Exhibit 99.2

AmerUs Group Co.

Financial Highlights
First Quarter 2006

AmerUs Group Co.

Financial Highlights

($ in thousands, except for per share data)

	For The Three Months Ended
	March 31,
Earnings:	2006			2005
Net Income available to common stockholders	$	78,196		$	61,488
Adjustments for:
Realized/unrealized (gains) losses on open block assets		171			(70	)
Net amortization of DAC, VOBA and deferred sales inducements due to open block gains or losses		(116	)		(195	)
Net effect of derivative related market value adjustments		(26,657	)		5,201
Other (income) loss from non-insurance operations		—			226
Income tax items		(562	)		(19,927	)
Adjusted Net Operating Income available to common stockholders (1)	$	51,032		$	46,723
Basic Earnings Per Common Share:
Adjusted Net Operating Income available to common stockholders per common share (2)	$	1.32		$	1.18
Net Income available to common stockholders per common share	$	2.02		$	1.55
Weighted average common shares outstanding		38,751			39,576
Diluted Earnings Per Common Share:
Adjusted Net Operating Income available to common stockholders per common share (2)	$	1.22		$	1.09
Net Income available to common stockholders per common share	$	1.86		$	1.43
Weighted average common shares outstanding		41,961			42,931

(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.

Page 2

AmerUs Group Co.

Equity and Capitalization
($ in thousands, except for per share data)

	As Of Or
	For The Three Months Ended
	March 31,
Common Stockholders' Equity:	2006			2005
Beginning of period (including AOCI)	$	1,557,485		$	1,623,469
Beginning of period (excluding AOCI) (1)		1,561,097			1,508,799
End of period (including AOCI)		1,509,657			1,591,074
End of period (excluding AOCI) (1)		1,628,538			1,556,528
Average equity (including AOCI)		1,533,571			1,607,272
Average equity (excluding AOCI) (1)		1,594,817			1,532,663
Common shares outstanding, end of period		38,802			39,163
Return on Common Stockholders’ Equity:
Net income available to common stockholders / Average common stockholders’ equity (including AOCI)		20.4	%		15.3	%
Adjusted Net Operating Income available to common stockholders / Average common stockholders’ equity (excluding AOCI) (1) (2)		12.8	%		12.2	%
Book Value per Common Share:
including AOCI	$	38.91		$	40.63
excluding AOCI (1)	$	41.97		$	39.74
Capitalization:		3/31/2006			12/31/2005
Senior Notes	$	300,000		$	300,000
PRIDES		143,750			143,750
Surplus Note		25,000			25,000
Other Borrowings		36,394			36,546
Capital Securities — AmerUs Capital I		50,755			50,755
Total Notes Payable		555,899			556,051
Preferred Stock		144,830			144,830
Common Stockholders’ Equity		1,628,538			1,561,097
Total Capitalization (excluding AOCI) (1)	$	2,329,267		$	2,261,978
AOCI — Unrealized Losses		(118,881	)		(3,612	)
Total Capitalization (including AOCI)	$	2,210,386		$	2,258,366
Debt-to-Capital Ratio (3):
A. M. Best		19.91	%		20.51	%
Fitch		18.24	%		18.79	%
Moody’s		23.57	%		24.27	%
Standard & Poor’s		15.52	%		15.99	%

(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 is treated as 40% equity. For Fitch, preferred stock is treated as 100% equity, PRIDES are treated as 70% equity, and AmerUs Capital I is treated as 60% equity. For Moody’s, preferred stock is treated as 75% equity, PRIDES are treated as 50% equity, and AmerUs Capital I is treated as 100% debt. Debt includes $23,845 of defined benefit plan obligation and $13,792 of future lease commitments for both March 31, 2006 and December 31, 2005. For Standard & Poors, preferred stock, PRIDES, and AmerUs Capital I is 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 $0 and $38 as of March 31, 2006 and December 31, 2005 respectively.

Page 3

AmerUs Group Co.

