e8vk

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F3tUA+yPoHH3D7EOHdptgjuaazi3AaQuTuwIPj4bZ1sqjeTGNOrtT6FCWGrAbDw0 mK1P2RjiydLYNtC1LrsaFw== 0000950137-05-009163.txt : 20050727 0000950137-05-009163.hdr.sgml : 20050727 20050727161129 ACCESSION NUMBER: 0000950137-05-009163 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050727 DATE AS OF CHANGE: 20050727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERUS GROUP CO/IA CENTRAL INDEX KEY: 0001051717 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 421458424 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15166 FILM NUMBER: 05977442 BUSINESS ADDRESS: STREET 1: 699 WALNUT STREET CITY: DES MOINES STATE: IA ZIP: 50309 BUSINESS PHONE: 5153623600 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN MUTUAL HOLDING CO DATE OF NAME CHANGE: 19971217 8-K 1 c97034e8vk.htm CURRENT REPORT e8vk

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: July 26, 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


ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 7.01. REGULATION FD DISCLOSURE
ITEM 9.01 (c). EXHIBITS
SIGNATURE
EXHIBITS
Press Release
Supplemental Information

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Press Release and Supplemental Information

On July 26, 2005, AmerUs Group Co. (“Company”) issued a press release reporting its financial results for the quarter ended June 30, 2005, 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.

Second Quarter 2005 Earnings Call

On July 27, 2005, the Company reported the following, among other results, during its second quarter 2005 earnings call.

The Company’s GAAP return on equity for the second quarter of 2005 was 8.6 percent and its operating return on equity was 11.9 percent.¹

The Company reported that its unleveraged internal rate of return on new annuity business was 11.2 percent through June 30, 2005, which was slightly lower than the Company’s plan of 12 percent.² The Company’s unleveraged internal rate of return on new life business increased to 14 percent for the six months ended June 30, 2005.² In addition, the Company reported that protection segment margins increased to 5.5 percent of reserves in the second quarter of 2005 compared to 4.7 percent of reserves last year.

The Company stated that its risk-based capital level² for the second quarter was 342%.

The Company’s average new money rate during the second quarter was 5.33%.


¹		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.

²		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

($ in thousands)

For the Three Months Ended June 30, 2005


					Adjusted Net
					Operating
	Non-GAAP Basis				Income Items			GAAP Basis
Return:
Net income	$	46,952			$	(11,385	)	$	35,567

Multiply by 4 quarters		x 4							x 4


Annualized	$	187,808						$	142,268


				Accumulated Other
					Comprehensive
					Income Items

Average Equity:
Beginning balance	$	1,556,528			$	34,546		$	1,591,074

Ending balance		1,589,074				128,440			1,717,514


		3,145,602							3,308,588

Divide by 2 to average		/ 2							/ 2

Average	$	1,572,801						$	1,654,294


Return on Equity		11.9	%						8.6	%

ITEM 7.01. REGULATION FD DISCLOSURE

On July 27, 2005, the Company reported the following, among other matters, in its second quarter 2005 earnings call.

Earnings for the accumulation segment remain on track to achieve the Company’s 2005 goal of $175 million. Protection segment earnings also remain on track to achieve the Company’s 2005 goal of $160 million.

The Company expects its statutory earnings for 2005 to be between $125 and $150 million, which is below the Company’s plan of $189 million.

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 the Company’s 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 and bond market performance, which may affect the Company’s ability to sell its products, the market value of its investments and the lapse rate and profitability of policies; (b) the Company’s 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 the Company’s insurance products; (e) the Company’s 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 and other federal laws, regulations, and interpretations, including federal regulatory measures that may significantly affect the insurance business including limitations on antitrust immunity, the applicability of securities laws to insurance products, minimum solvency requirements, and changes to tax advantages offered by life insurance and annuity products or programs with which they are used; (g) increasing competition in the sale of insurance and annuities and the recruitment of sales representatives; (h) regulatory changes, interpretations, initiatives or pronouncements, including those relating to regulation of insurance companies and the regulation and sale of their products and the programs in which they are used; (i) the Company’s ratings and those of the Company’s subsidiaries by independent rating organizations which the believes are particularly important to the sale of its products; (j) the performance of the Company’s investment portfolios; (k) the impact of changes in standards of accounting; (l) the Company’s ability to integrate the business and operations of acquired entities; (m) expected protection products and accumulation product margins; (n) the impact of anticipated investment transactions; and (o) litigation or regulatory investigations or examinations.

There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect the Company’s 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 July 26, 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 S. Urion
		Melinda S. Urion
		Executive Vice President, Chief Financial Officer & Treasurer

Dated: July 27, 2005

EXHIBITS


Exhibit No.		Description
	99.1	Press Release dated July 26, 2005 (furnished pursuant to Item 2.02).

	99.2	Supplemental Information (furnished pursuant to Item 2.02).

EX-99.1 2 c97034exv99w1.htm PRESS RELEASE exv99w1

EXHIBIT 99.1


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

AmerUs Group Reports Second Quarter Operating
Income of $47.0 Million; $1.10 Per Share

DES MOINES, Iowa (July 26, 2005)—AmerUs Group Co. (NYSE: AMH), a leading producer of life insurance and annuity products, today reported second quarter 2005 results. Highlights for the quarter include:

	•		Adjusted net operating income of $47.0 million, or $1.10 per diluted share¹

	•		Net income of $35.6 million, or $0.83 per diluted share

	•		Book value of $43.94 per share

	•		Life insurance product sales² of $31 million

	•		Fixed annuity product sales² of $713 million

Commenting on the company’s second quarter results, chairman and chief executive officer Roger K. Brooks said, “These strong results reflect our focused strategy, strong distribution management, investment expertise and excellent product design. Our products continue to perform very well for our customers and provide profitable returns to the company.”

Quarterly net income was $35.6 million or $0.83 per diluted share compared to $48.8 million or $1.20 per diluted share a year ago. Quarterly adjusted net operating income increased 12.5 percent to $47.0 million or $1.10 per diluted share compared to $41.7 million or $1.02 per diluted share a year ago.

On a year-to-date basis, AmerUs Group reported net income of $97.1 million or $2.27 per diluted share compared to $81.9 million or $2.02 per diluted share a year ago. Adjusted net operating income for the same period was $93.7 million or $2.19 per diluted share compared to $81.9 million or $2.02 per diluted share a year ago.

Protection Product Sales² and Results

Pre-tax operating income for the protection segment increased 18 percent to $41.4 million compared to $34.9 million in the second quarter of 2004. The increase was primarily attributable to the growing block of indexed life business and increased product margins.

Year-to-date, pre-tax operating income increased nearly 26 percent to $85.4 million compared to $68.0 million for the first six months of 2004.

Second quarter fixed life sales were $31.0 million, compared to $33.5 million in the second quarter of 2004 and $26.1 million in the first quarter of 2005. Sales of indexed life products, AmerUs Group’s most profitable products, increased to 78 percent of total fixed life sales during the second quarter of 2005, compared to 58 percent a year ago. Year-to-date, fixed life sales were $57.1 million, compared to $65.3 million in the first six months of 2004.

