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AMERUS GROUP CO.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS



|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|----------------------------------------------------------------------------- | -------------------------------------------------------------------------- | - | ------------------------------- | ------- | ------------------------ | - | ------- | ------- | ---- | - | ------- | ------- | - | - | ------- | ------- | 
|                                                                              |                                                                            |   | Nine Months Ended September 30, |         | Years Ended December 31,
|                                                                              |                                                                            |   | 2003                            |         | 2002                     |   | 2002    |         | 2001
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |     
|                                                                              |                                                                            |   | ($ in thousands)               
|Earnings                                                                      |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |        
|                                                                              | Pre-tax income from continuing operations                                  |   | $                               | 179,885 |                          |   | $       | 81,645  |      |   | $       | 92,630  |   |   | $       | 120,665 | 
|                                                                              | Less: Minority interest                                                    |   |                                 |        |                          |   |         |        |      |   |         |        |   |   |         |        | 
|                                                                              | Less: Income (loss) from equity investees                                  |   |                                 | 7,679   |                          |   |         | (7,202  | )    |   |         | (3,993  | ) |   |         | 5,072   | 
|                                                                              | Add: Distributed income from equity investees                              |   |                                 | 2,202   |                          |   |         | 1,869   |      |   |         | 2,591   |   |   |         | 7,730   | 
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|                                                                              |                                                                            |   | 174,407                         |         |                          |   | 90,716  |         |      |   | 99,214  |         |   |   | 123,323 |        
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|                                                                              | Fixed charges                                                              |   |                                 | 354,861 |                          |   |         | 431,797 |      |   |         | 549,611 |   |   |         | 477,161 | 
|                                                                              | Less: Preference security dividend requirements
not included in net income |   |                                 |        |                          |   |         |        |      |   |         |        |   |   |         |        | 
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|                                                                              | Net fixed charges                                                          |   |                                 | 354,861 |                          |   |         | 431,797 |      |   |         | 549,611 |   |   |         | 477,161 | 
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|Total Earnings                                                                |                                                                            | $ | 529,269                         |         |                          | $ | 522,513 |         |      | $ | 648,825 |         |   | $ | 600,484 |        
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|Fixed Charges                                                                 |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |        
|                                                                              | Interest credited on annuity and universal life contracts                  |   | $                               | 331,473 |                          |   | $       | 411,724 |      |   | $       | 521,540 |   |   | $       | 447,069 | 
|                                                                              | Interest expense on debt                                                   |   |                                 | 19,039  |                          |   |         | 15,116  |      |   |         | 20,758  |   |   |         | 14,415  | 
|                                                                              | Amortization of debt issuance costs                                        |   |                                 | 602     |                          |   |         | 797     |      |   |         | 985     |   |   |         | 3,155   | 
|                                                                              | Estimate of interest within rental expense                                 |   |                                 | 548     |                          |   |         | 498     |      |   |         | 1,599   |   |   |         | 926     | 
|                                                                              | Preference security dividend requirements                                  |   |                                 | 3,199   |                          |   |         | 3,662   |      |   |         | 4,729   |   |   |         | 11,596  | 
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|Total Combined Fixed Charges and Preference Security Dividends                |                                                                            | $ | 354,861                         |         |                          | $ | 431,797 |         |      | $ | 549,611 |         |   | $ | 477,161 |        
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 
|Ratio of Earnings to Combined Fixed Charges and
Preference Security Dividends |                                                                            |   | 1.49                            |         |                          |   | 1.21    |         |      |   | 1.18    |         |   |   | 1.26    |        
|                                                                              |                                                                            |   |                                 |         |                          |   |         |         |      |   |         |         |   |   |         |         | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|----------------------------------------------------------------------------- | -------------------------------------------------------------------------- | - | ------------------------ | ------- | ---- | - | ------- | ------- | - | - | ------- | ------- | -
|                                                                              |                                                                            |   | Years Ended December 31,
|                                                                              |                                                                            |   | 2000                     |         | 1999 |   | 1998   
|                                                                              |                                                                            |   |                          |         |      |   |        
|                                                                              |                                                                            |   | ($ in thousands)        
|Earnings                                                                      |                                                                            |   |                          |         |      |   |         |         |   |   |         |        
|                                                                              | Pre-tax income from continuing operations                                  |   | $                        | 116,033 |      |   | $       | 100,197 |   |   | $       | 92,465  |  
|                                                                              | Less: Minority interest                                                    |   |                          | 21,677  |      |   |         | 28,107  |   |   |         | 26,919  |  
|                                                                              | Less: Income (loss) from equity investees                                  |   |                          | 3,481   |      |   |         | (603    | ) |   |         | (3,791  | )
|                                                                              | Add: Distributed income from equity investees                              |   |                          | 4,449   |      |   |         | 1,804   |   |   |         | 747     |  
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|                                                                              |                                                                            |   | 95,324                   |         |      |   | 74,497  |         |   |   | 70,084  |        
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|                                                                              | Fixed charges                                                              |   |                          | 344,363 |      |   |         | 356,617 |   |   |         | 353,030 |  
|                                                                              | Less: Preference security dividend requirements
not included in net income |   |                          |        |      |   |         |        |   |   |         | 4,697   |  
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|                                                                              | Net fixed charges                                                          |   |                          | 344,363 |      |   |         | 356,617 |   |   |         | 348,333 |  
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|Total Earnings                                                                |                                                                            | $ | 439,687                  |         |      | $ | 431,114 |         |   | $ | 418,417 |        
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|Fixed Charges                                                                 |                                                                            |   |                          |         |      |   |         |         |   |   |         |        
|                                                                              | Interest credited on annuity and universal life contracts                  |   | $                        | 312,008 |      |   | $       | 325,941 |   |   | $       | 317,783 |  
|                                                                              | Interest expense on debt                                                   |   |                          | 14,610  |      |   |         | 12,229  |   |   |         | 16,552  |  
|                                                                              | Amortization of debt issuance costs                                        |   |                          | 1,833   |      |   |         | 1,538   |   |   |         | 1,724   |  
|                                                                              | Estimate of interest within rental expense                                 |   |                          | 799     |      |   |         | 155     |   |   |         | 257     |  
|                                                                              | Preference security dividend requirements                                  |   |                          | 15,113  |      |   |         | 16,754  |   |   |         | 16,714  |  
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|Total Combined Fixed Charges and Preference Security Dividends                |                                                                            | $ | 344,363                  |         |      | $ | 356,617 |         |   | $ | 353,030 |        
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  
|Ratio of Earnings to Combined Fixed Charges and
Preference Security Dividends |                                                                            |   | 1.28                     |         |      |   | 1.21    |         |   |   | 1.19    |        
|                                                                              |                                                                            |   |                          |         |      |   |         |         |   |   |         |         |  

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