8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported: February 2, 2005)

AMERUS GROUP CO.

(Exact Name of Registrant as Specified in its Charter)

IOWA	001-15166	42-1458424
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

699 WALNUT STREET DES MOINES, IOWA	50309-3948
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (515) 362-3600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Press Release

Supplemental Information

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Press Release and Supplemental Information

On February 2, 2005, AmerUs Group Co. (“the Company”) issued a press release reporting its financial results for the quarter and year ended December 31, 2004, which the Company is furnishing under this Item 2.02 as Exhibit 99.1, and posted on its website the supplemental information, which the Company is furnishing under this Item 2.02 as Exhibit 99.2.

In the press release, the Company reported, among other results, GAAP book value per share for 2004 of $41.28 and book value per share excluding accumulated other comprehensive income of $38.29.¹

Fourth Quarter 2004 Earnings Call

On February 3, 2005, the Company reported the following, among other results, during its fourth quarter 2004 earnings call.

The Company’s GAAP return on equity for 2004 was 12.7 percent and its operating return on equity was 11.9 percent for 2004.²

The Company reported that its unleveraged internal rate of return on new life business³ was 12.7 percent for 2004. The unleveraged internal rate of return on new annuity business was 12.6 percent for 2004.³

The Company reported that its new money rate during the fourth quarter was 5.36 percent.

In addition, the Company expects that its risk based capital level will be 345 to 350 percent for 2004, up from 318 percent in 2003. ³ The Company also expects statutory income to be approximately $170 million for 2004, compared to $60.1 million in 2003.³ Statutory adjusted capital increased from $986 million to approximately $1.2 billion in 2004.³

¹ See Exhibit 99.1 for a reconciliation of book value per share excluding accumulated other comprehensive income to GAAP book value per share. Management believes that excluding accumulated other comprehensive income assists investors in understanding the underlying performance of the Company by eliminating the effect of unrealized gains and losses on available for sale investment securities which fluctuate with market conditions.

² Management of the Company believes that calculating the Company’s operating return on equity in this manner assists investors in evaluating the performance of the Company. See the next section for a reconciliation of operating return on equity to GAAP return on equity.

³ Based on statutory financial measures in accordance with insurance regulations applicable to the Company’s insurance subsidiaries.

Reconciliation of Operating Return on Equity to GAAP Return on Equity

Reconciliation of Return on Equity on a
Non-GAAP Basis to GAAP Basis
($ in thousands)

For the Twelve Months Ended December 31, 2004

				Adjusted Net
				Operating
	Non-GAAP Basis			Income Items		GAAP Basis
Return:
Net income	$	168,568		$	24,074	$	192,642
				Accumulated Other
				Comprehensive
				Income Items
Average Equity:
Beginning balance	$	1,325,292		$	84,519	$	1,409,811
Ending balance		1,508,799			117,712		1,626,511
		2,834,091					3,036,322
Divide by 2 to average		/ 2					/ 2
Average	$	1,417,046				$	1,518,161
Return on Equity		11.9	%				12.7	%

ITEM 7.01. REGULATION FD DISCLOSURE

On February 3, 2005, the Company reported the following, among other matters, in its fourth quarter 2004 earnings call.

The Company projected that it expects accumulation product sales to exceed $500 million per quarter in 2005.

This Report on Form 8-K and the exhibits hereto contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to trends in operations and financial results and the business and the products of the Company and its subsidiaries, as well as other statements including words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such forward-looking statements are not guarantees of future performance. Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include, among others, the following possibilities (a) general economic conditions and other factors, including prevailing interest rate levels and stock market performance, which may affect the Company’s ability to sell products, the market value of investments and the lapse rate and profitability of policies; (b) the ability to achieve anticipated levels of operational efficiencies and cost-saving initiatives and to meet cash requirements based upon projected liquidity sources; ( c) customer response to new products, distribution channels and marketing initiatives; ( d) mortality, morbidity, and other factors which may affect the profitability of insurance products; ( e) the ability to develop and maintain effective risk management policies and procedures and to maintain adequate reserves for future policy benefits and claims; (f) changes in the federal income tax laws and regulations which may affect the relative tax advantages of some products; (g) increasing competition in the sale of insurance and annuities and the recruitment of sales representatives; (h) regulatory changes or actions, including those relating to regulation of insurance products and of insurance companies; (i) ratings and those of the Company’s subsidiaries by independent rating organizations which the Company believes are particularly important to the sale of products; (j) the performance of investment portfolios; (k) the impact of changes in standards of accounting for derivatives and business combinations, goodwill and other intangibles and purchase accounting adjustments; (l) the Company’s ability to integrate the business and operations of acquired entities; (m) expected life and annuity product margins; (n) the impact of anticipated investment transactions; and (o) unanticipated litigation or regulatory investigations.

There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect results of operations. You are cautioned not to place undue reliance on any forward-looking statements made by the Company or on its behalf. Forward-looking statements speak only as of the date the statement was made. The Company undertakes no obligation to update or revise any forward-looking statement.

ITEM 9.01 (c). EXHIBITS

99.1	Press Release dated February 2, 2005 (furnished pursuant to Item 2.02).
99.2	Supplemental Information (furnished pursuant to Item 2.02).

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERUS GROUP CO.
By:	/s/ Melinda Urion
	Melinda Urion
	Executive Vice President, Chief Financial Officer & Treasurer

Dated: February 3, 2005

EXHIBITS

Exhibit No.	Description
99.1	Press Release dated February 2, 2005 (furnished pursuant to Item 2.02).
99.2	Supplemental Information (furnished pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

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

AmerUs Group Reports Record Fourth Quarter Operating Income
of $67.9 million; 2004 Record Net Income of $192.6 million

     DES MOINES, Iowa (February 2, 2005)—AmerUs Group Co. (NYSE: AMH), a leading producer of life insurance and annuity products, today reported record fourth quarter and 2004 results. Highlights include:

•   Record net income of $67.9 million, or $1.62 per diluted share;

•   Record 2004 net income of $192.6 million, or $4.68 per diluted share

•   Record adjusted net operating income of $44.4 million ⁽¹⁾, or $1.06 per diluted share;

•   Record 2004 adjusted net operating income of $168.6 million ⁽¹⁾, or $4.10 per diluted share;

•   Book value of $38.29 ⁽²⁾, an increase of more than 13 percent over 2003;

•   Accumulation product sales increased 47 percent to $607 million ⁽³⁾;

•   Protection product sales increased to $30.4 million ⁽³⁾;

•   National leadership:

o   #1 national producer of equity indexed life insurance for the 14^th consecutive quarter

o   Ranked among the top five national producers of equity indexed annuity products for the 14^th consecutive quarter

     Commenting on the company’s results, chairman and chief executive officer Roger K. Brooks said, “2004 was an outstanding year for us. I’m particularly pleased with our record net income and operating income as well as the ongoing dramatic growth in product margin over the last two years. Our investors were rewarded by these results, as evidenced by the 30 percent increase in our stock price during 2004.”

Accumulation Product Results and Sales

     Pre-tax operating income for the accumulation segment increased more than 27 percent to $47.0 million during the fourth quarter of 2004 compared to $36.9 million a year ago. The increase was primarily due to higher margins on the growing block of equity indexed annuities. 2004 pre-tax operating income increased more than 25 percent to $163.9 million compared to $130.9 million for 2003.

     Sales of fixed annuity products for the quarter were $607 million, an all-time record high for the company, compared to $414 million in the fourth quarter of last year. Fixed annuity sales in 2004 were $1.84 billion compared to $1.75 billion in 2003. Equity indexed annuities, the company’s most profitable annuity product, comprised 83 percent of 2004 sales.

