EXHIBIT 99.3

AmerUs Group Co.

Financial Supplement
Second Quarter 2003

AmerUs Group Co.

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

			For The Three Months Ended						For the Six Months Ended
			June 30,						June 30,
Earnings:			2003			2002			2003			2002
Net Income			$	43,711		$	4,262		$	79,501		$	29,176
	Adjustments for:
		Realized (gains) losses on open block investments		(10,639	)		23,155			(15,916	)		29,575
		Net amortization of DAC and VOBA due to open block gains or losses		2,093			(3,668	)		6,398			(5,166	)
		Net effect of accounting differences from SFAS 133		(3,092	)		8,801			(3,075	)		14,123
		Demutualization costs		—			179			—			464
		Restructuring costs		8,210			3,937			10,233			5,054
		Other income from non-insurance operations		(671	)		(540	)		(1,396	)		(996	)
		Non-recurring reinsurance adjustments		(2,505	)		—			(2,505	)		—
	Adjusted Net Operating Income (1)		$	37,107		$	36,126		$	73,240		$	72,230
Basic Earnings Per Share:
	Adjusted Net Operating Income per Share (2)		$	0.95		$	0.90		$	1.87		$	1.77
	Net Income per Share		$	1.12		$	0.11		$	2.03		$	0.72
	Weighted Average Shares Outstanding			39,162			40,155			39,112			40,749
Diluted Earnings Per Share:
	Adjusted Net Operating Income per Share (2)		$	0.94		$	0.89		$	1.86		$	1.75
	Net Income per Share		$	1.11		$	0.10		$	2.02		$	0.71
	Weighted Average Shares Outstanding			39,404			40,661			39,355			41,312

Capitalization:			6/30/03			12/31/02
	Bank Borrowings			10,000			113,000
	Senior Notes			125,000			125,000
	PRIDES			143,750			—
	OCEANs			186,978			186,233
	Surplus Note			25,000			25,000
	Other Borrowings			13,609			13,871
		Total Notes Payable	$	504,337		$	463,104
	Capital Securities — AmerUs Capital I			48,095			48,095
	Capital Securities — AmerUs Capital II			154			154
		Total Debt	$	552,586		$	511,353
	Stockholders’ Equity (excluding AOCI)			1,253,976			1,174,426
		Total Capitalization (excluding AOCI)	$	1,806,562		$	1,685,779
	AOCI — unrealized Gains / (Losses)			162,364			88,522
		Total Capitalization (including AOCI)	$	1,968,926		$	1,774,301
Book Value per Share (3):
	including AOCI		$	36.24		$	32.37
	excluding AOCI		$	32.08		$	30.10
Debt-to-Capital Ratio (4):
	Standard & Poor’s			15.59	%		16.42	%
	Moody’s			24.02	%		27.57	%

(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. 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.
(2)	Adjusted Net Operating Income per Share is a non-GAAP financial measure which is derived from Adjusted Net Operating Income in the same manner that Net Income per Share is derived from Net Income.
(3)	Common shares outstanding at 6/30/2003 and 12/31/2002 were 39,083,495 and 39,011,578, respectively.
(4)	Debt-to-Capital Ratio excludes AOCI. For Standard & Poor’s, the OCEANs, PRIDES, AmerUs Capital I and AmerUs Capital II are treated as 100% equity, except to the extent the sum of these securities exceeds 15% of total capitalization. The amount in excess of 15% of capitalization was $107,993 and none as of June 30, 2003 and December 31, 2002, respectively. For Moody’s, AmerUs Capital I and AmerUs Capital II are treated as 100% debt, the OCEANs are treated as 75% debt and 25% equity, and the PRIDES are treated as 50% debt and 50% equity.

Page 2

AmerUs Group Co.

