8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported: February 1, 2006)

AMERUS GROUP CO.

(Exact Name of Registrant as Specified in its Charter)

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

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

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

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

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

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

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

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

TABLE OF CONTENTS

Press Release

Supplemental Informational

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

Press Release and Supplemental Information

On February 1, 2006, AmerUs Group Co. (“the Company”) issued a press release reporting its financial results for the quarter and year ended December 31, 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.

Fourth Quarter 2005 Earnings Call

On February 2, 2006, the Company reported the following, among other results, during its fourth quarter 2005 earnings call.

The Company reported that its unleveraged internal rate of return on new life business¹ was 14 percent for 2005. The unleveraged internal rate of return on new annuity business was 12.3 percent for 2005.¹

In addition, the Company expects that its risk based capital level will be 350 percent at year end 2005. ¹ The Company also expects statutory net income to be approximately $141 million for 2005.¹ Statutory adjusted capital increased from $1.2 billion to approximately $1.3 billion in 2005.¹

¹ Based on statutory financial measures in accordance with insurance regulations applicable to the Company’s insurance subsidiaries.

ITEM 9.01 (d). EXHIBITS.

99.1	Press Release dated February 1, 2006 (furnished pursuant to Item 2.02).
99.2	Supplemental Information (furnished pursuant to Item 2.02).

SIGNATURE

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

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

Dated: February 2, 2006

EXHIBITS

Exhibit No. Description

99.1	Press Release dated February 1, 2005 (furnished pursuant to Item 2.02).
99.2	Supplemental Information (furnished pursuant to Item 2.02).

EX-99.1

Exhibit 99.1

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

AmerUs Group Reports Record 2005 Operating Income of $192.5 Million

                     DES MOINES, Iowa (February 1, 2006)—AmerUs Group Co. (NYSE: AMH), a leading producer of life insurance and annuity products, today reported year-end and fourth quarter results for 2005. Highlights include:

     YTD 2005

• Net income of $188.8 million or $4.43 per diluted share

• Record adjusted net operating income of $192.5 million ⁽¹⁾ or $4.52 per diluted share

• Record accumulation product sales ⁽²⁾ of $2.63 billion

• Protection product sales ⁽²⁾ of $117.8 million

     4Q2005

• Net income of $53.1 million or $1.26 per diluted share

• Adjusted net operating income of $50.2 million ⁽¹⁾ or $1.19 per diluted share

• Accumulation product sales of $662 million ⁽²⁾

• Protection product sales of $31.2 million ⁽²⁾

     Commenting on the company’s results, chairman, president and chief executive officer Thomas C. Godlasky said, “Our strong earnings report caps a number of significant accomplishments for AmerUs Group in 2005. During the year, investors were rewarded with

a 26 percent increase in total shareholder value. We were added to the Russell 1000 index, signifying our arrival as a solid mid-cap company, and we were once again named to the Forbes 400 Platinum List.”

Accumulation Product Results and Sales

     Pre-tax operating income for the accumulation segment increased 14 percent to $53.4 million during the fourth quarter of 2005 compared to $47.0 million a year ago. For the year, pre-tax operating income increased more than 12 percent to $183.8 million compared to $163.9 million for 2004.

     Sales of fixed annuity products for the quarter were $662 million, compared to $607 million in the fourth quarter of 2004. Fixed annuity sales in 2005 increased 43 percent to $2.63 billion compared to $1.84 billion in 2004. Sales of indexed annuity products accounted for 91 percent of fixed annuity sales, increasing 57 percent over 2004 reported sales.

Protection Product Results and Sales

     Pre-tax operating income for the protection segment increased five percent to $39.9 million compared to $38.2 million during the fourth quarter of 2004. For the year, pre-tax operating income grew more than 18 percent to $165.6 million compared to $140.2 million for 2004.

     Fourth quarter fixed life sales were $31.2 million, compared to $30.4 million in the fourth quarter of 2004. For the year, fixed life sales were $117.8 million, compared to $124.1 million in 2004. Sales of indexed life products accounted for 80 percent of total fixed life sales, an increase of 26 percent over 2004.

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     “Consumer interest in indexed products continues to grow,” said Godlasky, “because they satisfy critical needs in many financial and retirement plans.”

Net Investment Income

     Net investment income was $285.1 million in the fourth quarter of 2005 compared to $267.3 million in the fourth quarter of 2004. The increase was primarily the result of higher invested assets under management. The weighted average book yield during 2005 was 5.69 percent, compared to 5.71 percent in 2004. The new money investment rate for 2005 was 5.47 percent.

2006 Operating Income Guidance

     On January 5, 2006, the company provided 2006 adjusted net operating income guidance of $4.90 to $5.10 per diluted share, an increase of eight to 13 percent over 2005 reported net adjusted operating income of $4.52 per diluted common share. ⁽⁴⁾ The 2006 earnings guidance includes the impact of expensing stock options of approximately $0.05 per diluted common share. The expensing of stock options commenced January 1, 2006 in accordance with Statement of Financial Accounting Standards 123R, Share-Based Payment, A Revision of Accounting for Stock-Based Compensation.

Corporate Actions

     During the quarter, the company’s board of directors approved an annual common stock dividend of $0.40 per share payable December 8, 2005 to shareholders of record on November 18, 2005. The board of directors also approved a quarterly dividend of $0.40278

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per share for its Series A non-cumulative perpetual preferred stock (NYSE: AMH Pr) payable on December 15, 2005 to preferred shareholders of record on November 18, 2005.

     Additionally, AmerUs Group will hold its annual meeting of shareholders at its corporate headquarters on May 4, 2006, at 2 p.m. CDT. Individuals interested in attending the meeting should contact the company’s corporate secretary’s office at (515) 362-3695.

2006 Investor Conference

     The company will hold its annual investor conference in New York City on February 28, 2006 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) 362-3694.

Conference Call, Audio Replay and Additional Financial Information

     Interested parties may listen to a conference call with AmerUs Group’s management discussing fourth quarter 2005 results by calling (toll free) 888-730-9134 (international 210-234-0003) at 10 a.m. EST on Thursday, February 2, 2006. The passcode for the call is ‘AmerUs’. An audio replay of AmerUs Group’s call will be available through February 9, 2006. The replay can be accessed by dialing 888-568-0924 (international: 203-369-3213).

     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

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accessing the company’s web site at www.amerus.com or by contacting the company’s investor relations department at (515) 362-3695.

Caution Regarding Forward-Looking Statements

     This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Additionally, forward-looking statements are subject to assumptions, risks and uncertainties. Statements such as “guidance,” “expect,” “anticipate,” “believe,” “goal,” “objective,” “target,” “may,” “should,” “estimate,” “projects,” or similar words as well as specific projections of future results qualify as forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements can be found in the company’s 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.

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     As of December 31, 2005, AmerUs Group’s total assets were $24.8 billion and shareholders’ equity totaled $1.7 billion, including accumulated other comprehensive income.

