Exhibit 99.2

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

AmerUs Group Reports Record Second Quarter Net Income

     DES MOINES, Iowa (August 5, 2003)—AmerUs Group Co. (NYSE: AMH), a leading producer of life insurance and annuity products, today reported record second quarter 2003 net income of $43.7 million, or $1.11 per diluted share, a significant increase over last year’s reported results of $4.3 million, or $0.10 per diluted share. Net income for the first six months of 2003 was $79.5 million, or $2.02 per diluted share, compared with $29.2 million, or $0.71 per diluted share reported a year ago.

     Adjusted net operating income for the second quarter of 2003 was $37.1 million, or $0.94 per diluted share, compared with $36.1 million, or $0.89 per diluted share a year ago.¹ Year-to-date adjusted net operating income was $73.2 million, or $1.86 per diluted share compared to $72.2 million or $1.75 per diluted share. Commenting on the company’s second quarter and six month results, chairman, president and chief executive officer Roger K. Brooks said, “Our strong core earnings, combined with the improved market environment, have significantly improved net income. Fundamentals continue to be strong and we are pleased to be seeing more positive signs in the economic environment.”

Accumulation Product Results and Sales²

     Pre-tax operating income for the accumulation segment was $29.4 million during the second quarter of 2003 compared to $31.9 million a year ago. The decrease was due to lower spreads on fixed annuity products and lower contributions from owned marketing organization operations. Year-to-date, pre-tax operating income was $58.8 million compared to $58.5 million for the first six months of 2002.

     Sales of fixed annuity products for the quarter were $468 million, compared with $403 million in the second quarter of 2002. Year-to-date, fixed annuity sales were $844 million compared to $797 million during the first six months of 2002. Equity index annuities, the company’s most profitable annuity product, comprised 78 percent and 71 percent of second quarter and year-to-date sales, respectively.

Protection Product Results and Sales²

     Pre-tax operating income for the protection segment was $33.8 million compared to $29.8 million during the second quarter of 2002. The increase was primarily attributable to increased product margins. Year-to-date, pre-tax operating income was $67.0 million compared to $65.3 million for the first six months of 2002.

     Second quarter fixed life sales were $30.7 million, compared to $36.9 million in the second quarter of 2002. Year-to-date, fixed life sales were $62.0 million, compared to $67.7 million in the first six months of 2002. Equity-index life sales, AmerUs Group’s most profitable protection product, increased 21 percent to $25 million through the first six months of 2003, a new record. “While we experienced a temporary decline in sales early in the quarter, sales have rebounded to expected levels and we expect to achieve our 2003 goals,” said Brooks.

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Net Investment Income

     Net investment income was $250 million in the second quarter of 2003 compared to $252 million in the second quarter of 2002. Growth in invested assets was offset by lower yields on new investments. The portfolio yield during the second quarter of 2003 was 5.92 percent, compared to 6.53 percent in the second quarter of 2002. Year-to-date portfolio yields were 6.01 percent, compared to 6.42 percent in the first six months of 2002. The declines in portfolio yields were offset by a corresponding reduction in credited rates.

Earnings Guidance³

     The company also reaffirmed its adjusted net operating income guidance of $3.70 to $3.80 per diluted share for 2003. “The recent increase in new money investment rates, continued growth in our business segments and greater efficiencies will contribute to achieving our operating earnings targets,” said Brooks.

Corporate Actions

     During the second quarter, the company issued $144 million of PRIDES^SM securities. The PRIDES are traded on the New York Stock Exchange under the symbol “AMH A”.

     Additionally, the company completed the merger of IL Annuity and Insurance Company into its parent company, Indianapolis Life Insurance Company, effective June 30, 2003.

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Conference Call, Audio Replay and Additional Financial Information

     Interested parties may listen to a conference call with AmerUs Group’s management discussing second quarter 2003 results by calling (toll free) 888-820-4341 (international 706-679-8569) at 11 a.m. EDT on Wednesday, August 6, 2003. An audio replay of AmerUs Group’s call will be available at 2 p.m. EDT, August 6, 2003, through August 13, 2003. The replay can be accessed by dialing 800-642-1687 (international: 706-645-9291), Conference ID 1379402.

     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 at (515) 362-3695.

Caution Regarding Forward-Looking Statements

     This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Additionally, forward-looking statements are subject to assumptions, risks and uncertainties. Statements such as “guidance,” “expect,” “anticipate,” “believe,” “goal,” “objective,” “target,” “may,” “should,” “estimate,” “projects,” or similar words as well as specific projections of future results qualify as forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements can be found in the

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company’s 10-K, filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and AmerUs Group undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

     AmerUs Group Co. is located in Des Moines, Iowa, and is engaged through its subsidiaries in the business of marketing individual life insurance and annuity products in the United States. Its major subsidiaries include: AmerUs Life Insurance Company, American Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York, and Indianapolis Life Insurance Company.