Consolidated Income Statement

($ in thousands)

	For The Three Months Ended
	March 31,
	2006			2005
Revenues:
Insurance premiums	$	53,498		$	62,546
Product charges		68,062			59,033
Net investment income		285,318			268,711
Realized/unrealized capital gains (losses)		50,645			(48,944	)
Other income:
Income from Independent Marketing Organizations		8,599			9,011
Other		4,318			3,545
Total Revenue		470,440			353,902
Benefits and Expenses:
Policyowner benefits — traditional life		53,227			59,932
Policyowner benefits — investment and UL contracts		158,765			109,651
Operating expenses		34,080			32,677
Expenses from Independent Marketing Organizations		6,888			7,931
Amortization — DAC and VOBA		68,520			52,743
Dividends to policyowners		18,733			20,003
Total Benefits and Expenses		340,213			282,937
Interest expense:
Interest on bank debt		17			—
Interest on Senior Notes		4,463			2,172
Interest on Capital Securities (AmerUs Capital I)		1,005			1,005
Interest on PRIDES		1,998			1,998
Interest on OCEANs		—			1,839
Interest on Surplus Note		541			541
Interest on other borrowings		641			225
Total interest expense		8,665			7,780
Income before income tax expense		121,562			63,185
Income tax (expense)		(40,647	)		(1,697	)
Net income		80,915			61,488
Dividends on preferred stock		(2,719	)		—
Net income available to common stockholders	$	78,196		$	61,488
Weighted Average Common Shares Outstanding:
Basic		38,751,160			39,575,696
Diluted		41,960,970			42,930,905

Page 4

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Three Months Ended March 31, 2006
	Protection			Accumulation					Total
	Products			Products		All Other			Consolidated
Revenues:
Insurance premiums	$	52,644		$	942	$	(88	)	$	53,498
Product charges		55,119			12,943		—			68,062
Net investment income		88,306			196,657		355			285,318
Realized/unrealized losses on closed block investments		(1,062	)		—		—			(1,062	)
Other income:
Income from Independent Marketing Organizations		—			8,599		—			8,599
Other		871			2,620		827			4,318
		195,878			221,761		1,094			418,733
Benefits and expenses:
Policyowner benefits		90,412			127,675		(323	)		217,764
Underwriting, acquisition, and other expenses:
Operating expenses		17,151			9,424		7,505			34,080
Expenses from Independent Marketing Organizations		—			6,888		—			6,888
Amortization of DAC and VOBA		30,360			21,701		—			52,061
Dividends to policyowners		18,733			—		—			18,733
		156,656			165,688		7,182			329,526
Segment pre-tax operating income	$	39,222		$	56,073	$	(6,088	)		89,207
Realized/unrealized losses on open block assets										(169	)
Unrealized gains on open block options and trading investments										51,876
Change in option value of indexed products and market value adjustments on total return strategy annuities										11,143
Cash flow hedge amortization										28
Amortization of DAC and VOBA due to open block gains and losses and market value adjustments										(16,459	)
Amortization of deferred sales inducements due to open block gains and losses and market value adjustments										(5,399	)
Income from continuing operations										130,227
Interest (expense)										(8,665	)
Income tax (expense)										(40,647	)
Net income										80,915
Dividends on preferred stock										(2,719	)
Net income available to common stockholders									$	78,196

Page 5

AmerUs Group Co.

Operating Segment Income

($ in thousands)