AmerUs Group is the leading producer of indexed life insurance and has held this position for 16 consecutive quarters. For the year, AmerUs Group expects total fixed life sales of $115-$120 million.

Accumulation Product Sales² and Results

Pre-tax operating income for the accumulation segment was $41.9 million during the second quarter of 2005 compared to $38.3 million a year ago. The increase was due to the continued shift in business mix from traditional fixed annuities to higher margin indexed annuity products and more assets under management. Year-to-date, pre-tax operating income was $82.6 million compared to $75.3 million for the first six months of 2004.

Sales of fixed annuity products for the quarter totaled a record $713 million, compared with $427 million in the second quarter of 2004. Sales of indexed annuity products, AmerUs Group’s most profitable annuity product, comprised 90 percent of second quarter sales compared to 82 percent a year ago. AmerUs Group has remained one of the top five producers of indexed annuity products in the United States for 16 consecutive quarters.

Year-to-date, fixed annuity sales were $1,284 million compared to $806 million during the first six months of 2004. The company plans to generate total fixed annuity sales of $2.2 billion to $2.5 billion in 2005, with equity indexed products representing 85-90 percent of those sales.

Net Investment Income

Net investment income was $277 million in the second quarter of 2005 compared to $251 million in the second quarter of 2004. Growth in invested assets and higher yields on

investments contributed to the increase. The weighted average book yield was 5.69 percent at June 30, 2005 compared to 5.71 percent at March 31, 2005.

Earnings Guidance³

“Our business fundamentals and our growth plans for the balance of the year are on track. I am pleased to reaffirm our 2005 adjusted net operating income guidance of $4.45 to $4.57 per share,” said Brooks.

Corporate Actions

During the second quarter, the company repurchased 107,500 shares of common stock at an average price of $46.48 per share. The company has authorization from its board of directors to repurchase an additional six million shares.

Webcast, Conference Call, Audio Replay and Additional Financial Information

Interested parties may listen to a webcast or conference call with AmerUs Group’s management discussing second quarter 2005 results. The webcast may be accessed through AmerUs Group’s website at www.amerus.com under the “For Investors” section of the home page. The conference call may be accessed by calling (toll free) 800-857-3793 (international 630-395-0018) at 10 a.m. EDT on Wednesday, July 27, 2005. The pass code for the call is ‘AmerUs’. An audio replay of AmerUs Group’s call will be available at 12 p.m. EDT, July 27, 2005, through August 3, 2005. The replay can be accessed by dialing 888-676-2670 (international 402-220-6439).

Further detailed financial information, including operating segment income, investment composition, operating expenses 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.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Additionally, forward-looking statements are subject to assumptions, risks and uncertainties. Statements such as “expect,” “anticipate,” “believe,” “goal,” “objective,” “target,” “may,” “should,” “estimate,” “projects,” or similar words as well as specific projections of future results qualify as forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements can be found in the company’s 10-K, filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and AmerUs Group undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

AmerUs Group Co. is located in Des Moines, Iowa, and is engaged through its subsidiaries in the business of marketing individual life insurance and annuity products in the United States. Its major subsidiaries include: AmerUs Life Insurance Company,

American Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York and Indianapolis Life Insurance Company.

As of June 30, 2005, AmerUs Group’s total assets were $24.2 billion and shareholders’ equity totaled $1.7 billion, including accumulated other comprehensive income.


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, non-insurance operations, 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 comparable basis to that used by security analysts. A reconciliation of net income to adjusted net operating income has been included as part of this press release.

²		Sales for an insurance company are a 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.

³		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 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.

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; derivative related market value 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 Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004

Net Income	$	35,567		$	48,776		$	97,055		$	81,905

Realized/unrealized (gains) losses on open block assets (A)		958			6,044			888			22,132

Net amortization of DAC and VOBA due to open block gains or losses (B)		316			(21	)		121			889

Net effect of derivative related market value adjustments (C)		9,874			860			15,075			(622	)

Other (income) loss from non-insurance operations (D)		(7	)		(815	)		219			(696	)

Income tax items (E)		244			(13,109	)		(19,683	)		(18,291	)

Income from discontinued operations (F)		—			—			—			(3,899	)

Cumulative effect of change in accounting (G)		—			—			—			510


Adjusted Net Operating Income	$	46,952		$	41,735		$	93,675		$	81,928


Adjusted Net Operating Income per common share:
Basic	$	1.20		$	1.06		$	2.38		$	2.08

Diluted	$	1.10		$	1.02		$	2.19		$	2.02


Weighted average common shares outstanding:
Basic		39,264,504			39,327,182			39,412,211			39,342,363

Diluted		42,751,912			40,760,364			42,845,240			40,619,242

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 six months ended June 30, 2004, include a $7.9 million loss on the Indianapolis Life office building, which was an asset classified as held for sale and carried at fair value. The office building was sold in the third quarter of 2004.

(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 indexed contracts; and the associated change in amortization of DAC and VOBA resulting from such adjustments.

(D)		Represents the net income from our property operations which is not part of our insurance operations.

(E)		Represents a reduction in the income tax accrual for the release of provisions originally established for potential tax adjustments which have been settled or eliminated and changes in deferred income tax valuation allowances.

(F)		Represents the net income from our discontinued operations.

(G)		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.

AMERUS GROUP CO.

CONSOLIDATED STATEMENT OF INCOME
($ in thousands, except share data)


	For The Three Months Ended June 30,					For The Six Months Ended June 30,
	2005		2004			2005			2004

Revenues:
Insurance premiums	$	61,001	$	63,791		$	123,547		$	134,528
Product charges		54,638		54,284			113,671			103,846
Net investment income		277,040		251,311			545,751			508,186
Realized/unrealized capital gains (losses)		6,266		(44,550	)		(42,678	)		(44,635	)
Other income		11,229		12,204			23,785			23,906


		410,174		337,040			764,076			725,831


Benefits and expenses:
Policyowner benefits		244,203		168,350			413,786			406,779
Underwriting, acquisition and other expenses		38,419		38,843			79,027			71,543
Amortization of deferred policy acquisition costs and value of business acquired		35,058		58,278			87,801			106,189
Dividends to policyowners		31,864		10,936			51,867			36,420


		349,544		276,407			632,481			620,931


Income from continuing operations		60,630		60,633			131,595			104,900

Interest expense		8,191		7,936			15,971			16,334


Income before income tax expense		52,439		52,697			115,624			88,566

Income tax expense		16,872		3,921			18,569			10,050


Net income from continuing operations		35,567		48,776			97,055			78,516

Income from discontinued operations, net of tax		—		—			—			3,899


Net income before cumulative effect of change in accounting		35,567		48,776			97,055			82,415

Cumulative effect of change in accounting, net of tax		—		—			—			(510	)


Net income	$	35,567	$	48,776		$	97,055		$	81,905


Net income from continuing operations per common share:
Basic	$	0.91	$	1.24		$	2.46		$	2.00

Diluted	$	0.83	$	1.20		$	2.27		$	1.93


Net income per common share:
Basic	$	0.91	$	1.24		$	2.46		$	2.08

Diluted	$	0.83	$	1.20		$	2.27		$	2.02


Weighted average common shares outstanding:
Basic		39,264,504		39,327,182			39,412,211			39,342,363

Diluted		42,751,912		40,760,364			42,845,240			40,619,242

AMERUS GROUP CO.

