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			For The Three Months Ended						For the Nine Months Ended
			September 30,						September 30,

Earnings:			2003			2002			2003			2002

	Net Income		$	40,835		$	26,490		$	120,340		$	55,667
		Adjustments for:
		Realized (gains) losses on open block investments		(3,805	)		6,825			(19,721	)		36,400
		Net amortization of DAC and VOBA due to open block gains or losses		90			(1,709	)		6,488			(6,875	)
		Net effect of accounting differences from SFAS 133		(313	)		3,284			(3,388	)		17,407
		Demutualization costs		—			722			—			1,186
		Restructuring costs		989			1,590			11,222			6,644
		Other income from non-insurance operations		(601	)		(949	)		(1,997	)		(1,945	)
		Non-recurring reinsurance adjustments		—			—			(2,505	)		—

	Adjusted Net Operating Income (1)		$	37,195		$	36,253		$	110,439		$	108,484

Basic Earnings Per Share:

	Adjusted Net Operating Income per Share (2)		$	0.95		$	0.92		$	2.82		$	2.69
	Net Income per Share		$	1.04		$	0.67		$	3.07		$	1.38
	Weighted Average Shares Outstanding			39,208			39,497			39,145			40,327
Diluted Earnings Per Share:

	Adjusted Net Operating Income per Share (2)		$	0.94		$	0.91		$	2.80		$	2.66
	Net Income per Share		$	1.03		$	0.66		$	3.05		$	1.36
	Weighted Average Shares Outstanding			39,650			39,835			39,453			40,812
Capitalization:				9/30/2003			12/31/2002

	Bank Borrowings			10,000			113,000
	Senior Notes			125,000			125,000
	PRIDES			143,750			—
	OCEANs			187,350			186,233
	Surplus Note			25,000			25,000
	Other Borrowings			13,475			13,871
	Capital Securities — AmerUs Capital I			48,095			48,095
	Capital Securities — AmerUs Capital II			—			154

		Total Debt	$	552,670		$	511,353
	Stockholders’ Equity (excluding AOCI)			1,297,587			1,174,426

		Total Capitalization (excluding AOCI)	$	1,850,257		$	1,685,779

	AOCI — unrealized Gains / (Losses)			114,197			88,522

		Total Capitalization (including AOCI)	$	1,964,454		$	1,774,301

Book Value per Share (3):

	including AOCI		$	36.04		$	32.37
	excluding AOCI		$	33.13		$	30.10
Debt-to-Capital Ratio (4):

	Standard & Poor’s			14.87	%		16.42	%
	Moody’s			23.45	%		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 9/30/2003 and 12/31/2002 were 39,171,878 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 $101,656 and none as of September 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.


			For The Three Months Ended						For the Nine Months Ended
			September 30,						September 30,

			2003			2002			2003			2002

Revenues:
Insurance premiums			$	64,355		$	80,926		$	225,597		$	263,262
Product charges				40,634			37,054			136,168			111,110
Net investment income				244,278			256,732			751,098			748,399
Realized/unrealized gains (losses) on investments				8,542			(21,951	)		75,365			(122,574	)
Other income:
	Income from Independent Marketing Organizations			12,651			13,583			37,209			36,221
	Other			5,106			7,051			15,864			17,347

		Total Revenue		375,566			373,395			1,241,301			1,053,765
Benefits and Expenses:
Policyowner benefits — traditional life				64,304			77,706			213,702			247,211
Policyowner benefits — SFAS 97 products				130,716			147,495			459,443			396,437
Underwriting, acquisition and other expenses:
	Operating expenses			30,598			29,457			84,817			97,292
	Expenses from Independent Marketing Organizations			10,136			9,028			29,716			24,984
	Demutualization costs			—			722			—			1,186
	Restructuring costs			1,551			2,569			17,415			10,780
	Amortization — DAC/VOBA			45,433			39,905			134,955			113,354
	Amortization — DAC/VOBA realized gains / (losses)			2,347			(4,616	)		12,800			(9,902	)

