December 31, 2002		December 31, 2001
Average NAIC Rating		1.49		1.49
Average Maturity		6.86		6.91
Effective Duration		4.56		4.64
GAAP Effective Book Yield — Fixed Income		6.04		6.56

Mortgage Loans:	December 31, 2002			December 31, 2001
Carrying Value		883,034			944,532
Percent of Total Invested Assets (Market)		5.18	%		6.20	%
Problem Loans		5,184			6,171
Percent of Mortgage Loans (Market)		0.59	%		0.65	%
Restructured Loans		3,481			1,113
Percentage of Mortgage Loans (Market)		0.39	%		0.12	%

		December 31, 2002						December 31, 2001
High Yield Securities (at Market Value):		% of Asset Class			% of Rated Portfolio			% of Asset Class			% of Rated Portfolio
NAIC 3			62.51	%		4.76	%		68.83	%		4.53	%
NAIC 4			26.45	%		2.01	%		26.93	%		1.77	%
NAIC 5			6.08	%		0.46	%		2.47	%		0.16	%
NAIC 6			4.96	%		0.38	%		1.77	%		0.12	%
	Total		100.00	%		7.61	%		100.00	%		6.58	%

(1)	Investment portfolio data reflects fixed maturity securities managed by AmerUs Capital Management.
	Page 16

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

	December 31, 2002					December 31, 2001
Fixed Maturity Securities by Category:	Market Value		% of Total			Market Value		% of Total
Government	$	1,269,921		8.4	%	$	956,078		7.2	%
Corporate		9,920,469		65.4	%		9,223,102		69.8	%
Mortgage-Backed (MBS)		2,391,252		15.7	%		1,744,774		13.2	%
Commercial Mortgage-Backed (CMBS)		682,263		4.5	%		385,001		2.9	%
Asset-Backed (ABS)		777,622		5.1	%		745,987		5.6	%
Redeemable Preferred Stock		131,244		0.9	%		157,589		1.3	%
	$	15,172,771		100.0	%	$	13,212,531		100.0	%
Private Placements (included above)		1,599,168		10.5	%		1,422,218		10.8	%

		December 31, 2002					December 31, 2001
Fixed Maturity Securities by Quality:		Market Value		% of Rated			Market Value		% of Rated
AAA			5,251,700		34.6	%		4,001,201		30.3	%
AA			1,016,919		6.7	%		1,004,775		7.6	%
A			3,712,968		24.5	%		3,102,379		23.5	%
BBB			3,516,283		23.2	%		3,755,401		28.4	%
BB			643,572		4.2	%		496,461		3.8	%
B and below			340,640		2.2	%		231,799		1.8	%
	Sub-total		14,482,082		95.4	%		12,592,016		95.4	%
Not Rated by S&P (average “A” by others)			690,689		4.6	%		620,515		4.6	%
	Total	$	15,172,771		100.0	%	$	13,212,531		100.0	%

		December 31, 2002					December 31, 2001
Fixed Maturity Securities by Industry Sector:		Market Value		% of Total			Market Value		% of Total
Basic Industry			533,269		3.5	%		382,948		2.9	%
Capital Goods			671,862		4.4	%		480,580		3.6	%
Communications			878,403		5.8	%		1,203,206		9.1	%
Consumer Cyclical			845,072		5.6	%		744,368		5.6	%
Consumer Non Cyclical			1,562,632		10.3	%		1,057,052		8.0	%
Energy			957,863		6.3	%		761,512		5.8	%
Technology			267,780		1.8	%		404,198		3.1	%
Transportation			469,124		3.1	%		412,582		3.1	%
Industrial Other			92,824		0.6	%		126,968		1.0	%
Utilities			1,235,189		8.1	%		1,327,564		10.0	%
Financial Institutions			1,864,481		12.3	%		2,015,389		15.3	%
	Sub-total		9,378,499		61.8	%		8,916,367		67.5	%
Other (1)			5,794,272		38.2	%		4,296,164		32.5	%
	Total	$	15,172,771		100.0	%	$	13,212,531		100.0	%

(1) Includes government, asset-backed securities, mortgage-backed securities, and collateralized mortgage-backed securities