CONSOLIDATED BALANCE SHEETS
($ in thousands)


	June 30,		December 31,
	2005		2004

Assets
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,481,895	$	15,646,653
Equity securities		76,006		77,024
Short-term investments		11,954		2,979
Securities held for trading purposes:
Fixed maturity securities		1,559,922		1,718,125
Equity securities		33		15,468
Mortgage loans		931,066		865,733
Policy loans		485,371		486,071
Other investments		346,616		374,240


Total investments		19,892,863		19,186,293

Cash and cash equivalents		650,045		478,441
Accrued investment income		225,608		222,294
Premiums, fees and other receivables		41,413		39,688
Income taxes receivable		30,296		—
Reinsurance receivables		684,299		666,493
Deferred policy acquisition costs		1,392,276		1,248,009
Deferred sales inducements		177,622		137,538
Value of business acquired		354,861		374,792
Goodwill		228,869		226,291
Property and equipment		45,393		46,114
Other assets		300,533		296,409
Separate account assets		224,294		248,507


Total assets	$	24,248,372	$	23,170,869

AMERUS GROUP CO.

CONSOLIDATED BALANCE SHEETS
($ in thousands)


	June 30,			December 31,
	2005			2004

Liabilities and Stockholders’ Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits	$	18,711,861		$	17,923,329
Policyowner funds		1,471,974			1,419,762

		20,183,835			19,343,091

Accrued expenses and other liabilities		1,008,665			837,514
Dividends payable to policyowners		364,695			322,037
Policy and contract claims		68,453			70,465
Income taxes payable		—			9,299
Deferred income taxes		134,279			145,332
Notes payable		546,637			571,155
Separate account liabilities		224,294			248,507


Total liabilities		22,530,858			21,547,400

Stockholders’ equity:
Preferred Stock, no par value, 20,000,000 shares authorized, none issued		—			—
Common Stock, no par value, 230,000,000 shares authorized; 44,569,825 shares issued and 39,091,588 shares outstanding in 2005; 44,225,902 shares issued and 39,400,663 shares outstanding in 2004		44,570			44,226
Additional paid-in capital		1,206,088			1,198,379
Accumulated other comprehensive income		128,440			114,670
Unearned compensation		(2,389	)		(1,238	)
Retained earnings		528,966			431,911
Treasury stock, at cost (5,478,237 shares in 2005 and 4,825,239 shares in 2004)		(188,161	)		(164,479	)


Total stockholders’ equity		1,717,514			1,623,469


Total liabilities and stockholders’ equity	$	24,248,372		$	23,170,869

AMERUS GROUP CO.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2005 and the Year Ended December 31, 2004
($ in thousands)


					Accumulated
			Additional		Other												Total
			Paid-In		Comprehensive			Unearned			Retained			Treasury			Stockholders’
	Common Stock		Capital		Income			Compensation			Earnings			Stock			Equity
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 on securities		—		—		33,959			—			—			—			33,959
Net unrealized gain 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	)
Minimum pension liability adjustment		—		—		(4,228	)		—			—			—			(4,228	)

Balance at December 31, 2004		44,226		1,198,379		114,670			(1,238	)		431,911			(164,479	)		1,623,469

2005:
Net income		—		—		—			—			97,055			—			97,055
Net unrealized gain on securities		—		—		13,896			—			—			—			13,896
Net unrealized loss on derivatives designated as cash flow hedges		—		—		(126	)		—			—			—			(126	)
Stock issued under various incentive plans, net of forfeitures		344		7,709		—			(1,151	)		—			902			7,804
Purchase of treasury stock		—		—		—			—			—			(24,584	)		(24,584	)

Balance at June 30, 2005	$	44,570	$	1,206,088	$	128,440		$	(2,389	)	$	528,966		$	(188,161	)	$	1,717,514

EX-99.2 3 c97034exv99w2.htm SUPPLEMENTAL INFORMATION exv99w2

EXHIBIT 99.2

AmerUs Group Co.

Financial Supplement
Second Quarter 2005

AmerUs Group Co.

Financial Highlights
($ in thousands, except for per share data)


	For The Three Months Ended						For The Six Months Ended
	June 30,						June 30,
Earnings:	2005			2004			2005			2004

Net Income	$	35,567		$	48,776		$	97,055		$	81,905

Adjustments for:

Realized/unrealized (gains) losses on open block assets		958			6,044			888			22,132

Net amortization of DAC and VOBA due to open block gains or losses		316			(21	)		121			889

Net effect of derivative related market value adjustments		9,874			860			15,075			(622	)

Other (income) loss from non-insurance operations		(7	)		(815	)		219			(696	)

Income tax items		244			(13,109	)		(19,683	)		(18,291	)

Income from discontinued operations		—			—			—			(3,899	)

Cumulative effect of change in accounting		—			—			—			510


Adjusted Net Operating Income (1)	$	46,952		$	41,735		$	93,675		$	81,928


Basic Earnings Per Share:
Adjusted Net Operating Income per Share (2)	$	1.20		$	1.06		$	2.38		$	2.08

Net Income per Share	$	0.91		$	1.24		$	2.46		$	2.08

Weighted Average Shares Outstanding		39,265			39,327			39,412			39,342

Diluted Earnings Per Share:
Adjusted Net Operating Income per Share (2)	$	1.10		$	1.02		$	2.19		$	2.02

Net Income per Share	$	0.83		$	1.20		$	2.27		$	2.02

Weighted Average Shares Outstanding		42,752			40,760			42,845			40,619


Capitalization:	6/30/2005			12/31/2004

Bank Borrowings	$	100,000		$	—
Senior Notes		—			125,000
PRIDES		143,750			143,750
OCEANs		189,981			189,212
Surplus Note		25,000			25,000
Other Borrowings		37,151			37,438
Capital Securities — AmerUs Capital I		50,755			50,755

Total Notes Payable		546,637			571,155

Stockholders’ Equity (excluding AOCI) (5)		1,589,074			1,508,799

Total Capitalization (excluding AOCI) (5)	$	2,135,711		$	2,079,954


AOCI — Unrealized Gains / (Losses)		128,440			114,670


Total Capitalization (including AOCI)	$	2,264,151		$	2,194,624


Book Value per Share (3) (5):
including AOCI	$	43.94		$	41.20
excluding AOCI	$	40.65		$	38.29

Debt-to-Capital Ratio (4):
A. M. Best		17.05	%		18.70	%
Fitch		19.46	%		21.16	%
Moody’s		22.23	%		24.00	%
Standard & Poor’s		10.60	%		12.46	%


(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 6/30/2005 and 12/31/2004 were 39,091,588 and 39,400,663, 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 A. M. Best, the PRIDES are treated as 60% equity and AmerUs Capital I and the OCEANs are treated as 40% equity. For Fitch, the PRIDES are treated as 70% equity, AmerUs Capital I is treated as 60% equity and the OCEANs are treated as 100% debt. For Moody’s, AmerUs Capital I and the OCEANs are treated as 100% debt and the PRIDES are treated as 50% debt and 50% equity. 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 $64,129 and $71,724 as of June 30, 2005 and December 31, 2004, respectively. Management believes that excluding accumulated other comprehensive income (AOCI) 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 $1,717.5 million at June 30, 2005 and $1,623.5 million at December 31, 2004.