Consolidated Income Statement

($ in thousands)

			For The Three Months Ended						For the Six Months Ended
			June 30,						June 30,
			2003			2002			2003			2002
Revenues:
Insurance premiums			$	79,637		$	91,853		$	161,242		$	182,333
Product charges				48,789			35,016			95,534			74,058
Net investment income				249,646			251,897			502,863			491,667
Realized/unrealized gains (losses) on investments				58,969			(75,911	)		66,824			(100,623	)
Other income:
	Income from Independent Marketing Organizations			12,867			14,941			24,558			22,639
	Other			5,282			5,524			10,758			10,294
		Total Revenue		455,190			323,320			861,779			680,368
Benefits and Expenses:
Policyowner benefits — traditional life				77,540			88,925			149,398			169,505
Policyowner benefits — SFAS 97 products				178,574			123,358			324,771			248,941
Underwriting, acquisition and other expenses:
	Operating expenses			23,330			35,090			54,220			67,835
	Expenses from Independent Marketing Organizations			10,113			10,512			19,579			15,956
	Demutualization costs			—			179			—			464
	Restructuring costs			12,670			6,416			15,864			8,211
	Amortization — value of business acquired (VOBA)			24,424			13,647			41,160			35,482
	Amortization — deferred policy acquisition costs (DAC)			21,247			21,517			48,362			37,967
	Amortization — DAC/VOBA realized gains / (losses)			3,907			(6,840	)		10,452			(5,285	)
		Total underwriting, acquisition and other expenses		95,691			80,521			189,637			160,630
Interest expense:
	Interest on bank debt			708			232			1,547			1,037
	Interest on Senior Notes			2,172			2,172			4,343			4,344
	Interest on Capital Securities (AmerUs Capital I)			1,064			1,064			2,128			2,588
	Interest on Capital Securities (AmerUs Capital II)			3			3			6			7
	Interest on PRIDES			712			—			712			—
	Interest on OCEANs			1,841			1,859			3,677			2,479
	Interest on Surplus Note			541			541			1,083			1,082
	Interest on other borrowings			534			466			878			827
		Total interest expense		7,575			6,337			14,374			12,364
Dividends to policyowners				29,740			19,221			64,314			47,624
Income before income taxes				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
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

Page 3

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Three Months Ended June 30, 2003
				Protection		Accumulation					Total
				Products		Products		All Other			Consolidated
Revenues:
		Insurance premiums		$	76,512	$	1,059	$	485		$	78,056
		Product charges			39,804		8,985		—			48,789
		Net investment income			80,706		166,122		2,818			249,646
		Realized gains (losses) on closed block investments			275		—		—			275
		Other income			993		15,647		391			17,031
					198,290		191,813		3,694			393,797
Benefits and expenses:
		Policyowner benefits			92,614		120,861		(130	)		213,345
		Underwriting, acquisition, and other expenses			21,175		16,779		3,655			41,609
		Amortization of DAC and VOBA, net of open block gain/loss adjustment of $3,907			20,918		24,753		—			45,671
		Dividends to policyowners			29,740		—		—			29,740
					164,447		162,393		3,525			330,365
Adjusted pre-tax operating income				$	33,843	$	29,420	$	169			63,432
		Realized gains (losses) on open block investments										16,374
		Unrealized gains (losses) on open block options and trading investments										42,320
		Change in option value of equity-indexed products and market value adjustments on total return strategy annuities										(35,811	)
	Cash flow hedge amortization											(1,065	)
		Amortization of DAC and VOBA due to open block gains and losses										(3,907	)
		Non-recurring reinsurance adjustments										3,854
		Restructuring costs										(12,670	)
		Other income from non-insurance operations										1,118
Income before interest and income tax (expense)												73,645
Interest (expense)												(7,575	)
Income tax (expense)												(22,359	)
			Net income								$	43,711

Page 4

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Three Months Ended June 30, 2002
				Protection			Accumulation					Total
				Products			Products		All Other			Consolidated
Revenues:
		Insurance premiums		$	90,135		$	1,507	$	211		$	91,853
		Product charges			24,292			10,724		—			35,016
		Net investment income			83,418			166,544		1,935			251,897
		Realized gains (losses) on closed block investments			(5,378	)		—		—			(5,378	)
		Other income			992			17,897		1,036			19,925
					193,459			196,672		3,182			393,313
Benefits and expenses:
		Policyowner benefits			106,226			125,702		394			232,322
		Underwriting, acquisition, and other expenses			23,702			18,390		3,510			45,602
		Amortization of DAC and VOBA, net of open block gain/loss adjustment of $6,840			14,506			20,658		—			35,164
		Dividends to policyowners			19,221			—		—			19,221
					163,655			164,750		3,904			332,309
Adjusted pre-tax operating income				$	29,804		$	31,922	$	(722	)		61,004
		Realized gains (losses) on open block investments											(35,755	)
		Unrealized gains (losses) on open block options and trading investments											(34,778	)
		Change in option value of equity-indexed products and market value adjustments on total return strategy annuities											20,736
	Cash flow hedge amortization												(697	)
		Amortization of DAC and VOBA due to open block gains and losses											6,840
		Demutualization costs											(179	)
		Restructuring costs											(6,416	)
		Other income from non-insurance operations											540
Income before interest and income tax (expense)													11,295
Interest (expense)													(6,337	)
Income tax (expense)													(696	)
			Net income									$	4,262

