AMERUS GROUP CO.

EXHIBIT 12 — STATEMENT RE: COMPUTATION OF RATIOS

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERENCE SECURITY DIVIDENDS

		Years Ended December 31,
		2002			2001		2000		1999			1998
		($ in thousands)
Earnings
	Pre-tax income from continuing operations (before minority interest)	$	92,630		$	120,665	$	116,033	$	100,197		$	92,465
	Less: Minority interest		—			—		21,677		28,107			26,919
	Less: Income (loss) from equity investees		(3,993	)		5,072		3,481		(603	)		(3,791	)
	Add: Distributed income from equity investees		2,591			7,730		4,449		1,804			747
			99,214			123,323		95,324		74,497			70,084
	Fixed charges		28,071			30,092		32,355		30,676			35,247
	Less: Preference security dividend requirements not included in net income		—			—		—		—			4,697
	Net fixed charges		28,071			30,092		32,355		30,676			30,550
Total Earnings		$	127,285		$	153,415	$	127,679	$	105,173		$	100,634
Fixed Charges (1)
	Interest expense on debt		20,758			14,415		14,610		12,229			16,552
	Amortization of debt issuance costs		985			3,155		1,833		1,538			1,724
	Estimate of interest within rental expense		1,599			926		799		155			257
	Preference security dividend requirements		4,729			11,596		15,113		16,754			16,714
Total Combined Fixed Charges and Preference Security Dividends		$	28,071		$	30,092	$	32,355	$	30,676		$	35,247
Ratio of Earnings to Combined Fixed Charges and Preference Security Dividends			4.53			5.10		3.95		3.43			2.86

(1) Fixed charges to not include interest credited to deferred annuity account balances which are not considered borrowing costs for a life insurance company.