		Total underwriting, acquisition and other expenses		90,065			77,065			279,703			237,694
Interest expense:
	Interest on bank debt			15			594			1,562			1,631
	Interest on Senior Notes			2,172			2,172			6,515			6,516
	Interest on Capital Securities (AmerUs Capital I)			1,064			1,064			3,192			3,653
	Interest on Capital Securities (AmerUs Capital II)			1			2			7			9
	Interest on PRIDES			2,018			—			2,730			—
	Interest on OCEANs			1,839			1,805			5,516			4,284
	Interest on Surplus Note			541			541			1,624			1,623
	Interest on other borrowings			214			236			1,092			1,062

		Total interest expense		7,864			6,414			22,238			18,778
Dividends to policyowners				22,016			24,377			86,330			72,000

Income before income taxes				60,601			40,338			179,885			81,645
Income tax (expense)				(19,766	)		(13,848	)		(59,545	)		(25,978	)

Net income			$	40,835		$	26,490		$	120,340		$	55,667

Weighted Average Common Shares Outstanding:
	Basic			39,208,151			39,497,355			39,144,872			40,327,236
	Diluted			39,650,473			39,835,426			39,453,126			40,812,121


		Protection		Accumulation					Total
		Products		Products		All Other			Consolidated

Revenues:
	Insurance premiums	$	62,640	$	1,482	$	233		$	64,355
	Product charges		28,770		11,864		—			40,634
	Net investment income		76,412		166,355		1,511			244,278
	Realized gains (losses) on closed block investments		3,915		—		—			3,915
	Other income		1,037		15,549		169			16,755

			172,774		195,250		1,913			369,937
Benefits and expenses:
	Policyowner benefits		85,628		114,015		(704	)		198,939
	Underwriting, acquisition, and other expenses		17,608		19,537		3,589			40,734
	Amortization of DAC and VOBA, net of open block gain/loss adjustment of $2,347		18,938		26,495		—			45,433
	Dividends to policyowners		22,016		—		—			22,016

			144,190		160,047		2,885			307,122

Adjusted pre-tax operating income		$	28,584	$	35,203	$	(972	)		62,815

	Realized gains (losses) on open block investments									5,855
	Unrealized gains (losses) on open block options and trading investments									(1,228	)
	Change in option value of equity-indexed products and market value adjustments on total return strategy annuities									4,682
	Cash flow hedge amortization									(763	)
	Amortization of DAC and VOBA due to open block gains and losses									(2,347	)
	Restructuring costs									(1,551	)
	Other income from non-insurance operations									1,002

Income before interest and income tax (expense)										68,465
Interest (expense)										(7,864	)
Income tax (expense)										(19,766	)

	Net income								$	40,835


		Protection			Accumulation					Total
		Products			Products		All Other			Consolidated

Revenues:
	Insurance premiums	$	77,736		$	2,958	$	232		$	80,926
	Product charges		26,509			10,545		—			37,054
	Net investment income		84,202			171,398		1,132			256,732
	Realized gains (losses) on closed block investments		(1,126	)		—		—			(1,126	)
	Other income		1,068			16,521		773			18,362

			188,389			201,422		2,137			391,948
Benefits and expenses:
	Policyowner benefits		100,876			127,068		538			228,482
	Underwriting, acquisition, and other expenses		17,722			17,422		3,341			38,485
	Amortization of DAC and VOBA, net of open block gain/loss adjustment of $4,616		15,287			24,618		—			39,905
	Dividends to policyowners		24,377			—		—			24,377

			158,262			169,108		3,879			331,249

Adjusted pre-tax operating income		$	30,127		$	32,314	$	(1,742	)		60,699

	Realized gains (losses) on open block investments										(10,506	)
	Unrealized gains (losses) on open block options and trading investments										(10,319	)
	Change in option value of equity-indexed products and market value adjustments on total return strategy annuities										5,242
	Cash flow hedge amortization										(1,961	)
	Amortization of DAC and VOBA due to open block gains and losses										4,616
	Demutualization costs										(722	)
	Restructuring costs										(2,569	)
	Other income from non-insurance operations										2,272