Page 5

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For the Six Months Ended June 30, 2003
				Protection		Accumulation					Total
				Products		Products		All Other			Consolidated
Revenues:
		Insurance premiums		$	156,673	$	2,242	$	747		$	159,662
		Product charges			76,142		19,392		—			95,534
		Net investment income			164,452		333,899		4,512			502,863
		Realized gains (losses) on closed block investments			7,344		—		—			7,344
		Other income			2,046		30,413		531			32,990
					406,657		385,946		5,790			798,393
Benefits and expenses:
		Policyowner benefits			193,282		245,418		(110	)		438,590
		Underwriting, acquisition, and other expenses			41,616		32,714		7,635			81,965
		Amortization of DAC and VOBA, net of open block gain/loss adjustment of $10,452			40,482		49,040		—			89,522
		Dividends to policyowners			64,314		—		—			64,314
					339,694		327,172		7,525			674,391
Adjusted pre-tax operating income				$	66,963	$	58,774	$	(1,735	)		124,002
		Realized gains (losses) on open block investments										24,453
		Unrealized gains (losses) on open block options and trading investments										35,027
		Change in option value of equity-indexed products and market value adjustments on total return strategy annuities										(27,209	)
	Cash flow hedge amortization											(2,478	)
		Amortization of DAC and VOBA due to open block gains and losses										(10,452	)
		Non-recurring reinsurance adjustments										3,854
		Restructuring costs										(15,864	)
		Other income from non-insurance operations										2,326
Income before interest and income tax (expense)												133,659
Interest (expense)												(14,374	)
Income tax (expense)												(39,784	)
			Net income								$	79,501

Page 6

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For the Six Months Ended June 30, 2002
				Protection			Accumulation					Total
				Products			Products		All Other			Consolidated
Revenues:
		Insurance premiums		$	178,692		$	2,809	$	832		$	182,333
		Product charges			53,319			20,739		—			74,058
		Net investment income			163,843			324,887		2,937			491,667
		Realized gains (losses) on closed block investments			(754	)		—		—			(754	)
		Other income			1,945			28,442		1,550			31,937
					397,045			376,877		5,319			779,241
Benefits and expenses:
		Policyowner benefits			210,034			242,392		1,190			453,616
		Underwriting, acquisition, and other expenses			45,281			31,388		7,122			83,791
		Amortization of DAC and VOBA, net of open block gain/loss adjustment of $5,286			28,839			44,611		—			73,450
		Dividends to policyowners			47,624			—		—			47,624
					331,778			318,391		8,312			658,481
Adjusted pre-tax operating income				$	65,267		$	58,486	$	(2,993	)		120,760
		Realized gains (losses) on open block investments											(45,633	)
		Unrealized gains (losses) on open block options and trading investments											(54,236	)
		Change in option value of equity-indexed products and market value adjustments on total return strategy annuities											35,867
	Cash flow hedge amortization												(697	)
		Amortization of DAC and VOBA due to open block gains and losses											5,286
		Demutualization costs											(464	)
		Restructuring costs											(8,211	)
		Other income from non-insurance operations											996
Income before interest and income tax (expense)													53,668
Interest (expense)													(12,364	)
Income tax (expense)													(12,128	)
			Net income									$	29,176

Page 7

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

			June 30,		December 31,
ASSETS:			2003		2002
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