Protection Product Results and Sales

     Pre-tax operating income for the protection segment increased by more than 16 percent to $38.2 million compared to $32.7 million during the fourth quarter of 2003. The increase in earnings was primarily due to higher margins on the growing block of equity indexed and universal life insurance products.

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     In 2004, pre-tax operating income grew more than 9 percent to $140.2 million compared to $128.3 million for 2003.

     Fourth quarter fixed life sales were $30.4 million, compared to $30.1 million in the fourth quarter of 2003. 2004 fixed life sales were $124.1 million, compared to $118.6 million in 2003. “Our protection product sales during 2004 were our most profitable ever as we continue to shift our business mix toward equity indexed products,” said Brooks.

     Equity indexed life sales, AmerUs Group’s most profitable protection product, amounted to 60 percent of total sales, or $74.7 million in 2004, an increase of 45 percent over 2003.

Net Investment Income

     Net investment income was $267 million in the fourth quarter of 2004 compared to $251 million in the fourth quarter of 2003. The increase was a result of higher invested assets under management. The earned portfolio yield during 2004 was 5.74 percent, compared to 5.84 percent in 2003. The new money investment rate for 2004 was 5.50%.

2005 Operating Income Guidance

     On January 4, 2005, the company provided 2005 adjusted net operating income guidance of $4.45 to $4.57 per diluted share, an increase of 8.5 percent to 11.5 percent over 2004 operating income results of $4.10 per diluted share ⁽⁴⁾.

Corporate Actions

     During the quarter, the company paid its annual dividend of $0.40 per share on December 15, 2004 to shareholders of record on November 28, 2004.

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     Additionally, the company will hold its annual investor conference in New York City on February 22, 2005 at the Inter-Continental The Barclay New York, 111 East 48^th Street (at Lexington Avenue). Members of the investment community and other interested parties who wish to attend the conference 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 April 28, 2005, 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 2004 results by calling (toll free) 888-399-7388 (international 210-839-8855) at 10 a.m. EST on Thursday, February 3, 2005. The passcode for the call is ‘AmerUs’. An audio replay of AmerUs Group’s call will be available at 1 p.m. EST, February 3, 2005, through February 10, 2005. The replay can be accessed by dialing 800-925-4627 (international: 402-220-4183).

     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

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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 Form 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, 2004, AmerUs Group’s total assets were $23.2 billion and shareholders’ equity totaled $1.6 billion, including accumulated other comprehensive income.

- 30 -

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 income, as presented in this press release, excludes items such as: open block realized gains and losses, deferred policy acquisition costs associated with open block realized gains and losses,

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non-insurance operations, restructuring costs, the impact of SFAS 133, the release of income tax provisions, 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 basis comparable 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 Book value excluding accumulated other comprehensive income (AOCI) is a non-GAAP financial measure. A reconciliation to GAAP book value has been provided below:

			Accumulated Other
			Comprehensive
	Non-GAAP Basis		Income Items		GAAP Basis
Total stockholder’s equity	$	1,508,799	$	117,712	$	1,626,511
Number of shares of common stock outstanding		39,400,663				39,400,663
Book value per share	$	38.29			$	41.28

³ Sales for an insurance company are a performance measure. 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.

⁴ Adjusted net operating income per share is a non-GAAP financial measure. Due to the unpredictability of the timing and recognition of gains and losses, especially items such as credit impairments, trading gains and losses, FAS 133 adjustments as well as the unpredictable nature of certain other unusual or non-recurring items that management believes are not indicative of ongoing operational performance, guidance on GAAP net income cannot readily be estimated. Accordingly, the company is unable to provide guidance with respect to, or a reconciliation of guidance on, adjusted net operating income per share to GAAP net income per share.

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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/unrealized gains and losses; DAC and VOBA associated with the open block realized/unrealized gains and losses; non-insurance operations; restructuring costs; derivative related market value adjustments; reinsurance adjustments; the release of income tax provisions; 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,
	2004			2003			2004			2003
Net Income	$	67,875		$	40,811		$	192,642		$	161,147
Realized/unrealized (gains) losses on open block assets (A)		4,142			(1,221	)		24,076			(20,941	)
Net amortization of DAC and VOBA due to open block gains or losses (B)		(306	)		(499	)		375			5,989
Net effect of derivative related market value adjustments (C)		(12,333	)		(5,165	)		(7,472	)		(8,553	)
Restructuring costs (D)		—			3,767			—			14,989
Other (income) loss from non-insurance operations (E)		(215	)		(312	)		(897	)		(742	)
Reinsurance adjustments (F)		—			—			—			(2,505	)
Income tax items (G)		(14,798	)		—			(36,767	)		—
Income from discontinued operations (H)		—			(247	)		(3,899	)		(1,815	)
Cumulative effect of change in accounting (I)		—			1,296			510			1,296
Adjusted Net Operating Income	$	44,365		$	38,430		$	168,568		$	148,865
Adjusted Net Operating Income per common share:
Basic	$	1.13		$	0.98		$	4.29		$	3.80
Diluted	$	1.06		$	0.96		$	4.10		$	3.76
Weighted average common shares outstanding:
Basic		39,390,532			39,268,068			39,334,798			39,175,924
Diluted		41,986,455			40,133,053			41,135,188			39,618,217

AMERUS GROUP CO.
NOTES TO ADJUSTED NET OPERATING INCOME

(A)	Represents total open block realized/unrealized gains or losses on assets. Open block 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. The year ended December 31, 2004, includes a $7.7 million loss on the Indianapolis Life office building, which was an asset classified as held for sale and carried at fair value.
(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 derivative related market value adjustments. The accounting entries consist of cash flow hedge amortization; market value adjustments on trading securities, derivatives, and equity indexed contracts; and the associated change in amortization of DAC and VOBA resulting from such adjustments.
(D)	Represents costs of restructuring our operations to eliminate duplicative functions and to merge IL Annuity and Insurance Company (ILA) into Indianapolis Life Insurance Company (ILIC). The costs consist primarily of relocation of employees, severance and termination benefits, impairment loss on the ILIC office building of $5.0 million in the second quarter of 2003, systems conversion, and merger related expenses.
(E)	Represents the net income from our property operations which is not part of our insurance operations.
(F)	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.
(G)	Represents a reduction in the income tax accrual for prior year tax overpayments, the release of provisions originally established for potential tax adjustments which have been settled or eliminated and changes in deferred income tax asset valuation allowances.
(H)	Represents the net income from our discontinued operations.
(I)	For 2004, represents the cumulative effect of change in accounting, net of income taxes, as of January 1, 2004, resulting from the Company’s adoption of SOP 03-1. For 2003, 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 B36 was 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 December 31,					For The Year Ended December 31,
	2004		2003			2004			2003
Revenues:
Insurance premiums	$	68,556	$	71,593		$	267,666		$	297,188
Product charges		55,253		45,186			220,554			181,354
Net investment income		267,273		250,816			1,037,447			1,001,914
Realized/unrealized capital gains (losses)		60,190		55,926			18,068			131,291
Other income		17,022		17,838			71,381			68,298
		468,294		441,359			1,615,116			1,680,045
Benefits and expenses:
Policyowner benefits		256,345		270,106			888,696			953,834
Underwriting, acquisition and other expenses		49,595		40,935			180,051			155,468
Restructuring costs		—		5,879			—			23,294
Amortization of deferred policy acquisition costs and value of business acquired		53,402		42,490			204,863			179,664
Dividends to policyowners		20,134		12,063			81,092			98,393
		379,476		371,473			1,354,702			1,410,653
Income from continuing operations		88,818		69,886			260,414			269,392
Interest expense		7,976		7,917			32,120			30,154
Income before income tax expense		80,842		61,969			228,294			239,238
Income tax expense		12,967		20,109			39,041			78,610
Net income from continuing operations		67,875		41,860			189,253			160,628
Income from discontinued operations, net of tax		—		247			3,899			1,815
Net income before cumulative effect of change in accounting		67,875		42,107			193,152			162,443
Cumulative effect of change in accounting, net of tax		—		(1,296	)		(510	)		(1,296	)
Net income	$	67,875	$	40,811		$	192,642		$	161,147
Net income from continuing operations per common share:
Basic	$	1.72	$	1.07		$	4.81		$	4.10
Diluted	$	1.62	$	1.04		$	4.60		$	4.05
Net income per common share:
Basic	$	1.72	$	1.04		$	4.90		$	4.11
Diluted	$	1.62	$	1.02		$	4.68		$	4.07
Weighted average common shares outstanding:
Basic		39,390,532		39,268,068			39,334,798			39,175,924
Diluted		41,986,455		40,133,053			41,135,188			39,618,217

