<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-Q

                                   (Mark One)


(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 For the Period Ended June 30, 2000.
                               or
( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Transition Period From                 to
                               ----------------  ------------
Commission file number 0-21230
                       -------

              Midwest Medical Insurance Holding Company
--------------------------------------------------------
  (Exact name of registrant as specified in its charter)

      Minnesota                                     41-1625287
----------------------------------           ----------------------
(State or other jurisdiction of               (I.R.S. Employer
incorporation or organization)               Identification No.)

7650 Edinborough Way, Suite 400
Minneapolis, Minnesota                               55435-5978
-----------------------------------          ----------------------
(Address of principal executive offices)             (Zip Code)

                                 952-838-6700
---------------------------------------------
    (Registrant's telephone number, including area code)


                               Not applicable
---------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter periods that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X        No
                                      -----     -----
The number of shares outstanding of the issuer's classes of common stock, as of
June 30, 2000:

Class A Common Stock, $.01 par value - 124,198 shares

Class B Common Stock, $1,000 par value - 1 share

Class C Common Stock, no par value - 0 shares


                                       1

<PAGE>   2



                                      INDEX

                    Midwest Medical Insurance Holding Company


 PART  I. FINANCIAL INFORMATION

 Item 1.  Financial Statements (Unaudited)

          Condensed consolidated balance sheets - June 30, 2000 and
          December 31, 1999

          Condensed consolidated statements of income - Three months ended June
          30, 2000 and 1999; Six months ended June 30, 2000 and 1999

          Condensed consolidated statements of cash flows - Six months ended
          June 30, 2000 and 1999

          Notes to condensed consolidated financial statements - June 30, 2000

 Item 2.  Management's Discussion and Analysis of Financial Condition and
          Results of Operations

 Item 3.  Quantitative and Qualitative Disclosures About Market Risk


 PART II. OTHER INFORMATION

 Item 4.  Submission of Matters to a Vote of Security Holders

 Item 6.  Exhibits and Reports on Form 8-K


 SIGNATURES


                                       2





<PAGE>   3



Part I.  Financial Information
         Item 1.  - Financial Statements

           MIDWEST MEDICAL INSURANCE HOLDING COMPANY and SUBSIDIARIES

                      Condensed Consolidated Balance Sheets
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                                                June 30                 December 31
                                                                                  2000                      1999
                                                                          ---------------------     ---------------------
                                                                              (Unaudited)                 (Note A)

<S>                                                                      <C>                        <C>

ASSETS
   Fixed maturities at fair value (cost:
       2000 $150,321; 1999 $159,464)                                      $            143,700      $            153,950
   Equity securities at fair value (cost:
       2000 $55,515; 1999 $46,216)                                                     110,297                   104,898
   Short-term investments                                                               18,426                     9,128
   Other investments                                                                    10,916                    10,000
                                                                          ---------------------     ---------------------
                                                                                       283,339                   277,976

   Cash                                                                                    653                     1,821
   Accrued investment income                                                             2,196                     2,317
   Premiums receivable - Note C                                                         18,968                     7,143
   Reinsurance recoverable on paid and unpaid losses                                    15,547                    19,285
   Amounts due from reinsurers                                                               -                     3,833
   Other assets                                                                          8,988                     7,801
                                                                          ---------------------     ---------------------
   Total assets                                                           $            329,691      $            320,176
                                                                          =====================     =====================


LIABILITIES, REDEEMABLE STOCK AND OTHER
   SHAREHOLDERS' EQUITY

LIABILITIES
   Unpaid losses and loss adjustment expenses                             $            113,802      $           $119,141
   Unearned premiums - Note C                                                           31,292                    12,797
   Policyholder dividends - Note D                                                       5,102                    10,175
   Deferred income taxes                                                                10,801                    12,201
   Amounts due reinsurers                                                                1,019                         -
   Other liabilities - Note C                                                            6,853                    10,259
                                                                          ---------------------     ---------------------
                                                                                       168,869                   164,573

REDEEMABLE STOCK
   Class A Common Stock; authorized 300,000 shares, issued and
     outstanding 124,198 shares in 2000 and 123,509 shares in 1999                       7,524                     7,802
   Class B Common Stock; authorized, issued and outstanding 1 share                          1                         1
                                                                          ---------------------     ---------------------
                                                                                         7,525                     7,803

OTHER SHAREHOLDERS' EQUITY
   Paid-in capital                                                                      12,789                    12,789
   Retained earnings                                                                   108,356                   100,095
   Accumulated other comprehensive income:
     Net unrealized appreciation of investments                                         32,152                    34,916
                                                                          ---------------------     ---------------------
                                                                                       153,297                   147,800
                                                                          ---------------------     ---------------------
   Total liabilities, redeemable stock and other shareholders' equity     $            329,691      $            320,176
                                                                          =====================     =====================

</TABLE>

See notes to condensed consolidated financial statements.