Page 8

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

			June 30,			December 31,
LIABILITIES:			2003			2002
Policyowner reserves and policyowner funds:
	Future life and annuity policy benefits		$	16,725,762		$	16,244,016
	Policyowner funds			1,524,760			1,335,144
		Sub-total		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:
	Bank debt			10,000			113,000
	Senior notes			125,000			125,000
	PRIDES			143,750			—
	OCEANs			186,978			186,233
	Surplus note			25,000			25,000
	AmerUs Capital I			48,095			48,095
	AmerUs Capital II			154			154
	Other borrowings			13,609			13,871
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 (loss)				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

Page 9

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

June 30, 2003

			With		FAS 115 and 133			Without
ASSETS:			FAS 115 and 133		Adjustment			FAS 115 and 133 (1)
Investments:
	Securities available-for-sale at fair value:
		Fixed maturity securities	$	13,949,747	$	(812,974	)	$	13,136,773
		Equity securities		71,285		(1,538	)		69,747
		Short-term investments		29,831		(26	)		29,805
	Securities held for trading purposes:
		Fixed maturity securities		1,854,975		—			1,854,975
		Equity securities		1,921		—			1,921
Mortgage loans				911,549		—			911,549
Real estate				314		—			314
Policy loans				492,007		—			492,007
Other investments				590,245		757			591,002
		Total invested assets		17,901,874		(813,781	)		17,088,093
Cash and cash equivalents				645,836		—			645,836
Accrued investment income				186,437		—			186,437
Premiums, fees and other receivables				43,683		—			43,683
Reinsurance receivables				957,530		—			957,530
Deferred policy acquisition costs				862,278		254,947			1,117,225
Value of business acquired				405,512		129,680			535,192
Goodwill				224,075		—			224,075
Property and equipment				49,657		—			49,657
Deferred income taxes				—		20,974			20,974
Other assets				322,817		—			322,817
Separate account assets				242,123		—			242,123
Total Assets			$	21,841,822	$	(408,180	)	$	21,433,642

(1) This column represents the Company’s assets exclusive of SFAS 115 and 133 adjustments and is a non-GAAP financial measure. The comparable GAAP numbers are presented in the first column. The non-GAAP presentation is used to assist investors and analysts in identifying market value related adjustments.

Page 10

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

June 30, 2003

			With			FAS 115 and 133			Without
LIABILITIES:			FAS 115 and 133			Adjustment			FAS 115 and 133 (1)
Policyowner reserves and policyowner funds:
	Future life and annuity policy benefits		$	16,725,762		$	—		$	16,725,762
	Policyowner funds			1,524,760			2,813			1,527,573
				18,250,522			2,813			18,253,335
Accrued expenses and other liabilities				819,138			(5,475	)		813,663
Dividends payable to policyowners				399,139			(176,720	)		222,419
Policy and contract claims				37,714			—			37,714
Income taxes payable				57,826			—			57,826
Deferred income taxes				66,434			(66,434	)		—
Debt:
	Bank debt			10,000			—			10,000
	Senior notes			125,000			—			125,000
	PRIDES			143,750			—			143,750
	OCEANs			186,978			—			186,978
	Surplus note			25,000			—			25,000
	AmerUs Capital I			48,095			—			48,095
	AmerUs Capital II			154			—			154
	Other borrowings			13,609			—			13,609
Separate Account liabilities				242,123			—			242,123
		Total Liabilities		20,425,482			(245,816	)		20,179,666
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			—			43,728
Additional paid-in capital				1,181,049			—			1,181,049
Accumulated other comprehensive income (loss)				162,364			(162,364	)		—
Unearned compensation				(1,921	)		—			(1,921	)
Unallocated ESOP shares				(1,406	)		—			(1,406	)
Retained earnings				189,018			—			189,018
Treasury stock, at cost (4,644,702 shares in 2003 and 2002)				(156,492	)		—			(156,492	)
		Total Stockholders’ Equity		1,416,340			(162,364	)		1,253,976
Total Liabilities and Stockholders’ Equity			$	21,841,822		$	(408,180	)	$	21,433,642

(1) This column represents the Company’s assets exclusive of SFAS 115 and 133 adjustments and is a non-GAAP financial measure. The comparable GAAP numbers are presented in the first column. The non-GAAP presentation is used to assist investors and analysts in identifying market value related adjustments.

