Exhibit 99.2 Press Release

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

AmerUs Group Reports Fourth Quarter Net Income of
$40.8 million; 2003 Record Net Income of $161.1 million

     DES MOINES, Iowa (February 10, 2004)—AmerUs Group Co. (NYSE: AMH), a leading producer of life insurance and annuity products, today reported fourth quarter 2003 net income of $40.8 million, or $1.02 per diluted share, a significant increase over last year’s reported results of $7.2 million, or $0.18 per diluted share. Net income for 2003 was $161.1 million, or $4.07 per diluted share, compared with $62.9 million, or $1.56 per diluted share reported in 2002.

     Adjusted net operating income for the fourth quarter of 2003 was $38.4 million, or $0.96 per diluted share, compared with $36.1 million, or $0.92 per diluted share a year ago.⁽¹⁾ Adjusted net operating income for the year was $148.9 million, or $3.76 per diluted share compared to $144.5 million or $3.58 per diluted share in 2002. Commenting on the company’s results, chairman and chief executive officer Roger K. Brooks said, “2003 was a great year for us. I’m particularly pleased with our record net income, our strong capital base, the proven quality of our investment portfolio and the market’s receptivity to our new products.”

Accumulation Product Results and Sales ⁽²⁾

     Pre-tax operating income for the accumulation segment increased nearly 24 percent to $36.9 million during the fourth quarter of 2003 compared to $29.9 million a year ago. The increase was due to higher margins on the growing block of equity-index annuities and lower expenses. 2003 pre-tax operating income increased 8 percent to $130.9 million compared to $120.7 million for 2002.

     Sales of fixed annuity products for the quarter were $414 million, compared to $514 million in the fourth quarter of last year. Fixed annuity sales in 2003 were $1.8 billion, in line with prior year results. Equity-index annuities, the company’s most profitable annuity product comprised 75 percent of 2003 sales.

Protection Product Results and Sales ⁽²⁾

     Pre-tax operating income for the protection segment was $32.7 million compared to $34.3 million during the fourth quarter of 2002. The decrease in earnings was due to lower margins on the closed block as the planned glide path earnings decreased and to lower net investment income. In 2003, pre-tax operating income was $128.3 million compared to $129.7 million for 2002.

     Fourth quarter fixed life sales were $30.1 million, compared to $33.6 million in the fourth quarter of 2002. 2003 fixed life sales were $118.6 million, compared to $129.7 million in 2002. “Sales of our protection products rebounded nicely in the fourth quarter with an increase of 13 percent over the third quarter,” said Brooks.

     Equity-index life sales, AmerUs Group’s most profitable protection product, amounted to 44 percent of total sales, or $51.6 million in 2003, an increase of 13 percent over 2002.

Net Investment Income

     Net investment income was $251 million in the fourth quarter of 2003 compared to $253 million in the fourth quarter of 2002. The decrease was a result of the low interest rate environment. The portfolio yield during the fourth quarter of 2003 was 5.72 percent, compared to 6.19 percent in the fourth quarter of 2002. Annual portfolio yields were 5.84 percent, compared to 6.38 percent in 2002.

Corporate Actions

     During the quarter, the company paid its annual dividend of $0.40 per share on December 15, 2003 to shareholders of record on November 28, 2003.

     Additionally, the company will hold its annual investor conference in New York City on February 25, 2004 at the Inter-Continental The Barclay New York, 111 East 48th Street (at Lexington Avenue). Investors and other interested parties who wish to attend should contact the company’s investor relations department at (515) 362-3695.

     AmerUs Group will hold its annual meeting of shareholders at its corporate headquarters on May 13, 2004, at 2 p.m. CDT. Individual interested in attending the meeting should contact the company’s corporate secretary’s office at (515) 362-3695.

Conference Call, Audio Replay and Additional Financial Information

     Interested parties may listen to a conference call with AmerUs Group’s management discussing fourth quarter 2003 results by calling (toll free) 888-810-4235 (international 706-679-5686) at 11 a.m. EST on Wednesday, February 11, 2004. An audio replay of AmerUs Group’s call will be available at 1 p.m. EST, February 11, 2004, through February 18, 2004. The replay can be accessed by dialing 800-839-0860 (international: 402-220-1490), Conference ID 1005.

     Further detailed financial information, including operating segment income, investment composition, operating expenses, margin analysis 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 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 December 31, 2003, AmerUs Group’s total assets were $21.5 billion and shareholders’ equity totaled $1.4 billion, including accumulated other comprehensive income.

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(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, demutualization and restructuring costs, non-recurring reinsurance adjustments, the impact of SFAS 133, discontinued operations and the cumulative effect of change in accounting. 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.