		December 31, 2002				December 31, 2001
Mortgage Backed Securities:		Amortized Cost		Market Value		Amortized Cost		Market Value
Planned Amortization Class (PACs)			545,657		568,685		415,099		423,503
Targeted Amortization Class (TACs)			1,160		1,177		3,039		3,111
Sequential Pay			213,306		217,197		101,230		103,792
Subordinated			14,180		14,566		22,111		22,944
Adjustable Rate Mortgages (ARMs)			13,303		13,419		17,823		17,973
Pass-thru			1,510,603		1,557,267		1,135,069		1,152,369
Z bonds			18,933		18,941		21,630		21,082
	Total	$	2,317,142	$	2,391,252	$	1,716,001	$	1,744,774

Page 17

AmerUs Group Co.

Closed Block

($ in thousands)

		December 31,		December 31,
		2002		2001
LIABILITIES:
Future life and annuity benefits		$	2,840,041	$	2,835,423
Policyowner funds			4,400		4,656
Accrued expenses and other liabilities			44,295		69,678
Dividends payable to policyowners			147,177		154,139
Policy and contract claims			10,390		8,843
Policyowner dividend obligation			118,623		61,486
	Total Liabilities		3,164,926		3,134,225
ASSETS:
Securities available-for-sale at fair value:
	Fixed maturity securities		1,970,659		1,829,060
Loans			90,872		105,901
Policy loans			354,784		363,981
Other investments			1,047		4,653
Cash and cash equivalents			6,178		18,382
Accrued investment income			30,726		32,396
Premiums, fees and other receivables			16,999		22,414
Other assets			23,917		41,827
	Total Assets		2,495,182		2,418,614
Maximum future earnings to be recognized from assets and liabilities of the Closed Blocks		$	669,744	$	715,611

	For The Three Months Ended						For the Year Ended
	December 31,						December 31,
	2002			2001			2002			2001
REVENUES AND EXPENSES:
Insurance premiums	$	69,929		$	42,095		$	265,586		$	220,291
Universal life and annuity product charges		1,809			2,704			8,750			12,200
Net investment income		40,636			39,952			157,928			132,402
Realized gains (losses) on investments		(520	)		6,517			(2,400	)		8,719
Policyowner benefits		(69,971	)		(44,776	)		(284,821	)		(239,688	)
Underwriting, acquisition and other expenses		(1,139	)		(3,170	)		(4,843	)		(5,958	)
Dividends to policyowners		(30,006	)		(28,448	)		(95,443	)		(91,609	)
Contribution from the Closed Block before income taxes	$	10,738		$	14,874		$	44,757		$	36,357

Page 18

AmerUs Group Co.

Additional Information

($ in thousands)

		December 31,		December 31,
LIFE INSURANCE IN FORCE (FACE AMOUNT):		2002		2001
Traditional Life		$	56,281,000	$	48,286,000
Universal Life			19,138,000		20,161,000
Equity-Indexed Life			4,574,000		2,028,000
	Total Life Insurance In Force	$	79,993,000	$	70,475,000
RESERVES (GAAP) (including Closed Block):
Traditional Life		$	3,236,223	$	3,010,057
Universal Life			1,425,746		1,472,260
Equity-Indexed Life			126,821		51,004
	Total Life Insurance Reserves		4,788,790		4,533,321
Deferred Fixed Annuity			7,579,869		6,909,793
Equity-Indexed Annuity			3,724,598		3,749,971
	Total Annuity Reserves		11,304,467		10,659,764
	Total Reserves	$	16,093,257	$	15,193,085
NUMBER OF PRODUCERS:
Career Agents (including managing general agents)			1,247		1,065
Personal Producing General Agents			4,796		4,959
Independent Agents			33,961		33,637
Wholesale Broker / Dealer — AMAL Corp. Joint Venture & IL Annuity			919		893
Registered Representatives — AMAL Corp. Joint Venture & IL Annuity			19,247		16,065
	Total Producers		60,170		56,619

		December 31,			December 31,
		2002			2001
LIFE INSURANCE LAPSE RATE — YTD ANNUALIZED			7.3	%		7.7	%
ANNUITY WITHDRAWAL RATES — LTM
With Internal Replacements			11.0	%		12.5	%
Without Internal Replacements			10.6	%		11.4	%
FIXED ANNUITY SPREADS (GAAP) YTD:
Portfolio Rate			6.62	%		7.07	%
Credit Rate			4.58	%		5.07	%
	Spread		2.04	%		2.00	%

Page 19

AmerUs Group Co.