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

	December 31,
	2004		2003
Assets
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	15,646,653	$	13,944,961
Equity securities		77,024		74,890
Short-term investments		2,979		28,556
Securities held for trading purposes:
Fixed maturity securities		1,718,125		2,089,502
Equity securities		15,468		1,652
Short-term investments		—		591
Mortgage loans		865,733		968,572
Policy loans		486,071		494,646
Other investments		374,240		380,915
Total investments		19,186,293		17,984,285
Cash and cash equivalents		478,441		274,150
Accrued investment income		222,294		205,492
Premiums, fees and other receivables		39,688		42,761
Reinsurance receivables		666,493		663,452
Deferred policy acquisition costs		1,248,009		1,021,856
Capitalized bonus interest		137,538		98,274
Value of business acquired		374,792		419,582
Goodwill		226,291		224,075
Property and equipment		46,114		48,849
Other assets		296,435		311,305
Separate account assets		248,507		261,657
Assets of discontinued operations		—		27,950
Total assets	$	23,170,895	$	21,583,688

CONSOLIDATED BALANCE SHEETS
($ in thousands)

	December 31,
	2004			2003
Liabilities and Stockholders’ Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits	$	17,923,329		$	16,994,255
Policyowner funds		1,419,762			1,306,160
		19,343,091			18,300,415
Accrued expenses and other liabilities		831,036			459,240
Dividends payable to policyowners		323,223			321,233
Policy and contract claims		70,465			58,880
Income taxes payable		29,727			50,274
Deferred income taxes		127,180			80,861
Notes payable		571,155			621,896
Separate account liabilities		248,507			261,657
Liabilities of discontinued operations		—			19,421
Total liabilities		21,544,384			20,173,877
Stockholders’ equity:
Preferred Stock, no par value, 20,000,000 shares authorized, none issued		—			—
Common Stock, no par value, 230,000,000 shares authorized; 44,225,902 shares issued and 39,400,663 shares outstanding in 2004; 43,836,608 shares issued and 39,194,602 shares outstanding in 2003		44,226			43,836
Additional paid-in capital		1,198,379			1,184,237
Accumulated other comprehensive income		117,712			84,519
Unearned compensation		(1,238	)		(1,361	)
Unallocated ESOP shares		—			—
Retained earnings		431,911			255,006
Treasury stock, at cost (4,825,239 shares in 2004 and 4,642,006 shares in 2003)		(164,479	)		(156,426	)
Total stockholders’ equity		1,626,511			1,409,811
Total liabilities and stockholders’ equity	$	23,170,895		$	21,583,688

AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Years Ended December 31, 2004 and 2003
($ 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, 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		180		11,717			—			(903	)		—			—			66			11,060
PRIDES purchase contract adjustments 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
Minimum pension liability adjustment		—		—			(3,246	)		—			—			—			—			(3,246	)
Balance at December 31, 2003		43,836		1,184,237			84,519			(1,361	)		—			255,006			(156,426	)		1,409,811
2004:
Net income		—		—			—			—			—			192,642			—			192,642
Net unrealized gain (loss) on securities		—		—			32,773			—			—			—			—			32,773
Net unrealized gain (loss) on derivatives designated as cash flow hedges		—		—			420			—			—			—			—			420
Stock issued under various incentive plans, net of forfeitures		390		14,142			—			123			—			—			1,100			15,755
Purchase of treasury stock		—		—			—			—			—			—			(9,153	)		(9,153	)
Dividends declared on common stock		—		—			—			—			—			(15,737	)		—			(15,737	)
Balance at December 31, 2004	$	44,226	$	1,198,379		$	117,712		$	(1,238	)	$	—		$	431,911		$	(164,479	)	$	1,626,511

EX-99.2

Exhibit 99.2

AmerUs Group Co.

Financial Supplement
Fourth Quarter 2004

AmerUs Group Co.

Financial Highlights

($ in thousands, except for per share data)

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
	2004			2003			2004			2003
Earnings:
Net Income	$	67,875		$	40,811		$	192,642		$	161,147
Adjustments for:
Realized/unrealized (gains) losses on open block assets		4,142			(1,221	)		24,076			(20,941	)
Net amortization of DAC and VOBA due to open block gains or losses		(306	)		(499	)		375			5,989
Net effect of derivative related market value adjustments		(12,333	)		(5,165	)		(7,472	)		(8,553	)
Restructuring costs		—			3,767			—			14,989
Other (income) loss from non-insurance operations		(215	)		(312	)		(897	)		(742	)
Reinsurance adjustments		—			—			—			(2,505	)
Income tax items		(14,798	)		—			(36,767	)		—
Income from discontinued operations		—			(247	)		(3,899	)		(1,815	)
Cumulative effect of change in accounting		—			1,296			510			1,296
Adjusted Net Operating Income (1)	$	44,365		$	38,430		$	168,568		$	148,865
Basic Earnings Per Share:
Adjusted Net Operating Income per Share (2)	$	1.13		$	0.98		$	4.29		$	3.80
Net Income per Share	$	1.72		$	1.04		$	4.90		$	4.11
Weighted Average Shares Outstanding		39,391			39,268			39,335			39,176
Diluted Earnings Per Share:
Adjusted Net Operating Income per Share (2)	$	1.06		$	0.96		$	4.10		$	3.76
Net Income per Share	$	1.62		$	1.02		$	4.68		$	4.07
Weighted Average Shares Outstanding		41,986			40,133			41,135			39,618
	12/31/04			12/31/03
Capitalization:
Bank Borrowings	$	—		$	27,000
Senior Notes		125,000			125,000
PRIDES		143,750			143,750
OCEANs		189,212			187,723
Surplus Note		25,000			25,000
Other Borrowings		37,438			62,668
Capital Securities — AmerUs Capital I		50,755			50,755
Total Notes Payable		571,155			621,896
Stockholders’ Equity (excluding AOCI) (5)		1,508,799			1,325,292
Total Capitalization (excluding AOCI) (5)	$	2,079,954		$	1,947,188
AOCI — Unrealized Gains / (Losses)		117,712			84,519
Total Capitalization (including AOCI)	$	2,197,666		$	2,031,707
Book Value per Share (3) (5):
including AOCI	$	41.28		$	35.97
excluding AOCI	$	38.29		$	33.81
Debt-to-Capital Ratio (4):
Standard & Poor’s		12.46	%		16.94	%
Moody’s		24.00	%		25.84	%

(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. Management uses this measure for the reasons and purposes detailed in footnote (1) above.
(3)	Common shares outstanding at 12/31/2004 and 12/31/2003 were 39,400,663 and 39,194,602, respectively.
(4)	Debt-to-Capital Ratio is defined and used by rating agencies to measure the level of debt as compared to equity for an organization. For Standard & Poor’s, the PRIDES, AmerUs Capital I and OCEANs 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 $71,724 and $90,150 as of December 31, 2004 and December 31, 2003, respectively. In 2003, for Moody’s, AmerUs Capital I is 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. In 2004, the OCEANs are treated as 100% debt. Management believes that excluding accumulated other comprehensive income assists investors in understanding the underlying performance of the Company by eliminating the effect of unrealized gains and losses on available-for-sale investment securities which fluctuate with market conditions.
(5)	Stockholders’ equity, total capitalization and book value (excluding AOCI) are non-GAAP financial measures which management uses for the reasons and purposes detailed in footnote (4) above. Stockholders’ equity including AOCI amounted to $1,626.5 million at December 31, 2004 and $1,409.8 million at December 31, 2003.