Page 2

AmerUs Group Co.

Consolidated Income Statement

($ in thousands)


	For The Three Months Ended						For The Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Revenues:
Insurance premiums	$	61,001		$	63,791		$	123,547		$	134,528
Product charges		54,638			54,284			113,671			103,846
Net investment income		277,040			251,311			545,751			508,186
Realized/unrealized capital gains (losses)		6,266			(44,550	)		(42,678	)		(44,635	)
Other income:
Income from Independent Marketing Organizations		7,153			7,327			16,164			14,063
Other		4,076			4,877			7,621			9,843

Total Revenue		410,174			337,040			764,076			725,831

Benefits and Expenses:
Policyowner benefits — traditional life		59,268			69,051			119,200			131,816
Policyowner benefits — investment and UL contracts		184,935			99,299			294,586			274,963
Operating expenses		32,847			32,624			65,524			60,828
Expenses from Independent Marketing Organizations		5,572			6,219			13,503			10,715
Amortization — DAC and VOBA		35,058			58,278			87,801			106,189
Dividends to policyowners		31,864			10,936			51,867			36,420

Total Benefits and Expenses		349,544			276,407			632,481			620,931

Interest expense:
Interest on bank debt		188			—			188			123
Interest on Senior Notes		2,172			2,172			4,344			4,344
Interest on Capital Securities (AmerUs Capital I)		1,123			1,123			2,128			2,128
Interest on PRIDES		1,998			1,998			3,996			3,996
Interest on OCEANs		1,964			1,839			3,803			3,677
Interest on Surplus Note		542			541			1,083			1,083
Interest on other borrowings		204			263			429			983

Total interest expense		8,191			7,936			15,971			16,334


Income before income tax expense		52,439			52,697			115,624			88,566

Income tax (expense)		(16,872	)		(3,921	)		(18,569	)		(10,050	)

Income from discontinued operations, net of tax		—			—			—			3,899

Cumulative effect of change in accounting, net of tax		—			—			—			(510	)


Net income	$	35,567		$	48,776		$	97,055		$	81,905


Weighted Average Common Shares Outstanding:
Basic		39,264,504			39,327,182			39,412,211			39,342,363

Diluted		42,751,912			40,760,364			42,845,240			40,619,242

Page 3

AmerUs Group Co.

Operating Segment Income

($ in thousands)


For The Three Months Ended June 30, 2005
	Protection			Accumulation					Total
	Products			Products		All Other			Consolidated

Revenues:
Insurance premiums	$	59,569		$	1,056	$	376		$	61,001
Product charges		40,646			13,992		—			54,638
Net investment income		92,983			183,553		504			277,040
Realized/unrealized losses on closed block investments		(40	)		—		—			(40	)
Other income:
Income from Independent Marketing Organizations		—			7,153		—			7,153
Other		857			2,663		544			4,064


		194,015			208,417		1,424			403,856

Benefits and expenses:
Policyowner benefits		79,174			132,895		427			212,496
Underwriting, acquisition, and other expenses:
Operating expenses		19,486			6,901		6,460			32,847
Expenses from Independent Marketing Organizations		—			5,572		—			5,572
Amortization of DAC and VOBA, net of open block loss adjustment of $8,208		22,107			21,159		—			43,266
Dividends to policyowners		31,862			2		—			31,864


		152,629			166,529		6,887			326,045


Segment pre-tax operating income	$	41,386		$	41,888	$	(5,463	)		77,811

Realized/unrealized losses on open block assets										(1,517	)

Unrealized gains on open block options and trading investments										7,823

Change in option value of indexed products and market value adjustments on total return strategy annuities										(31,745	)

Cash flow hedge amortization										38

Amortization of DAC and VOBA due to open block gains and losses										8,208

Other income from non-insurance operations										12


Income from continuing operations										60,630

Interest (expense)										(8,191	)

Income tax (expense)										(16,872	)


Net income									$	35,567

Page 4

AmerUs Group Co.

Operating Segment Income

($ in thousands)


For The Three Months Ended June 30, 2004
	Protection			Accumulation					Total
	Products			Products		All Other			Consolidated

Revenues:
Insurance premiums	$	62,427		$	859	$	505		$	63,791
Product charges		41,640			12,644		—			54,284
Net investment income		81,186			168,218		1,907			251,311
Realized/unrealized losses on closed block investments		(4,473	)		—		—			(4,473	)
Other income::
Income from Independent Marketing Organizations		—			7,327		—			7,327
Other		928			2,626		(37	)		3,517


		181,708			191,674		2,375			375,757
Benefits and expenses:
Policyowner benefits		91,205			114,261		(179	)		205,287
Underwriting, acquisition, and other expenses:
Operating expenses		19,115			7,106		6,403			32,624
Expenses from Independent Marketing Organizations		—			6,219		—			6,219
Amortization of DAC and VOBA, net of open block loss adjustment of $7,002		25,527			25,749		—			51,276
Dividends to policyowners		10,934			2		—			10,936


		146,781			153,337		6,224			306,342


Segment pre-tax operating income	$	34,927		$	38,337	$	(3,849	)		69,415


Realized/unrealized losses on open block assets										(8,851	)

Unrealized losses on open block options and trading investments										(31,226	)

Change in option value of indexed products and market value adjustments on total return strategy annuities										37,288

Cash flow hedge amortization										(351	)

Amortization of DAC and VOBA due to open block gains and losses										(7,002	)

Other income from non-insurance operations										1,360


Income from continuing operations										60,633

Interest (expense)										(7,936	)

Income tax (expense)										(3,921	)


Net income									$	48,776

Page 5

AmerUs Group Co.