Additional Information

($ in thousands)

DAC / VOBA ROLLFORWARD:	DAC			VOBA
Beginning Balance — December 31, 2001	$	642,680		$	583,829
Capitalization		389,035			19,183
Amortization		(67,698	)		(71,867	)
Reclassification of deferred VOBA expenses		(10,582	)		10,582
FAS 115 Adjustment		(69,196	)		(87,568	)
Ending Balance — December 31, 2002	$	884,239		$	454,159

CONTRIBUTION FROM THE CLOSED BLOCK	2002		2003
First Quarter	$	11,648	$	10,282
Second Quarter		11,337		10,003
Third Quarter		11,034		9,729
Fourth Quarter		10,738		9,462
Total	$	44,757	$	39,476

NOTE: The above table sets forth the actuarial calculation of the expected contribution from the Closed Block. The actual contribution from the Closed Block may vary from the amounts illustrated here due to differences between actual mortality results, investment results and other factors as compared to the expected results for these items used in the actuarial calculation.

Page 20

AmerUs Group Co.

Income Tax Rate Reconciliation

	For the Year Ended
	December 31,
	2002			2001
Corporate federal income tax rate		35.00	%		35.00	%
Goodwill amortization		—			2.37	%
Net benefit of tax credits		(0.19	%)		(1.59	%)
Demutualization costs		0.53	%		0.64	%
Dividend received deduction		(0.42	%)		(1.25	%)
Non-deductible meals, entertainment & dues		1.29	%		0.58	%
Tax exempt income		(5.37	%)		(2.50	%)
State taxes on non-life operations		1.29	%		(0.01	%)
Other items, net		—			(0.49	%)
Effective tax rate		32.13	%		32.75	%

Page 21

Corporate Profile

AmerUs Group Co. is an Iowa corporation headquartered in Des Moines, Iowa
that markets and underwrites a complete line of life insurance and annuity products to
individuals and small businesses. With $20.3 billion in assets, AmerUs sells products in 50 states,
the District of Columbia and the Virgin Islands through its operating subsidiaries: AmerUs Life
Insurance Company; American Investors Life Insurance Company, Inc.; Financial Benefit Life
Insurance Company; Indianapolis Life Insurance Company; IL Annuity and Insurance Company;
Bankers Life Insurance Company of New York; and IL Securities, Inc.

AmerUs Group’s common stock is traded on the New York Stock Exchange
(NYSE) under the trading symbol “AMH”.

Corporate Headquarters

AmerUs Group Co.
699 Walnut Street — 20th Floor
Des Moines, IA 50309
Phone: (515) 362-3600
Fax: (515) 362-3648

Common Stock and Dividend Information

						Dividend
		High		Low		Declared
2002
	First Quarter	$	39.50	$	34.00	$	0.00
	Second Quarter	$	39.90	$	34.45	$	0.00
	Third Quarter	$	37.21	$	28.21	$	0.00
	Fourth Quarter	$	32.26	$	25.87	$	0.40
2001
	First Quarter	$	32.00	$	27.00	$	0.00
	Second Quarter	$	36.50	$	28.56	$	0.00
	Third Quarter	$	35.20	$	30.90	$	0.00
	Fourth Quarter	$	36.43	$	30.27	$	0.40

Investor Relations	Transfer Agent and Registrar
Marty Ketelaar Director — Investor Relations Phone — (515) 362-3693 Fax — (515) 362-3648 e-mail: marty.ketelaar@amerus.com	Mellon Investor Service, LLC P.O. Box 3315 South Hackensack, NJ 07606-1915 (800) 304-9709 www.melloninvestor.com

Annual Report and Other Information

Shareholders may receive, without charge, a copy of AmerUs Group Co.’s Annual Report for the year ended December 31, 2001 by contacting the Company at (515) 362-3695 or by visiting our web site at www.amerus.com.

AmerUs Group Co.’s Form 10-K (without exhibits) filed with the Securities and Exchange Commission for the year ended December 31, 2001, Forms 10-Q and press releases are also available at no charge by calling (515) 362-3695 or by visiting the Company’s web site at www.amerus.com.