                                       3
<PAGE>   4






           MIDWEST MEDICAL INSURANCE HOLDING COMPANY and SUBSIDIARIES

                   Condensed Consolidated Statements of Income
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>


                                                         Three months ended                         Six months ended
                                                              June 30                                   June 30
                                                     -------------------------------       -----------------------------------
                                                        2000                1999                  2000                1999
                                                     -----------     ---------------       ---------------     ---------------
<S>                                                  <C>             <C>                   <C>                 <C>




Revenues:
  Net premiums earned                                $   11,072      $       10,275        $       21,085      $       20,786
  Net investment income                                   3,088               2,932                 6,041               5,806
  Net realized capital gains (losses)                      (185)               (242)                6,330               6,068
  Other                                                   2,522                 865                 3,274               1,732
                                                     -----------     ---------------       ---------------     ---------------
                                                         16,497              13,830                36,730              34,392


Losses and expenses:
  Losses and loss adjustment expenses                    10,194              10,462                20,643              19,948
  Underwriting, acquisition and insurance expenses        1,613               1,761                 4,294               4,278
  Other operating expenses                                1,598               1,591                 3,357               3,118
                                                     -----------     ---------------       ---------------     ---------------
                                                         13,405              13,814                28,294              27,344
                                                     -----------     ---------------       ---------------     ---------------
  Income before income tax expense (benefit)              3,092                  16                 8,436               7,048

  Income tax expense (benefit) -    Note B               (1,642)                  5                   208               2,468
                                                     -----------     ---------------       ---------------     ---------------
  Net income                                         $    4,734      $           11        $        8,228      $        4,580
                                                     ===========     ===============       ===============     ===============

  Income per common share                            $    38.34      $         0.09        $        66.81      $        36.21
                                                     ===========     ===============       ===============     ===============
  Income per common share - assuming dilution        $    34.17      $         0.08        $        59.72      $        32.53
                                                     ===========     ===============       ===============     ===============

</TABLE>



 See notes to condensed consolidated financial statements.




                                       4



<PAGE>   5



           MIDWEST MEDICAL INSURANCE HOLDING COMPANY and SUBSIDIARIES

                 Condensed Consolidated Statements of Cash Flows
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                                       Six months ended
                                                                                                           June 30
                                                                                            ---------------------------------------
                                                                                                 2000                  1999
                                                                                            ----------------      ----------------
<S>                                                                                         <C>                   <C>

OPERATING ACTIVITIES
   Net income                                                                               $         8,228       $       4,580
   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
      Increase in premiums receivable                                                               (11,825)            (18,578)
      (Decrease) increase in unpaid losses and loss adjustment expenses                              (5,339)              1,799
      Increase in unearned premiums                                                                  18,495              24,708
      Decrease in policyholder dividends                                                             (5,073)                  -
      Decrease in retrospective premiums                                                                  -              (8,543)
      Net realized capital gains                                                                     (6,330)             (6,068)
      Other changes, net                                                                              4,203              (1,782)
                                                                                            ---------------     ---------------
                                                                                                      2,359              (3,884)

INVESTING ACTIVITIES
   Purchases of fixed maturity investments and equity securities                                    (53,150)           (106,718)
   Sales of fixed maturity investments and equity securities                                         55,479             115,427
   Maturities and calls of fixed maturity investments                                                 3,755                   -
   Net purchase of short-term investments                                                            (9,298)             (4,844)
                                                                                            ---------------     ---------------
                                                                                                     (3,214)              3,865

FINANCING ACTIVITIES
   Redemption of Class A Common Stock                                                                  (313)               (504)
                                                                                            ---------------     ---------------

Increase (decrease) in cash                                                                          (1,168)               (523)
Cash at beginning of year                                                                             1,821                 647
                                                                                            ---------------     ---------------
CASH AT JUNE 30                                                                             $           653     $           124
                                                                                            ===============     ===============

</TABLE>


See notes to condensed consolidated financial statements.


