Operating Segment Income

($ in thousands)


For The Six Months Ended June 30, 2005
	Protection		Accumulation					Total
	Products		Products		All Other			Consolidated

Revenues:
Insurance premiums	$	121,052	$	1,536	$	959		$	123,547
Product charges		87,723		25,948		—			113,671
Net investment income		179,869		365,199		683			545,751
Realized/unrealized gains on closed block investments		90		—		—			90
Other income:
Income from Independent Marketing Organizations		—		16,164		—			16,164
Other		1,718		5,204		1,064			7,986


		390,452		414,051		2,706			807,209

Benefits and expenses:
Policyowner benefits		168,375		257,623		454			426,452
Underwriting, acquisition, and other expenses:
Operating expenses		37,879		14,161		13,484			65,524
Expenses from Independent Marketing Organizations		—		13,503		—			13,503
Amortization of DAC and VOBA, net of open block loss adjustment of $5,383		46,978		46,206		—			93,184
Dividends to policyowners		51,864		3		—			51,867


		305,096		331,496		13,938			650,530


Segment pre-tax operating income	$	85,356	$	82,555	$	(11,232	)		156,679


Realized/unrealized losses on open block assets									(1,340	)

Unrealized losses on open block options and trading investments									(41,428	)

Change in option value of indexed products and market value adjustments on total return strategy annuities									12,589

Cash flow hedge amortization									77

Amortization of DAC and VOBA due to open block gains and losses									5,383

Other income from non-insurance operations									(365	)


Income from continuing operations									131,595

Interest (expense)									(15,971	)

Income tax (expense)									(18,569	)


Net income								$	97,055

Page 6

AmerUs Group Co.

Operating Segment Income

($ in thousands)


For The Six Months Ended June 30, 2004
	Protection			Accumulation					Total
	Products			Products		All Other			Consolidated

Revenues:
Insurance premiums	$	132,143		$	1,582	$	803		$	134,528
Product charges		77,099			26,747		—			103,846
Net investment income		162,444			342,481		3,261			508,186
Realized/unrealized losses on closed block investments		(3,643	)		—		—			(3,643	)
Other income:
Income from Independent Marketing Organizations		—			14,063		—			14,063
Other		1,834			5,377		1,471			8,682


		369,877			390,250		5,535			765,662

Benefits and expenses:
Policyowner benefits		184,600			235,079		(158	)		419,521
Underwriting, acquisition, and other expenses:
Operating expenses		36,073			13,438		11,317			60,828
Expenses from Independent Marketing Organizations		—			10,715		—			10,715
Amortization of DAC and VOBA, net of open block loss adjustment of $5,742		44,768			55,679		—			100,447
Dividends to policyowners		36,418			2		—			36,420


		301,859			314,913		11,159			627,931


Segment pre-tax operating income	$	68,018		$	75,337	$	(5,624	)		137,731


Realized/unrealized losses on open block assets										(33,581	)

Unrealized losses on open block options and trading investments										(7,411	)

Change in option value of indexed products and market value adjustments on total return strategy annuities										13,555

Cash flow hedge amortization										(813	)

Amortization of DAC and VOBA due to open block gains and losses										(5,742	)

Other income from non-insurance operations										1,161


Income from continuing operations										104,900

Interest (expense)										(16,334	)

Income tax (expense)										(10,050	)

Income from discontinued operations, net of tax										3,899

Cumulative effect of change in accounting, net of tax										(510	)


Net income									$	81,905

Page 7

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)


	June 30,		December 31,
	2005		2004
ASSETS:
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,481,895	$	15,646,653
Equity securities		76,006		77,024
Short-term investments		11,954		2,979
Securities held for trading purposes:
Fixed maturity securities		1,559,922		1,718,125
Equity securities		33		15,468
Mortgage loans		931,066		865,733
Policy loans		485,371		486,071
Other investments		346,616		374,240

Total investments		19,892,863		19,186,293

Cash and cash equivalents		650,045		478,441
Accrued investment income		225,608		222,294
Premiums, fees and other receivables		41,413		39,688
Income taxes receivable		30,296		—
Reinsurance receivables		684,299		666,493
Deferred policy acquisition costs		1,392,276		1,248,009
Deferred sales inducements		177,622		137,538
Value of business acquired		354,861		374,792
Goodwill		228,869		226,291
Property and equipment		45,393		46,114
Other assets		300,533		296,409
Separate account assets		224,294		248,507


Total Assets	$	24,248,372	$	23,170,869

Page 8

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)


	June 30,			December 31,
	2005			2004
LIABILITIES:
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	18,711,861		$	17,923,329
Policyowner funds		1,471,974			1,419,762

Sub-total		20,183,835			19,343,091

Accrued expenses and other liabilities		1,008,665			837,514
Dividends payable to policyowners		364,695			322,037
Policy and contract claims		68,453			70,465
Income taxes payable		—			9,299
Deferred income taxes		134,279			145,332
Notes payable:
Bank debt		100,000			—
Senior notes		—			125,000
PRIDES		143,750			143,750
OCEANs		189,981			189,212
Surplus note		25,000			25,000
AmerUs Capital I		50,755			50,755
Other borrowings		37,151			37,438
Separate account liabilities		224,294			248,507


Total Liabilities		22,530,858			21,547,400

STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, none issued		—			—
Common Stock, no par value, 230,000,000 shares authorized; 44,569,825 shares issued and 39,091,588 shares outstanding in 2005; 44,225,902 shares issued and 39,400,663 shares outstanding in 2004		44,570			44,226
Additional paid-in capital		1,206,088			1,198,379
Accumulated other comprehensive income		128,440			114,670
Unearned compensation		(2,389	)		(1,238	)
Retained earnings		528,966			431,911
Treasury stock, at cost (5,478,237 shares in 2005 and 4,825,239 shares in 2004)		(188,161	)		(164,479	)


Total Stockholders’ Equity		1,717,514			1,623,469


Total Liabilities and Stockholders’ Equity	$	24,248,372		$	23,170,869

Page 9

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

June 30, 2005


			AOCI			Without
	GAAP		Adjustment			AOCI Adjustments (1)
ASSETS:
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,481,895	$	(629,815	)	$	15,852,080
Equity securities		76,006		(1,355	)		74,651
Short-term investments		11,954		(65	)		11,889
Securities held for trading purposes:
Fixed maturity securities		1,559,922		—			1,559,922
Equity securities		33		—			33
Mortgage loans		931,066		—			931,066
Policy loans		485,371		—			485,371
Other investments		346,616		(1,730	)		344,886

Total invested assets		19,892,863		(632,965	)		19,259,898

Cash and cash equivalents		650,045		—			650,045
Accrued investment income		225,608		—			225,608
Premiums, fees and other receivables		41,413		—			41,413
Income taxes receivable		30,296		—			30,296
Reinsurance receivables		684,299		—			684,299
Deferred policy acquisition costs		1,392,276		180,745			1,573,021
Deferred sales inducements		177,622		24,709			202,331
Value of business acquired		354,861		61,744			416,605
Goodwill		228,869		—			228,869
Property and equipment		45,393		—			45,393
Other assets		300,533		—			300,533
Separate account assets		224,294		—			224,294


Total Assets	$	24,248,372	$	(365,767	)	$	23,882,605


(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)

June 30, 2005


				AOCI			Without
	GAAP			Adjustment			AOCI Adjustments (1)
LIABILITIES:
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	18,711,861		$	—		$	18,711,861
Policyowner funds		1,471,974			1,824			1,473,798