Page 2

AmerUs Group Co.

Consolidated Income Statement

($ in thousands)

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
	2004			2003			2004			2003
Revenues:
Insurance premiums	$	68,556		$	71,593		$	267,666		$	297,188
Product charges		55,253			45,186			220,554			181,354
Net investment income		267,273			250,816			1,037,447			1,001,914
Realized/unrealized capital gains (losses)		60,190			55,926			18,068			131,291
Other income:
Income from Independent Marketing Organizations		12,961			13,006			53,482			50,214
Other		4,061			4,832			17,899			18,084
Total Revenue		468,294			441,359			1,615,116			1,680,045
Benefits and Expenses:
Policyowner benefits — traditional life		76,498			83,820			275,050			297,522
Policyowner benefits — investment and UL contracts		179,847			186,286			613,646			656,312
Underwriting, acquisition and other expenses:
Operating expenses		37,924			30,849			130,827			115,666
Expenses from Independent Marketing Organizations		11,671			10,086			49,224			39,802
Restructuring costs		—			5,879			—			23,294
Amortization — DAC/VOBA		47,581			39,033			195,795			163,407
Amortization — DAC/VOBA realized gains / (losses)		5,821			3,457			9,068			16,257
Total underwriting, acquisition and other expenses		102,997			89,304			384,914			358,426
Interest expense:
Interest on bank debt		—			24			123			1,586
Interest on Senior Notes		2,171			2,172			8,687			8,687
Interest on Capital Securities (AmerUs Capital I)		1,123			1,064			4,256			4,256
Interest on Capital Securities (AmerUs Capital II)		—			—			—			7
Interest on PRIDES		1,998			1,998			7,992			4,728
Interest on OCEANs		1,838			1,839			7,354			7,354
Interest on Surplus Note		541			541			2,165			2,165
Interest on other borrowings		305			279			1,543			1,371
Total interest expense		7,976			7,917			32,120			30,154
Dividends to policyowners		20,134			12,063			81,092			98,393
Income before income tax expense		80,842			61,969			228,294			239,238
Income tax (expense)		(12,967	)		(20,109	)		(39,041	)		(78,610	)
Income from discontinued operations, net of tax		—			247			3,899			1,815
Cumulative effect of change in accounting, net of tax		—			(1,296	)		(510	)		(1,296	)
Net income	$	67,875		$	40,811		$	192,642		$	161,147
Weighted Average Common Shares Outstanding:
Basic		39,390,532			39,268,068			39,334,798			39,175,924
Diluted		41,986,455			40,133,053			41,135,188			39,618,217

Page 3

AmerUs Group Co.

Operating Segment Income

($ in thousands)

	Protection		Accumulation					Total
For The Three Months Ended December 31, 2004	Products		Products		All Other			Consolidated
Revenues:
Insurance premiums	$	68,078	$	479	$	(1	)	$	68,556
Product charges		45,457		9,796		—			55,253
Net investment income		87,124		177,283		2,866			267,273
Realized/unrealized gains (losses) on closed block investments		39		—		—			39
Other income		929		15,633		101			16,663
		201,627		203,191		2,966			407,784
Benefits and expenses:
Policyowner benefits		98,799		116,056		(43	)		214,812
Underwriting, acquisition, and other expenses		19,543		17,562		12,490			49,595
Amortization of DAC and VOBA, net of open block loss adjustment of $5,821		24,982		22,599		—			47,581
Dividends to policyowners		20,133		1		—			20,134
		163,457		156,218		12,447			332,122
Segment pre-tax operating income	$	38,170	$	46,973	$	(9,481	)		75,662
Realized/unrealized gains (losses) on open block assets									(6,648	)
Unrealized gains (losses) on open block options and trading investments									66,799
Change in option value of equity indexed products and market value adjustments on total return strategy annuities									(41,578	)
Cash flow hedge amortization									45
Amortization of DAC and VOBA due to open block gains and losses									(5,821	)
Other income from non-insurance operations									359
Income from continuing operations									88,818
Interest (expense)									(7,976	)
Income tax (expense)									(12,967	)
Net income								$	67,875

Page 4

AmerUs Group Co.

Operating Segment Income

($ in thousands)

	Protection			Accumulation					Total
For The Three Months Ended December 31, 2003	Products			Products		All Other			Consolidated
Revenues:
Insurance premiums	$	71,394		$	391	$	(192	)	$	71,593
Product charges		33,302			11,884		—			45,186
Net investment income		80,668			167,930		2,218			250,816
Realized/unrealized gains (losses) on closed block investments		(1,932	)		—		—			(1,932	)
Other income		1,141			15,887		288			17,316
		184,573			196,092		2,314			382,979
Benefits and expenses:
Policyowner benefits		108,156			117,962		188			226,306
Underwriting, acquisition, and other expenses		16,818			16,974		7,143			40,935
Amortization of DAC and VOBA, net of open block gain adjustment of $3,457		14,791			24,242		—			39,033
Dividends to policyowners		12,063			—		—			12,063
		151,828			159,178		7,331			318,337
Segment pre-tax operating income	$	32,745		$	36,914	$	(5,017	)		64,642
Realized/unrealized gains (losses) on open block assets										1,888
Unrealized gains (losses) on open block options and trading investments										55,970
Change in option value of equity indexed products and market value adjustments on total return strategy annuities										(43,214	)
Cash flow hedge amortization										(586	)
Amortization of DAC and VOBA due to open block gains and losses										(3,457	)
Restructuring costs										(5,879	)
Other income from non-insurance operations										522
Income from continuing operations										69,886
Interest (expense)										(7,917	)
Income tax (expense)										(20,109	)
Income from discontinued operations, net of tax										247
Cumulative effect of change in accounting, net of tax										(1,296	)
Net income									$	40,811

Page 5

AmerUs Group Co.

Operating Segment Income

($ in thousands)

	Protection			Accumulation					Total
For The Year Ended December 31, 2004	Products			Products		All Other			Consolidated
Revenues:
Insurance premiums	$	263,050		$	2,602	$	2,014		$	267,666
Product charges		167,585			52,969		—			220,554
Net investment income		333,477			697,363		6,607			1,037,447
Realized/unrealized gains (losses) on closed block investments		(1,693	)		—		—			(1,693	)
Other income		3,573			64,212		2,101			69,886
		765,992			817,146		10,722			1,593,860
Benefits and expenses:
Policyowner benefits		379,749			472,208		179			852,136
Underwriting, acquisition, and other expenses		73,750			76,449		29,852			180,051
Amortization of DAC and VOBA, net of open block gain adjustment of $9,068		91,193			104,602		—			195,795
Dividends to policyowners		81,088			4		—			81,092
		625,780			653,263		30,031			1,309,074
Segment pre-tax operating income	$	140,212		$	163,883	$	(19,309	)		284,786
Realized/unrealized gains (losses) on open block assets										(36,786	)
Unrealized gains (losses) on open block options and trading investments										56,547
Change in option value of equity indexed products and market value adjustments on total return strategy annuities										(35,652	)
Cash flow hedge amortization										(908	)
Amortization of DAC and VOBA due to open block gains and losses										(9,068	)
Other income from non-insurance operations										1,495
Income from continuing operations										260,414
Interest (expense)										(32,120	)
Income tax (expense)										(39,041	)
Income from discontinued operations, net of tax										3,899
Cumulative effect of change in accounting, net of tax										(510	)
Net income									$	192,642

Page 6

AmerUs Group Co.