For The Three Months Ended March 31, 2005
	Protection		Accumulation					Total
	Products		Products		All Other			Consolidated
Revenues:
Insurance premiums	$	61,483	$	480	$	583		$	62,546
Product charges		47,077		11,956		—			59,033
Net investment income		86,886		181,646		179			268,711
Realized/unrealized gains on closed block investments		130		—		—			130
Other income:
Income from Independent Marketing Organizations		—		9,011		—			9,011
Other		861		2,541		520			3,922
		196,437		205,634		1,282			403,353
Benefits and expenses:
Policyowner benefits		89,201		124,728		27			213,956
Underwriting, acquisition, and other expenses:
Operating expenses		18,393		7,260		7,024			32,677
Expenses from Independent Marketing Organizations		—		7,931		—			7,931
Amortization of DAC and VOBA		24,871		25,047		—			49,918
Dividends to policyowners		20,002		1		—			20,003
		152,467		164,967		7,051			324,485
Segment pre-tax operating income	$	43,970	$	40,667	$	(5,769	)		78,868
Realized/unrealized gains on open block assets									177
Unrealized losses on open block options and trading investments									(49,251	)
Change in option value of indexed products and market value adjustments on total return strategy annuities									44,334
Cash flow hedge amortization									39
Amortization of DAC and VOBA due to open block gains and losses									(2,825	)
Other income from non-insurance operations									(377	)
Income from continuing operations									70,965
Interest (expense)									(7,780	)
Income tax (expense)									(1,697	)
Net income									61,488
Dividends on preferred stock									—
Net income available to common stockholders								$	61,488

Page 6

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)

	March 31,		December 31,
ASSETS:	2006		2005
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,468,471	$	16,727,933
Equity securities		74,889		75,658
Short-term investments		18,996		9,998
Securities held for trading purposes:
Fixed maturity securities		1,383,819		1,414,225
Equity securities		4,087		2,358
Mortgage loans		964,495		976,135
Policy loans		484,260		483,441
Other investments		374,115		347,552
Total investments		19,773,132		20,037,300
Cash and cash equivalents		529,556		600,160
Accrued investment income		241,316		237,221
Premiums, fees and other receivables		39,640		40,667
Income taxes receivable		—		9,005
Reinsurance receivables		727,852		730,532
Deferred policy acquisition costs		1,946,284		1,755,159
Deferred sales inducements		298,880		261,322
Value of business acquired		358,260		356,949
Goodwill		229,670		228,869
Property and equipment		45,539		44,467
Other assets		310,114		306,655
Separate account assets		224,530		221,694
Total Assets	$	24,724,773	$	24,830,000

Page 7

AmerUs Group Co.

Consolidated Balance Sheets

($ in thousands)

	March 31,			December 31,
LIABILITIES:	2006			2005
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	19,620,984		$	19,486,854
Policyowner funds		1,489,572			1,483,873
Sub-total		21,110,556			20,970,727
Accrued expenses and other liabilities		874,103			975,419
Dividends payable to policyowners		209,726			278,839
Policy and contract claims		67,082			66,137
Income taxes payable		100			—
Deferred income taxes		28,290			58,818
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		36,394			36,546
Separate account liabilities		224,530			221,694
Total Liabilities		23,070,286			23,127,685
STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, 6,000,000 shares issued and outstanding in 2006 and 2005		144,830			144,830
Common Stock, no par value, 230,000,000 shares authorized, 46,871,831 shares issued and 38,802,455 shares outstanding in 2006; 46,675,811 shares issued and 38,612,874 shares outstanding in 2005		46,872			46,676
Additional paid-in capital — common stock		1,238,933			1,231,533
Accumulated other comprehensive loss		(118,881	)		(3,612	)
Unearned compensation		—			(3,783	)
Retained earnings		682,943			604,747
Treasury stock, at cost (8,069,376 shares in 2006 and 8,062,937 shares in 2005)		(340,210	)		(318,076	)
Total Stockholders’ Equity		1,654,487			1,702,315
Total Liabilities and Stockholders’ Equity	$	24,724,773		$	24,830,000

