##### 



AMERUS GROUP CO.

EXHIBIT 12  STATEMENT RE: COMPUTATION OF
RATIOS

RATIO OF EARNINGS TO COMBINED FIXED
CHARGES


AND PREFERENCE SECURITY DIVIDENDS


|                                                                                  |                                                                                |                          |         |        |   |      |         |         |  |      |         |         |  |   |         |         |   |   |         |        |  
|--------------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | ------------------------ | ------- | ------ | - | ---- | ------- | ------- |  | ---- | ------- | ------- |  | - | ------- | ------- | - | - | ------- | ------ | -
|                                                                                  |                                                                                |                         
|                                                                                  |                                                                                | Years Ended December 31,
|                                                                                  |                                                                                |                         
|                                                                                  |                                                                                | 2002                     |         | 2001   |   | 2000 |         | 1999    |  | 1998
|                                                                                  |                                                                                |                          |         |        |   |      |         |         |  |     
|                                                                                  |                                                                                |                         
|                                                                                  |                                                                                | ($ in thousands)        
|Earnings                                                                          |                                                                                |                          |         |        |   |      |         |         |  |      |         |         |  |   |         |         |   |   |         |       
|                                                                                  | Pre-tax income from continuing operations (before
    minority interest)       |                          | $       | 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 to not include interest credited to
    deferred annuity account balances which are not considered
    borrowing costs for a life insurance company.