Operating Segment Income

($ in thousands)

	Protection		Accumulation					Total
For The Year Ended December 31, 2003	Products		Products		All Other			Consolidated
Revenues:
Insurance premiums	$	290,707	$	4,114	$	787		$	295,608
Product charges		138,215		43,139		—			181,354
Net investment income		321,532		672,141		8,241			1,001,914
Realized/unrealized gains (losses) on closed block investments		9,326		—		—			9,326
Other income		4,224		61,849		988			67,061
		764,004		781,243		10,016			1,555,263
Benefits and expenses:
Policyowner benefits		387,068		491,932		(626	)		878,374
Underwriting, acquisition, and other expenses		76,042		69,225		18,367			163,634
Amortization of DAC and VOBA, net of open block gain adjustment of $16,257		74,211		89,196		—			163,407
Dividends to policyowners		98,393		—		—			98,393
		635,714		650,353		17,741			1,303,808
Segment pre-tax operating income	$	128,290	$	130,890	$	(7,725	)		251,455
Realized/unrealized gains (losses) on open block assets									32,196
Unrealized gains (losses) on open block options and trading investments									89,769
Change in option value of equity indexed products and market value adjustments on total return strategy annuities									(65,741	)
Cash flow hedge amortization									(3,827	)
Amortization of DAC and VOBA due to open block gains and losses									(16,257	)
Reinsurance adjustments									3,854
Restructuring costs									(23,294	)
Other income from non-insurance operations									1,237
Income from continuing operations									269,392
Interest (expense)									(30,154	)
Income tax (expense)									(78,610	)
Income from discontinued operations, net of tax									1,815
Cumulative effect of change in accounting, net of tax									(1,296	)
Net income								$	161,147

Page 7

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)

	December 31,		December 31,
	2004		2003
ASSETS:
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	15,646,653	$	13,944,961
Equity securities		77,024		74,890
Short-term investments		2,979		28,556
Securities held for trading purposes:
Fixed maturity securities		1,718,125		2,089,502
Equity securities		15,468		1,652
Short-term investments		—		591
Mortgage loans		865,733		968,572
Policy loans		486,071		494,646
Other investments		374,240		380,915
Total investments		19,186,293		17,984,285
Cash and cash equivalents		478,441		274,150
Accrued investment income		222,294		205,492
Premiums, fees and other receivables		39,688		42,761
Reinsurance receivables		666,493		663,452
Deferred policy acquisition costs		1,248,009		1,021,856
Capitalized bonus interest		137,538		98,274
Value of business acquired		374,792		419,582
Goodwill		226,291		224,075
Property and equipment		46,114		48,849
Other assets		296,435		311,305
Separate account assets		248,507		261,657
Assets of discontinued operations		—		27,950
Total Assets	$	23,170,895	$	21,583,688

Page 8

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)

	December 31,			December 31,
	2004			2003
LIABILITIES:
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	17,923,329		$	16,994,255
Policyowner funds		1,419,762			1,306,160
Sub-total		19,343,091			18,300,415
Accrued expenses and other liabilities		831,036			459,240
Dividends payable to policyowners		323,223			321,233
Policy and contract claims		70,465			58,880
Income taxes payable		29,727			50,274
Deferred income taxes		127,180			80,861
Notes payable:
Bank debt		—			27,000
Senior notes		125,000			125,000
PRIDES		143,750			143,750
OCEANs		189,212			187,723
Surplus note		25,000			25,000
AmerUs Capital I		50,755			50,755
Other borrowings		37,438			62,668
Separate account liabilities		248,507			261,657
Liabilities of discontinued operations		—			19,421
Total Liabilities		21,544,384			20,173,877
STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, none issued		—			—
Common Stock, no par value, 230,000,000 shares authorized; 44,225,902 shares issued and 39,400,663 shares outstanding in 2004; 43,836,608 shares issued and 39,194,602 shares outstanding in 2003		44,226			43,836
Additional paid-in capital		1,198,379			1,184,237
Accumulated other comprehensive income (loss)		117,712			84,519
Unearned compensation		(1,238	)		(1,361	)
Retained earnings		431,911			255,006
Treasury stock, at cost (4,825,239 shares in 2004 and 4,642,006 shares in 2003)		(164,479	)		(156,426	)
Total Stockholders’ Equity		1,626,511			1,409,811
Total Liabilities and Stockholders’ Equity	$	23,170,895		$	21,583,688

Page 9

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

December 31, 2004

			AOCI			Without
	GAAP		Adjustment			AOCI Adjustments (1)
ASSETS:
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	15,646,653	$	(544,930	)	$	15,101,723
Equity securities		77,024		(2,254	)		74,770
Short-term investments		2,979		(28	)		2,951
Securities held for trading purposes:
Fixed maturity securities		1,718,125		—			1,718,125
Equity securities		15,468		—			15,468
Mortgage loans		865,733		—			865,733
Policy loans		486,071		—			486,071
Other investments		374,240		(1,030	)		373,210
Total invested assets		19,186,293		(548,242	)		18,638,051
Cash and cash equivalents		478,441		—			478,441
Accrued investment income		222,294		—			222,294
Premiums, fees and other receivables		39,688		—			39,688
Reinsurance receivables		666,493		—			666,493
Deferred policy acquisition costs		1,248,009		146,475			1,394,484
Capitalized bonus interest		137,538		21,078			158,616
Value of business acquired		374,792		65,656			440,448
Goodwill		226,291		—			226,291
Property and equipment		46,114		—			46,114
Other assets		296,435		—			296,435
Separate account assets		248,507		—			248,507
Total Assets	$	23,170,895	$	(315,033	)	$	22,855,862

(1)   This column represents the Company’s assets exclusive of accumulated other comprehensive income (AOCI) 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 related to AOCI.

Page 10

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

December 31, 2004

				AOCI			Without
	GAAP			Adjustment			AOCI Adjustments (1)
LIABILITIES:
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	17,923,329		$	2,763		$	17,926,092
Policyowner funds		1,419,762			—			1,419,762
		19,343,091			2,763			19,345,854
Accrued expenses and other liabilities		831,036			(10,468	)		820,568
Dividends payable to policyowners		323,223			(125,840	)		197,383
Policy and contract claims		70,465			—			70,465
Income taxes payable		29,727			—			29,727
Deferred income taxes		127,180			(63,776	)		63,404
Debt:
Senior notes		125,000			—			125,000
PRIDES		143,750			—			143,750
OCEANs		189,212			—			189,212
Surplus note		25,000			—			25,000
AmerUs Capital I		50,755			—			50,755
Other borrowings		37,438			—			37,438
Separate Account liabilities		248,507			—			248,507
Total Liabilities		21,544,384			(197,321	)		21,347,063
STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, none issued		—			—			—
Common Stock, no par value, 230,000,000 shares authorized; 44,225,902 shares issued and 39,400,663 shares outstanding in 2004;		44,226			—			44,226
Additional paid-in capital		1,198,379			—			1,198,379
Accumulated other comprehensive income (loss)		117,712			(117,712	)		—
Unearned compensation		(1,238	)		—			(1,238	)
Retained earnings		431,911			—			431,911
Treasury stock, at cost (4,825,239 shares in 2004)		(164,479	)		—			(164,479	)
Total Stockholders’ Equity		1,626,511			(117,712	)		1,508,799
Total Liabilities and Stockholders’ Equity	$	23,170,895		$	(315,033	)	$	22,855,862

(1)   This column represents the Company’s assets exclusive of accumulated other comprehensive income (AOCI) 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 related to AOCI.