Income before interest and income tax (expense)											46,752
Interest (expense)											(6,414	)
Income tax (expense)											(13,848	)

	Net income									$	26,490


			Protection		Accumulation					Total
			Products		Products		All Other			Consolidated

Revenues:
	Insurance premiums		$	219,313	$	3,724	$	980		$	224,017
	Product charges			104,912		31,256		—			136,168
	Net investment income			240,863		504,212		6,023			751,098
	Realized gains (losses) on closed block investments			11,259		—		—			11,259
	Other income			3,083		45,962		700			49,745

				579,430		585,154		7,703			1,172,287
Benefits and expenses:
	Policyowner benefits			278,909		363,390		(814	)		641,485
	Underwriting, acquisition, and other expenses			59,224		52,251		11,224			122,699
	Amortization of DAC and VOBA, net of open block gain/loss adjustment of $12,800			59,421		75,534		—			134,955
	Dividends to policyowners			86,330		—		—			86,330

				483,884		491,175		10,410			985,469

Adjusted pre-tax operating income			$	95,546	$	93,979	$	(2,707	)		186,818

	Realized gains (losses) on open block investments										30,307
	Unrealized gains (losses) on open block options and trading investments										33,799
	Change in option value of equity-indexed products and market value adjustments on total return strategy annuities										(22,527	)
	Cash flow hedge amortization										(3,241	)
	Amortization of DAC and VOBA due to open block gains and losses										(12,800	)
	Non-recurring reinsurance adjustments										3,854
	Restructuring costs										(17,415	)
	Other income from non-insurance operations										3,328

	Income before interest and income tax (expense)										202,123
	Interest (expense)										(22,238	)
	Income tax (expense)										(59,545	)

		Net income								$	120,340


			Protection			Accumulation					Total
			Products			Products		All Other			Consolidated

Revenues:
	Insurance premiums		$	256,430		$	5,767	$	1,065		$	263,262
	Product charges			79,826			31,284		—			111,110
	Net investment income			248,044			496,286		4,069			748,399
	Realized gains (losses) on closed block investments			(1,880	)		—		—			(1,880	)
	Other income			3,013			44,962		2,325			50,300

				585,433			578,299		7,459			1,171,191
Benefits and expenses:
	Policyowner benefits			310,910			369,461		1,728			682,099
	Underwriting, acquisition, and other expenses			63,003			48,810		10,463			122,276
	Amortization of DAC and VOBA, net of open block gain/loss adjustment of $9,902			44,126			69,228		—			113,354
	Dividends to policyowners			72,000			—		—			72,000

				490,039			487,499		12,191			989,729

Adjusted pre-tax operating income			$	95,394		$	90,800	$	(4,732	)		181,462

	Realized gains (losses) on open block investments											(56,139	)
	Unrealized gains (losses) on open block options and trading investments											(64,555	)
	Change in option value of equity-indexed products and market value adjustments on total return strategy annuities											41,110
	Cash flow hedge amortization											(2,659	)
	Amortization of DAC and VOBA due to open block gains and losses											9,902
	Demutualization costs											(1,186	)
	Restructuring costs											(10,780	)
	Other income from non-insurance operations											3,268

Income before interest and income tax (expense)												100,423
Interest (expense)												(18,778	)
Income tax (expense)												(25,978	)

		Net income									$	55,667


			September 30,		December 31,
ASSETS:			2003		2002

Investments:
	Securities available-for-sale at fair value:
		Fixed maturity securities	$	14,218,810	$	13,328,902
		Equity securities		71,475		63,345
		Short-term investments		23,308		32,318
	Securities held for trading purposes:
		Fixed maturity securities		1,840,758		1,843,868
		Equity securities		537		—
Mortgage loans				939,975		883,034
Real estate				33		476
Policy loans				491,512		496,753
Other investments				389,756		283,794