                                        5



<PAGE>   6



           MIDWEST MEDICAL INSURANCE HOLDING COMPANY and SUBSIDIARIES


Notes to Condensed Consolidated Financial Statements
(Unaudited)

 June 30, 2000

 NOTE A - BASIS OF PRESENTATION

The accompanying unaudited interim condensed consolidated financial statements
of Midwest Medical Insurance Holding Company and its subsidiaries have been
prepared in accordance with accounting principles generally accepted in the
United States for interim financial information and with the instructions to
Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all
of the information and notes required by accounting principles generally
accepted in the United States for complete financial statements. In the opinion
of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for any interim period are not necessarily indicative of the results
that may occur for the full year. These interim financial statements should be
read in conjunction with the 1999 consolidated financial statements and notes
thereto included in Midwest Holding's Annual Report on Form 10-K as filed with
the Securities and Exchange Commission.

The balance sheet at December 31, 1999 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by accounting principles generally accepted in the United
States for complete financial statements.

Certain amounts applicable to prior periods have been reclassified to conform to
the classifications followed in the current year. All intercompany amounts have
been eliminated.

NOTE B - INCOME TAXES

Midwest Holding calculates its income tax provision for interim periods by
estimating its annual effective tax rate and applying this rate to the income of
the interim period. The estimated annual effective tax rate used for the three
and six-month periods ended June 30, 2000 and 1999 was 35%. During the second
quarter of 2000, Midwest Medical Insurance Company received $4,418,000 in
federal tax refunds including interest resulting from the IRS examinations for
the 1992 to 1996 tax years. The tax refunds totaling $2,715,000 were recorded as
an income tax benefit while the $1,703,000 of interest was recorded to other
revenues.

NOTE C - UNEARNED PREMIUMS, PREMIUMS RECEIVABLE and OTHER LIABILITIES

The majority of Midwest Medical's insurance policies expire at December 31 and
renew on January 1 of each year. As a result, the majority of the unearned
premium amount at June 30, 2000 represents six months of unearned premium for
every active policy renewed or newly written on January 1, 2000 with an
expiration date of December 31, 2000. At December 31, 1999, most active 1999
policies expired and therefore had no unearned premium.


                                       6





<PAGE>   7



NOTE C - UNEARNED PREMIUMS, PREMIUMS RECEIVABLE and OTHER LIABILITIES
(continued)

Of the total unearned premium balance of $12,797,000 at December 31, 1999,
$6,905,000 is reserved to recognize Midwest Medical's obligation to provide
reporting endorsement coverage without additional premium upon the death,
disability or retirement of policyholders. That same amount is also included in
the unearned premium balance at June 30, 2000 and represents the actuarially
determined present value of future benefits to be provided less the present
value of future revenues to be received.

The increase of $11,825,000 in premiums receivable from December 31, 1999 to
June 30, 2000 is primarily due to the renewal of most active policies on January
1. The full year's premium is recorded as written and collectible at January 1.
Premiums may be paid annually or quarterly and each year's premium is nearly all
collected during the year. The receivable balance remaining at the end of the
year primarily relates to the small number of policies underwritten by Midwest
Medical that have other than December 31 expiration dates.

Of the total other liabilities balance of $10,259,000 at December 31, 1999,
$5,568,000 is for premium payments received from policyholders in advance of
their January 1, 2000 policy renewal. No advance premium payments were recorded
at June 30, 2000.

NOTE D - POLICYHOLDER DIVIDENDS

In 1999, Midwest Medical instituted a policyholder dividend program that
replaced the previous retrospective premium credit program for physicians.

To implement the policyholder dividend program, Midwest Medical issued
participating policy endorsements to all active physician and clinic accounts
during 1999 and will issue participating policy endorsements to all active
hospital accounts during 2000. Participating policies represented 96% and 91% of
total premiums in force and premium income at June 30, 2000 and December 31,
1999, respectively.