Page 11

AmerUS Group Co.

Product Mix

($ in thousands)

	For The Three Months Ended				For The Year Ended
	December 31,				December 31,
	2004		2003		2004		2003
Protection Products Repetitive Premiums (1):
Interest-Sensitive Whole Life		325		2,732		6,230		19,691
Term and Other Life		3,494		3,836		13,878		14,824
Universal Life		5,857		8,545		29,326		32,476
Equity Indexed Life		20,678		14,968		74,629		51,644
Sub-total		30,354		30,081		124,063		118,635
Term Life from Private Label Sales (2)		—		25		—		4,206
Total Repetitive Premiums	$	30,354	$	30,106	$	124,063	$	122,841
Accumulation Deposits (1):
Annuity Premiums:
Deferred Fixed Annuity:
Traditional Annuity	$	83,683	$	95,392	$	312,652	$	443,220
Equity Indexed Annuity		523,457		318,334		1,527,587		1,311,409
Sub-total		607,140		413,726		1,840,239		1,754,629
Variable Annuity		586		684		2,805		3,254
Funding Agreements		—		—		85,000		—
Total Accumulation Deposits	$	607,726	$	414,410	$	1,928,044	$	1,757,883

(1)

Repetitive premiums (which we refer to herein as “sales”) exclude renewal and single or dump-in premiums. Sales and deposits for an insurance company are performance measures which are presented in accordance with industry practice and represent the amount of new business sold during the period. We believe sales and deposits are a measure of the productivity of our distribution network and are also a leading indicator of future revenue trends. However, revenues are driven by prior period sales and deposits as well as current period sales and deposits.

(2)

Represents the Company’s share of private label sales.

Page 12

AmerUs Group Co.

Sources of Business

($ in thousands)

	For The Three Months Ended				For The Year Ended
	December 31,				December 31,
	2004		2003		2004		2003
Protection Products Repetitive Premiums (1):
Preferred Producer (Career)	$	8,197	$	7,948	$	29,709	$	26,691
Personal producing general agent (PPGA)		12,523		14,376		54,272		57,774
Independent Agent Force (2)		9,634		7,757		40,082		34,170
Total Repetitive Premium		30,354		30,081		124,063		118,635
Private Label Distribution (3)		—		25		—		4,206
Total Repetitive Premiums	$	30,354	$	30,106	$	124,063	$	122,841
Accumulation Deposits (1):
Preferred Producer (Career)	$	42,412	$	31,479	$	146,305	$	157,233
Personal Producing General Agent (PPGA)		10,204		6,997		31,460		34,618
Bank Distribution		3,481		4,724		13,747		28,959
Independent Agent Force (2)		551,629		371,210		1,651,532		1,537,073
Funding Agreements		—		—		85,000		—
Total Accumulation Deposits	$	607,726	$	414,410	$	1,928,044	$	1,757,883

(1)	Repetitive premiums (which we refer to herein as “sales”) exclude renewal and single or dump-in premiums. Sales and deposits for an insurance company are performance measures which are presented in accordance with industry practice and represent the amount of new business sold during the period. We believe sales and deposits are a measure of the productivity of our distribution network and are also a leading indicator of future revenue trends. However, revenues are driven by prior period sales and deposits as well as current period sales and deposits.
(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.

Investment Summary

(Including Closed Block)

($ in thousands)

			December 31, 2004
Portfolio Composition:	Amortized Cost		Unrealized Gain		Unrealized Loss			Carrying Value
Cash and cash equivalents		478,441		—		—			478,441
Securities available-for-sale:
Investment grade bonds		13,948,355		524,527		(44,938	)		14,427,944
Non-investment grade bonds		1,153,368		69,890		(4,549	)		1,218,709
Equity securities		74,770		2,468		(214	)		77,024
Short-term investments		2,952		51		(24	)		2,979
Securities for trading:
Investment grade bonds		1,592,208		—		—			1,592,208
Non-investment grade bonds		125,917		—		—			125,917
Equity securities		15,468		—		—			15,468
Short-term investments		—		—		—			—
Loans		865,733		—		—			865,733
Policy loans		486,071		—		—			486,071
Other invested assets		373,820		420		—			374,240
Total		19,117,103		597,356		(49,725	)		19,664,734

			December 31, 2003
Portfolio Composition:	Amortized Cost		Unrealized Gain		Unrealized Loss			Carrying Value
Cash and cash equivalents		274,150		—		—			274,150
Securities available-for-sale:
Investment grade bonds		12,440,985		526,454		(106,630	)		12,860,809
Non-investment grade bonds		1,033,917		62,270		(12,035	)		1,084,152
Equity securities		72,796		2,468		(374	)		74,890
Short-term investments		27,882		675		(1	)		28,556
Securities for trading:
Investment grade bonds		1,929,802		—		—			1,929,802
Non-investment grade bonds		159,700		—		—			159,700
Equity securities		1,652		—		—			1,652
Short-term investments		591		—		—			591
Loans		968,572		—		—			968,572
Policy loans		494,646		—		—			494,646
Other invested assets		380,381		534		—			380,915
Total		17,785,074		592,401		(119,040	)		18,258,435

Investment Portfolio Data (1):	December 31, 2004		December 31, 2003
Average NAIC Rating		1.48		1.50
Average Life		8.58		7.63
Effective Duration		5.73		5.35
GAAP Effective Book Yield		5.71		5.69

	December 31, 2004								December 31, 2003
High Yield Securities:	Amortized Cost		% of FMS			% of TIA (2)			Amortized Cost		% of FMS			% of TIA (2)
NAIC 3		809,718		4.81	%		4.24	%		765,881		4.92	%		4.32	%
NAIC 4		440,487		2.62	%		2.30	%		368,151		2.37	%		2.07	%
NAIC 5		27,196		0.16	%		0.14	%		50,089		0.32	%		0.28	%
NAIC 6		1,883		0.01	%		0.01	%		9,497		0.06	%		0.05	%
Total		1,279,284		7.60	%		6.69	%		1,193,618		7.67	%		6.72	%

(1)	Investment portfolio data reflects fixed maturity securities (FMS) managed by AmerUs Capital Management.
(2)	TIA — Total Invested Assets

Page 14

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

	December 31, 2004								December 31, 2003
Fixed Maturity Securities by Category:	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Government		548,387		3.2	%		2.8	%		742,209		4.6	%		4.1	%
Public Credit		9,662,584		55.8	%		49.1	%		8,537,671		53.2	%		46.9	%
Private Credit		2,102,978		12.1	%		10.7	%		1,940,299		12.1	%		10.7	%
Below Investment Grade		1,344,626		7.7	%		6.8	%		1,243,852		7.8	%		6.8	%
Mortgage-Backed (MBS)		2,020,643		11.6	%		10.3	%		2,014,701		12.6	%		11.0	%
Commercial Mortgage-Backed (CMBS)		1,119,225		6.4	%		5.7	%		977,126		6.1	%		5.4	%
Asset-Backed (ABS)		528,075		3.0	%		2.7	%		462,259		2.9	%		2.5	%
Redeemable Preferred Stock		38,260		0.2	%		0.2	%		116,346		0.7	%		0.6	%
Total		17,364,778		100.0	%		88.3	%		16,034,463		100.0	%		88.0	%

