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