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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



|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|----------------------------------------------------------------------------- | -------------------------------------------------------------------------- | - | ---------------------------- | ------ | ---- | - | ------ | ------ | -
|                                                                              |                                                                            |   | Three Months Ended March 31,
|                                                                              |                                                                            |   |                             
|                                                                              |                                                                            |   | 2003                         |        | 2002
|                                                                              |                                                                            |   |                              |        |     
|                                                                              |                                                                            |   | ($ in thousands)            
|Earnings                                                                      |                                                                            |   |                              |        |      |   |        |       
|                                                                              | Pre-tax income from continuing operations                                  |   | $                            | 53,215 |      |   | $      | 36,346 |  
|                                                                              | Less: Minority interest                                                    |   |                              |       |      |   |        |       |  
|                                                                              | Less: Income (loss) from equity investees                                  |   |                              | 1,724  |      |   |        | (2,287 | )
|                                                                              | Add: Distributed income from equity investees                              |   |                              | 219    |      |   |        | 2,186  |  
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|                                                                              |                                                                            |   | 51,710                       |        |      |   | 40,819 |       
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|                                                                              | Fixed charges                                                              |   |                              | 7,166  |      |   |        | 6,715  |  
|                                                                              | Less: Preference security dividend requirements
not included in net income |   |                              |       |      |   |        |       |  
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|                                                                              | Net fixed charges                                                          |   |                              | 7,166  |      |   |        | 6,715  |  
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|Total Earnings                                                                |                                                                            | $ | 58,876                       |        |      | $ | 47,534 |       
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|Fixed Charges (1)                                                             |                                                                            |   |                              |        |      |   |        |       
|                                                                              | Interest expense on debt                                                   |   |                              | 5,732  |      |   |        | 4,499  |  
|                                                                              | Amortization of debt issuance costs                                        |   |                              | 187    |      |   |        | 422    |  
|                                                                              | Estimate of interest within rental expense                                 |   |                              | 180    |      |   |        | 266    |  
|                                                                              | Preference security dividend requirements                                  |   |                              | 1,067  |      |   |        | 1,528  |  
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|Total Combined Fixed Charges and Preference Security Dividends                |                                                                            | $ | 7,166                        |        |      | $ | 6,715  |       
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  
|Ratio of Earnings to Combined Fixed Charges and
Preference Security Dividends |                                                                            |   | 8.22                         |        |      |   | 7.08   |       
|                                                                              |                                                                            |   |                              |        |      |   |        |        |  

[Additional columns below]

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

|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  
|----------------------------------------------------------------------------- | -------------------------------------------------------------------------- | - | ---------------- | ------ | ---- | - | ------- | ------- | ---- | - | ------- | ------- |  | - | ------- | ------- | - | - | ------- | ------ | -
|                                                                              |                                                                            |   | 2002             |        | 2001 |   | 2000    |         | 1999 |   | 1998   
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |        
|                                                                              |                                                                            |   | ($ in thousands)
|Earnings                                                                      |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |       
|                                                                              | Pre-tax income from continuing operations                                  |   | $                | 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                                  |   |                  | (3,993 | )    |   |         | 5,072   |      |   |         | 3,481   |  |   |         | (603    | ) |   |         | (3,791 | )
|                                                                              | Add: Distributed income from equity investees                              |   |                  | 2,591  |      |   |         | 7,730   |      |   |         | 4,449   |  |   |         | 1,804   |   |   |         | 747    |  
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  
|                                                                              |                                                                            |   | 99,214           |        |      |   | 123,323 |         |      |   | 95,324  |         |  |   | 74,497  |         |   |   | 70,084  |       
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  
|                                                                              | Fixed charges                                                              |   |                  | 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                                                          |   |                  | 28,071 |      |   |         | 30,092  |      |   |         | 32,355  |  |   |         | 30,676  |   |   |         | 30,550 |  
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  
|Total Earnings                                                                |                                                                            | $ | 127,285          |        |      | $ | 153,415 |         |      | $ | 127,679 |         |  | $ | 105,173 |         |   | $ | 100,634 |       
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  
|Fixed Charges (1)                                                             |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |       
|                                                                              | Interest expense on debt                                                   |   |                  | 20,758 |      |   |         | 14,415  |      |   |         | 14,610  |  |   |         | 12,229  |   |   |         | 16,552 |  
|                                                                              | Amortization of debt issuance costs                                        |   |                  | 985    |      |   |         | 3,155   |      |   |         | 1,833   |  |   |         | 1,538   |   |   |         | 1,724  |  
|                                                                              | Estimate of interest within rental expense                                 |   |                  | 1,599  |      |   |         | 926     |      |   |         | 799     |  |   |         | 155     |   |   |         | 257    |  
|                                                                              | Preference security dividend requirements                                  |   |                  | 4,729  |      |   |         | 11,596  |      |   |         | 15,113  |  |   |         | 16,754  |   |   |         | 16,714 |  
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  
|Total Combined Fixed Charges and Preference Security Dividends                |                                                                            | $ | 28,071           |        |      | $ | 30,092  |         |      | $ | 32,355  |         |  | $ | 30,676  |         |   | $ | 35,247  |       
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  
|Ratio of Earnings to Combined Fixed Charges and
Preference Security Dividends |                                                                            |   | 4.53             |        |      |   | 5.10    |         |      |   | 3.95    |         |  |   | 3.43    |         |   |   | 2.86    |       
|                                                                              |                                                                            |   |                  |        |      |   |         |         |      |   |         |         |  |   |         |         |   |   |         |        |  



|(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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