Page 8

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

March 31, 2006

			AOCI			Without
ASSETS:	GAAP		Adjustment			AOCI Adjustments (1)
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities	$	16,468,471	$	309,042		$	16,777,513
Equity securities		74,889		(914	)		73,975
Short-term investments		18,996		1			18,997
Securities held for trading purposes:
Fixed maturity securities		1,383,819		—			1,383,819
Equity securities		4,087		—			4,087
Mortgage loans		964,495		—			964,495
Policy loans		484,260		—			484,260
Other investments		374,115		(163	)		373,952
Total invested assets		19,773,132		307,966			20,081,098
Cash and cash equivalents		529,556		—			529,556
Accrued investment income		241,316		—			241,316
Premiums, fees and other receivables		39,640		—			39,640
Reinsurance receivables		727,852		—			727,852
Deferred policy acquisition costs		1,946,284		(139,692	)		1,806,592
Deferred sales inducements		298,880		(28,504	)		270,376
Value of business acquired		358,260		22,206			380,466
Goodwill		229,670		—			229,670
Property and equipment		45,539		—			45,539
Other assets		310,114		—			310,114
Separate account assets		224,530		—			224,530
Total Assets	$	24,724,773	$	161,976		$	24,886,749

(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 9

AmerUs Group Co.

Consolidated Balance Sheet

($ in thousands)

March 31, 2006

				AOCI			Without
LIABILITIES:	GAAP			Adjustment			AOCI Adjustments (1)
Policyowner reserves and policyowner funds:
Future life and annuity policy benefits	$	19,620,984		$	—		$	19,620,984
Policyowner funds		1,489,572			—			1,489,572
		21,110,556			—			21,110,556
Accrued expenses and other liabilities		874,103			(16,621	)		857,482
Dividends payable to policyowners		209,726			(5,572	)		204,154
Policy and contract claims		67,082			—			67,082
Income taxes payable		100			—			100
Deferred income taxes		28,290			65,288			93,578
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		36,394			—			36,394
Separate Account liabilities		224,530			—			224,530
Total Liabilities		23,070,286			43,095			23,113,381
STOCKHOLDERS’ EQUITY:
Preferred Stock, no par value, 20,000,000 shares authorized, 6,000,000 shares issued and outstanding in 2006		144,830			—			144,830
Common Stock, no par value, 230,000,000 shares authorized; 46,871,831 shares issued and 38,802,455 shares outstanding in 2006		46,872			—			46,872
Additional paid-in capital — common stock		1,238,933			—			1,238,933
Accumulated other comprehensive loss		(118,881	)		118,881			—
Retained earnings		682,943			—			682,943
Treasury stock, at cost (8,069,376 shares in 2006)		(340,210	)		—			(340,210	)
Total Stockholders’ Equity		1,654,487			118,881			1,773,368
Total Liabilities and Stockholders’ Equity	$	24,724,773		$	161,976		$	24,886,749

(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.

Product Mix

($ in thousands)

	For The Three Months Ended
	March 31,
Protection Products Repetitive Premiums (1):	2006		2005
Interest-sensitive whole life		66		106
Term and other life		1,460		3,057
Universal life
Flexible premium without no lapse guarantee		691		4,871
Indexed life:
Flexible premium without no lapse guarantee		21,515		13,461
Flexible premium with no lapse guarantee		4,465		2,855
Fixed premium excess interest whole life		1,248		1,710
Single premium		367		—
Total Repetitive Premiums	$	29,812	$	26,060
Accumulation Deposits (1):
Annuity premiums:
Deferred fixed annuity:
Traditional annuity	$	37,221	$	68,882
Indexed annuity		480,106		503,070
Sub-total		517,327		571,952
Variable annuity		593		545
Total Accumulation Deposits	$	517,920	$	572,497

(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 11

AmerUs Group Co.

Sources of Business

($ in thousands)

	For the Three Months Ended
	March 31,
	2006		2005
Protection Products Repetitive Premiums (1):
Career marketing organizations (CMOs)	$	7,737	$	6,330
Personal producing general agent (PPGA)		5,878		6,766
New York distribution		3,014		3,974
Independent agent force (2)		13,183		8,990
Total Repetitive Premiums	$	29,812	$	26,060
Accumulation Deposits (1):
Preferred producer (Career)	$	34,107	$	44,915
Personal producing general agent (PPGA)		7,768		6,251
Independent agent force (2)		476,045		521,331
Total Accumulation Deposits	$	517,920	$	572,497