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, demutualization and restructuring costs, reinsurance adjustments, the impact of SFAS 133, discontinued operations and the cumulative effect of change in accounting. 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 Year Ended
	December 31,						December 31,
	2003			2002			2003			2002
Net Income	$	40,811		$	7,199		$	161,147		$	62,866
Realized (gains) losses on open block investments (A)		(1,221	)		29,986			(20,941	)		66,386
Net amortization of DAC and VOBA due to open block gains or losses (B)		(499	)		(3,994	)		5,989			(10,869	)
Net effect of accounting differences from SFAS 133 (C)		(5,165	)		(2,769	)		(8,553	)		14,638
Demutualization costs (D)		—			—			—			1,186
Restructuring costs (E)		3,767			6,581			14,989			13,225
Other income from non-insurance operations (F)		(312	)		(336	)		(742	)		(814	)
Reinsurance adjustments (G)		—			—			(2,505	)		—
Income from discontinued operations (H)		(247	)		(617	)		(1,815	)		(2,084	)
Cumulative effect of change in accounting (I)		1,296			—			1,296			—
Adjusted Net Operating Income	$	38,430		$	36,050		$	148,865		$	144,534
Adjusted Net Operating Income per common share:
Basic	$	0.98		$	0.93		$	3.80		$	3.62
Diluted	$	0.96		$	0.92		$	3.76		$	3.58
Weighted average common shares outstanding:
Basic		39,268,068			38,919,178			39,175,924			39,972,328
Diluted		40,133,053			39,168,989			39,618,217			40,398,378

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 deferred acquisition costs (DAC) and value of business acquired (VOBA) on the open block realized gains and losses that are included in our product margins.
(C)	Represents the net effect of SFAS 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, impairment loss on the Indianapolis Life office building of $5.0 million in the second quarter of 2003, systems conversion, and merger related expenses.
(F)	Represents the net income from our 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.
(H)	Represents the net income from our discontinued operations.
(I)	Represents the cumulative effect of change in accounting for derivatives, net of income taxes, as of October 1, 2003, resulting from the Company’s adoption of DIG Issue B36. DIG Issue B36 is effective the first day of the fiscal quarter beginning after September 15, 2003.

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

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
	2003			2002			2003			2002
Revenues:
Insurance premiums	$	71,593		$	88,040		$	297,188		$	351,300
Product charges		45,186			33,383			181,354			144,494
Net investment income		250,816			252,858			1,001,914			1,001,257
Realized gains (losses) on investments		(44	)		(46,691	)		41,522			(104,710	)
Unrealized gains (losses) on investments		55,970			19,346			89,769			(45,209	)
Other income		17,838			17,389			68,298			68,513
		441,359			364,325			1,680,045			1,415,645
Benefits and expenses:
Policyowner benefits		267,011			228,243			940,158			871,892
Underwriting, acquisition and other expenses		40,935			39,991			155,468			162,267
Demutualization costs		—			—			—			1,186
Restructuring costs		5,879			10,445			23,294			21,225
Amortization of deferred policy acquisition costs and value of business acquired		45,585			36,114			193,340			139,565
Dividends to policyowners		12,063			32,866			98,393			104,866
		371,473			347,659			1,410,653			1,301,001
Income from continuing operations		69,886			16,666			269,392			114,644
Interest expense		7,917			6,709			30,154			25,487
Income before income tax expense		61,969			9,957			239,238			89,157
Income tax expense		20,109			3,375			78,610			28,375
Net income from continuing operations		41,860			6,582			160,628			60,782
Income from discontinued operations, net of tax		247			617			1,815			2,084
Net income before cumulative effect of change in accounting		42,107			7,199			162,443			62,866
Cumulative effect of change in accounting, net of tax		(1,296	)		—			(1,296	)		—
Net income	$	40,811		$	7,199		$	161,147		$	62,866
Net income from continuing operations per common share:
Basic	$	1.07		$	0.17		$	4.10		$	1.52
Diluted	$	1.04		$	0.17		$	4.05		$	1.50
Net income per common share:
Basic	$	1.04		$	0.18		$	4.11		$	1.57
Diluted	$	1.02		$	0.18		$	4.07		$	1.56
Weighted average common shares outstanding:
Basic		39,268,068			38,919,178			39,175,924			39,972,328
Diluted		40,133,053			39,168,989			39,618,217			40,398,378