		Total investments		17,976,164		16,932,490
Cash and cash equivalents				681,607		102,612
Accrued investment income				198,515		185,660
Premiums, fees and other receivables				40,886		13,082
Reinsurance receivables				663,020		865,930
Deferred policy acquisition costs				1,001,877		884,239
Value of business acquired				428,459		454,159
Goodwill				224,075		218,995
Property and equipment				49,016		74,188
Other assets				332,818		326,397
Separate account assets				243,464		235,913

Total Assets			$	21,839,901	$	20,293,665


			September 30,			December 31,
			2003			2002

LIABILITIES:
Policyowner reserves and policyowner funds:
	Future life and annuity policy benefits		$	16,723,784		$	16,244,016
	Policyowner funds			1,537,345			1,335,144

		Sub-total		18,261,129			17,579,160
Accrued expenses and other liabilities				869,770			283,836
Dividends payable to policyowners				353,828			303,062
Policy and contract claims				32,731			39,569
Income taxes payable				54,813			61,325
Deferred income taxes				59,712			16,499
Notes payable:
	Bank debt			10,000			113,000
	Senior notes			125,000			125,000
	PRIDES			143,750			—
	OCEANs			187,350			186,233
	Surplus note			25,000			25,000
	AmerUs Capital I			48,095			48,095
	AmerUs Capital II			—			154
	Other borrowings			13,475			13,871
Separate account liabilities				243,464			235,913

		Total Liabilities		20,428,117			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; 43,816,580 shares issued and 39,171,878 shares outstanding in 2003; 43,656,280 shares issued and 39,011,578 shares outstanding in 2002				43,817			43,656
Additional paid-in capital				1,183,541			1,179,646
Accumulated other comprehensive income (loss)				114,197			88,522
Unearned compensation				(1,730	)		(458	)
Unallocated ESOP shares				(1,406	)		(1,443	)
Retained earnings				229,857			109,517
Treasury stock, at cost (4,644,702 shares in 2003 and 2002)				(156,492	)		(156,492	)

		Total Stockholders’ Equity		1,411,784			1,262,948

Total Liabilities and Stockholders’ Equity			$	21,839,901		$	20,293,665


			With		FAS 115 and 133			Without
			FAS 115 and 133		Adjustment			FAS 115 and 133 (1)

ASSETS:
Investments:
	Securities available-for-sale at fair value:
		Fixed maturity securities	$	14,218,810	$	(586,092	)	$	13,632,718
		Equity securities		71,475		(2,247	)		69,228
		Short-term investments		23,308		(37	)		23,271
	Securities held for trading purposes:
		Fixed maturity securities		1,840,758		—			1,840,758
		Equity securities		537		—			537
Mortgage loans				939,975		—			939,975
Real estate				33		—			33
Policy loans				491,512		—			491,512
Other investments				389,756		(239	)		389,517

		Total invested assets		17,976,164		(588,615	)		17,387,549
Cash and cash equivalents				681,607		—			681,607
Accrued investment income				198,515		—			198,515
Premiums, fees and other receivables				40,886		—			40,886
Reinsurance receivables				663,020		—			663,020
Deferred policy acquisition costs				1,001,877		184,913			1,186,790
Value of business acquired				428,459		93,438			521,897
Goodwill				224,075		—			224,075
Property and equipment				49,016		—			49,016
Deferred income taxes				—		1,329			1,329
Other assets				332,818		—			332,818
Separate account assets				243,464		—			243,464

Total Assets			$	21,839,901	$	(308,935	)	$	21,530,966


		With			FAS 115 and 133			Without
		FAS 115 and 133			Adjustment			FAS 115 and 133 (1)

LIABILITIES:
Policyowner reserves and policyowner funds:
	Future life and annuity policy benefits	$	16,723,784		$	—		$	16,723,784
	Policyowner funds		1,537,345			840			1,538,185