Page 11

AmerUs Group Co.

Product Mix

($ in thousands)

For the Six Months Ended June 30,

Protection Products Repetitive Premiums (1):			2003		2002		% Change
Whole Life			$	220	$	2,260		(90.3	%)
Interest-Sensitive Whole Life				12,838		21,486		(40.2	%)
Term Life				7,340		8,515		(13.8	%)
Universal Life				16,378		14,725		11.2	%
Equity-Indexed Life				25,227		20,760		21.5	%
	Sub-total			62,003		67,746		(8.5	%)
Term Life from Private Label Sales (2)				3,693		4,644		(20.5	%)
	Total Repetitive Premiums		$	65,696	$	72,390		(9.2	%)
Accumulation Deposits (1):
Annuity Premiums:
	Fixed Annuity:
		Deferred Fixed Annuity	$	243,862	$	470,391		(48.2	%)
		Equity-Indexed Annuity		600,445		326,643		83.8	%
	Variable Annuity			1,888		4,481		(57.9	%)
Funding Agreements				—		350,000		(100.0	%)
Total Accumulation Deposits			$	846,195	$	1,151,515		(26.5	%)

(1)

Sales and deposits 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 a reconciliation. Sales and deposits 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 and deposits 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 and deposits to revenues would not be meaningful or determinable.

(2)

Represents the Company’s share of private label sales.

Page 12

AmerUs Group Co.

Sources of Business

($ in thousands)

For the Six Months Ended June 30,

Protection Products Repetitive Premiums (1):		2003		2002		% Change
Preferred Producer (Career)		$	12,221	$	11,460		6.6	%
Personal producing general agent (PPGA)			30,830		30,914		(0.3	%)
Bank Distribution			52		388		(86.6	%)
Independent Agent Force (2)			18,900		24,984		(24.4	%)
	Total Repetitive Premium		62,003		67,746		(8.5	%)
Private Label Distribution (3)			3,693		4,644		(20.5	%)
	Total Repetitive Premiums	$	65,696	$	72,390		(9.2	%)
Accumulation Deposits (1):
Preferred Producer (Career)		$	82,063	$	61,738		32.9	%
Personal Producing General Agent (PPGA)			19,253		14,244		35.2	%
Bank Distribution			18,950		25,829		(26.6	%)
Independent Agent Force (2)			725,929		699,704		3.7	%
Funding Agreements			—		350,000		(100.0	%)
	Total Accumulation Deposits	$	846,195	$	1,151,515		(26.5	%)

(1)	Sales and deposits 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 a reconciliation. Sales and deposits 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 and deposits 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 and deposits to revenues would not be meaningful or determinable.
(2)	Independent agent premiums through brokerages are included with all other independent agent premiums.
(3)	Represents the Company’s share of private label sales.

Page 13

AmerUs Group Co.

Policyowner Liability Characteristics

($ in thousands)

June 30, 2003

	Fixed		Equity-Indexed
	Annuities		Annuities
	Account Value		Account Value
FIXED DEFERRED ANNUITY SURRENDER CHARGE PERCENTAGES:
Accrual Adjustment	$	—	$	160,761
Market Value Adjustment		157,004		37,497
No surrender charge		1,442,770		41,894
1 percent		99,618		6,733
2 percent		201,284		9,304
3 percent		164,964		34,443
4 percent		272,494		87,379
5 percent		338,181		426,989
6 percent		1,132,407		584,454
7 percent		501,318		265,862
8 percent		508,928		218,104
9 percent		565,982		241,514
10 percent or greater		1,679,308		1,704,395
Total	$	7,064,258	$	3,819,329
FIXED ANNUITY-INTEREST GUARANTEE PERIOD:
Monthly guarantee	$	197,377	$	—
Quarterly		—		—
1 Year		5,593,359		—
Multi-year		1,239,476		—
Bailout		34,046		—
Cumulative floor (1)		—		3,819,329
Total	$	7,064,258	$	3,819,329
FIXED ANNUITY-ULTIMATE MINIMUM GUARANTEE RATE:
2 percent	$	28,620	$	—
3 percent		3,284,703		—
3.25 percent		597,445		—
3.50 percent		782,240		—
4 percent		2,295,287		—
4.5 percent		48,028		—
5 percent		27,935		—
Greater than 5 percent		—		—
Cumulative floor (1)		—		3,819,329
Total	$	7,064,258	$	3,819,329
CREDITED RATE VS. MINIMUM GUARANTEED RATE DIFFERENTIAL (2) (3):
No Differential	$	2,652,010	$	—
0.0% - 0.5%		1,009,629		—
0.5% - 1.0%		682,476		—
1.0% - 1.5%		839,300		—
1.5% - 2.0%		239,296		—
2.0% - 2.5%		262,992		—
2.5% - 3.0%		184,747		—
Greater Than 3.0%		1,193,808		—
Cumulative floor (1)		—		3,819,329
Total	$	7,064,258	$	3,819,329