     As of June 30, 2003, AmerUs Group’s total assets were $21.8 billion and shareholders’ equity totaled $1.4 billion, including accumulated other comprehensive income.

¹ The company views adjusted net operating income, a non-GAAP financial measure, as an important indicator of financial performance. When presented with net income, the combined presentation can enhance an investor’s understanding of AmerUs Group’s underlying profitability and normalized results from operations. The definition of adjusted net operating earnings, as presented in this press release, excludes the following items on an after-tax basis from net income: open block realized gains and losses, deferred policy acquisition costs associated with open block realized gains and losses, non-insurance operations, restructuring costs, non-recurring reinsurance adjustments and the impact of SFAS 133. Non-GAAP measures are also used for goal setting, determining employee and management compensation and evaluating our performance on a comparable basis to that used by security analysts. A reconciliation of net income to adjusted net operating income has been included as part of this press release.

² Sales for an insurance company are a non-GAAP financial measure. We do not believe there is a comparable GAAP financial measure and as a result, have not provided reconciliation. Sales are presented in accordance with industry practice and represent the amount of new business sold during the period. We believe sales are a measure of the productivity of our distribution networks. Sales are also a leading indicator of future revenue trends. However, revenues are driven by prior period sales as well as current period sales and therefore, a reconciliation of sales to revenues would not be meaningful or determinable.

³ Adjusted net operating income per share is a non-GAAP financial measure. Due to the unpredictability of the timing and recognition of gains and losses, especially items such as credit impairments, trading gains and losses, FAS 133 adjustments as well as the unpredictable nature of certain other unusual or non-recurring items that management believes are not indicative of ongoing operational performance, guidance on GAAP net income cannot readily be estimated. Accordingly, the company is unable to provide guidance with respect to, or a reconciliation of guidance on, adjusted net operating income per share to GAAP net income per share.

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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, deferred policy acquisition costs associated with the open block realized gains and losses, non-insurance operations, restructuring costs, reinsurance adjustments and the impact of SFAS 133. 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 Six Months Ended
		June 30,						June 30,
		2003			2002			2003			2002
Net Income		$	43,711		$	4,262		$	79,501		$	29,176
Realized (gains) losses on open block investments (A)			(10,639	)		23,155			(15,916	)		29,575
Net amortization of DAC and VOBA due to open block gains or losses (B)			2,093			(3,668	)		6,398			(5,166	)
Net effect of accounting differences from SFAS 133 (C)			(3,092	)		8,801			(3,075	)		14,123
Demutualization costs (D)			—			179			—			464
Restructuring costs (E)			8,210			3,937			10,233			5,054
Other income from non-insurance operations (F)			(671	)		(540	)		(1,396	)		(996	)
Non-recurring reinsurance adjustments (G)			(2,505	)		—			(2,505	)		—
Adjusted Net Operating Income		$	37,107		$	36,126		$	73,240		$	72,230
Adjusted Net Operating Income per common share:
	Basic	$	0.95		$	0.90		$	1.87		$	1.77
	Diluted	$	0.94		$	0.89		$	1.86		$	1.75
Weighted average common shares outstanding:
	Basic		39,161,780			40,155,276			39,112,346			40,749,054
	Diluted		39,404,467			40,661,337			39,354,894			41,311,695

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, equity-indexed 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 and to merge IL Annuity into ILIC. The costs consist primarily of relocation of employees, severance and termination benefits, systems conversion, and merger related expenses. In addition, the second quarter of 2003 included a $5.0 million impairment loss on the Indianapolis Life office building.
(F)	Represents the net income from our residential financing and property operations which is not part of our insurance operations.
(G)	Represents adjustments for the release of a $5.3 million liability in conjunction with the settlement and amendment of a reinsurance arrangement and a $2.8 million true-up of pre-2003 reinsurance settlements under a reinsurance arrangement between the ILIC open block and closed block. As these items are not of a continuing nature, they are excluded from adjusted net operating income.