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

	December 31,
	2003		2002
Assets
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	13,944,961	$	13,328,902
Equity securities		74,890		63,345
Short-term investments		28,556		32,318
Securities held for trading purposes:
Fixed maturity securities		2,089,502		1,843,868
Equity securities		1,652		—
Short-term investments		591		—
Mortgage loans		968,572		883,034
Real estate		33		476
Policy loans		494,646		496,753
Other investments		339,436		283,794
Total investments		17,942,839		16,932,490
Cash and cash equivalents		274,150		102,612
Accrued investment income		205,492		185,660
Premiums, fees and other receivables		42,761		13,082
Reinsurance receivables		663,452		865,930
Deferred policy acquisition costs		1,120,130		884,239
Value of business acquired		419,582		454,159
Goodwill		224,075		218,995
Property and equipment		48,849		74,188
Other assets		311,331		296,994
Separate account assets		261,657		235,913
Assets of discontinued operations		27,950		29,403
Total assets	$	21,542,268	$	20,293,665

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

	December 31,
	2003			2002
Liabilities and Stockholders’ Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits	$	16,994,255		$	16,244,016
Policyowner funds		1,306,160			1,335,144
		18,300,415			17,579,160
Accrued expenses and other liabilities		438,622			261,147
Dividends payable to policyowners		321,233			303,062
Policy and contract claims		58,880			39,569
Income taxes payable		65,202			61,325
Deferred income taxes		67,680			16,499
Notes payable		596,101			511,353
Separate account liabilities		261,657			235,913
Liabilities of discontinued operations		19,421			22,689
Total liabilities		20,129,211			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; 43,839,304 shares issued and 39,194,602 shares outstanding in 2003; 43,656,280 shares issued and 39,011,578 shares outstanding in 2002		43,839			43,656
Additional paid-in capital		1,184,300			1,179,646
Accumulated other comprehensive income		87,765			88,522
Unearned compensation		(1,361	)		(458	)
Unallocated ESOP shares		—			(1,443	)
Retained earnings		255,006			109,517
Treasury stock, at cost (4,644,702 shares in 2003 and 2002)		(156,492	)		(156,492	)
Total stockholders’ equity		1,413,057			1,262,948
Total liabilities and stockholders’ equity	$	21,542,268		$	20,293,665

AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Years Ended December 31, 2003, 2002 and 2001
($ 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, 2000	$	30,011	$	809,894		$	(17,188	)	$	(146	)	$	(683	)	$	6,067		$	—		$	827,955
2001:
Net income		—		—			—			—			—			72,907			—			72,907
Change in accounting for derivatives		—		—			2,661			—			—			—			—			2,661
Transfer related to unrealized loss on available-for-sale securities reclassified to trading		—		—			(430	)		—			—			—			—			(430	)
Net unrealized gain on securities		—		—			35,891			—			—			—			—			35,891
Net unrealized loss on derivatives designated as cash flow hedges		—		—			(5,933	)		—			—			—			—			(5,933	)
Stock issued under various incentive plans, net of forfeitures		206		5,861			—			(581	)		—			—			108			5,594
Stock issued under exercise of warrants		—		(1,383	)		—			—			—			—			4,468			3,085
Dividends declared on common stock		—		—			—			—			—			(16,787	)		—			(16,787	)
Purchase of treasury stock		—		—			—			—			—			—			(44,985	)		(44,985	)
Acquisition of IL Holdings		9,047		223,358			—			—			—			—			—			232,405
Conversion of company-obligated mandatorily redeemable preferred capital securities		4,242		139,478			—			—			—			—			(16,173	)		127,547
Allocation of shares in leveraged ESOP		—		480			—			—			459			—			—			939
Minimum pension liability adjustment		—		—			(2,332	)		—			—			—			—			(2,332	)
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 ESOP shares and treasury stock		—		—			—			—			(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		—		—			—			—			—			161,147			—			161,147
Net unrealized gain on securities		—		—			1,971			—			—			—			—			1,971
Net unrealized gain on derivatives designated as cash flow hedges		—		—			2,476			—			—			—			—			2,476
Change in accounting transfer of unrealized gain on available-for-sale securities to trading		—		—			(5,204	)		—			—			—			—			(5,204	)
Stock issued under various incentive plans, net of forfeitures		183		11,780			—			(903	)		—			—			—			11,060
PRIDES purchase contract adjustment and allocated fees and expenses		—		(7,280	)		—			—			—			—			—			(7,280	)
Dividends declared on common stock		—		—			—			—			—			(15,658	)		—			(15,658	)
Allocation of shares in leveraged ESOP		—		154			—			—			1,443			—			—			1,597
Balance at December 31, 2003	$	43,839	$	1,184,300		$	87,765		$	(1,361	)	$	—		$	255,006		$	(156,492	)	$	1,413,057