The 1999 physician and clinic policyholder dividends of $10,100,000 were awarded
proportionately based on annual premiums for physician and clinic policyholders
that were insured by Midwest Medical in 1995 and remain insured throughout 2000.
The dividend will be paid to physician and clinic policyholders in four equal
installments in February, May, August and November 2000.

The 1999 hospital policyholder dividends of $75,000 were awarded based on the
number of years insured with Midwest Medical and will be paid within two months
after the hospital policy renews in 2000.

NOTE E - SEGMENT INFORMATION

Midwest Holding is organized into five legal entity business segments. The
segments are described under the "Background" section in Item 1 of the 1999
Annual Report on Form 10-K. The following financial information summarizes the
results of operations and total assets reported by Midwest Holding's five
business segments for the three and six-month periods ended June 30, 2000 and
1999 (in thousands).



                                        7



<PAGE>   8





NOTE E - SEGMENT INFORMATION (continued)

<TABLE>
<CAPTION>


                                                                      Three months ended June 30, 2000
                                        --------------------------------------------------------------------------------------------
                                       Midwest    Midwest
                                       Holding    Medical      Services       Solutions       MedPower Eliminations(1)  Consolidated
                                       ---------------------------------------------------------------------------------------------
<S>                                    <C>        <C>         <C>             <C>            <C>       <C>              <C>

Revenues:
   External customers                 $      -    $ 11,252     $  529         $   20         $    77      $       -       $ 11,878
   Intersegment                          4,004           -          -              3               -         (4,007)             -
   Net investment income                  (245)      3,041          1              3               3            285          3,088
   Other(2)                                 11       1,520          -              -               -              -          1,531
                                      ----------------------------------------------------------------------------------------------
                                         3,770      15,813        530             26              80         (3,722)        16,497

Total expenses                           3,875      12,062        463            517             210         (3,722)        13,405
                                      ----------------------------------------------------------------------------------------------

Income (loss) before income taxes         (105)      3,751         67           (491)           (130)             -          3,092

Income tax expense (benefit)               (33)     (1,420)        22           (167)            (44)             -         (1,642)
                                      ----------------------------------------------------------------------------------------------
Net income (loss)                     $    (72)   $  5,171     $   45         $ (324)        $   (86)     $       -       $  4,734
                                      ==============================================================================================

Total assets                          $165,430    $323,494     $2,258         $2,557         $ 1,315      $(165,363)      $329,691
                                      ==============================================================================================

</TABLE>


(1)      Intersegment eliminations for revenues and expenses are primarily for
         management, administrative and investment services provided by Midwest
         Holding. Eliminations for assets consist primarily of investments in
         wholly-owned subsidiaries, intersegment receivables for management fees
         and reclassifications between assets and liabilities primarily for
         taxes.

(2)      Other revenues consist primarily of net realized capital gains and
         interest received on federal income tax refunds.












                                        8


<PAGE>   9



NOTE E - SEGMENT INFORMATION (continued)

<TABLE>
<CAPTION>


                                                                      Three months ended June 30, 1999
                                       ---------------------------------------------------------------------------------------------
                                       Midwest    Midwest
                                       Holding    Medical      Services       Solutions    MedPower Eliminations(1)  Consolidated
                                       ---------------------------------------------------------------------------------------------
<S>                                    <C>       <C>         <C>             <C>          <C>       <C>              <C>
Revenues:
   External customers                  $      -   $ 10,532    $   492         $    -        $   116  $       -        $ 11,140
   Intersegment                           4,028          -          -              -              7     (4,035)              -
   Net investment income                   (209)     2,887          6              4              4        240           2,932
   Other(2)                                  19       (261)         -              -              -          -            (242)
                                       ---------------------------------------------------------------------------------------------
                                          3,838     13,158        498              4            127     (3,795)         13,830

Total expenses                            3,840     12,483        409            410            467     (3,795)         13,814
                                       ---------------------------------------------------------------------------------------------
Income (loss) before income taxes            (2)       675         89           (406)          (340)         -              16
Income tax expense (benefit)                 (1)       236         31           (142)          (119)         -               5
                                       ---------------------------------------------------------------------------------------------

Net income (loss)                      $     (1)  $    439    $    58         $ (264)       $  (221) $       -        $     11
                                       =============================================================================================

Total assets                           $155,635   $306,752    $ 1,593         $2,428        $ 1,728  $(156,595)       $311,541
                                       =============================================================================================
</TABLE>


(1)      Intersegment eliminations for revenues and expenses are primarily for
         management, administrative and investment services provided by Midwest
         Holding. Eliminations for assets consist primarily of investments in
         wholly-owned subsidiaries, intersegment receivables for management fees
         and reclassifications between assets and liabilities primarily for
         taxes.