		20,183,835			1,824			20,185,659

Accrued expenses and other liabilities		1,008,665			(16,973	)		991,692
Dividends payable to policyowners		364,695			(156,061	)		208,634
Policy and contract claims		68,453			—			68,453
Deferred income taxes		134,279			(66,117	)		68,162
Notes payable:
Bank debt		100,000			—			100,000
PRIDES		143,750			—			143,750
OCEANs		189,981			—			189,981
Surplus note		25,000			—			25,000
AmerUs Capital I		50,755			—			50,755
Other borrowings		37,151			—			37,151
Separate Account liabilities		224,294			—			224,294

Total Liabilities		22,530,858			(237,327	)		22,293,531

STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, none issued		—			—			—
Common Stock, no par value, 230,000,000 shares authorized; 44,569,825 shares issued and 39,091,588 shares outstanding in 2005;		44,570			—			44,570
Additional paid-in capital		1,206,088			—			1,206,088
Accumulated other comprehensive income		128,440			(128,440	)		—
Unearned compensation		(2,389	)		—			(2,389	)
Retained earnings		528,966			—			528,966
Treasury stock, at cost (5,478,237 shares in 2005)		(188,161	)		—			(188,161	)


Total Stockholders’ Equity		1,717,514			(128,440	)		1,589,074


Total Liabilities and Stockholders’ Equity	$	24,248,372		$	(365,767	)	$	23,882,605


(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 Six Months Ended
	June 30,				June 30,
	2005		2004		2005		2004
Protection Products Repetitive Premiums (1):

Interest-Sensitive Whole Life		127		1,411		233		4,829

Term and Other Life		3,348		3,580		6,405		7,155

Universal Life		3,390		9,235		8,261		16,769

Indexed Life		24,184		19,291		42,210		36,594


Total Repetitive Premiums	$	31,049	$	33,517	$	57,109	$	65,347


Accumulation Deposits (1):
Annuity Premiums:
Deferred Fixed Annuity:
Traditional Annuity	$	69,478	$	78,577	$	138,360	$	160,747
Indexed Annuity		643,026		348,482		1,146,096		645,357


Sub-total		712,504		427,059		1,284,456		806,104

Variable Annuity		593		806		1,138		1,658
Funding Agreements		26,200		85,000		26,200		85,000


Total Accumulation Deposits	$	739,297	$	512,865	$	1,311,794	$	892,762


(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.

Page 12

AmerUs Group Co.

Sources of Business

($ in thousands)


	For The Three Months Ended				For The Six Months Ended
	June 30,				June 30,
	2005		2004		2005		2004
Protection Products Repetitive Premiums (1):
Career Marketing Organizations (CMOs)	$	8,916	$	8,691	$	15,250	$	14,972

Personal producing general agent (PPGA)		11,088		14,310		21,814		29,751

Independent Agent Force (2)		11,045		10,516		20,045		20,624


Total Repetitive Premiums	$	31,049	$	33,517	$	57,109	$	65,347


Accumulation Deposits (1):
Preferred Producer (Career)	$	39,753	$	32,666	$	84,668	$	65,196

Personal Producing General Agent (PPGA)		9,279		6,046		15,530		13,861

Independent Agent Force (2)		664,065		389,153		1,185,396		728,705

Funding Agreements		26,200		85,000		26,200		85,000


Total Accumulation Deposits	$	739,297	$	512,865	$	1,311,794	$	892,762


(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.

Page 13

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)


	June 30, 2005
	Amortized Cost		Unrealized Gain		Unrealized Loss			Carrying Value
Portfolio Composition:
Cash and cash equivalents	$	650,045	$	—	$	—		$	650,045
Securities available-for-sale:
Investment grade bonds		14,638,757		622,591		(33,872	)		15,227,476
Non-investment grade bonds		1,213,323		51,646		(10,550	)		1,254,419
Equity securities		74,651		1,357		(2	)		76,006
Short-term investments		11,889		66		(1	)		11,954
Securities for trading:
Investment grade bonds		1,426,929		—		—			1,426,929
Non-investment grade bonds		132,993		—		—			132,993
Equity securities		33		—		—			33
Mortgage loans		931,066		—		—			931,066
Policy loans		485,371		—		—			485,371
Other invested assets		346,592		24		—			346,616

Total	$	19,911,649	$	675,684	$	(44,425	)	$	20,542,908


	December 31, 2004
	Amortized Cost		Unrealized Gain		Unrealized Loss			Carrying Value
Portfolio Composition:
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
Mortgage 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


	June 30, 2005		December 31, 2004
Investment Portfolio Data (1):
Average NAIC Rating		1.48		1.48
Average Life		9.44		8.58
Effective Duration		6.08		5.73
Weighted Average Book Yield		5.69		5.71


	June 30, 2005								December 31, 2004
	Amortized Cost		% of FMS			% of TIA (2)			Amortized Cost		% of FMS			% of TIA (2)
High Yield Securities:
NAIC 3	$	821,748		4.72	%		4.13	%	$	809,718		4.81	%		4.24	%
NAIC 4		492,596		2.83	%		2.47	%		440,487		2.62	%		2.30	%
NAIC 5		29,814		0.17	%		0.15	%		27,196		0.16	%		0.14	%
NAIC 6		2,158		0.01	%		0.01	%		1,884		0.01	%		0.01	%

Total	$	1,346,316		7.73	%		6.76	%	$	1,279,285		7.60	%		6.69	%


(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)


	June 30, 2005								December 31, 2004
	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Fixed Maturity Securities by Category:
Government	$	500,083		2.8	%		2.4	%	$	548,387		3.2	%		2.8	%
Public Credit		10,119,427		56.1	%		49.3	%		9,662,584		55.8	%		49.1	%
Private Credit		2,302,222		12.8	%		11.2	%		2,102,978		12.1	%		10.7	%
Below Investment Grade		1,387,412		7.7	%		6.7	%		1,344,626		7.7	%		6.8	%
Mortgage-Backed (MBS)		2,118,921		11.7	%		10.3	%		2,020,643		11.6	%		10.3	%
Commercial Mortgage-Backed (CMBS)		1,225,149		6.8	%		6.0	%		1,119,225		6.4	%		5.7	%
Asset-Backed (ABS)		371,093		2.0	%		1.8	%		528,075		3.0	%		2.7	%
Redeemable Preferred Stock		17,510		0.1	%		0.1	%		38,260		0.2	%		0.2	%

Total	$	18,041,817		100.0	%		87.8	%	$	17,364,778		100.0	%		88.3	%


			June 30, 2005								December 31, 2004
			Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Fixed Maturity Securities by Quality:
NAIC Rating		S&P Equivalent
	1	A- or higher	$	11,350,580		62.9	%		55.3	%	$	10,777,378		62.1	%		54.8	%
	2	BBB- to BBB+		5,303,825		29.4	%		25.8	%		5,242,775		30.2	%		26.7	%