			18,261,129			840			18,261,969
Accrued expenses and other liabilities			869,770			(5,475	)		864,295
Dividends payable to policyowners			353,828			(130,391	)		223,437
Policy and contract claims			32,731			—			32,731
Income taxes payable			54,813			—			54,813
Deferred income taxes			59,712			(59,712	)		—
Debt:
	Bank debt		10,000			—			10,000
	Senior notes		125,000			—			125,000
	PRIDES		143,750			—			143,750
	OCEANs		187,350			—			187,350
	Surplus note		25,000			—			25,000
	AmerUs Capital I		48,095			—			48,095
	Other borrowings		13,475			—			13,475
Separate Account liabilities			243,464			—			243,464

	Total Liabilities		20,428,117			(194,738	)		20,233,379
STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, none issued			—			—			—
Common Stock, no par value, 230,000,000 shares authorized; 43,816,580 shares issued and 39,171,878 shares outstanding in 2003; 43,656,280 shares issued and 39,011,578 shares outstanding in 2002			43,817			—			43,817
Additional paid-in capital			1,183,541			—			1,183,541
Accumulated other comprehensive income (loss)			114,197			(114,197	)		—
Unearned compensation			(1,730	)		—			(1,730	)
Unallocated ESOP shares			(1,406	)		—			(1,406	)
Retained earnings			229,857			—			229,857
Treasury stock, at cost (4,644,702 shares in 2003 and 2002)			(156,492	)		—			(156,492	)

	Total Stockholders’ Equity		1,411,784			(114,197	)		1,297,587

Total Liabilities and Stockholders’ Equity		$	21,839,901		$	(308,935	)	$	21,530,966


			2003		2002		% Change

Protection Products Repetitive Premiums (1):
Whole Life			$	584	$	3,728		(84.3	%)
Interest-Sensitive Whole Life				16,602		24,913		(33.4	%)
Term Life				10,761		12,761		(15.7	%)
Universal Life				23,931		24,639		(2.9	%)
Equity-Indexed Life				36,676		30,037		22.1	%

	Sub-total			88,554		96,078		(7.8	%)
Term Life from Private Label Sales (2)				4,181		6,715		(37.7	%)

	Total Repetitive Premiums		$	92,735	$	102,793		(9.8	%)

Accumulation Deposits (1):
Annuity Premiums:
	Deferred fixed Annuity:
		Traditional Annuity	$	347,828	$	782,248		(55.5	%)
		Equity-Indexed Annuity		993,075		487,828		103.6	%
	Variable Annuity			2,570		6,042		(57.5	%)
Funding Agreements				—		750,000		(100.0	%)

Total Accumulation Deposits			$	1,343,473	$	2,026,118		(33.7	%)


		2003		2002		% Change

Protection Products Repetitive Premiums (1):
Preferred Producer (Career)		$	18,743	$	17,808		5.3	%
Personal producing general agent (PPGA)			43,398		46,657		(7.0	%)
Bank Distribution			82		465		(82.4	%)
Independent Agent Force (2)			26,331		31,148		(15.5	%)

	Total Repetitive Premium		88,554		96,078		(7.8	%)
Private Label Distribution (3)			4,181		6,715		(37.7	%)

	Total Repetitive Premiums	$	92,735	$	102,793		(9.8	%)

Accumulation Deposits (1):
Preferred Producer (Career)		$	125,754	$	92,873		35.4	%
Personal Producing General Agent (PPGA)			27,621		20,668		33.6	%
Bank Distribution			24,235		50,700		(52.2	%)
Independent Agent Force (2)			1,165,863		1,111,877		4.9	%
Funding Agreements			—		750,000		(100.0	%)

	Total Accumulation Deposits	$	1,343,473	$	2,026,118		(33.7	%)


	Fixed		Equity-Indexed
	Annuities		Annuities
	Account Value		Account Value

FIXED DEFERRED ANNUITY SURRENDER CHARGE PERCENTAGES:
Accrual Adjustment	$	—	$	116,258
Market Value Adjustment		192,062		266,503
No surrender charge		1,492,779		45,174
1 percent		100,275		7,593
2 percent		191,696		26,927
3 percent		154,682		45,409
4 percent		275,005		115,454
5 percent		487,111		544,213
6 percent		1,012,192		537,485
7 percent		518,522		199,125
8 percent		511,383		220,000
9 percent		552,425		240,652
10 percent or greater		1,577,843		1,707,908