(2)      Other revenues consist primarily of net realized capital gains.












                                        9


<PAGE>   10



NOTE E - SEGMENT INFORMATION (continued)

<TABLE>
<CAPTION>

                                                                      Six  months ended June 30, 2000
                                       ---------------------------------------------------------------------------------------------
                                       Midwest      Midwest
                                       Holding      Medical      Services   Solutions    MedPower   Eliminations(1)  Consolidated
                                       ---------------------------------------------------------------------------------------------
<S>                                    <C>          <C>         <C>         <C>          <C>        <C>              <C>
Revenues:
   External customers                  $      -     $ 21,569     $   889    $    30       $  156    $       -         $ 22,644
   Intersegment                           8,378            -           -         10            -       (8,388)               -
   Net investment income                   (458)       5,944           6          5            9          535            6,041
   Other(2)                                  94        7,951           -          -            -            -            8,045
                                       ---------------------------------------------------------------------------------------------
                                          8,014       35,464         895         45          165       (7,853)          36,730

Total expenses                            8,248       25,478         896      1,089          436       (7,853)          28,294
                                       ---------------------------------------------------------------------------------------------

Income (loss) before income taxes          (234)       9,986          (1)    (1,044)        (271)           -            8,436

Income tax expense (benefit)                (72)         727           -       (355)         (92)           -              208
                                       ---------------------------------------------------------------------------------------------
Net income (loss)                      $   (162)    $  9,259     $    (1)   $  (689)      $ (179)   $       -         $  8,228
                                       =============================================================================================

Total assets                           $165,430     $323,494     $ 2,258    $ 2,557       $1,315    $(165,363)        $329,691
                                       =============================================================================================
</TABLE>


(1)      Intersegment eliminations for revenues and expenses are primarily for
         management, administrative and investment services provided by Midwest
         Holding. Eliminations for assets consist primarily of investments in
         wholly-owned subsidiaries, intersegment receivables for management fees
         and reclassifications between assets and liabilities primarily for
         taxes.

(2)      Other revenues consist primarily of net realized capital gains and
         interest received on federal income tax refunds.












                                       10


<PAGE>   11
NOTE E - SEGMENT INFORMATION (continued)

<TABLE>
<CAPTION>

                                                                       Six months ended June 30, 1999
                                       ---------------------------------------------------------------------------------------------
                                       Midwest      Midwest
                                       Holding      Medical     Services   Solutions    MedPower   Eliminations(1)  Consolidated
                                       ---------------------------------------------------------------------------------------------
<S>                                    <C>          <C>         <C>        <C>          <C>        <C>              <C>
Revenues:
   External customers                  $      -     $ 21,469    $  838     $    -       $  208     $      -            $ 22,515
   Intersegment                           8,060            -         -          -            7       (8,067)                  -
   Net investment income                   (420)       5,710         9         12            9          486               5,806
   Other(2)                                  23        6,048         -          -            -            -               6,071
                                       ---------------------------------------------------------------------------------------------
                                          7,663       33,227       847         12          224       (7,581)             34,392

Total expenses                            7,684       24,743       777        809          912       (7,581)             27,344
                                       ---------------------------------------------------------------------------------------------


Income (loss) before income taxes           (21)       8,484        70       (797)        (688)            -              7,048

Income tax expense (benefit)                 (6)       2,969        25       (279)        (241)            -              2,468
                                       ---------------------------------------------------------------------------------------------
Net income (loss)                      $    (15)    $  5,515    $   45     $ (518)      $ (447)    $       -           $  4,580
                                       =============================================================================================

Total assets                           $155,635     $306,752    $1,593     $2,428       $1,728     $(156,595)          $311,541
                                       =============================================================================================

</TABLE>

(1)      Intersegment eliminations for revenues and expenses are primarily for
         management, administrative and investment services provided by Midwest
         Holding. Eliminations for assets consist primarily of investments in
         wholly-owned subsidiaries, intersegment receivables for management fees
         and reclassifications between assets and liabilities primarily for
         taxes.