		Investment Grade		16,654,405		92.3	%		81.1	%		16,020,153		92.3	%		81.5	%

	3	BB- to BB+		850,830		4.7	%		4.1	%		851,831		4.9	%		4.3	%
	4	B- to B+		502,085		2.8	%		2.4	%		460,745		2.7	%		2.3	%
	5 & 6	CCC+ or lower		34,497		0.2	%		0.2	%		32,049		0.1	%		0.2	%

				1,387,412		7.7	%		6.7	%		1,344,625		7.7	%		6.8	%


		Total	$	18,041,817		100.0	%		87.8	%	$	17,364,778		100.0	%		88.3	%


	June 30, 2005								December 31, 2004
	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Fixed Maturity Securities by Industry Sector:
Basic Industry	$	866,064		4.8	%		4.2	%	$	916,856		5.3	%		4.7	%
Capital Goods		917,928		5.1	%		4.5	%		902,254		5.2	%		4.6	%
Communications		1,323,669		7.3	%		6.4	%		1,304,250		7.5	%		6.6	%
Consumer Cyclical		1,124,035		6.2	%		5.5	%		1,247,607		7.2	%		6.3	%
Consumer Non Cyclical		1,718,849		9.5	%		8.4	%		1,691,226		9.7	%		8.6	%
Energy		1,177,949		6.5	%		5.7	%		1,059,864		6.1	%		5.4	%
Technology		257,868		1.4	%		1.3	%		228,994		1.3	%		1.2	%
Transportation		577,305		3.2	%		2.8	%		539,749		3.1	%		2.7	%
Industrial Other		230,012		1.3	%		1.1	%		146,919		0.8	%		0.7	%
Utilities		2,011,142		11.2	%		9.8	%		1,794,985		10.3	%		9.1	%
Financial Institutions		3,001,255		16.7	%		14.6	%		2,704,498		15.6	%		13.9	%

Sub-total		13,206,076		73.2	%		64.3	%		12,537,202		72.2	%		63.8	%

Other (1)		4,835,741		26.8	%		23.5	%		4,827,576		27.8	%		24.5	%


Total	$	18,041,817		100.0	%		87.8	%	$	17,364,778		100.0	%		88.3	%


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


	June 30, 2005								December 31, 2004
	Market Value		% of MBS			% of TIA			Market Value		% of MBS			% of TIA
Mortgage Backed Securities:
Pass-thru	$	1,224,696		57.8	%		6.0	%	$	1,296,699		64.2	%		6.6	%
Planned Amortization Class (PACs)		442,809		20.9	%		2.1	%		419,911		20.7	%		2.1	%
Sequential Pay		436,506		20.6	%		2.1	%		286,388		14.2	%		1.5	%
Adjustable Rate Mortgages (ARMs)		14,910		0.7	%		0.1	%		17,645		0.9	%		0.1	%

Total	$	2,118,921		100.0	%		10.3	%	$	2,020,643		100.0	%		10.3	%

Page 15

AmerUs Group Co.

Policyowner Liability Characteristics — Annuities

($ in thousands)

June 30, 2005


					Indexed
	Fixed		Indexed		Derivatives			Indexed
	Annuities		Annuities		Market Value			Annuities
	Account Value		Account Value (4)		Adjustment			GAAP Reserves
FIXED DEFERRED ANNUITY SURRENDER CHARGE %:
Accrual Adjustment	$	—	$	23,563	$	118		$	23,681
No surrender charge		1,722,626		45,400		902			46,302
1 percent		65,248		7,734		(103	)		7,631
2 percent		119,549		53,999		3,784			57,783
3 percent		150,964		193,519		24,243			217,762
4 percent		1,054,434		454,508		56,261			510,769
5 percent		421,268		199,468		22,792			222,260
6 percent		434,835		121,380		7,229			128,609
7 percent		399,945		110,944		1,535			112,479
8 percent		401,781		252,375		4,868			257,243
9 percent		448,497		431,816		5,293			437,109
10 percent or greater		1,000,489		4,413,914		45,107			4,459,021


Total	$	6,219,636	$	6,308,620	$	172,029		$	6,480,649

MARKET VALUE ADJUSTMENT PROTECTION:
MVA provision on contract	$	394,876	$	2,959,546	$	29,272		$	2,988,818
Total return strategy		—		1,263,563		(150	)		1,263,413
Non-MVA		5,824,760		2,085,511		142,907			2,228,418


Total	$	6,219,636	$	6,308,620	$	172,029		$	6,480,649

FIXED ANNUITY-INTEREST GUARANTEE PERIOD:
Monthly guarantee	$	249,360	$	—	$	—		$	—
1 Year		4,920,184		—		—			—
Multi-year		1,050,092		—		—			—
Cumulative floor (1)		—		6,308,620		172,029			6,480,649


Total	$	6,219,636	$	6,308,620	$	172,029		$	6,480,649

FIXED ANNUITY-ULTIMATE MINIMUM GUARANTEE RATE:
2 percent	$	383,336	$	—	$	—		$	—
3 percent		2,825,625		—		—			—
3.25 percent		461,069		—		—			—
3.50 percent		624,057		—		—			—
4 percent		1,872,493		—		—			—
4.5 percent		53,056		—		—			—
Cumulative floor (1)		—		6,308,620		172,029			6,480,649


Total	$	6,219,636	$	6,308,620	$	172,029		$	6,480,649

CREDITED RATE VS. MINIMUM
GUARANTEED RATE DIFFERENTIAL (2) (3):
No Differential	$	4,646,353	$	—	$	—		$	—
0.0% - 0.5%		138,638		—		—			—
0.5% - 1.0%		250,680		—		—			—
1.0% - 1.5%		35,024		—		—			—
1.5% - 2.0%		50,537		—		—			—
2.0% - 2.5%		113,199		—		—			—
2.5% - 3.0%		75,701		—		—			—
Greater Than 3.0%		909,504		—		—			—
Cumulative floor (1)		—		6,308,620		172,029			6,480,649


Total	$	6,219,636	$	6,308,620	$	172,029		$	6,480,649


(1)		Indexed products provide guarantees based on a cumulative floor over the term of the product.