Total	$	7,065,975	$	4,072,701

FIXED ANNUITY-INTEREST GUARANTEE PERIOD:
Monthly guarantee	$	235,475	$	—
Quarterly		—		—
1 Year		5,503,796		—
Multi-year		1,276,244		—
Bailout		50,460		—
Cumulative floor (1)		—		4,072,701

Total	$	7,065,975	$	4,072,701

FIXED ANNUITY-ULTIMATE MINIMUM GUARANTEE RATE:
2 percent	$	80,185	$	—
3 percent		3,262,862		—
3.25 percent		586,996		—
3.50 percent		787,116		—
4 percent		2,289,690		—
4.5 percent		30,688		—
5 percent		27,807		—
Greater than 5 percent		631		—
Cumulative floor (1)		—		4,072,701

Total	$	7,065,975	$	4,072,701

CREDITED RATE VS. MINIMUM GUARANTEED RATE DIFFERENTIAL (2) (3):
No Differential	$	3,575,099	$	—
0.0% - 0.5%		908,884		—
0.5% - 1.0%		434,151		—
1.0% - 1.5%		534,660		—
1.5% - 2.0%		180,891		—
2.0% - 2.5%		238,050		—
2.5% - 3.0%		163,116		—
Greater Than 3.0%		1,031,124		—
Cumulative floor (1)		—		4,072,701

Total	$	7,065,975	$	4,072,701


			September 30, 2003				September 30, 2002
Portfolio Composition:			Amortized Cost		Market Value		Amortized Cost		Market Value

	Cash and cash equivalents		$	681,607	$	681,607	$	98,771	$	98,771
	Securities available-for-sale:
		Investment grade bonds		12,622,644		13,182,735		11,224,846		11,812,369
		Non-investment grade bonds		1,010,102		1,036,075		1,150,722		996,959
		Equity securities		69,228		71,475		60,207		61,052
		Short-term investments		23,243		23,308		23,642		23,714
	Securities held for trading:
		Investment grade bonds		1,718,960		1,718,960		1,757,514		1,757,514
		Non-investment grade bonds		121,798		121,798		99,810		99,810
		Equity securities		537		537		—		—
		Short-term investments		—		—		8,139		8,139
	Loans			939,975		939,975		920,035		920,035
	Real estate			33		33		1,257		1,257
	Policy loans			491,512		491,512		496,614		496,614
	Other invested assets			389,002		389,756		245,099		246,095

		Total	$	18,068,641	$	18,657,771	$	16,086,656	$	16,522,329


	September 30, 2003				September 30, 2002
Fixed Maturity Securities by Category:		Market Value	% of Total			Market Value	% of Total

Government	$	1,186,822	7.5	%	$	1,389,973	9.5	%
Corporate		11,066,727	68.9	%		9,500,489	64.8	%
Mortgage-Backed (MBS)		2,337,603	14.6	%		2,192,586	14.9	%
Commercial Mortgage-Backed (CMBS)		726,192	4.5	%		629,809	4.3	%
Asset-Backed (ABS)		585,231	3.6	%		818,596	5.6	%
Redeemable Preferred Stock		156,993	0.9	%		135,199	0.9	%

	$	16,059,568	100.0	%	$	14,666,652	100.0	%

Private Placements (included above)		1,247,142	7.8	%		1,584,521	10.8	%


		September 30, 2003					September 30, 2002
Fixed Maturity Securities by Quality:		Market Value		% of Rated			Market Value		% of Rated

AAA			4,779,943		29.8	%		5,096,907		34.8	%
AA			985,760		6.1	%		1,048,775		7.1	%
A			4,542,361		28.3	%		3,442,705		23.5	%
BBB			4,030,398		25.1	%		3,464,534		23.6	%
BB			620,889		3.9	%		594,138		4.0	%
B and below			336,528		2.1	%		320,039		2.2	%