(2)      Other revenues consist primarily of net realized capital gains.












                                       11


<PAGE>   12





NOTE F - COMPREHENSIVE INCOME

The components of Midwest Holding's comprehensive income are net income and
changes in net unrealized appreciation of investments. Total comprehensive
income was $969,000 and $5,464,000 for the three and six-months ended June 30,
2000 and $(640,000) and $1,248,000 for the three and six-months ended June 30,
1999.

NOTE G - EARNINGS PER SHARE DATA

The following table sets forth the computation of basic and diluted earnings per
share (in thousands, except for share and per share amounts):

<TABLE>
<CAPTION>
                                                                        Three Months Ended                  Six Months Ended
                                                                             June 30                           June 30
                                                                -------------------------------      -------------------------
                                                                     2000               1999               2000        1999
                                                                ----------------  -------------      ------------  -----------
<S>                                                            <C>                <C>                <C>           <C>

Numerator for basic and dilutive earnings per share
    available to common shareholders                            $   4,734         $       11         $    8,228    $   4,580
                                                                ================  =============      ============  ===========
Denominator:
    Denominator for basic earnings per share--weighted
      average shares                                              123,457            126,505            123,161      126,484

    Effect of dilutive securities:
      Unvested shares                                              15,102             14,662             14,623       14,293
                                                                ----------------  -------------     -------------  -----------
Denominator for dilutive earnings per share--adjusted
      weighted average shares and assumed conversions             138,559            141,127            137,785      140,777
                                                                ================  =============     =============  ===========

Basic earnings per share                                        $   38.34         $     0.09        $     66.81    $   36.21
                                                                ================  =============     =============  ===========

Diluted earnings per share                                      $   34.17         $     0.08        $     59.72    $   32.53
                                                                ================  =============     =============  ===========

</TABLE>

Item 2. - Management's Discussion and Analysis of Financial Condition and
Results of Operations

General

The following analysis of the financial condition and results of operations of
Midwest Holding and its wholly-owned subsidiaries, Midwest Medical, MMIHC
Insurance Services, Inc., Midwest Medical Solutions, Inc., and MedPower
Information Resources, Inc. should be read in conjunction with the condensed
consolidated financial statements and notes thereto included in this report.
Midwest Holding and its subsidiaries are collectively referred to as Midwest
Holding unless the reference pertains to a specific entity.

Capital Resources and Liquidity

The majority of Midwest Holding's assets, 86% at June 30, 2000 and 87% at
December 31, 1999, are invested in investment-grade bonds, equities and
short-term instruments. Midwest Holding's investments in debt and equity
securities are classified as available for sale




                                       12


<PAGE>   13



Capital Resources and Liquidity (continued)

and are therefore carried at fair value with unrealized gains and losses, net of
applicable taxes, reflected as a separate component of equity. Other investments
consist of equity interests in non-traded real estate investment trusts (REIT)
that are also classified as available for sale and are recorded at the fair
value determined by the most recent independent appraisal. Prior to receiving
the initial appraisal in the first quarter of 2000, Midwest Holding had recorded
the REIT at cost.

Operations generated $2,359,000 of positive cash flow during the first six
months of 2000 compared to $(3,884,000) of negative cash flow for the same
period of 1999. During the second quarter of 2000, reinsurers paid $5,208,000 to
Midwest Medical for favorable experience adjustments on the 1992-1994 and
1995-1997 reinsurance contracts. Federal tax refunds including interest of
$4,418,000 also contributed to the positive operating cash flow. These positive
cash flows were partially offset by $5,073,000 of policyholder dividend payments
made in the first six months of 2000. The negative operating cash flow in the
first six months of 1999 was primarily due to the payment of $8,886,000 in
retrospective premium credits. Midwest Holding believes that its cash,
investments and internally generated funds will be sufficient to meet normal
operating requirements.

Total equity, consisting of redeemable stock and other shareholders' equity,
increased by $5,219,000 during the first six months of 2000. Equity increased
from net income of $8,228,000 and Class A stock issuances of $65,000. These
increases were offset by net unrealized losses in the fair value of investments,
net of deferred taxes, of $(2,764,000) and Class A stock redemptions of
$(313,000).