(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. At the end of the multi-year guarantee period, we will have the ability to lower the crediting rate to the minimum guaranteed rate by an average decrease of approximately 200 basis points.

Page 14

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

			June 30, 2003				June 30, 2002
Portfolio Composition:			Amortized Cost		Market Value		Amortized Cost		Market Value
Cash and cash equivalents			$	645,836	$	645,836	$	102,272	$	102,272
Securities available-for-sale:
	Investment grade bonds			12,135,218		12,915,398		10,592,402		10,867,048
	Non-investment grade bonds			1,001,555		1,034,349		1,079,514		983,249
	Equity securities			69,767		71,285		44,602		45,562
	Short-term investments			29,805		29,831		15,189		15,149
Securities held for trading:
	Investment grade bonds			1,733,125		1,733,125		1,820,114		1,820,114
	Non-investment grade bonds			121,851		121,850		121,063		121,063
	Equity securities			1,921		1,921		—		—
	Short-term investments			—		—		7,985		7,985
Loans				911,549		911,549		926,903		926,903
Real estate				314		314		1,287		1,287
Policy loans				492,007		492,007		500,273		500,273
Other invested assets				589,855		590,245		306,511		307,495
		Total	$	17,732,803	$	18,547,710	$	15,518,115	$	15,698,400

Investment Portfolio Data (1):	June 30, 2003		June 30, 2002
Average NAIC Rating		1.47		1.53
Average Maturity		6.65		7.03
Effective Duration		4.73		4.63
GAAP Effective Book Yield — Fixed Income		5.57		6.61

Mortgage Loans:	June 30, 2003			June 30, 2002
Carrying Value		911,549			926,903
Percent of Total Invested Assets (Market)		4.91	%		5.90	%
Problem Loans		8,206			6,246
Percent of Mortgage Loans (Market)		0.90	%		0.67	%
Restructured Loans		3,450			3,829
Percentage of Mortgage Loans (Market)		0.38	%		0.41	%

		June 30, 2003						June 30, 2002
High Yield Securities (at Market Value):		% of Asset Class			% of Rated Portfolio			% of Asset Class			% of Rated Portfolio
NAIC 3			59.20	%		4.33	%		66.03	%		5.29	%
NAIC 4			30.47	%		2.23	%		30.18	%		2.42	%
NAIC 5			7.04	%		0.51	%		3.02	%		0.24	%
NAIC 6			3.29	%		0.24	%		0.77	%		0.06	%
	Total		100.00	%		7.31	%		100.00	%		8.01	%

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

Page 15

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

	June 30, 2003					June 30, 2002
Fixed Maturity Securities by Category:	Market Value		% of Total			Market Value		% of Total
Government	$	1,220,139		7.8	%	$	929,333		6.7	%
Corporate		10,579,366		66.9	%		9,598,523		69.5	%
Mortgage-Backed (MBS)		2,636,724		16.7	%		1,895,156		13.8	%
Commercial Mortgage-Backed (CMBS)		589,846		3.7	%		450,048		3.3	%
Asset-Backed (ABS)		629,261		4.0	%		781,840		5.7	%
Redeemable Preferred Stock		149,386		0.9	%		136,574		1.0	%
	$	15,804,722		100.0	%	$	13,791,474		100.0	%
Private Placements (included above)		1,289,104		8.2	%		1,494,187		10.8	%