	Sub-total		15,295,879		95.3	%		13,967,098		95.2	%
Not Rated by S&P (average “A” by others)			763,689		4.7	%		699,554		4.8	%

	Total	$	16,059,568		100.0	%	$	14,666,652		100.0	%


		September 30, 2003					September 30, 2002
Fixed Maturity Securities by Industry Sector:		Market Value		% of Total			Market Value		% of Total

Basic Industry			723,503		4.5	%		496,737		3.4	%
Capital Goods			733,253		4.6	%		633,446		4.3	%
Communications			1,032,969		6.4	%		860,399		5.9	%
Consumer Cyclical			891,390		5.6	%		853,511		5.8	%
Consumer Non Cyclical			1,600,779		10.0	%		1,338,459		9.1	%
Energy			1,004,015		6.3	%		903,857		6.2	%
Technology			236,171		1.5	%		210,805		1.5	%
Transportation			458,002		2.9	%		459,648		3.1	%
Industrial Other			157,898		1.0	%		101,668		0.7	%
Utilities			1,564,245		9.7	%		1,263,197		8.6	%
Financial Institutions			2,522,355		15.7	%		1,922,579		13.1	%

	Sub-total		10,924,580		68.0	%		9,044,306		61.7	%
Other (1)			5,134,988		32.0	%		5,622,346		38.3	%

	Total	$	16,059,568		100.0	%	$	14,666,652		100.0	%


		September 30, 2003				September 30, 2002
Mortgage Backed Securities:		Amortized Cost		Market Value		Amortized Cost		Market Value

Planned Amortization Class (PACs)			551,140		563,611		565,105		588,836
Targeted Amortization Class (TACs)			151		153		1,684		1,712
Sequential Pay			162,059		163,049		218,790		226,137
Subordinated			3,374		3,382		19,245		19,886
Adjustable Rate Mortgages (ARMs)			24,794		25,295		14,283		14,245
Pass-thru			1,551,213		1,569,766		1,279,770		1,322,364
Z bonds			12,426		12,347		19,402		19,406

	Total	$	2,305,157	$	2,337,603	$	2,118,279	$	2,192,586


		September 30,		December 31,
		2003		2002

LIABILITIES:
Future life and annuity policy benefits		$	2,837,215	$	2,840,041
Policyowner funds			9,083		4,400
Accrued expenses and other liabilities			43,500		44,295
Dividends payable to policyowners			172,917		147,177
Policy and contract claims			9,679		10,390
Policyowner dividend obligation			167,963		118,623

	Total Liabilities		3,240,357		3,164,926

ASSETS:
Securities available-for-sale at fair value:
	Fixed maturity securities		2,043,771		1,970,659
Loans			83,563		90,872
Policy loans			346,029		354,784
Other investments			8,356		1,047
Cash and cash equivalents			2,494		6,178
Accrued investment income			32,937		30,726
Premiums, fees and other receivables			33,329		16,999
Other assets			26,448		23,917

	Total Assets		2,576,927		2,495,182

Maximum future earnings to be recognized from assets and liabilities of the Closed Blocks		$	663,430	$	669,744


	For The Three Months Ended						For the Nine Months Ended
	September 30,						September 30,

	2003			2002			2003			2002

REVENUES AND EXPENSES:
Insurance premiums	$	43,037		$	61,547		$	160,853		$	195,657
Product charges		1,560			3,500			7,784			6,941
Net investment income		37,350			40,315			114,666			117,292
Realized gains (losses) on investments		3,915			(1,126	)		11,259			(1,880	)
Policyowner benefits		(55,427	)		(70,101	)		(183,946	)		(214,850	)
Underwriting, acquisition and other expenses		(744	)		(968	)		(2,991	)		(3,704	)
Dividends to policyowners		(19,962	)		(22,132	)		(77,611	)		(65,437	)

Contribution from the Closed Block before income taxes	$	9,729		$	11,035		$	30,014		$	34,019