		December 31, 2004								December 31, 2003
Fixed Maturity Securities by Quality:		Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
NAIC Rating	S&P Equivalent
1	A- or higher		10,777,378		62.1	%		54.8	%		9,922,944		61.8	%		54.5	%
2	BBB- to BBB+		5,242,775		30.2	%		26.7	%		4,867,666		30.4	%		26.7	%
	Investment Grade		16,020,153		92.3	%		81.5	%		14,790,610		92.2	%		81.2	%
																a aaaaaaa
3	BB- to BB+		851,831		4.9	%		4.3	%		801,175		5.0	%		4.4	%
4	B- to B+		460,745		2.7	%		2.3	%		383,126		2.4	%		2.1	%
5 & 6	CCC or lower		32,049		0.1	%		0.2	%		59,552		0.4	%		0.3	%
	Below Investment Grade		1,344,625		7.7	%		6.8	%		1,243,853		7.8	%		6.8	%
	Total		17,364,778		100.0	%		88.3	%		16,034,463		100.0	%		88.0	%

	December 31, 2004								December 31, 2003
Fixed Maturity Securities by Industry Sector:	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Basic Industry		916,856		5.3	%		4.7	%		755,957		4.7	%		4.2	%
Capital Goods		902,254		5.2	%		4.6	%		864,989		5.4	%		4.7	%
Communications		1,304,250		7.5	%		6.6	%		1,124,744		7.0	%		6.2	%
Consumer Cyclical		1,247,607		7.2	%		6.3	%		981,486		6.1	%		5.4	%
Consumer Non Cyclical		1,691,226		9.7	%		8.6	%		1,701,752		10.6	%		9.3	%
Energy		1,059,864		6.1	%		5.4	%		965,482		6.0	%		5.3	%
Technology		228,994		1.3	%		1.2	%		245,727		1.5	%		1.4	%
Transportation		539,749		3.1	%		2.7	%		462,694		2.9	%		2.5	%
Industrial Other		146,919		0.8	%		0.7	%		154,507		1.0	%		0.9	%
Utilities		1,794,985		10.3	%		9.1	%		1,547,975		9.7	%		8.5	%
Financial Institutions		2,704,498		15.6	%		13.8	%		2,427,920		15.2	%		13.3	%
Sub-total		12,537,202		72.1	%		63.7	%		11,233,233		70.1	%		61.7	%
Other (1)		4,827,576		27.9	%		24.6	%		4,801,230		29.9	%		26.3	%
Total		17,364,778		100.0	%		88.3	%		16,034,463		100.0	%		88.0	%

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

	December 31, 2004								December 31, 2003
Mortgage Backed Securities:	Market Value		% of MBS			% of TIA			Market Value		% of MBS			% of TIA
Pass-thru		1,296,699		64.2	%		6.6	%		1,408,836		69.9	%		7.8	%
Planned Amortization Class (PACs)		419,911		20.7	%		2.1	%		485,320		24.1	%		2.7	%
Sequential Pay		286,388		14.2	%		1.5	%		95,655		4.7	%		0.5	%
Subordinated		—		—			—			1,333		0.1	%		—
Adjustable Rate Mortgages (ARMs)		17,645		0.9	%		0.1	%		23,505		1.2	%		0.1	%
Z bonds		—		—			—			52		—			—
Total		2,020,643		100.0	%		10.3	%		2,014,701		100.0	%		11.1	%

Page 15

AmerUs Group Co.

Policyowner Liability Characteristics — Annuities

($ in thousands)

December 31, 2004

					Equity Indexed
	Fixed		Equity Indexed		Derivatives			Equity Indexed
	Annuities		Annuities		Market Value			Annuities
	Account Value		Account Value (4)		Adjustment			GAAP Reserves
FIXED DEFERRED ANNUITY SURRENDER CHARGE %:
Accrual Adjustment	$	—	$	28,364	$	(3,895	)	$	24,469
No surrender charge		1,657,299		41,377		357			41,734
1 percent		80,939		6,164		(57	)		6,107
2 percent		138,692		19,047		671			19,718
3 percent		137,475		84,871		8,139			93,010
4 percent		722,781		394,640		44,478			439,118
5 percent		815,500		393,361		46,880			440,241
6 percent		457,234		167,879		13,489			181,368
7 percent		433,138		97,993		3,718			101,711
8 percent		445,875		264,593		10,027			274,620
9 percent		468,094		381,136		8,636			389,772
10 percent or greater		1,156,556		3,493,058		46,258			3,539,316
Total	$	6,513,583	$	5,372,483	$	178,701		$	5,551,184
MARKET VALUE ADJUSTMENT PROTECTION:
MVA provision on contract	$	349,457	$	1,854,917	$	21,987		$	1,876,904
Total return strategy		—		1,428,040		128,877			1,556,917
Non-MVA		6,164,126		2,089,526		27,837			2,117,363
Total	$	6,513,583	$	5,372,483	$	178,701		$	5,551,184
FIXED ANNUITY-INTEREST GUARANTEE PERIOD:
Monthly guarantee	$	260,240	$	—	$	—		$	—
Quarterly		—		—		—			—
1 Year		5,079,215		—		—			—
Multi-year		1,155,907		—		—			—
Bailout		18,221		—		—			—
Cumulative floor (1)		—		5,372,483		178,701			5,551,184
Total	$	6,513,583	$	5,372,483	$	178,701		$	5,551,184
FIXED ANNUITY-ULTIMATE MINIMUM GUARANTEE RATE:
2 percent	$	320,382	$	—	$	—		$	—
3 percent		2,962,392		—		—			—
3.25 percent		496,304		—		—			—
3.50 percent		674,198		—		—			—
4 percent		2,005,598		—		—			—
4.5 percent		54,709		—		—			—
Cumulative floor (1)		—		5,372,483		178,701			5,551,184
Total	$	6,513,583	$	5,372,483	$	178,701		$	5,551,184
CREDITED RATE VS. MINIMUM
GUARANTEED RATE DIFFERENTIAL (2) (3):
No Differential	$	4,654,991	$	—	$	—		$	—
0.0% - 0.5%		301,523		—		—			—
0.5% - 1.0%		188,737		—		—			—
1.0% - 1.5%		90,011		—		—			—
1.5% - 2.0%		49,613		—		—			—
2.0% - 2.5%		148,820		—		—			—
2.5% - 3.0%		70,911		—		—			—
Greater Than 3.0%		1,008,977		—		—			—
Cumulative floor (1)		—		5,372,483		178,701			5,551,184
Total	$	6,513,583	$	5,372,483	$	178,701		$	5,551,184

(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
(4)	Account value is a non-GAAP financial measure for equity indexed products. For GAAP, equity indexed product liabilities are to be stated at fair value in accordance with accounting for derivatives. The comparable GAAP measure is presented in the last column and the difference is the derivative market adjustment in the third column. The non-GAAP measure presentation is used by management to analyze potential future surrender charge income.

Page 16

AmerUs Group Co.