			June 30, 2003					June 30, 2002
Fixed Maturity Securities by Quality:			Market Value		% of Rated			Market Value		% of Rated
AAA				5,004,309		31.7	%		4,196,784		30.4	%
AA				952,480		6.0	%		963,175		7.0	%
A				4,291,424		27.2	%		3,306,783		24.0	%
BBB				3,838,888		24.3	%		3,790,772		27.5	%
BB				603,488		3.8	%		580,864		4.2	%
B and below				366,269		2.3	%		295,823		2.1	%
	Sub-total			15,056,858		95.3	%		13,134,201		95.2	%
Not Rated by S&P (average “A” by others)				747,864		4.7	%		657,273		4.8	%
		Total	$	15,804,722		100.0	%	$	13,791,474		100.0	%

		June 30, 2003					June 30, 2002
Fixed Maturity Securities by Industry Sector:		Market Value		% of Total			Market Value		% of Total
Basic Industry			652,026		4.1	%		433,647		3.1	%
Capital Goods			710,881		4.5	%		581,003		4.2	%
Communications			986,639		6.2	%		980,169		7.1	%
Consumer Cyclical			941,337		6.0	%		866,550		6.3	%
Consumer Non Cyclical			1,513,327		9.6	%		1,198,802		8.7	%
Energy			1,034,513		6.5	%		837,607		6.1	%
Technology			264,951		1.7	%		315,617		2.3	%
Transportation			480,674		3.0	%		444,052		3.2	%
Industrial Other			111,721		0.7	%		100,484		0.7	%
Utilities			1,489,230		9.4	%		1,365,343		9.9	%
Financial Institutions			2,194,500		13.9	%		2,114,893		15.4	%
	Sub-total		10,379,799		65.7	%		9,238,167		67.0	%
Other (1)			5,424,923		34.3	%		4,553,307		33.0	%
	Total	$	15,804,722		100.0	%	$	13,791,474		100.0	%

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

		June 30, 2003				June 30, 2002
Mortgage Backed Securities:		Amortized Cost		Market Value		Amortized Cost		Market Value
Planned Amortization Class (PACs)			21,079		21,512		452,157		466,067
Targeted Amortization Class (TACs)			445		450		2,081		2,127
Sequential Pay			193,318		194,634		160,902		165,422
Subordinated			5,672		5,748		20,189		21,135
Adjustable Rate Mortgages (ARMs)			10,964		11,043		15,260		15,410
Pass-thru			2,320,558		2,369,901		1,173,823		1,205,146
Z bonds			33,636		33,436		19,874		19,849
	Total	$	2,585,672	$	2,636,724	$	1,844,286	$	1,895,156

Page 16

AmerUs Group Co.

Closed Block

($ in thousands)

			June 30,		December 31,
			2003		2002
LIABILITIES:
Future life and annuity policy benefits			$	2,836,934	$	2,840,041
Policyowner funds				9,371		4,400
Accrued expenses and other liabilities				47,930		44,295
Dividends payable to policyowners				173,368		147,177
Policy and contract claims				10,312		10,390
Policyowner dividend obligation				213,365		118,623
		Total Liabilities		3,291,280		3,164,926
ASSETS:
Securities available-for-sale at fair value:
	Fixed maturity securities			2,075,335		1,970,659
Loans				85,062		90,872
Policy loans				349,114		354,784
Other investments				1,938		1,047
Cash and cash equivalents				4,846		6,178
Accrued investment income				32,073		30,726
Premiums, fees and other receivables				14,827		16,999
Other assets				48,819		23,917
		Total Assets		2,612,014		2,495,182
Maximum future earnings to be recognized from assets and liabilities of the Closed Blocks			$	679,266	$	669,744

	For The Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2003			2002			2003			2002
REVENUES AND EXPENSES:
Insurance premiums	$	55,009		$	68,323		$	117,815		$	134,111
Universal life and annuity product charges		2,685			544			6,224			3,441
Net investment income		37,577			38,934			77,316			76,977
Realized gains (losses) on investments		275			(5,378	)		7,344			(754	)
Policyowner benefits		(56,690	)		(72,634	)		(128,519	)		(144,749	)
Underwriting, acquisition and other expenses		(1,115	)		(1,481	)		(2,246	)		(2,736	)
Dividends to policyowners		(27,738	)		(16,970	)		(57,649	)		(43,304	)
Contribution from the Closed Block before income taxes	$	10,003		$	11,338		$	20,285		$	22,986

Page 17

AmerUs Group Co.