¹   The company views adjusted net operating income and adjusted net operating income per share, non-GAAP financial measures, as important indicators of financial performance. When presented with net income and net income per share, 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 net effect of derivative related market value adjustments, litigation following class certification, net, the release of income tax provisions, early extinguishment of debt, 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 and net income per share to adjusted net operating income and adjusted net operating income per share 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.

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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; derivative related market value adjustments; litigation following class certification, net; the release of income tax provisions; discontinued operations; early extinguishment of debt; 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,
	2005			2004			2005			2004
Net Income available to common stockholders	$	53,088		$	67,875		$	188,762		$	192,642
Realized/unrealized losses on open block assets (A)		1,713			4,142			9,762			24,076
Net amortization of DAC and VOBA due to open block gains or losses (B)		(470	)		(306	)		(1,122	)		375
Net effect of derivative related market value adjustments (C)		632			(12,333	)		1,812			(7,472	)
Other income from non-insurance operations (D)		(154	)		(215	)		(31	)		(897	)
Litigation following class certification, net (E)		—			—			6,428			—
Income tax items (F)		(4,614	)		(14,798	)		(24,609	)		(36,767	)
Income from discontinued operations (G)		—			—			—			(3,899	)
Early extinguishment of debt (H)		—			—			11,449			—
Cumulative effect of change in accounting (I)		—			—			—			510
Adjusted Net Operating Income available to common stockholders	$	50,195		$	44,365		$	192,451		$	168,568
Adjusted Net Operating Income available to common stockholders per common share:
Basic	$	1.29		$	1.13		$	4.93		$	4.29
Diluted	$	1.19		$	1.06		$	4.52		$	4.10
Weighted average common shares outstanding:
Basic		38,780,027			39,390,532			39,020,987			39,334,798
Diluted		42,181,113			41,986,455			42,602,375			41,135,188

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, 2005, includes a $6.3 million loss on the disposition of the Company’s 34% joint venture interest in AMAL. The year ended December 31, 2004, includes a $7.7 million loss on the Indianapolis Life office building.
(B)	Represents amortization of deferred acquisition costs (DAC) and value of business acquired (VOBA) on the open block realized/unrealized 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 are not part of our insurance operations.
(E)	Represents litigation accruals following class certification, net of insurance recoveries.
(F)	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.
(G)	Represents the net income from our discontinued operations.
(H)	Represents expenses associated with the early extinguishment of the OCEANs debt instrument.
(I)	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 STATEMENTS OF INCOME
($ in thousands, except share data)

	For The Three Months Ended December 31,				For The Year Ended December 31,
	2005		2004		2005			2004
Revenues:
Insurance premiums	$	58,819	$	68,556	$	236,969		$	267,666
Product charges		59,748		55,253		238,358			220,554
Net investment income		285,111		267,273		1,109,503			1,037,447
Realized/unrealized capital gains (losses)		4,408		60,190		(14,908	)		18,068
Other income		9,926		11,030		45,198			46,394
		418,012		462,302		1,615,120			1,590,129
Benefits and expenses:
Policyowner benefits		233,531		256,345		858,528			888,696
Underwriting, acquisition and other expenses		37,681		43,603		157,562			155,064
Litigation following class certification, net		—		—		9,380			—
Amortization of deferred policy acquisition costs and value of business acquired		45,066		53,402		191,581			204,863
Dividends to policyowners		15,830		20,134		86,467			81,092
		332,108		373,484		1,303,518			1,329,715
Income from continuing operations		85,904		88,818		311,602			260,414
Interest expense		8,477		7,976		32,173			32,120
Early extinguishment of debt		—		—		19,082			—
Income before income tax expense		77,427		80,842		260,347			228,294
Income tax expense		21,922		12,967		69,168			39,041
Net income from continuing operations		55,505		67,875		191,179			189,253
Income from discontinued operations, net of tax		—		—		—			3,899
Net income before cumulative effect of change in accounting		55,505		67,875		191,179			193,152
Cumulative effect of change in accounting, net of tax		—		—		—			(510	)
Net income		55,505		67,875		191,179			192,642
Dividends on preferred stock		2,417		—		2,417			—
Net income available to common stockholders	$	53,088	$	67,875	$	188,762		$	192,642
Net income from continuing operations available to common stockholders per common share:
Basic	$	1.37	$	1.72	$	4.84		$	4.81
Diluted	$	1.26	$	1.62	$	4.43		$	4.60
Net income available to common stockholders per common share:
Basic	$	1.37	$	1.72	$	4.84		$	4.90
Diluted	$	1.26	$	1.62	$	4.43		$	4.68
Weighted average common shares outstanding:
Basic		38,780,027		39,390,532		39,020,987			39,334,798
Diluted		42,181,113		41,986,455		42,602,375			41,135,188

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

	December 31,
	2005		2004
Assets
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,727,933	$	15,646,653
Equity securities		75,658		77,024
Short-term investments		9,998		2,979
Securities held for trading purposes:
Fixed maturity securities		1,414,225		1,718,125
Equity securities		2,358		15,468
Mortgage loans		976,135		865,733
Policy loans		483,441		486,071
Other investments		347,552		374,240
Total investments		20,037,300		19,186,293
Cash and cash equivalents		600,160		478,441
Accrued investment income		237,221		222,294
Premiums, fees and other receivables		40,667		39,688
Income taxes receivable		21,770		—
Reinsurance receivables		730,532		666,493
Deferred policy acquisition costs		1,755,159		1,248,009
Deferred sales inducements		261,322		137,538
Value of business acquired		356,949		374,792
Goodwill		228,869		226,291
Property and equipment		44,467		46,114
Other assets		306,655		296,409
Separate account assets		217,565		248,507
Total assets	$	24,838,636	$	23,170,869

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

	December 31,
	2005			2004
Liabilities and Stockholders’ Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits	$	19,486,854		$	17,923,329
Policyowner funds		1,483,873			1,419,762
		20,970,727			19,343,091
Accrued expenses and other liabilities		975,419			837,514
Dividends payable to policyowners		278,839			322,037
Policy and contract claims		66,137			70,465
Income taxes payable		—			9,299
Deferred income taxes		71,583			145,332
Notes payable		556,051			571,155
Separate account liabilities		217,565			248,507
Total liabilities		23,136,321			21,547,400
Stockholders’ equity:
Preferred Stock, no par value, 20,000,000 shares authorized, 6,000,000 shares issued and outstanding in 2005		144,830			—
Common Stock, no par value, 230,000,000 shares authorized; 46,675,811 shares issued and 38,612,874 shares outstanding in 2005 44,225,902 shares issued and 39,400,663 shares outstanding in 2004		46,676			44,226
Additional paid-in capital — common stock		1,231,533			1,198,379
Accumulated other comprehensive income (loss)		(3,612	)		114,670
Unearned compensation		(3,783	)		(1,238	)
Retained earnings		604,747			431,911
Treasury stock, at cost (8,062,937 shares in 2005 and 4,825,239 shares in 2004)		(318,076	)		(164,479	)
Total stockholders’ equity		1,702,315			1,623,469
Total liabilities and stockholders’ equity	$	24,838,636		$	23,170,869

AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Years Ended December 31, 2005 and 2004
($ in thousands)

					Additional		Accumulated
					Paid-In		Other												Total
	Preferred		Common		Capital		Comprehensive			Unearned			Retained			Treasury			Stockholders’
	Stock		Stock		Common Stock		Income (Loss)			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		—		—		—		—			—			191,179			—			191,179
Net unrealized loss on securities		—		—		—		(118,034	)		—			—			—			(118,034	)
Net unrealized loss on derivatives designated as cash flow hedges		—		—		—		(248	)		—			—			—			(248	)
Issuance of preferred stock		144,830		—		—		—			—			—			—			144,830
Conversion of OCEANs		—		1,675		9,069		—			—			—			—			10,744
Stock issued under various incentive plans, net of forfeitures		—		775		24,085		—			(2,545	)		—			958			23,273
Purchase of treasury stock		—		—		—		—			—			—			(154,555	)		(154,555	)
Dividends declared on preferred stock		—		—		—		—			—			(2,417	)		—			(2,417	)
Dividends declared on common stock		—		—		—		—			—			(15,926	)		—			(15,926	)
Balance at December 31, 2005	$	144,830	$	46,676	$	1,231,533	$	(3,612	)	$	(3,783	)	$	604,747		$	(318,076	)	$	1,702,315

EX-99.2

Exhibit 99.2

AmerUs Group Co.

Financial Supplement
Fourth Quarter 2005

AmerUs Group Co.

Financial Highlights

($ in thousands, except for per share data)

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
Earnings:	2005			2004			2005			2004
Net Income available to common stockholders	$	53,088		$	67,875		$	188,762		$	192,642
Adjustments for:
Realized/unrealized losses on open block assets		1,713			4,142			9,762			24,076
Net amortization of DAC and VOBA due to open block gains or losses		(470	)		(306	)		(1,122	)		375
Net effect of derivative related market value adjustments		632			(12,333	)		1,812			(7,472	)
Other income from non-insurance operations		(154	)		(215	)		(31	)		(897	)
Litigation following class certification, net		—			—			6,428			—
Income tax items		(4,614	)		(14,798	)		(24,609	)		(36,767	)
Income from discontinued operations		—			—			—			(3,899	)
Early extinguishment of debt		—			—			11,449			—
Cumulative effect of change in accounting		—			—			—			510
Adjusted Net Operating Income available to common stockholders (1)	$	50,195		$	44,365		$	192,451		$	168,568
Basic Earnings Per Common Share:
Adjusted Net Operating Income available to common stockholders per common share (2)	$	1.29		$	1.13		$	4.93		$	4.29
Net Income available to common stockholders per common share	$	1.37		$	1.72		$	4.84		$	4.90
Weighted average common shares outstanding		38,780			39,391			39,021			39,335
Diluted Earnings Per Common Share:
Adjusted Net Operating Income available to common stockholders per common share (2)	$	1.19		$	1.06		$	4.52		$	4.10
Net Income available to common stockholders per common share	$	1.26		$	1.62		$	4.43		$	4.68
Weighted average common shares outstanding		42,181			41,986			42,602			41,135

(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.

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AmerUs Group Co.

Equity and Capitalization

($ in thousands, except for per share data)

	As Of Or						As Of Or
	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
Common Stockholders’ Equity:	2005			2004			2005			2004
Beginning of period (including AOCI)	$	1,552,589		$	1,559,381		$	1,623,469		$	1,409,811
Beginning of period (excluding AOCI) (1)		1,526,960			1,446,335			1,508,799			1,325,292
End of period (including AOCI)		1,557,485			1,623,469			1,557,485			1,623,469
End of period (excluding AOCI) (1)		1,561,097			1,508,799			1,561,097			1,508,799
Average equity (including AOCI)		1,555,037			1,591,425			1,590,477			1,516,640
Average equity (excluding AOCI) (1)		1,544,029			1,477,567			1,534,948			1,417,046
Common shares outstanding, end of period								38,613			39,401
Return on Common Stockholders’ Equity:
Net income available to common stockholders / Average common stockholders’ equity (including AOCI)		13.7	%		17.1	%		11.9	%		12.7	%
Adjusted Net Operating Income available to common stockholders / Average common stockholders’ equity (excluding AOCI) (1) (2)		13.0	%		12.0	%		12.5	%		11.9	%
Book Value per Common Share:
including AOCI							$	40.34		$	41.20
excluding AOCI (1) (2)							$	40.43		$	38.29

Capitalization:	12/31/2005			12/31/2004
Senior Notes	$	300,000		$	125,000
PRIDES		143,750			143,750
OCEANs		—			189,212
Surplus Note		25,000			25,000
Other Borrowings		36,546			37,438
Capital Securities — AmerUs Capital I		50,755			50,755
Total Notes Payable		556,051			571,155
Preferred Stock		144,830			—
Common Stockholders’ Equity		1,561,097			1,508,799
Total Capitalization (excluding AOCI) (1)	$	2,261,978		$	2,079,954
AOCI — Unrealized Gains / (Losses)		(3,612	)		114,670
Total Capitalization (including AOCI)	$	2,258,366		$	2,194,624
Debt-to-Capital Ratio (3):
A. M. Best		20.51	%		18.70	%
Fitch		18.79	%		21.16	%
Moody’s		24.25	%		24.00	%
Standard & Poor’s		15.99	%		12.46	%

(1)	Stockholders’ equity, return on equity, book value, and total capitalization amounts excluding accumulated other comprehensive income (AOCI), are non-GAAP financial measures. Management believes that excluding 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.
(2)	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.
(3)	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, preferred stock is treated as 90% equity, PRIDES are treated as 60% equity and AmerUs Capital I and OCEANs are treated as 40% equity. For Fitch, preferred stock is treated as 100% equity, PRIDES are treated as 70% equity, AmerUs Capital I is treated as 60% equity and OCEANs are treated as 100% debt. For Moody’s, preferred stock is treated as 75% equity, PRIDES are treated as 50% equity, AmerUs Capital I and OCEANs are treated as 100% debt, and effective December 31, 2005, debt includes $23,279 of defined benefit plan obligation and $13,792 of future lease commitments. For Standard & Poors, preferred stock, 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 $38 and $71,724 as of December 31, 2005 and December 31, 2004, respectively.

Page 3

AmerUs Group Co.

