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.

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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 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