(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 12

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

	March 31, 2006
Portfolio Composition:	Amortized Cost		Unrealized Gain		Unrealized Loss			Carrying Value
Cash and cash equivalents	$	529,556	$	—	$	—		$	529,556
Securities available-for-sale:
Investment grade bonds		15,501,879		162,811		(482,067	)		15,182,623
Non-investment grade bonds		1,275,636		31,749		(21,537	)		1,285,848
Equity securities		73,975		914		—			74,889
Short-term investments		18,994		6		(4	)		18,996
Securities for trading:
Investment grade bonds		1,245,712		—		—			1,245,712
Non-investment grade bonds		138,107		—		—			138,107
Equity securities		4,087		—		—			4,087
Mortgage loans		964,495		—		—			964,495
Policy loans		484,260		—		—			484,260
Other invested assets		374,115		—		—			374,115
Total	$	20,610,816	$	195,480	$	(503,608	)	$	20,302,688

	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

Investment Portfolio Data (1):	March 31, 2006		December 31, 2005
Average NAIC Rating		1.49		1.49
Average Life		9.67		9.82
Effective Duration		6.07		6.21
Weighted Average Book Yield		5.72		5.69
Quarterly New Money Rate		6.11		5.77

	March 31, 2006								December 31, 2005
High Yield Securities:	Amortized Cost		% of FMS			% of TIA (2)			Amortized Cost		% of FMS			% of TIA (2)
NAIC 3	$	836,631		4.61	%		4.06	%	$	806,270		4.47	%		3.93	%
NAIC 4		532,420		2.93	%		2.58	%		533,201		2.96	%		2.60	%
NAIC 5		43,522		0.24	%		0.21	%		34,908		0.19	%		0.17	%
NAIC 6		1,170		0.01	%		0.01	%		2,902		0.02	%		0.01	%
Total	$	1,413,743		7.79	%		6.86	%	$	1,377,281		7.64	%		6.71	%

(1)	Investment portfolio data reflects fixed maturity securities (FMS) managed by AmerUs Capital Management.
(2)	TIA — Total Invested Assets

Page 13

AmerUs Group Co.

Investment Summary

(Including Closed Block)

($ in thousands)

	March 31, 2006								December 31, 2005
Fixed Maturity Securities by Category:	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Government	$	457,523		2.6	%		2.3	%	$	487,223		2.7	%		2.4	%
Public Credit		9,823,313		55.0	%		48.3	%		10,111,795		55.7	%		49.0	%
Private Credit		2,497,390		14.0	%		12.3	%		2,482,831		13.7	%		12.0	%
Below Investment Grade		1,423,955		8.0	%		7.0	%		1,391,251		7.7	%		6.7	%
Mortgage-Backed (MBS)		2,096,975		11.7	%		10.3	%		2,121,298		11.7	%		10.3	%
Commercial Mortgage-Backed (CMBS)		1,131,950		6.3	%		5.6	%		1,204,944		6.6	%		5.8	%
Asset-Backed (ABS)		421,184		2.4	%		2.1	%		327,435		1.8	%		1.6	%
Redeemable Preferred Stock		—		0.0	%		0.0	%		15,381		0.1	%		0.1	%
Total	$	17,852,290		100.0	%		87.9	%	$	18,142,158		100.0	%		87.9	%

		March 31, 2006								December 31, 2005
Fixed Maturity Securities by Quality:		Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
NAIC Rating	S&P Equivalent
1	A- or higher	$	11,143,538		62.4	%		54.9	%	$	11,337,428		62.5	%		54.9	%
2	BBB- to BBB+		5,284,797		29.6	%		26.0	%		5,413,479		29.9	%		26.2	%
	Investment Grade		16,428,335		92.0	%		80.9	%		16,750,907		92.4	%		81.1	%
3	BB- to BB+		844,003		4.7	%		4.2	%		817,530		4.5	%		4.0	%
4	B- to B+		533,676		3.0	%		2.6	%		534,480		2.9	%		2.6	%
5 & 6	CCC+ or lower		46,276		0.3	%		0.2	%		39,241		0.2	%		0.2	%
	Below Investment Grade		1,423,955		8.0	%		7.0	%		1,391,251		7.6	%		6.8	%
	Total	$	17,852,290		100.0	%		87.9	%	$	18,142,158		100.0	%		87.9	%