Consolidated Income Statement

($ in thousands)

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
	2005			2004			2005			2004
Revenues:
Insurance premiums	$	58,819		$	68,556		$	236,969		$	267,666
Product charges		59,748			55,253			238,358			220,554
Net investment income		285,111			267,273			1,109,503			1,037,447
Realized/unrealized capital gains (losses)		4,408			60,190			(14,908	)		18,068
Other income:
Income from Independent Marketing Organizations		5,582			6,969			29,077			28,495
Other		4,344			4,061			16,121			17,899
Total Revenue		418,012			462,302			1,615,120			1,590,129
Benefits and Expenses:
Policyowner benefits — traditional life		67,077			76,498			240,377			275,050
Policyowner benefits — investment and UL contracts		166,454			179,847			618,151			613,646
Operating expenses		33,346			37,924			133,851			130,827
Expenses from Independent Marketing Organizations		4,335			5,679			23,711			24,237
Litigation following class certification, net		—			—			9,380			—
Amortization — DAC and VOBA		45,066			53,402			191,581			204,863
Dividends to policyowners		15,830			20,134			86,467			81,092
Total Benefits and Expenses		332,108			373,484			1,303,518			1,329,715
Interest expense:
Interest on bank debt		—			—			1,127			123
Interest on Senior Notes		4,462			2,171			11,566			8,687
Interest on Capital Securities (AmerUs Capital I)		1,123			1,123			4,256			4,256
Interest on PRIDES		1,998			1,998			7,992			7,992
Interest on OCEANs		—			1,838			3,758			7,354
Interest on Surplus Note		541			541			2,165			2,165
Interest on other borrowings		353			305			1,309			1,543
Total interest expense		8,477			7,976			32,173			32,120
Early extinguishment of debt		—			—			19,082			—
Income before income tax expense		77,427			80,842			260,347			228,294
Income tax (expense)		(21,922	)		(12,967	)		(69,168	)		(39,041	)
Income from discontinued operations, net of tax		—			—			—			3,899
Cumulative effect of change in accounting, net of tax		—			—			—			(510	)
Net income		55,505			67,875			191,179			192,642
Dividends on preferred stock		(2,417	)		—			(2,417	)		—
Net income available to common stockholders	$	53,088		$	67,875		$	188,762		$	192,642
Weighted Average Common Shares Outstanding:
Basic		38,780,027			39,390,532			39,020,987			39,334,798
Diluted		42,181,113			41,986,455			42,602,375			41,135,188

Page 4

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Three Months Ended December 31, 2005

	Protection			Accumulation					Total
	Products			Products		All Other			Consolidated
Revenues:
Insurance premiums	$	57,254		$	765	$	800		$	58,819
Product charges		44,924			14,824		—			59,748
Net investment income		89,334			194,356		1,421			285,111
Realized/unrealized losses on closed block investments		(689	)		—		—			(689	)
Other income:
Income from Independent Marketing Organizations		—			5,582		—			5,582
Other		866			2,588		633			4,087
		191,689			218,115		2,854			412,658
Benefits and expenses:
Policyowner benefits		97,695			127,138		(199	)		224,634
Underwriting, acquisition, and other expenses:
Operating expenses		18,245			7,248		7,853			33,346
Expenses from Independent Marketing Organizations		—			4,335		—			4,335
Amortization of DAC and VOBA, net of open block loss adjustment of $920		20,001			25,985		—			45,986
Dividends to policyowners		15,829			1		—			15,830
		151,770			164,707		7,654			324,131
Segment pre-tax operating income	$	39,919		$	53,408	$	(4,800	)		88,527
Realized/unrealized losses on open block assets										(2,629	)
Unrealized gains on open block options and trading investments										7,726
Change in option value of indexed products and market value adjustments on total return strategy annuities										(8,928	)
Cash flow hedge amortization										31
Amortization of DAC and VOBA due to open block gains and losses										920
Other income from non-insurance operations										257
Income from continuing operations										85,904
Interest (expense)										(8,477	)
Income tax (expense)										(21,922	)
Net income										55,505
Dividends on preferred stock										(2,417	)
Net income available to common stockholders									$	53,088

Page 5

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Three Months Ended December 31, 2004

	Protection		Accumulation					Total
	Products		Products		All Other			Consolidated
Revenues:
Insurance premiums	$	68,078	$	479	$	(1	)	$	68,556
Product charges		45,457		9,796		—			55,253
Net investment income		87,124		177,283		2,866			267,273
Realized/unrealized gains on closed block investments		39		—		—			39
Other income:
Income from Independent Marketing Organizations		—		6,969		—			6,969
Other		929		2,672		101			3,702
		201,627		197,199		2,966			401,792
Benefits and expenses:
Policyowner benefits		98,799		116,056		(43	)		214,812
Underwriting, acquisition, and other expenses:
Operating expenses		19,543		5,891		12,490			37,924
Expenses from Independent Marketing Organizations		—		5,679		—			5,679
Amortization of DAC and VOBA, net of open block loss adjustment of $5,821		24,982		22,599		—			47,581
Dividends to policyowners		20,133		1		—			20,134
		163,457		150,226		12,447			326,130
Segment pre-tax operating income	$	38,170	$	46,973	$	(9,481	)		75,662
Realized/unrealized losses on open block assets									(6,648	)
Unrealized gains on open block options and trading investments									66,799
Change in option value of indexed products and market value adjustments on total return strategy annuities									(41,578	)
Cash flow hedge amortization									45
Amortization of DAC and VOBA due to open block gains and losses									(5,821	)
Other income from non-insurance operations									359
Income from continuing operations									88,818
Interest (expense)									(7,976	)
Income tax (expense)									(12,967	)
Net income									67,875
Dividends on preferred stock									—
Net income available to common stockholders								$	67,875

Page 6

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Year Ended December 31, 2005

	Protection			Accumulation					Total
	Products			Products		All Other			Consolidated
Revenues:
Insurance premiums	$	231,841		$	3,028	$	2,100		$	236,969
Product charges		183,997			54,361		—			238,358
Net investment income		358,133			748,887		2,483			1,109,503
Realized/unrealized losses on closed block investments		(1,249	)		—		—			(1,249	)
Other income:
Income from Independent Marketing Organizations		—			29,077		—			29,077
Other		3,463			10,343		2,263			16,069
		776,185			845,696		6,846			1,628,727
Benefits and expenses:
Policyowner benefits		353,988			515,290		(132	)		869,146
Underwriting, acquisition, and other expenses:
Operating expenses		75,597			28,639		29,615			133,851
Expenses from Independent Marketing Organizations		—			23,711		—			23,711
Amortization of DAC and VOBA, net of open block loss adjustment of $2,783		94,577			94,221		—			188,798
Dividends to policyowners		86,462			5		—			86,467
		610,624			661,866		29,483			1,301,973
Segment pre-tax operating income	$	165,561		$	183,830	$	(22,637	)		326,754
Realized/unrealized losses on open block assets										(4,762	)
Unrealized losses on open block options and trading investments										(8,897	)
Change in option value of indexed products and market value adjustments on total return strategy annuities										10,475
Cash flow hedge amortization										143
Amortization of DAC and VOBA due to open block gains and losses										(2,783	)
Litigation following class certification, net										(9,380	)
Other income from non-insurance operations										52
Income from continuing operations										311,602
Interest (expense)										(32,173	)
Early extinguishment of debt										(19,082	)
Income tax (expense)										(69,168	)
Net income										191,179
Dividends on preferred stock										(2,417	)
Net income available to common stockholders									$	188,762

