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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

|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |        |  
|----------------------------------------------------------------------------- | -------------------------------------------------------------------------- | - | ------------------------- | ------- | ---- | - | ------ | ------ | ---- | - | ------- | ------ | -------------------- | - | ------- | ------- |  | - | ------- | ------- |  | - | ------- | ------- | - | - | ------- | ------ | -
|                                                                              |                                                                            |   | Six Months Ended June 30, |         |      |   |        |        |      |   |         |        | Years Ended December |   |         |         |  |   |         |         | 
|                                                                              |                                                                            |   | 2003                      |         | 2002 |   | 2002   |        | 2001 |   | 2000    |        | 1999                 |   | 1998   
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |        
|                                                                              |                                                                            |   | ($ in thousands)         
|Earnings                                                                      |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|                                                                              | Pre-tax income from continuing operations                                  |   | $                         | 119,285 |      |   | $      | 41,304 |      |   | $       | 92,630 |                      |   | $       | 120,665 |  |   | $       | 116,033 |  |   | $       | 100,197 |   |   | $       | 92,465 |  
|                                                                              | Less: Minority interest                                                    |   |                           |        |      |   |        |       |      |   |         |       |                      |   |         |        |  |   |         | 21,677  |  |   |         | 28,107  |   |   |         | 26,919 |  
|                                                                              | Less: Income (loss) from equity investees                                  |   |                           | 2,687   |      |   |        | (2,241 | )    |   |         | (3,993 | )                    |   |         | 5,072   |  |   |         | 3,481   |  |   |         | (603    | ) |   |         | (3,791 | )
|                                                                              | Add: Distributed income from equity investees                              |   |                           | 1,466   |      |   |        | 1,702  |      |   |         | 2,591  |                      |   |         | 7,730   |  |   |         | 4,449   |  |   |         | 1,804   |   |   |         | 747    |  
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|                                                                              |                                                                            |   | 118,064                   |         |      |   | 45,247 |        |      |   | 99,214  |        |                      |   | 123,323 |         |  |   | 95,324  |         |  |   | 74,497  |         |   |   | 70,084  |       
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|                                                                              | Fixed charges                                                              |   |                           | 15,113  |      |   |        | 13,515 |      |   |         | 28,071 |                      |   |         | 30,092  |  |   |         | 32,355  |  |   |         | 30,676  |   |   |         | 35,247 |  
|                                                                              | Less: Preference security dividend requirements
not included in net income |   |                           |        |      |   |        |       |      |   |         |       |                      |   |         |        |  |   |         |        |  |   |         |        |   |   |         | 4,697  |  
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|                                                                              | Net fixed charges                                                          |   |                           | 15,113  |      |   |        | 13,515 |      |   |         | 28,071 |                      |   |         | 30,092  |  |   |         | 32,355  |  |   |         | 30,676  |   |   |         | 30,550 |  
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|Total Earnings                                                                |                                                                            | $ | 133,177                   |         |      | $ | 58,762 |        |      | $ | 127,285 |        |                      | $ | 153,415 |         |  | $ | 127,679 |         |  | $ | 105,173 |         |   | $ | 100,634 |       
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|Fixed Charges (1)                                                             |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|                                                                              | Interest expense on debt                                                   |   |                           | 12,240  |      |   |        | 9,769  |      |   | $       | 20,758 |                      |   | $       | 14,415  |  |   | $       | 14,610  |  |   | $       | 12,229  |   |   | $       | 16,552 |  
|                                                                              | Amortization of debt issuance costs                                        |   |                           | 374     |      |   |        | 608    |      |   |         | 985    |                      |   |         | 3,155   |  |   |         | 1,833   |  |   |         | 1,538   |   |   |         | 1,724  |  
|                                                                              | Estimate of interest within rental expense                                 |   |                           | 365     |      |   |        | 543    |      |   |         | 1,599  |                      |   |         | 926     |  |   |         | 799     |  |   |         | 155     |   |   |         | 257    |  
|                                                                              | Preference security dividend requirements                                  |   |                           | 2,134   |      |   |        | 2,595  |      |   |         | 4,729  |                      |   |         | 11,596  |  |   |         | 15,113  |  |   |         | 16,754  |   |   |         | 16,714 |  
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|Total Combined Fixed Charges and Preference
Security Dividends                |                                                                            | $ | 15,113                    |         |      | $ | 13,515 |        |      | $ | 28,071  |        |                      | $ | 30,092  |         |  | $ | 32,355  |         |  | $ | 30,676  |         |   | $ | 35,247  |       
|                                                                              |                                                                            |   |                           |         |      |   |        |        |      |   |         |        |                      |   |         |         |  |   |         |         |  |   |         |         |   |   |         |       
|Ratio of Earnings to Combined Fixed Charges and
Preference Security Dividends |                                                                            |   | 8.81                      |         |      |   | 4.35   |        |      |   | 4.53    |        |                      |   | 5.10    |         |  |   | 3.95    |         |  |   | 3.43    |         |   |   | 2.86    |       
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(1) Fixed charges do not include interest credited to deferred annuity account balances which are not considered borrowing costs for a life insurance company.

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