	March 31, 2006								December 31, 2005
Fixed Maturity Securities by Industry Sector:	Market Value		% of FMS			% of TIA			Market Value		% of FMS			% of TIA
Basic Industry	$	869,785		4.9	%		4.3	%	$	905,312		5.0	%		4.4	%
Capital Goods		936,510		5.2	%		4.6	%		974,375		5.4	%		4.7	%
Communications		1,278,219		7.2	%		6.3	%		1,372,702		7.6	%		6.6	%
Consumer Cyclical		1,096,709		6.1	%		5.4	%		1,106,303		6.1	%		5.4	%
Consumer Non Cyclical		1,621,897		9.1	%		8.0	%		1,577,229		8.7	%		7.6	%
Energy		1,091,473		6.1	%		5.4	%		1,139,151		6.3	%		5.5	%
Technology		292,134		1.6	%		1.4	%		261,740		1.4	%		1.3	%
Transportation		592,916		3.3	%		2.9	%		598,977		3.3	%		2.9	%
Industrial Other		224,850		1.3	%		1.1	%		221,532		1.2	%		1.1	%
Utilities		2,188,816		12.3	%		10.8	%		2,193,589		12.1	%		10.6	%
Financial Institutions		2,923,498		16.4	%		14.4	%		3,045,535		16.8	%		14.8	%
Sub-total		13,116,807		73.5	%		64.6	%		13,396,445		73.9	%		64.9	%
Other (1)		4,735,483		26.5	%		23.3	%		4,745,713		26.1	%		23.0	%
Total	$	17,852,290		100.0	%		87.9	%	$	18,142,158		100.0	%		87.9	%

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

	March 31, 2006								December 31, 2005
Mortgage Backed Securities:	Market Value		% of MBS			% of TIA			Market Value		% of MBS			% of TIA
Pass-thru	$	1,148,686		54.8	%		5.6	%	$	1,179,424		55.6	%		5.7	%
Planned Amortization Class (PACs)		434,089		20.7	%		2.1	%		452,120		21.3	%		2.2	%
Sequential Pay		459,850		21.9	%		2.3	%		447,593		21.1	%		2.2	%
Adjustable Rate Mortgages (ARMs)		54,350		2.6	%		0.3	%		42,161		2.0	%		0.2	%
Total	$	2,096,975		100.0	%		10.3	%	$	2,121,298		100.0	%		10.3	%

Page 14

AmerUs Group Co.
Policyowner Liability Characteristics — Annuities

($ in thousands)

March 31, 2006

					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	$	—	$	15,347	$	813	$	16,160
No surrender charge		2,007,165		42,245		150		42,395
1 percent		52,302		28,559		2,078		30,637
2 percent		111,359		130,930		16,999		147,929
3 percent		239,077		338,422		52,867		391,289
4 percent		435,240		294,346		41,896		336,242
5 percent		359,322		85,368		6,454		91,822
6 percent		362,163		98,884		3,711		102,595
7 percent		385,026		133,231		1,125		134,356
8 percent		353,206		331,162		2,107		333,269
9 percent		438,794		438,599		1,834		440,433
10 percent or greater		688,414		5,792,445		30,379		5,822,824
Total	$	5,432,068	$	7,729,538	$	160,413	$	7,889,951
MARKET VALUE ADJUSTMENT PROTECTION:
MVA provision on contract	$	410,923	$	4,659,236	$	16,564	$	4,675,800
Total return strategy		—		1,077,305		136,392		1,213,697
Non-MVA		5,021,145		1,992,997		7,457		2,000,454
Total	$	5,432,068	$	7,729,538	$	160,413	$	7,889,951
FIXED ANNUITY-INTEREST GUARANTEE PERIOD:
Monthly guarantee	$	231,993	$	—	$	—	$	—
Quarterly		—		—		—		—
1 Year		4,835,833		—		—		—
Multi-year		364,242		—		—		—
Cumulative floor (1)		—		7,729,538		160,413		7,889,951
Total	$	5,432,068	$	7,729,538	$	160,413	$	7,889,951
FIXED ANNUITY-ULTIMATE MINIMUM GUARANTEE RATE:
2 percent	$	404,759	$	—	$	—	$	—
3 percent		2,406,727		—		—		—
3.25 percent		408,316		—		—		—
3.50 percent		552,614		—		—		—
4 percent		1,608,638		—		—		—
4.5 percent		51,014		—		—		—
Cumulative floor (1)		—		7,729,538		160,413		7,889,951
Total	$	5,432,068	$	7,729,538	$	160,413	$	7,889,951
CREDITED RATE VS. MINIMUM
GUARANTEED RATE DIFFERENTIAL (2) (3):
No differential	$	4,572,154	$	—	$	—	$	—
0.0% - 0.5%		109,023		—		—		—
0.5% - 1.0%		323,578		—		—		—
1.0% - 1.5%		27,113		—		—		—
1.5% - 2.0%		73,308		—		—		—
2.0% - 2.5%		101,499		—		—		—
2.5% - 3.0%		39,652		—		—		—
Greater than 3.0%		185,741		—		—		—
Cumulative floor (1)		—		7,729,538		160,413		7,889,951
Total	$	5,432,068	$	7,729,538	$	160,413	$	7,889,951