Page 7

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Year Ended December 31, 2004

	Protection			Accumulation					Total
	Products			Products		All Other			Consolidated
Revenues:
Insurance premiums	$	263,050		$	2,602	$	2,014		$	267,666
Product charges		167,585			52,969		—			220,554
Net investment income		333,477			697,363		6,607			1,037,447
Realized/unrealized losses on closed block investments		(1,693	)		—		—			(1,693	)
Other income:
Income from Independent Marketing Organizations		—			28,495		—			28,495
Other		3,573			10,730		2,101			16,404
		765,992			792,159		10,722			1,568,873
Benefits and expenses:
Policyowner benefits		379,749			472,208		179			852,136
Underwriting, acquisition, and other expenses:
Operating expenses		73,750			27,225		29,852			130,827
Expenses from Independent Marketing Organizations		—			24,237		—			24,237
Amortization of DAC and VOBA, net of open block loss adjustment of $9,068		91,193			104,602		—			195,795
Dividends to policyowners		81,088			4		—			81,092
		625,780			628,276		30,031			1,284,087
Segment pre-tax operating income	$	140,212		$	163,883	$	(19,309	)		284,786
Realized/unrealized losses on open block assets										(36,786	)
Unrealized gains on open block options and trading investments										56,547
Change in option value of indexed products and market value adjustments on total return strategy annuities										(35,652	)
Cash flow hedge amortization										(908	)
Amortization of DAC and VOBA due to open block gains and losses										(9,068	)
Other income from non-insurance operations										1,495
Income from continuing operations										260,414
Interest (expense)										(32,120	)
Income tax (expense)										(39,041	)
Income from discontinued operations, net of tax										3,899
Cumulative effect of change in accounting, net of tax										(510	)
Net income										192,642
Dividends on preferred stock										—
Net income available to common stockholders									$	192,642

Page 8

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)

	December 31,		December 31,
	2005		2004
ASSETS:
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,727,933	$	15,646,653
Equity securities		75,658		77,024
Short-term investments		9,998		2,979
Securities held for trading purposes:
Fixed maturity securities		1,414,225		1,718,125
Equity securities		2,358		15,468
Mortgage loans		976,135		865,733
Policy loans		483,441		486,071
Other investments		347,552		374,240
Total investments		20,037,300		19,186,293
Cash and cash equivalents		600,160		478,441
Accrued investment income		237,221		222,294
Premiums, fees and other receivables		40,667		39,688
Income taxes receivable		21,770		—
Reinsurance receivables		730,532		666,493
Deferred policy acquisition costs		1,755,159		1,248,009
Deferred sales inducements		261,322		137,538
Value of business acquired		356,949		374,792
Goodwill		228,869		226,291
Property and equipment		44,467		46,114
Other assets		306,655		296,409
Separate account assets		217,565		248,507
Total Assets	$	24,838,636	$	23,170,869

Page 9

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)

	December 31,			December 31,
	2005			2004
LIABILITIES:
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	19,486,854		$	17,923,329
Policyowner funds		1,483,873			1,419,762
Sub-total		20,970,727			19,343,091
Accrued expenses and other liabilities		975,419			837,514
Dividends payable to policyowners		278,839			322,037
Policy and contract claims		66,137			70,465
Income taxes payable		—			9,299
Deferred income taxes		71,583			145,332
Notes payable:
Senior notes		300,000			125,000
PRIDES		143,750			143,750
OCEANs		—			189,212
Surplus note		25,000			25,000
AmerUs Capital I		50,755			50,755
Other borrowings		36,546			37,438
Separate account liabilities		217,565			248,507
Total Liabilities		23,136,321			21,547,400
STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, 6,000,000 shares issued and outstanding in 2005		144,830			—
Common Stock, no par value, 230,000,000 shares authorized; 46,675,811 shares issued and 38,612,874 shares outstanding in 2005 44,225,902 shares issued and 39,400,663 shares outstanding in 2004		46,676			44,226
Additional paid-in capital — common stock		1,231,533			1,198,379
Accumulated other comprehensive income (loss)		(3,612	)		114,670
Unearned compensation		(3,783	)		(1,238	)
Retained earnings		604,747			431,911
Treasury stock, at cost (8,062,937 shares in 2005 and 4,825,239 shares in 2004)		(318,076	)		(164,479	)
Total Stockholders’ Equity		1,702,315			1,623,469
Total Liabilities and Stockholders’ Equity	$	24,838,636		$	23,170,869

Page 10

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

December 31, 2005

			AOCI			Without
	GAAP		Adjustment			AOCI Adjustments (1)
ASSETS:
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,727,933	$	(106,197	)	$	16,621,736
Equity securities		75,658		(707	)		74,951
Short-term investments		9,998		(13	)		9,985
Securities held for trading purposes:
Fixed maturity securities		1,414,225		—			1,414,225
Equity securities		2,358		—			2,358
Mortgage loans		976,135		—			976,135
Policy loans		483,441		—			483,441
Other investments		347,552		(228	)		347,324
Total invested assets		20,037,300		(107,145	)		19,930,155
Cash and cash equivalents		600,160		—			600,160
Accrued investment income		237,221		—			237,221
Premiums, fees and other receivables		40,667		—			40,667
Income taxes receivable		21,770		—			21,770
Reinsurance receivables		730,532		—			730,532
Deferred policy acquisition costs		1,755,159		(6,978	)		1,748,181
Deferred sales inducements		261,322		(4,997	)		256,325
Value of business acquired		356,949		34,745			391,694
Goodwill		228,869		—			228,869
Property and equipment		44,467		—			44,467
Other assets		306,655		—			306,655
Separate account assets		217,565		—			217,565
Total Assets	$	24,838,636	$	(84,375	)	$	24,754,261

(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.

