AMERUS GROUP CO.
EXHIBIT 12 — STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO FIXED CHARGES

	Years Ended December 31,
	2003		2002			2001		2000		1999
	($ in thousands, except ratio data)
Earnings
Pre-tax from continuing operations	$	239,238	$	89,157		$	119,377	$	115,737	$	101,113
Less: Minority interest		—		—			—		21,677		28,107
Less: Income (loss) from equity investees		12,563		(3,993	)		5,072		3,481		(603	)
Add: Distributed income from equity investees		1,521		2,591			7,730		4,449		1,804
		228,196		95,741			122,035		95,028		75,413
Fixed charges		570,646		492,093			371,667		344,363		356,617
Total Earnings	$	798,842	$	587,834		$	493,702	$	439,391	$	432,030
Fixed Charges
Interest credited to policyowners	$	538,622	$	464,022		$	341,575	$	312,008	$	352,941
Interest expense on debt		30,154		25,487			26,011		29,723		28,983
Amortization of debt issuance costs		1,137		985			3,155		1,833		1,538
Estimate of interest within rental expense		733		1,599			926		799		155
Total Fixed Charges	$	570,646	$	492,093		$	371,667	$	344,363	$	356,617
Ratio of Earnings to Fixed Charges		1.40		1.19			1.33		1.28		1.21