Results of Operations

Net premiums earned increased $299,000 for the first six months of 2000 compared
to the same period of 1999. Second quarter favorable experience adjustments on
the 1992-1994 and 1995-1997 reinsurance contracts of $466,000 and $709,000,
respectively, more than offset the $336,000 unfavorable experience adjustment
recorded in the first quarter. New business generating approximately $762,000 of
additional earned premium also contributed to the increase. Greater reinsurance
costs on the current year partially offset the above increases in net premiums
earned. These added reinsurance costs resulted from policyholders purchasing
higher limits and the new, reinsured fraud & abuse program provided free of
charge to Midwest Medical policyholders up to a $10,000 limit per policy.

Net capital gains of $6,330,000 were realized during the first six months of
2000. Most of these capital gains resulted from the sale of appreciated
technology common stocks in the first quarter as the outside, domestic equity
investment manager trimmed holdings in the technology sector in order to
maintain appropriate portfolio diversification. Future levels of realized
capital gains or losses are difficult to predict as investment managers purchase
and sell securities in response to investment policy guidelines and changing
market conditions.





                                       13


<PAGE>   14



Results of Operations (continued)

Other revenues increased $1,542,000 for the first six months of 2000 compared to
the same period of 1999. Interest on federal tax refunds recorded in the second
quarter primarily caused the increase. This was partially offset by a decrease
in finance charges on premium billings to Midwest Medical policyholders.

Losses and loss adjustment expenses increased $695,000 for the first six months
of 2000 versus 1999. The increase in 2000 is largely in response to the growth
in Midwest Medical business and the corresponding exposure in recent years. The
1996 accident year experienced favorable loss development in the second quarter
reversing the majority of the unfavorable loss development recorded in the first
quarter. Although the effects of interim claim frequency and severity statistics
are not actuarially analyzed, nothing came to management's attention during the
first six months of 2000 that would materially alter loss expectations for the
remainder of the year.

Underwriting, acquisition and insurance expenses increased $16,000 for the first
six months of 2000 compared to the same period in 1999. Additional ceding
commissions earned by Midwest Medical on the current year reinsurance contract
nearly offset expense increases from staff additions and office rent.

Other operating expenses increased $239,000 for the first six months of 2000
compared to the same period in 1999. Increases from staff additions, new main
office rent and Solutions' project development costs were partially offset by
efficiency gains from the new MedPower claim processing system.

Income tax expense declined to $208,000 for the six months ending June 30, 2000
from $2,468,000 for the same period in 1999. The decline was due to the income
tax benefit recorded in the second quarter of 2000 for federal tax refunds
received on the 1992 to 1996 tax years. Excluding these federal tax refunds, the
effective tax rate was approximately 35% for both six-month periods ending June
30, 2000 and 1999.

As a result of the factors discussed above, Midwest Holding realized net income
of $8,228,000 for the six months ended June 30, 2000 compared to net income of
$4,580,000 for the same period of 1999. Basic net income per share increased to
$66.81 from $36.21 for the six months ended June 30, 2000 and 1999,
respectively. Diluted net income per share increased to $59.72 for the six
months ended June 30, 2000 from the $32.53 per share reported a year ago.

Year 2000 Update

No significant Year 2000 problems have been encountered with respect to Midwest
Holding's internal computer hardware and software, key business partners and
vendors, and insurance policy exposure.

As of the date of this report, no Year 2000 claims have been reported on
policies issued by Midwest Medical. This, along with the overall success of
businesses in dealing with Year 2000 issues, leads Midwest Holding to believe
that it has little, if any, exposure to Year 2000 claims.

                                       14


<PAGE>   15



Year 2000 Update (continued)

The potential does still exist, however, in a worst case scenario for claims to
be made by Midwest Medical policyholders for Year 2000 failures they experience.
In the event Year 2000 claims are made on policies written by Midwest Medical,
Midwest Holding believes these claims will be without merit and will vigorously
defend its position. Depending on whether such claims are deemed to have merit
and to the extent these claims are awarded compensation, such claims could have
a material adverse effect on Midwest Holding's business, financial condition and
results of operations.

Readers are reminded that forward looking statements contained in this
description of Midwest Holding's treatment of the Year 2000 issue should be read
in conjunction with Midwest Holding's following disclosures under the heading
"Cautionary Note Regarding Forward Looking Statements."