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

		For The Three Months Ended June 30,					For The Six Months Ended June 30,
		2003		2002			2003		2002
Revenues:
	Insurance premiums	$	79,637	$	91,853		$	161,242	$	182,333
	Universal life and annuity product charges		51,426		35,016			95,534		74,058
	Net investment income		249,646		251,897			502,863		491,667
	Realized gains (losses) on investments		16,649		(41,133	)		31,797		(46,387	)
	Unrealized gains (losses) on investments		42,320		(34,778	)		35,027		(54,236	)
	Other income		18,149		20,465			35,316		32,933
			457,827		323,320			861,779		680,368
Benefits and expenses:
	Policyowner benefits		256,114		212,283			474,169		418,446
	Underwriting, acquisition and other expenses		36,080		45,602			73,799		83,791
	Demutualization costs		—		179			—		464
	Restructuring costs		12,670		6,416			15,864		8,211
	Amortization of deferred policy acquisition costs and value of business acquired		49,578		28,324			99,974		68,164
	Dividends to policyowners		29,740		19,221			64,314		47,624
			384,182		312,025			728,120		626,700
Income before interest and income tax expense			73,645		11,295			133,659		53,668
Interest expense			7,575		6,337			14,374		12,364
Income before income tax expense			66,070		4,958			119,285		41,304
Income tax expense			22,359		696			39,784		12,128
Net income		$	43,711	$	4,262		$	79,501	$	29,176
Net income per common share:
	Basic	$	1.12	$	0.11		$	2.03	$	0.72
	Diluted	$	1.11	$	0.10		$	2.02	$	0.71
Weighted average common shares outstanding:
	Basic		39,161,780		40,155,276			39,112,346		40,749,054
	Diluted		39,404,467		40,661,337			39,354,894		41,311,695

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

				June 30,		December 31,
				2003		2002
Assets
Investments:
	Securities available-for-sale at fair value:
		Fixed maturity securities		$	13,949,747	$	13,328,902
		Equity securities			71,285		63,345
		Short-term investments			29,831		32,318
	Securities held for trading purposes:
		Fixed maturity securities			1,854,975		1,843,868
		Equity securities			1,921		—
	Mortgage loans				911,549		883,034
	Real estate				314		476
	Policy loans				492,007		496,753
	Other investments				590,245		283,794
			Total investments		17,901,874		16,932,490
Cash and cash equivalents					645,836		102,612
Accrued investment income					186,437		185,660
Premiums, fees and other receivables					43,683		13,082
Reinsurance receivables					957,530		865,930
Deferred policy acquisition costs					862,278		884,239
Value of business acquired					405,512		454,159
Goodwill					224,075		218,995
Property and equipment					49,657		74,188
Other assets					322,817		326,397
Separate account assets					242,123		235,913
			Total assets	$	21,841,822	$	20,293,665

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

					June 30,			December 31,
					2003			2002
			Liabilities and Stockholders’ Equity
Liabilities:
	Policy reserves and policyowner funds:
		Future life and annuity policy benefits			$	16,725,762		$	16,244,016
		Policyowner funds				1,524,760			1,335,144
						18,250,522			17,579,160
	Accrued expenses and other liabilities					819,138			283,836
	Dividends payable to policyowners					399,139			303,062
	Policy and contract claims					37,714			39,569
	Income taxes payable					57,826			61,325
	Deferred income taxes					66,434			16,499
	Notes payable					552,586			511,353
	Separate account liabilities					242,123			235,913
				Total liabilities		20,425,482			19,030,717
Stockholders’ equity:
	Preferred Stock, no par value, 20,000,000 shares authorized, none issued					—			—
	Common Stock, no par value, 230,000,000 shares authorized; 43,728,197 shares issued and 39,083,495 shares outstanding in 2003; 43,656,280 shares issued and 39,011,578 shares outstanding in 2002					43,728			43,656
	Additional paid-in capital					1,181,049			1,179,646
	Accumulated other comprehensive income					162,364			88,522
	Unearned compensation					(1,921	)		(458	)
	Unallocated ESOP shares					(1,406	)		(1,443	)
	Retained earnings					189,018			109,517
	Treasury stock, at cost (4,644,702 shares in 2003 and 2002)					(156,492	)		(156,492	)
				Total stockholders’ equity		1,416,340			1,262,948
				Total liabilities and stockholders’ equity	$	21,841,822		$	20,293,665

AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2003 and the Year Ended December 31, 2002
($ in thousands)

							Accumulated
				Additional			Other						Unallocated									Total
				Paid-In			Comprehensive			Unearned			ESOP			Retained			Treasury			Stockholders'
		Common Stock		Capital			Income (Loss)			Compensation			Shares			Earnings			Stock			Equity
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
2003:
	Net income		—		—			—			—			—			79,501			—			79,501
	Net unrealized gain (loss) on securities		—		—			72,089			—			—			—			—			72,089
	Net unrealized gain (loss) on derivatives designated as cash flow hedges		—		—			1,753			—			—			—			—			1,753
	Stock issued under various incentive plans, net of forfeitures		72		8,490			—			(1,463	)		—			—			—			7,099
	PRIDES purchase contract adjustments and allocated fees and expenses		—		(7,087	)		—			—			—			—			—			(7,087	)
	Allocation of shares in leveraged ESOP		—		—			—			—			37			—			—			37
Balance at June 30, 2003		$	43,728	$	1,181,049		$	162,364		$	(1,921	)	$	(1,406	)	$	189,018		$	(156,492	)	$	1,416,340