Consolidated Balance Sheet

($ in thousands)

December 31, 2005

				AOCI			Without
	GAAP			Adjustment			AOCI Adjustments (1)
LIABILITIES:
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	19,486,854		$	—		$	19,486,854
Policyowner funds		1,483,873			510			1,484,383
		20,970,727			510			20,971,237
Accrued expenses and other liabilities		975,419			(16,973	)		958,446
Dividends payable to policyowners		278,839			(74,775	)		204,064
Policy and contract claims		66,137			—			66,137
Deferred income taxes		71,583			3,251			74,834
Notes payable:
Senior notes		300,000			—			300,000
PRIDES		143,750			—			143,750
Surplus note		25,000			—			25,000
AmerUs Capital I		50,755			—			50,755
Other borrowings		36,546			—			36,546
Separate Account liabilities		217,565			—			217,565
Total Liabilities		23,136,321			(87,987	)		23,048,334
STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, 6,000,000 shares issued and outstanding in 2005		144,830			—			144,830
Common Stock, no par value, 230,000,000 shares authorized; 46,675,811 shares issued and 38,612,874 shares outstanding in 2005		46,676			—			46,676
Additional paid-in capital — common stock		1,231,533			—			1,231,533
Accumulated other comprehensive loss		(3,612	)		3,612			—
Unearned compensation		(3,783	)		—			(3,783	)
Retained earnings		604,747			—			604,747
Treasury stock, at cost (8,062,937 shares in 2005)		(318,076	)		—			(318,076	)
Total Stockholders’ Equity		1,702,315			3,612			1,705,927
Total Liabilities and Stockholders’ Equity	$	24,838,636		$	(84,375	)	$	24,754,261

(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 12

AmerUs Group Co.

Product Mix

($ in thousands)

	For The Three Months Ended				For The Year Ended
	December 31,				December 31,
Protection Products Repetitive Premiums (1):	2005		2004		2005		2004
Interest-sensitive whole life		140		325		532		6,230
Term and other life		1,805		3,494		11,046		13,878
Universal life
Flexible premium without no lapse guarantee		1,232		5,857		12,145		29,326
Single premium		15		—		15		—
Indexed life:
Flexible premium without no lapse guarantee		21,867		14,083		70,570		53,261
Flexible premium with no lapse guarantee		4,599		2,664		14,554		7,054
Fixed premium excess interest whole life		1,422		3,931		8,895		14,314
Single premium		91		—		91		—
Total Repetitive Premiums	$	31,171	$	30,354	$	117,848	$	124,063
Accumulation Deposits (1):
Annuity premiums:
Deferred fixed annuity:
Traditional annuity	$	47,089	$	83,683	$	238,366	$	312,652
Indexed annuity		614,745		523,457		2,393,716		1,527,587
Sub-total		661,834		607,140		2,632,082		1,840,239
Variable annuity		512		586		2,514		2,805
Funding agreements		—		—		26,200		85,000
Total Accumulation Deposits	$	662,346	$	607,726	$	2,660,796	$	1,928,044

(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 13

AmerUs Group Co.

Sources of Business

($ in thousands)

	For The Three Months Ended				For The Year Ended
	December 31,				December 31,
Protection Products Repetitive Premiums (1):	2005		2004		2005		2004
Career marketing organizations (CMOs)	$	8,924	$	8,197	$	32,301	$	29,709
Personal producing general agent (PPGA)		8,771		12,523		41,107		54,272
Independent agent force (2)		13,476		9,634		44,440		40,082
Total Repetitive Premiums	$	31,171	$	30,354	$	117,848	$	124,063
Accumulation Deposits (1):
Preferred producer (Career)	$	65,852	$	42,412	$	188,984	$	146,305
Personal producing general agent (PPGA)		11,915		10,204		35,825		31,460
Independent agent force (2)		584,579		555,110		2,409,787		1,665,279
Funding agreements		—		—		26,200		85,000
Total Accumulation Deposits	$	662,346	$	607,726	$	2,660,796	$	1,928,044

(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 14

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

	December 31, 2005
Portfolio Composition:	Amortized Cost		Unrealized Gain		Unrealized Loss			Carrying Value
Cash and cash equivalents	$	600,160	$	—	$	—		$	600,160
Securities available-for-sale:
Investment grade bonds		15,371,845		297,149		(204,917	)		15,464,077
Non-investment grade bonds		1,249,886		35,812		(21,842	)		1,263,856
Equity securities		74,951		707		—			75,658
Short-term investments		9,990		8		—			9,998
Securities for trading:
Investment grade bonds		1,286,830		—		—			1,286,830
Non-investment grade bonds		127,395		—		—			127,395
Equity securities		2,358		—		—			2,358
Mortgage loans		976,135		—		—			976,135
Policy loans		483,441		—		—			483,441
Other invested assets		347,552		—		—			347,552
Total	$	20,530,543	$	333,676	$	(226,759	)	$	20,637,460

	December 31, 2004
Portfolio Composition:	Amortized Cost		Unrealized Gain		Unrealized Loss			Carrying Value
Cash and cash equivalents	$	478,441	$	—	$	—		$	478,441
Securities available-for-sale:
Investment grade bonds		13,948,355		524,527		(44,938	)		14,427,944
Non-investment grade bonds		1,153,368		69,890		(4,549	)		1,218,709
Equity securities		74,770		2,468		(214	)		77,024
Short-term investments		2,952		51		(24	)		2,979
Securities for trading:
Investment grade bonds		1,592,208		—		—			1,592,208
Non-investment grade bonds		125,917		—		—			125,917
Equity securities		15,468		—		—			15,468
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

Investment Portfolio Data (1):	December 31, 2005		December 31, 2004
Average NAIC Rating		1.49		1.48
Average Life		9.82		8.58
Effective Duration		6.21		5.73
Weighted Average Book Yield		5.69		5.71
Quarterly New Money Rate		5.77		5.36

	December 31, 2005								December 31, 2004
High Yield Securities:	Amortized Cost		% of FMS			% of TIA (2)			Amortized Cost		% of FMS			% of TIA (2)
NAIC 3	$	806,270		4.47	%		3.93	%	$	809,718		4.81	%		4.24	%
NAIC 4		533,201		2.96	%		2.60	%		440,487		2.62	%		2.30	%
NAIC 5		34,908		0.19	%		0.17	%		27,196		0.16	%		0.14	%
NAIC 6		2,902		0.02	%		0.01	%		1,884		0.01	%		0.01	%
Total	$	1,377,281		7.64	%		6.71	%	$	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 15

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

	December 31, 2005								December 31, 2004
Fixed Maturity Securities by Category:	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Government	$	487,223		2.7	%		2.4	%	$	548,387		3.2	%		2.8	%
Public Credit		10,111,795		55.7	%		49.0	%		9,662,584		55.8	%		49.1	%
Private Credit		2,482,831		13.7	%		12.0	%		2,102,978		12.1	%		10.7	%
Below Investment Grade		1,391,251		7.7	%		6.7	%		1,344,626		7.7	%		6.8	%
Mortgage-Backed (MBS)		2,121,298		11.7	%		10.3	%		2,020,643		11.6	%		10.3	%
Commercial Mortgage-Backed (CMBS)		1,204,944		6.6	%		5.8	%		1,119,225		6.4	%		5.7	%
Asset-Backed (ABS)		327,435		1.8	%		1.6	%		528,075		3.0	%		2.7	%
Redeemable Preferred Stock		15,381		0.1	%		0.1	%		38,260		0.2	%		0.2	%
Total	$	18,142,158		100.0	%		87.9	%	$	17,364,778		100.0	%		88.3	%