(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 0.5% to 2.5%.
(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 175 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 15

AmerUs Group Co.

Annuity Segment Spread

($ in thousands)

	Rolling 12 Months Ended
	March 31,
ANNUITY SEGMENT SPREADS LTM:	2006			2005
Asset earned rate		5.72	%		5.74	%
Liability credited rate (1)		3.41	%		3.41	%
Product spread		2.31	%		2.33	%

COMPONENTS OF ANNUITY SEGMENT SPREAD CALCULATION (2):

	Rolling 12 Months Ended
	March 31, 2006
	GAAP			Adjustment (1)			Non-GAAP
Investment income (3)	$	683,856					$	683,856
Average invested assets	$	11,958,476					$	11,958,476
Asset earned rate		5.72	%					5.72	%
Annuity segment benefit expense (1)	$	437,995		$	(22,886	)	$	415,109
Average annuity segment liabilities (1)	$	12,359,443		$	(182,200	)	$	12,177,243
Liability credited rate		3.55	%					3.41	%
Product spread		2.17	%					2.31	%

	Rolling 12 Months Ended
	March 31, 2005
	GAAP			Adjustment (1)			Non-GAAP
Investment income (3)	$	609,571					$	609,571
Average invested assets	$	10,606,843					$	10,606,843
Asset earned rate		5.74	%					5.74	%
Annuity segment benefit expense (1)	$	387,283		$	(17,843	)	$	369,440
Average annuity segment liabilities (1)	$	10,978,862		$	(156,912	)	$	10,821,950
Liability credited rate		3.53	%					3.41	%
Product spread		2.21	%					2.33	%

(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. 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 16

AmerUs Group Co.

Closed Block

($ in thousands)

	March 31,		December 31,
	2006		2005
LIABILITIES:
Future life and annuity policy benefits	$	2,750,868	$	2,765,095
Policyowner funds		7,740		7,835
Accrued expenses and other liabilities		6,693		6,420
Dividends payable to policyowners		154,219		154,793
Policy and contract claims		20,014		17,986
Policyowner dividend obligation		48,308		116,684
Total Liabilities		2,987,842		3,068,813
ASSETS:
Securities available-for-sale at fair value:
Fixed maturity securities		1,911,320		1,916,052
Mortgage loans		58,988		60,541
Policy loans		331,377		331,561
Cash and cash equivalents		3,264		63,506
Accrued investment income		31,500		32,972
Premiums, fees and other receivables		53,536		58,778
Total Assets
		2,389,985		2,463,410
Maximum future earnings to be recognized from assets and liabilities of the Closed Blocks	$	597,857	$	605,403

	For The Three Months Ended
	March 31,
	2006			2005
REVENUES AND EXPENSES:
Insurance premiums	$	37,349		$	41,887
Product charges		1,610			1,701
Net investment income		35,603			34,419
Realized/unrealized gains (losses) on investments		(1,062	)		130
Policyowner benefits		(46,026	)		(50,121	)
Underwriting, acquisition and other expenses		(1,495	)		(557	)
Dividends to policyowners		(16,876	)		(18,168	)
Contribution from the Closed Block before income taxes	$	9,103		$	9,291

Page 17

AmerUs Group Co.