Cautionary Note Regarding Forward-Looking Statements

Statements other than historical information contained in this report are
considered to be "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Act
of 1934, as amended.

All forward-looking statements address matters that involve risks and
uncertainties. Accordingly, in addition to the factors discussed in this report,
there are or will be other important factors that could cause actual results to
differ materially from those indicated in such statements. These factors include
but are not limited to:

1.   the impact of changing market conditions on Midwest Holding's business
     strategy;
2.   the effects of increased competition on pricing, coverage terms, retention
     of customers and ability to attract new customers;
3.   greater severity or frequency of the types of losses insured by Midwest
     Medical;
4.   faster or more adverse loss development experience than what Midwest
     Medical had based its underwriting, reserving, and investment practices;
5.   developments in global financial markets which could adversely affect
     the performance of Midwest Holding's investment portfolio;
6.   litigation, regulatory or tax developments which could adversely affect
     Midwest Holding's business;
7.   risks associated with the introduction of new products and services;
8.   dependence on key personnel; and
9.   the impact of mergers and acquisitions.

The facts set forth above should be considered in reviewing any forward-looking
statement contained in this report. The important factors that could affect such
forward-looking statements are subject to change, and Midwest Holding does not
intend to update any forward-looking statement or the foregoing list of
important factors. By this cautionary note, Midwest Holding intends to rely upon
the safe harbor from liability with respect to forward-looking statements
provided by Section 27A and Section 21E referred to above.




                                       15


<PAGE>   16



Item 3. - Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss that may occur when fluctuations in interest and
foreign currency exchange rates and equity and commodity prices change the value
of a financial instrument. Both derivative and nonderivative financial
instruments have market risk. Midwest Holding is primarily exposed to interest
rate risk on its investment in fixed maturities, equity price risk on its
investment in equity securities, and foreign currency exchange rate risk on its
investment in international equity securities.

No material changes have occurred in any of Midwest Holding's market risks since
the year ended December 31, 1999.

Part II.  Other Information

Item 4. - Submission of Matters to a Vote of Security Holders

          (a)   A special meeting of the class A shareholders of Midwest Holding
                was held on Thursday, June 29, 2000.

          (c)   The special meeting of June 29, 2000 considered the adoption of
                a new Article 4.c to the Articles of Incorporation of Midwest
                Holding. Under the new Article 4.c, the Board of Directors is
                authorized to establish one or more additional series and
                classes of common or preferred stock, setting forth the
                designation of each such series or class, and fixing the
                relative rights and preferences of each such series or class.
                Class A shareholders of Midwest Holding approved the adoption of
                Article 4.c by the following vote:
<TABLE>

<S>                                             <C>

                        Yes                          1,747
                        No                              12
                        Abstain                         15
                                                ------------
                        Total                        1,774
                                                ============
</TABLE>

Item 6. - Exhibits and Reports on Form 8-K


          (a)   Exhibits

                2A. Proxy Statement for a special meeting of Midwest Holding
                    to be held on June 29, 2000. (Incorporated herein by
                    reference to the Schedule 14A filed by Midwest Holding on
                    April 26, 2000, SEC File No. 0-21230.)

                2B. Offering Circular and all other exhibits to the Schedule
                    TO filed by Midwest Holding on April 26, 2000, with respect
                    to a tender offer commenced by Midwest Holding on May 12,
                    2000, as amended. (Incorporated by reference to the Schedule
                    TO filed by Midwest Holding on April 26, 2000, SEC File No.
                    0-21230.)

                27. Financial Data Schedule (electronic filing only)

          (b)   Reports on Form 8-K

                None

                                       16


<PAGE>   17




Signatures


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 thereunto duly authorized.




                                       Midwest Medical Insurance Holding Company
                                       -----------------------------------------
                                                     (Registrant)





Date August 14, 2000                   /s/ David P. Bounk
     ---------------------             -----------------------------------------
                                       David P. Bounk
                                       President and Chief Executive Officer




Date August 14, 2000                   /s/ Niles Cole
     ---------------------             -----------------------------------------

                                       Niles Cole
                                       Vice President and
                                       Principal Financial Officer and
                                       Principal Accounting Officer













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