(2)		Recent issues may contain deferred sales inducements 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 indexed products. For GAAP, 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
	June 30,
	2005			2004
ANNUITY SEGMENT SPREADS LTM:
Asset earned rate		5.76	%		5.74	%
Liability credited rate (1)		3.46	%		3.57	%

Product spread		2.30	%		2.17	%


	Rolling 12 Months Ended
	June 30, 2005
	GAAP			Adjustment (1)			Non-GAAP
COMPONENTS OF ANNUITY SEGMENT SPREAD CALCULATION (2):

Investment income (3)	$	627,451					$	627,451

Average invested assets	$	10,885,721					$	10,885,721


Asset earned rate		5.76	%					5.76	%


Annuity segment benefit expense (1)	$	404,734		$	(19,134	)	$	385,600

Average annuity segment liabilities (1)	$	11,279,296		$	(140,593	)	$	11,138,703


Liability credited rate		3.58	%					3.46	%


Product spread		2.18	%					2.30	%


	Rolling 12 Months Ended
	June 30, 2004
	GAAP			Adjustment (1)			Non-GAAP
Investment income (3)	$	576,721					$	576,721

Average invested assets	$	10,045,222					$	10,045,222


Asset earned rate		5.74	%					5.74	%


Annuity segment benefit expense (1)	$	377,944		$	(15,374	)	$	362,570

Average annuity segment liabilities (1)	$	10,286,221		$	(146,362	)	$	10,139,859


Liability credited rate		3.67	%					3.57	%


Product spread		2.07	%					2.17	%


(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 indexed annuity products. For GAAP, indexed product liabilities are to be stated at fair value following derivative accounting. In addition, the liability credited rate excludes deferred sales inducements amortization from total benefit expense. For GAAP, effective January 1, 2004, deferred sales inducements 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 deferred sales inducements amortization that historically has not been a part of this measure.

(2)		The annuity segment spread calculation includes fixed annuity and 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)


	June 30,		December 31,
	2005		2004
LIABILITIES:
Future life and annuity policy benefits	$	2,779,280	$	2,804,222
Policyowner funds		7,780		8,096
Accrued expenses and other liabilities		10,361		32,140
Dividends payable to policyowners		157,777		161,475
Policy and contract claims		12,044		14,705
Policyowner dividend obligation		199,417		152,975


Total Liabilities		3,166,659		3,173,613


ASSETS:
Securities available-for-sale at fair value:
Fixed maturity securities		2,009,461		2,028,790
Mortgage loans		66,190		70,686
Policy loans		330,758		335,573
Other investments		—		34
Cash and cash equivalents		49,921		8,473
Accrued investment income		32,747		32,637
Premiums, fees and other receivables		53,091		59,369
Other assets		—		17


Total Assets		2,542,168		2,535,579


Maximum future earnings to be recognized from assets and liabilities of the Closed Blocks	$	624,491	$	638,034


	For The Three Months Ended						For The Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
REVENUES AND EXPENSES:
Insurance premiums	$	42,998		$	44,684		$	84,885		$	97,280
Product charges		1,445			1,311			3,146			1,401
Net investment income		40,361			36,235			74,780			71,969
Realized/unrealized gains (losses) on investments		(40	)		(4,473	)		90			(3,643	)
Policyowner benefits		(45,282	)		(58,495	)		(95,403	)		(113,665	)
Underwriting, acquisition and other expenses		(631	)		(918	)		(1,188	)		(2,007	)
Dividends to policyowners		(29,823	)		(9,019	)		(47,991	)		(32,418	)


Contribution from the Closed Block before income taxes	$	9,028		$	9,325		$	18,319		$	18,917

Page 18

AmerUs Group Co.

Additional Information

($ in thousands)


	June 30,		December 31,
	2005		2004
LIFE INSURANCE IN FORCE (FACE AMOUNT) (1):
Traditional Life	$	68,066,000	$	67,769,000
Universal Life		19,667,000		19,848,000
Indexed Life		12,120,000		9,918,000


Total Life Insurance In Force	$	99,853,000	$	97,535,000


RESERVES (GAAP) (including Closed Block):
Traditional Life	$	3,584,008	$	3,551,648
Universal Life		1,606,169		1,587,787
Indexed Life		464,342		364,282

Total Life Insurance Reserves		5,654,519		5,503,717

Deferred Fixed Annuity		6,485,532		6,780,234
Indexed Annuity		6,480,693		5,551,184

Total Annuity Reserves		12,966,225		12,331,418

Total Reserves	$	18,620,744	$	17,835,135


NUMBER OF PRODUCERS:
Protection Products Segment:
Career Marketing Organizations		1,329		1,212
Personal Producing General Agents and sub-agents		5,284		5,158
Independent Agents — other than New York		13,155		11,885
Independent Agents — New York		6,091		5,658
Retail Broker / Dealers		712		712
Registered Representatives		17,781		17,811

Protection Products Segment — Total Agents		44,352		42,436


Accumulation Products Segment — Independent Agents		16,614		14,572


	June 30,			June 30,
	2005			2004
LIFE INSURANCE LAPSE RATE — LTM		6.2	%		6.3	%

ANNUITY WITHDRAWAL RATES — LTM
With Internal Replacements		9.4	%		9.8	%
Without Internal Replacements		7.8	%		9.0	%


(1)		Life insurance in force is a performance measure utilized by investors, analysts and the Company to assess the Company’s position in the industry.

Page 19

AmerUs Group Co.

Additional Information

($ in thousands)


	Protection Products			Accumulation Products			AOCI
	Segment			Segment			Adjustment			Total
DAC ROLLFORWARD:
Beginning Balance — December 31, 2004	$	628,355		$	766,129		$	(146,475	)	$	1,248,009

Capitalization		88,824			153,672			—			242,496

Amortization		(36,494	)		(27,465	)		—			(63,959	)

FAS 115 Adjustment		—			—			(34,270	)		(34,270	)


Ending Balance — June 30, 2005	$	680,685		$	892,336		$	(180,745	)	$	1,392,276


	Deferred
	Sales Inducements			VOBA
OTHER ROLLFORWARDS:
Beginning Balance — December 31, 2004	$	137,538		$	374,792

Capitalization		54,618			—

Amortization		(10,902	)		(23,842	)

FAS 115 Adjustment		(3,632	)		3,911


Ending Balance — June 30, 2005	$	177,622		$	354,861


	2005		2006
CONTRIBUTION FROM THE CLOSED BLOCK:
First Quarter	$	9,291	$	9,103

Second Quarter		9,028		8,843

Third Quarter		8,772		8,588

Fourth Quarter		8,522		8,338


Total	$	35,613	$	34,872

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 Six Months Ended
	June 30,
	2005			2004

Corporate federal income tax rate		35.00	%		35.00	%

Net benefit of tax credits		(0.05	%)		(0.10	%)

Dividend received deduction		(0.99	%)		(0.88	%)

Non-deductible expenses		0.81	%		0.23	%

Tax exempt income		(1.86	%)		(2.67	%)

State taxes on non-life operations		0.15	%		0.21	%

Provision releases and deferred income tax valuation allowance change		(17.02	%)		(20.65	%)

Other items, net		0.02	%		0.21	%


Effective tax rate		16.06	%		11.35	%

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 $24.2 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
2005
First Quarter	$	49.08	$	43.36	$	0.00
Second Quarter	$	48.50	$	45.06	$	0.00

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


Investor Relations		Transfer Agent and Registrar

Marty Ketelaar		Mellon Investor Service, LLC
Vice President — Investor Relations		P.O. Box 3315
Phone — (515) 362-3693		South Hackensack, NJ 07606-1915
Fax — (515) 362-3648		(800) 304-9709
e-mail: marty.ketelaar@amerus.com		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, 2004 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, 2004, 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.

Page 22

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