Additional Information

($ in thousands)

	March 31,		December 31,
	2006		2005
LIFE INSURANCE IN FORCE (FACE AMOUNT) (1):
Traditional life	$	67,347,000	$	68,386,000
Universal life		19,026,000		19,271,000
Indexed life		16,271,000		14,797,000
Total Life Insurance In Force	$	102,644,000	$	102,454,000
RESERVES (GAAP) (including Closed Block):
Traditional life	$	3,635,298	$	3,636,832
Universal life		1,623,303		1,618,755
Indexed life		690,827		595,087
Total life insurance reserves		5,949,428		5,850,674
Deferred fixed annuity		5,692,070		6,019,545
Indexed annuity		7,889,951		7,526,798
Total annuity reserves		13,582,021		13,546,343
Total Reserves	$	19,531,449	$	19,397,017
NUMBER OF PRODUCERS:
Protection Products Segment:
Career marketing organizations		1,313		1,139
Personal producing general agents and sub-agents		5,116		5,092
Independent agents — other than New York		17,939		15,972
Independent agents — New York		6,145		6,475
Protection Products Segment — Total Agents		30,513		28,678
Accumulation Products Segment — Independent Agents		18,247		17,728

	March 31,			March 31,
	2006			2005
LIFE INSURANCE LAPSE RATE — LTM		6.5	%		6.5	%
ANNUITY WITHDRAWAL RATES — LTM
With internal replacements		11.1	%		9.2	%
Without internal replacements		9.3	%		8.0	%

(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 18

AmerUs Group Co.

Additional Information

($ in thousands)

	Protection Products			Accumulation Products			AOCI
DAC ROLLFORWARD:	Segment			Segment			Adjustment		Total
Beginning Balance — December 31, 2005	$	748,510		$	999,671		$	6,978	$	1,755,159
Capitalization		53,534			62,169			—		115,703
Amortization		(21,139	)		(36,153	)		—		(57,292	)
FAS 115 adjustment		—			—			132,714		132,714
Ending Balance — March 31, 2006	$	780,905		$	1,025,687		$	139,692	$	1,946,284
	Deferred
OTHER ROLLFORWARDS:	Sales Inducements			VOBA
Beginning Balance — December 31, 2005	$	261,322		$	356,949
Capitalization		24,846			—
Amortization		(10,795	)		(11,228	)
FAS 115 adjustment		23,507			12,539
Ending Balance — March 31, 2006	$	298,880		$	358,260
CONTRIBUTION FROM THE CLOSED BLOCK:		2006			2007
First quarter	$	9,103		$	8,927
Second quarter		8,843			8,667
Third quarter		8,588			8,414
Fourth quarter		8,338			8,166
Total	$	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 19

AmerUs Group Co.

Income Tax Rate Reconciliation

	For The Three Months Ended
	March 31,
	2006			2005
Corporate federal income tax rate		35.0	%		35.0	%
Net benefit of tax credits		—			(0.1	%)
Dividend received deduction		(0.1	%)		(1.0	%)
Non-deductible expenses		0.4	%		0.8	%
Tax exempt income		(1.3	%)		(1.8	%)
State taxes (benefit) on non-life operations		(0.1	%)		1.3	%
Provision releases		(0.5	%)		(31.5	%)
Effective tax rate		33.4	%		2.7	%

Page 20

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 $24.7 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
2006	High		Low		Declared
First Quarter	$	62.37	$	56.61	$	0.00
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

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, 2005 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, 2005, 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.