Additional Information

($ in thousands)

				June 30,		December 31,
LIFE INSURANCE IN FORCE (FACE AMOUNT) (1):				2003		2002
Traditional Life				$	56,553,000	$	56,883,000
Universal Life					20,901,000		19,095,000
Equity-Indexed Life					5,822,000		4,574,000
	Total Life Insurance In Force			$	83,276,000	$	80,552,000
RESERVES (GAAP) (including Closed Block):
Traditional Life				$	3,607,114	$	3,236,223
Universal Life					1,487,219		1,425,746
Equity-Indexed Life					172,111		126,821
	Total Life Insurance Reserves				5,266,444		4,788,790
Deferred Fixed Annuity					7,515,321		7,579,869
Equity-Indexed Annuity					3,946,289		3,724,598
	Total Annuity Reserves				11,461,610		11,304,467
			Total Reserves	$	16,728,054	$	16,093,257
NUMBER OF PRODUCERS:
	Career Agents (including managing general agents)				1,210		1,247
	Personal Producing General Agents				4,931		4,796
	Independent Agents				33,979		33,961
	Wholesale Broker / Dealer — AMAL Corp. Joint Venture & IL Annuity				904		919
	Registered Representatives — AMAL Corp. Joint Venture & IL Annuity				19,368		19,247
		Total Producers			60,392		60,170

			June 30,			June 30,
			2003			2002
LIFE INSURANCE LAPSE RATE — LTM				6.3	%		7.7	%
ANNUITY WITHDRAWAL RATES — LTM
	With Internal Replacements			9.1	%		11.5	%
	Without Internal Replacements			8.7	%		10.9	%
FIXED ANNUITY SPREADS (GAAP) YTD:
	Portfolio Rate			6.03	%		6.72	%
	Credit Rate			4.17	%		4.73	%
		Spread		1.86	%		1.99	%

(1) Life insurance in force is a Non-GAAP financial measure utilized by investors, analysts and the Company to assess the Company’s position in the industry. We do not believe there is a comparable GAAP financial measure and as a result, have not provided a reconciliation.

Page 18

AmerUs Group Co.

Additional Information

($ in thousands)

DAC / VOBA ROLLFORWARD:	DAC			VOBA
Beginning Balance — December 31, 2002	$	884,239		$	454,159
Capitalization		192,274			4,745
Amortization		(58,494	)		(41,480	)
FAS 115 Adjustment		(155,741	)		(11,912	)
Ending Balance — June 30, 2003	$	862,278		$	405,512

CONTRIBUTION FROM THE CLOSED BLOCK		2003		2004
First Quarter		$	10,282	$	9,592
Second Quarter			10,003		9,325
Third Quarter			9,729		9,066
Fourth Quarter			9,462		8,812
	Total	$	39,476	$	36,795

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 19

AmerUs Group Co.

Income Tax Rate Reconciliation

	For the Six Months Ended
	June 30,
	2003			2002
Corporate federal income tax rate		35.00	%		35.00	%
Net benefit of tax credits		(0.08	%)		(0.22	%)
Demutualization costs		—			0.51	%
Dividend received deduction		(0.45	%)		(0.95	%)
Non-deductible meals, entertainment & dues		0.42	%		0.78	%
Tax exempt income		(2.11	%)		(5.98	%)
State taxes on non-life operations		0.64	%		0.69	%
Other items, net		(0.07	%)		0.26	%
Effective tax rate		33.35	%		30.09	%

Page 20

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 $21.8 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
2003
	First Quarter	$	30.70	$	22.94	$	0.00
	Second Quarter	$	28.41	$	24.44	$	0.00
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

Investor Relations	Transfer Agent and Registrar
Marty Ketelaar	Mellon Investor Service, LLC
Director — Investor Relations	P.O. Box 3315
Phone — (515) 362-3693	South Hackensack, NJ 07606-1915
Fax — (515) 362-3648	(800) 304-9709
e-mail: marty.ketelaar@amerus.com	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, 2002 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, 2002, 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.

Page 21