Annuity Segment Spread

($ in thousands)

	Rolling 12 Months Ended
	December 31,
ANNUITY SEGMENT SPREADS LTM:	2004			2003
Asset earned rate		5.78	%		5.91	%
Liability credited rate (1)		3.46	%		3.82	%
Product spread		2.32	%		2.09	%

COMPONENTS OF ANNUITY SEGMENT SPREAD CALCULATION (2):

	Rolling 12 Months Ended
	December 31, 2004
	GAAP			Adjustment (1)			Non-GAAP
Investment income (3)	$	601,733					$	601,733
Average invested assets	$	10,418,222					$	10,418,222
Asset earned rate		5.78	%					5.78	%
Annuity segment benefit expense (1)	$	380,969		$	(17,339	)	$	363,630
Average annuity segment liabilities (1)	$	10,736,460		$	(203,236	)	$	10,533,224
Liability credited rate		3.55	%					3.46	%
Product spread		2.23	%					2.32	%

	Rolling 12 Months Ended
	December 31, 2003
	GAAP			Adjustment (1)			Non-GAAP
Investment income (3)	$	561,804					$	561,804
Average invested assets	$	9,501,750					$	9,501,750
Asset earned rate		5.91	%					5.91	%
Annuity segment benefit expense (1)	$	382,511		$	(13,302	)	$	369,209
Average annuity segment liabilities (1)	$	9,742,841		$	(88,958	)	$	9,653,883
Liability credited rate		3.93	%					3.82	%
Product spread		1.98	%					2.09	%

(1)	The liability credited rate is calculated using the annuity liability account value as the denominator for all annuity product types. The annuity liability account value is a non-GAAP financial measure for equity indexed annuity products. For GAAP, equity indexed product liabilities are to be stated at fair value following derivative accounting. In addition, the liability credited rate excludes capitalized bonus interest amortization from total benefit expense. For GAAP, effective January 1, 2004, capitalized bonus interest amortization is included in benefit expense instead of DAC amortization. The comparable GAAP measure is presented in the “Components of Annuity Segment Spread Calculation” section on this page. The non-GAAP measure presentation is used by management to measure the liability credited rate exclusive of the fair value adjustments that will fluctuate from period to period depending on the prevailing interest rate and economic environment and exclusive of the capitalized bonus interest amortization that historically has not been a part of this measure.
(2)	The annuity segment spread calculation includes fixed annuity and equity indexed annuity products only. IL Annuity products, which we are no longer selling, and funding agreements are excluded from the calculation.
(3)	Excludes surrender charge income.

Page 17

AmerUs Group Co.

Closed Block

($ in thousands)

	December 31,		December 31,
	2004		2003
LIABILITIES:
Future life and annuity policy benefits	$	2,804,222	$	2,845,365
Policyowner funds		8,096		9,232
Accrued expenses and other liabilities		32,140		44,473
Dividends payable to policyowners		161,475		173,703
Policy and contract claims		14,705		22,694
Policyowner dividend obligation		154,161		134,386
Total Liabilities		3,174,799		3,229,853
ASSETS:
Securities available-for-sale at fair value:
Fixed maturity securities		2,028,790		2,027,177
Mortgage loans		70,686		80,170
Policy loans		335,573		346,823
Other investments		34		—
Cash and cash equivalents		8,473		3,492
Accrued investment income		32,637		32,629
Premiums, fees and other receivables		59,369		55,134
Other assets		17		17
Total Assets		2,535,579		2,545,442
Maximum future earnings to be recognized from assets and liabilities of the Closed Blocks	$	639,220	$	684,411

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
	2004			2003			2004			2003
REVENUES AND EXPENSES:
Insurance premiums	$	50,175		$	51,114		$	193,313		$	211,966
Product charges		1,822			2,006			5,190			9,789
Net investment income		37,602			37,103			146,545			151,769
Realized/unrealized gains (losses) on investments		40			(1,933	)		(1,693	)		9,326
Policyowner benefits		(57,428	)		(67,926	)		(225,408	)		(251,872	)
Underwriting, acquisition and other expenses		(2,212	)		(1,125	)		(4,896	)		(4,114	)
Dividends to policyowners		(21,187	)		(9,777	)		(76,256	)		(87,388	)
Contribution from the Closed Block before income taxes	$	8,812		$	9,462		$	36,795		$	39,476

Page 18

AmerUs Group Co.

Additional Information

($ in thousands)

	December 31,			December 31,
	2004			2003
LIFE INSURANCE IN FORCE (FACE AMOUNT) (1):
Traditional Life	$	67,769,000		$	70,904,000
Universal Life		19,848,000			20,780,000
Equity Indexed Life		9,918,000			6,878,000
Total Life Insurance In Force	$	97,535,000		$	98,562,000
RESERVES (GAAP) (including Closed Block):
Traditional Life	$	3,551,648		$	3,465,853
Universal Life		1,587,787			1,517,227
Equity Indexed Life		364,282			224,874
Total Life Insurance Reserves		5,503,717			5,207,954
Deferred Fixed Annuity		6,780,234			7,257,387
Equity Indexed Annuity		5,551,184			4,439,836
Total Annuity Reserves		12,331,418			11,697,223
Total Reserves	$	17,835,135		$	16,905,177
NUMBER OF PRODUCERS:
Protection Products Segment:
Career Agents (including general agents)		1,212			1,225
Personal Producing General Agents and sub-agents		5,158			4,762
Independent Agents — other than New York		11,885			9,601
Independent Agents — New York		5,658			6,862
Retail Broker / Dealers		712			707
Registered Representatives		17,811			17,581
Protection Products Segment — Total Agents		42,436			40,738
Accumulation Products Segment — Independent Agents		14,572			13,000
LIFE INSURANCE LAPSE RATE — LTM		6.7	%		6.5	%
ANNUITY WITHDRAWAL RATES — LTM
With Internal Replacements		9.5	%		10.0	%
Without Internal Replacements		8.5	%		9.5	%

Page 19

AmerUs Group Co.

Additional Information

($ in thousands)

	DAC			BONUS INTEREST			VOBA
ROLLFORWARD:
Beginning Balance — December 31, 2003	$	1,021,856		$	98,274		$	419,582
Capitalization		384,342			60,497			5,895
Amortization		(132,571	)		(17,340	)		(72,292	)
Amortization impact of adopting SOP 03-1		2,185			—			—
FAS 115 Adjustment		(27,803	)		(3,893	)		21,607
Ending Balance — December 31, 2004	$	1,248,009		$	137,538		$	374,792

	2004		2005
CONTRIBUTION FROM THE CLOSED BLOCK
First Quarter	$	9,592	$	9,291
Second Quarter		9,325		9,028
Third Quarter		9,066		8,772
Fourth Quarter		8,812		8,522
Total	$	36,795	$	35,613

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 20

AmerUs Group Co.

Income Tax Rate Reconciliation

	For The Year Ended
	December 31,
	2004			2003
Corporate federal income tax rate		35.00	%		35.00	%
Net benefit of tax credits		(0.08	%)		—
Dividend received deduction		(0.73	%)		(0.80	%)
Non-deductible expenses		0.75	%		0.45	%
Tax exempt income		(2.06	%)		(2.14	%)
State taxes on non-life operations		0.30	%		0.40	%
Prior year overpayments		(1.61	%)		—
Provision releases		(7.31	%)		—
Deferred income tax asset valuation allowance change		(7.18	%)		—
Other items, net		0.02	%		(0.05	%)
Effective tax rate		17.10	%		32.86	%

Page 21

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 $23.2 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; 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
2004
	First Quarter	$	41.00	$	34.73	$	0.00
	Second Quarter	$	41.70	$	36.73	$	0.00
	Third Quarter	$	41.51	$	37.31	$	0.00
	Fourth Quarter	$	45.68	$	38.60	$	0.40
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
	Fourth Quarter	$	38.00	$	34.48	$	0.40

Investor Relations	Transfer Agent and Registrar
Marty Ketelaar Vice President — Investor Relations Phone — (515) 362-3693	Mellon Investor Service, LLC P.O. Box 3315 South Hackensack, NJ 07606-1915
Fax — (515) 362-3648 e-mail: marty.ketelaar@amerus.com	(800) 304-9709 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, 2003 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, 2003, 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.