AMERUS GROUP CO.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS

		Six Months Ended June 30,										Years Ended December
		2003		2002			2002			2001		2000		1999			1998
		($ in thousands)
Earnings
	Pre-tax income from continuing operations	$	119,285	$	41,304		$	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		2,687		(2,241	)		(3,993	)		5,072		3,481		(603	)		(3,791	)
	Add: Distributed income from equity investees		1,466		1,702			2,591			7,730		4,449		1,804			747
			118,064		45,247			99,214			123,323		95,324		74,497			70,084
	Fixed charges		15,113		13,515			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		15,113		13,515			28,071			30,092		32,355		30,676			30,550
Total Earnings		$	133,177	$	58,762		$	127,285		$	153,415	$	127,679	$	105,173		$	100,634
Fixed Charges (1)
	Interest expense on debt		12,240		9,769		$	20,758		$	14,415	$	14,610	$	12,229		$	16,552
	Amortization of debt issuance costs		374		608			985			3,155		1,833		1,538			1,724
	Estimate of interest within rental expense		365		543			1,599			926		799		155			257
	Preference security dividend requirements		2,134		2,595			4,729			11,596		15,113		16,754			16,714
Total Combined Fixed Charges and Preference Security Dividends		$	15,113	$	13,515		$	28,071		$	30,092	$	32,355	$	30,676		$	35,247
Ratio of Earnings to Combined Fixed Charges and Preference Security Dividends			8.81		4.35			4.53			5.10		3.95		3.43			2.86

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

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