			December 31, 2005								December 31, 2004
Fixed Maturity Securities by Category:			Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
NAIC Rating		S&P Equivalent
	1	A- or higher	$	11,337,428		62.5	%		54.9	%	$	10,777,378		62.1	%		54.8	%
	2	BBB- to BBB+		5,413,479		29.9	%		26.2	%		5,242,775		30.2	%		26.7	%
		Investment Grade		16,750,907		92.4	%		81.1	%		16,020,153		92.3	%		81.5	%
	3	BB- to BB+		817,530		4.5	%		4.0	%		851,831		4.9	%		4.3	%
	4	B- to B+		534,480		2.9	%		2.6	%		460,745		2.7	%		2.3	%
	5 & 6	CCC+ or lower		39,241		0.2	%		0.2	%		32,049		0.1	%		0.2	%
		Below Investment Grade		1,391,251		7.6	%		6.8	%		1,344,625		7.7	%		6.8	%
		Total	$	18,142,158		100.0	%		87.9	%	$	17,364,778		100.0	%		88.3	%

	December 31, 2005								December 31, 2004
Fixed Maturity Securities by Industry Sector:	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Basic Industry	$	905,312		5.0	%		4.4	%	$	916,856		5.3	%		4.7	%
Capital Goods		974,375		5.4	%		4.7	%		902,254		5.2	%		4.6	%
Communications		1,372,702		7.6	%		6.6	%		1,304,250		7.5	%		6.6	%
Consumer Cyclical		1,106,303		6.1	%		5.4	%		1,247,607		7.2	%		6.3	%
Consumer Non Cyclical		1,577,229		8.7	%		7.6	%		1,691,226		9.7	%		8.6	%
Energy		1,139,151		6.3	%		5.5	%		1,059,864		6.1	%		5.4	%
Technology		261,740		1.4	%		1.3	%		228,994		1.3	%		1.2	%
Transportation		598,977		3.3	%		2.9	%		539,749		3.1	%		2.7	%
Industrial Other		221,532		1.2	%		1.1	%		146,919		0.9	%		0.7	%
Utilities		2,193,589		12.1	%		10.6	%		1,794,985		10.3	%		9.1	%
Financial Institutions		3,045,535		16.8	%		14.8	%		2,704,498		15.6	%		13.9	%
Sub-total		13,396,445		73.9	%		64.9	%		12,537,202		72.2	%		63.8	%
Other (1)		4,745,713		26.1	%		23.0	%		4,827,576		27.8	%		24.5	%
Total	$	18,142,158		100.0	%		87.9	%	$	17,364,778		100.0	%		88.3	%

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

	December 31, 2005								December 31, 2004
Mortgage Backed Securities:	Market Value		% of MBS			% of TIA			Market Value		% of MBS			% of TIA
Pass-thru	$	1,179,424		55.6	%		5.7	%	$	1,296,699		64.2	%		6.6	%
Planned Amortization Class (PACs)		452,120		21.3	%		2.2	%		419,911		20.7	%		2.1	%
Sequential Pay		447,593		21.1	%		2.2	%		286,388		14.2	%		1.5	%
Adjustable Rate Mortgages (ARMs)		42,161		2.0	%		0.2	%		17,645		0.9	%		0.1	%
Total	$	2,121,298		100.0	%		10.3	%	$	2,020,643		100.0	%		10.3	%

Page 16

AmerUs Group Co.
Policyowner Liability Characteristics — Annuities

($ in thousands)

December 31, 2005

					Fixed
	Fixed		Fixed		Indexed		Fixed
	Traditional		Indexed		Derivatives		Indexed
	Annuities		Annuities		Market Value		Annuities
	Account Value		Account Value (4)		Adjustment		GAAP Reserves
FIXED DEFERRED ANNUITY SURRENDER CHARGE %:
Accrual adjustment	$	—	$	16,375	$	947	$	17,322
No surrender charge		1,899,670		39,969		362		40,331
1 percent		53,617		16,982		750		17,732
2 percent		103,378		108,147		11,390		119,537
3 percent		212,021		289,582		42,162		331,744
4 percent		749,741		372,494		50,686		423,180
5 percent		379,047		98,358		9,810		108,168
6 percent		368,484		107,935		4,586		112,521
7 percent		394,505		115,459		858		116,317
8 percent		364,695		312,700		3,957		316,657
9 percent		462,550		448,524		6,236		454,760
10 percent or greater		771,656		5,434,761		33,768		5,468,529
Total	$	5,759,364	$	7,361,286	$	165,512	$	7,526,798
MARKET VALUE ADJUSTMENT PROTECTION:
MVA provision on contract	$	417,772	$	4,198,170	$	18,042	$	4,216,212
Total return strategy		—		1,133,757		131,123		1,264,880
Non-MVA		5,341,592		2,029,359		16,347		2,045,706
Total	$	5,759,364	$	7,361,286	$	165,512	$	7,526,798
FIXED ANNUITY-INTEREST GUARANTEE PERIOD:
Monthly guarantee	$	238,001	$	—	$	—	$	—
1 Year		4,842,129		—		—		—
Multi-year		679,234		—		—		—
Cumulative floor (1)		—		7,361,286		165,512		7,526,798
Total	$	5,759,364	$	7,361,286	$	165,512	$	7,526,798
FIXED ANNUITY-ULTIMATE MINIMUM GUARANTEE RATE:
2 percent	$	410,801	$	—	$	—	$	—
3 percent		2,613,085		—		—		—
3.25 percent		423,667		—		—		—
3.50 percent		572,077		—		—		—
4 percent		1,687,591		—		—		—
4.5 percent		52,143		—		—		—
Cumulative floor (1)		—		7,361,286		165,512		7,526,798
Total	$	5,759,364	$	7,361,286	$	165,512	$	7,526,798
CREDITED RATE VS. MINIMUM GUARANTEED RATE DIFFERENTIAL (2) (3):
No differential	$	4,556,012	$	—	$	—	$	—
0.0% — 0.5%		135,730		—		—		—
0.5% — 1.0%		297,803		—		—		—
1.0% — 1.5%		29,448		—		—		—
1.5% — 2.0%		64,894		—		—		—
2.0% — 2.5%		107,694		—		—		—
2.5% — 3.0%		67,000		—		—		—
Greater than 3.0%		500,783		—		—		—
Cumulative floor (1)		—		7,361,286		165,512		7,526,798
Total	$	5,759,364	$	7,361,286	$	165,512	$	7,526,798

(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 250 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 17

AmerUs Group Co.