				September 30,		December 31,
				2003		2002

LIFE INSURANCE IN FORCE (FACE AMOUNT) (1):
	Traditional Life			$	57,349,000	$	56,883,000
	Universal Life				20,257,000		19,095,000
	Equity-Indexed Life				6,471,000		4,574,000

		Total Life Insurance In Force		$	84,077,000	$	80,552,000

RESERVES (GAAP) (including Closed Block):
	Traditional Life			$	3,138,470	$	3,236,223
	Universal Life				1,741,444		1,425,746
	Equity-Indexed Life				198,930		126,821

		Total Life Insurance Reserves			5,078,844		4,788,790
	Deferred Fixed Annuity				7,338,456		7,579,869
	Equity-Indexed Annuity				4,197,476		3,724,598

		Total Annuity Reserves			11,535,932		11,304,467
			Total Reserves	$	16,614,776	$	16,093,257

NUMBER OF PRODUCERS:
	Career Agents (including managing general agents)				1,210		1,247
	Personal Producing General Agents				4,913		4,796
	Independent Agents				32,936		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		59,331		60,170

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.


	For the Nine Months Ended
	September 30,

	2003			2002

Corporate federal income tax rate		35.00	%		35.00	%
Net benefit of tax credits		(0.08	%)		(0.17	%)
Demutualization costs		—			0.60	%
Dividend received deduction		(0.70	%)		(0.62	%)
Non-deductible meals, entertainment & dues		0.44	%		0.50	%
Tax exempt income		(2.11	%)		(4.53	%)
State taxes on non-life operations		0.57	%		0.97	%
Other items, net		(0.02	%)		0.07	%

Effective tax rate		33.10	%		31.82	%

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”.

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

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.


Investment Portfolio Data (1):	September 30, 2003		September 30, 2002

Average NAIC Rating		1.47		1.50
Average Maturity		7.18		6.89
Effective Duration		5.18		4.55
GAAP Effective Book Yield — Fixed Income		5.45		6.35


Mortgage Loans:	September 30, 2003			September 30, 2002

Carrying Value		939,975			920,035
Percent of Total Invested Assets (Market)		5.04	%		5.57	%
Problem Loans		6,073			5,233
Percent of Mortgage Loans (Market)		0.65	%		0.57	%
Restructured Loans		2,063			3,530
Percentage of Mortgage Loans (Market)		0.22	%		0.38	%


		September 30, 2003						September 30, 2002

High Yield Securities (at Market Value):		% of Asset Class			% of Rated Portfolio			% of Asset Class			% of Rated Portfolio

NAIC 3			62.68	%		4.52	%		61.81	%		4.62	%
NAIC 4			28.55	%		2.06	%		31.57	%		2.36	%
NAIC 5			4.83	%		0.35	%		5.35	%		0.40	%
NAIC 6			3.94	%		0.28	%		1.27	%		0.09	%

	Total		100.00	%		7.21	%		100.00	%		7.47	%


			September 30,			September 30,
			2003			2002

LIFE INSURANCE LAPSE RATE — LTM				6.2	%		7.5	%
ANNUITY WITHDRAWAL RATES — LTM
	With Internal Replacements			9.3	%		11.6	%
	Without Internal Replacements			8.8	%		11.1	%
FIXED ANNUITY SPREADS (GAAP) YTD:
	Portfolio Rate			5.96	%		6.71	%
	Credit Rate			4.12	%		4.66	%

		Spread		1.84	%		2.05	%


DAC/VOBA ROLLFORWARD:	DAC			VOBA

Beginning Balance — December 31, 2002	$	884,239		$	454,159
Capitalization		294,688			6,381
Amortization		(91,343	)		(56,412	)
FAS 115 Adjustment		(85,707	)		24,331

Ending Balance — September 30, 2003	$	1,001,877		$	428,459

(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.

(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.

(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 275 basis points.


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


						Dividend
		High		Low		Declared

2003
	First Quarter	$	30.70	$	22.94	$	0.00
	Second Quarter	$	28.41	$	24.44	$	0.00
	Third Quarter	$	35.89	$	27.70	$	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 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