AMERUS GROUP CO.

EXHIBIT 12  —  STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
($ in thousands, except ratio data)

	2005		2004		2003		2002			2001
Earnings
Pre-tax income from continuing operations	$	260,347	$	228,294	$	239,238	$	89,157		$	119,377
Less: Income (loss) from equity investees		12,161		8,105		12,563		(3,993	)		5,072
Add: Distributed income from equity investees		1,912		564		1,521		2,591			7,730
		250,098		220,753		228,196		95,741			122,035
Combined Fixed Charges and Preferred Stock Dividends		562,900		556,985		570,646		492,093			371,667
Less: Preferred stock dividends not included in pre-tax income		2,417		—		—		—			—
Less: Tax gross up on preferred stock dividends		874		—		—		—			—
Total Earnings	$	809,707	$	777,738	$	798,842	$	587,834		$	493,702
Combined Fixed Charges
Interest credited to policyowners	$	506,612	$	523,231	$	538,622	$	464,022		$	341,575
Interest expense on debt		32,173		32,120		30,154		25,487			26,011
Early extinguishment of debt		19,082		—		—		—			—
Amortization of debt issuance costs		878		928		1,137		985			3,155
Estimate of interest within rental expense		864		706		733		1,599			926
Preferred stock dividends		2,417		—		—		—			—
Tax gross up on preferred stock dividends		874		—		—		—			—
Total Combined Fixed Charges and Preferred Stock Dividends	$	562,900	$	556,985	$	570,646	$	492,093		$	371,667
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.44		1.40		1.40		1.19			1.33