Annuity Segment Spread

($ in thousands)

	Rolling 12 Months Ended
	December 31,
ANNUITY SEGMENT SPREADS LTM:	2005			2004
Asset earned rate		5.72	%		5.78	%
Liability credited rate (1)		3.46	%		3.46	%
Product spread		2.26	%		2.32	%

	Rolling 12 Months Ended
	December 31, 2005
COMPONENTS OF ANNUITY SEGMENT SPREAD CALCULATION (2) :	GAAP			Adjustment (1)			Non-GAAP
Investment income (3)	$	664,614					$	664,614
Average invested assets	$	11,624,220					$	11,624,220
Asset earned rate		5.72	%					5.72	%
Annuity segment benefit expense (1)	$	433,423		$	(22,707	)	$	410,716
Average annuity segment liabilities (1)	$	12,021,811		$	(139,898	)	$	11,881,913
Liability credited rate		3.61	%					3.46	%
Product spread		2.11	%					2.26	%

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

(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 18

AmerUs Group Co.

Closed Block

($ in thousands)

	December 31,		December 31,
	2005		2004
LIABILITIES:
Future life and annuity policy benefits	$	2,765,095	$	2,804,222
Policyowner funds		7,835		8,096
Accrued expenses and other liabilities		6,420		32,140
Dividends payable to policyowners		154,793		161,475
Policy and contract claims		17,986		14,705
Policyowner dividend obligation		116,684		152,975
Total Liabilities		3,068,813		3,173,613
ASSETS:
Securities available-for-sale at fair value:
Fixed maturity securities		1,916,052		2,028,790
Mortgage loans		60,541		70,686
Policy loans		331,561		335,573
Other investments		—		34
Cash and cash equivalents		63,506		8,473
Accrued investment income		32,972		32,637
Premiums, fees and other receivables		58,778		59,369
Other assets		—		17
Total Assets
		2,463,410		2,535,579
Maximum future earnings to be recognized from assets and liabilities of the Closed Blocks	$	605,403	$	638,034

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
	2005			2004			2005			2004
REVENUES AND EXPENSES:
Insurance premiums	$	41,149		$	50,175		$	163,616		$	193,313
Product charges		1,447			1,822			6,065			5,190
Net investment income		36,287			37,602			146,460			146,545
Realized/unrealized gains (losses) on investments		(689	)		40			(1,249	)		(1,693	)
Policyowner benefits		(54,792	)		(57,428	)		(197,369	)		(225,408	)
Underwriting, acquisition and other expenses		(1,418	)		(2,212	)		(3,391	)		(4,896	)
Dividends to policyowners		(13,462	)		(21,187	)		(78,519	)		(76,256	)
Contribution from the Closed Block before income taxes	$	8,522		$	8,812		$	35,613		$	36,795

Page 19

AmerUs Group Co.

Additional Information

($ in thousands)

	December 31,		December 31,
	2005		2004
LIFE INSURANCE IN FORCE (FACE AMOUNT) (1):
Traditional life	$	68,386,000	$	67,769,000
Universal life		19,271,000		19,848,000
Indexed life		14,797,000		9,918,000
Total Life Insurance In Force	$	102,454,000	$	97,535,000
RESERVES (GAAP) (including Closed Block):
Traditional life	$	3,636,832	$	3,551,648
Universal life		1,618,755		1,587,787
Indexed life		595,087		364,282
Total life insurance reserves		5,850,674		5,503,717
Deferred fixed annuity		6,019,545		6,780,234
Indexed annuity		7,526,798		5,551,184
Total annuity reserves		13,546,343		12,331,418
Total Reserves	$	19,397,017	$	17,835,135
NUMBER OF PRODUCERS:
Protection Products Segment:
Career marketing organizations		1,139		1,212
Personal producing general agents and sub-agents		5,092		5,158
Independent agents — other than New York		15,972		11,885
Independent agents — New York		6,475		5,658
Retail broker / dealers		686		712
Registered representatives		17,033		17,811
Protection Products Segment — Total Agents		46,397		42,436
Accumulation Products Segment — Independent Agents		17,728		14,572

	December 31,			December 31,
	2005			2004
LIFE INSURANCE LAPSE RATE — LTM		6.2	%		6.7	%
ANNUITY WITHDRAWAL RATES — LTM
With internal replacements		10.0	%		9.5	%
Without internal replacements		8.3	%		8.5	%

(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 20

AmerUs Group Co.

Additional Information

($ in thousands)

	Protection Products			Accumulation Products			AOCI
DAC ROLLFORWARD:	Segment			Segment			Adjustment			Total
Beginning Balance — December 31, 2004	$	628,355		$	766,129		$	(146,475	)	$	1,248,009
Capitalization		189,659			306,865			—			496,524
Amortization		(69,504	)		(73,323	)		—			(142,827	)
FAS 115 adjustment		—			—			153,453			153,453
Ending Balance — December 31, 2005	$	748,510		$	999,671		$	6,978		$	1,755,159

	Deferred
OTHER ROLLFORWARDS:	Sales Inducements			VOBA
Beginning Balance — December 31, 2004	$	137,538		$	374,792
Capitalization		120,416			—
Amortization		(22,707	)		(48,754	)
FAS 115 adjustment		26,075			30,911
Ending Balance — December 31, 2005	$	261,322		$	356,949

CONTRIBUTION FROM THE
CLOSED BLOCK:	2005		2006		2007
First quarter	$	9,291	$	9,103	$	8,927
Second quarter		9,028		8,843		8,667
Third quarter		8,772		8,588		8,414
Fourth quarter		8,522		8,338		8,166
Total	$	35,613	$	34,872	$	34,174

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 21

AmerUs Group Co.

Income Tax Rate Reconciliation

	For The Year Ended
	December 31,
	2005			2004
Corporate federal income tax rate		35.00	%		35.00	%
Net benefit of tax credits		(0.04	%)		(0.08	%)
Dividend received deduction		(0.50	%)		(0.73	%)
Non-deductible expenses		1.08	%		0.75	%
Tax exempt income		(1.72	%)		(2.06	%)
State taxes (benefit) on non-life operations		(0.37	%)		0.30	%
Prior year overpayments		—			(1.61	%)
Provision releases		(7.66	%)		(7.31	%)
Deferred income tax asset valuation allowance change		(1.80	%)		(7.18	%)
Additional tax incurred on joint venture investment sale (1)		2.54	%		—
Other items, net		0.04	%		0.02	%
Effective tax rate		26.57	%		17.10	%

(1) During the third quarter of 2005, the Company sold its 34% joint venture interest in AMAL Corporation and incurred additional income tax related to the reversal of taxable temporary differences without the benefit of previously anticipated dividends received deductions.

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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 $24.8 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”, PRIDES under the trading symbol “AMH A”, and preferred stock under the trading symbol “AMH Pr”.

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
Third Quarter	$	57.57	$	48.91	$	0.00
Fourth Quarter	$	60.14	$	54.83	$	0.40
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	480 Washington Blvd.
Phone — (515) 362-3693	Jersey City, NJ 07310
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.