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 quarterly period ended June 30, 1998
                                       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 0-21459

                           AmerUs Life Holdings, Inc.
    ----------------------------------------------------------------------- 
             (Exact name of registrant as specified in its charter)

Iowa                                                                 42-1459712
------------------------------------------------------------------------------
(State of other jurisdiction of              (IRS employer identification no.)
incorporation or organization)                                                 
    

699 Walnut Street, Des Moines, Iowa                           50309-3948
------------------------------------------------------------------------------
(Address of principal executive offices)                    (Zip code) 

Registrant's telephone number, including area code (515) 362-3600
------------------------------------------------------------------------------ 
Former name, former address and formal fiscal year, if changed since last report

     Indicate by check /x/ 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 period 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 each of the registrant's classes of common
stock on August 11, 1998 was as follows:

                  Class A, Common Stock     29,734,918 shares
                   Class B, Common Stock   5,000,000 shares 
Exhibit index - Page -- 38                                                     
                                 Page 1 of 47 <PAGE>
INDEX

                                                                 Page No. 

Part I - Financial Information . . . . . . . . . . . . . . . . . . . .3

Item 1.  Consolidated Financial Statements . . . . . . . . . . . . . .3

     Consolidated Balance Sheets June 30, 1998
     (Unaudited) and December 31, 1997 . . . . . . . . . . . . . . . .3

     Consolidated Statements of Income (Unaudited) - For
     the Six Months Ended June 30, 1998 and 1997 and the
     Three Months Ended June 30, 1998 and 1997 . . . . . . . . . . . .6

     Consolidated Statement of Comprehensive Income
     (Unaudited - For the Six Months Ended June 30, 1998
     and 1997 and the Three Months Ended June 30, 1998 and 1997) . . .8

     Consolidated Statements of Cash Flows (Unaudited) - 
     For the Six Months Ended June 30, 1998 and 1997 . . . . . . . . .9

     Notes to Consolidated Financial Statements 
     (Unaudited). . . . . . . . . . . . . . . . . . . . . . . .. . . 12

Item 2.  Management's Discussion and Analysis of 
      Results of Operations and Financial Condition . . . . . . . . .17     

Part II - Other Information . . . . . . . . . . . . . . . . . . .. . 35

Item 4. Submission of Matters to a Vote of Security 
     Holders    . . . . . . . . . . . . . . . . . . . . . . . .. . . 35

Item 6.  Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . 36

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Exhibit Index . . . . . . . . . . . . . . . . . . . . . . . . . .. . 38<PAGE>
PART I - FINANCIAL INFORMATION

ITEM 1.      FINANCIAL STATEMENTS
<TABLE>
                           AMERUS LIFE HOLDINGS, INC.
                          CONSOLIDATED BALANCE SHEETS
                            (Dollars In thousands) 
                                        
                                        
                                            June 30,       December 31,
                                              1998             1997
                                         --------------   ---------------
                                            (Unaudited)
<S>                                          <C>             <C>      
Assets
Investments:                                                                  
  Securities available-for-sale at fair value:                             
     Fixed maturity securities              $6,745,359      $6,851,427
     Equity securities                          82,340          61,480
     Short-term investments                     31,120          12,595
  Securities held for trading purposes at 
          fair value                                   
     Fixed maturity securities                     894          22,955
     Equity securities                             449               -
  Mortgage loans on real estate                512,717         462,473
  Real estate                                    3,766           8,670
  Policy loans                                 111,593         117,865
  Other investments                            220,844         158,073
                                           -----------     -----------

     Total investments                       7,709,082       7,695,538

Cash                                           160,061          58,081
Accrued investment income                       81,801          84,713
Premiums and fees receivable                     2,712           3,445
Reinsurance receivables                          5,033           6,203
Deferred policy acquisition costs              166,945         118,896
Value of business acquired                     252,903         266,014
Investment in unconsolidated subsidiaries       27,940          26,849
Goodwill                                       216,677         220,250
Property and equipment                          23,548          22,863
Other assets                                   344,698         359,308
Closed block assets                          1,478,152       1,391,848
                                           -----------     -----------
                                                                           
     Total assets                          $10,469,552     $10,254,008
                                           ===========     ===========
Liabilities and Stockholders' Equity

Liabilities
     Policy reserves and policyowner funds:                                     
          Future life and annuity 
            policy benefits                 $7,091,756      $7,074,444
          Policyowner funds                     92,569          89,641
                                            ----------      ----------

          Total                              7,184,325       7,164,085
               
     Accrued expenses                           37,999          39,095
     Dividends payable to policyowners             585           1,575
     Policy and contract claims                  6,416           4,548
     Income taxes payable                       27,614          12,753
     Deferred income taxes                       7,686          16,914
     Other liabilities                         164,944         111,180
     Debt                                      275,856         266,435
     Closed block liabilities                1,717,216       1,623,432
                                           -----------     -----------
          
             Total liabilities               9,422,641       9,240,017
                                          ------------    ------------

Company obligated mandatorily redeemable preferred
     capital securities of subsidiary trust holding
     solely junior subordinated debentures of the 
     Company                                    86,000          86,000

Stockholders' equity          
     Preferred stock, no par value, 
          20,000,000 shares authorized, 
          none issued                                -               -
     Common stock, Class A, no par value, 
          180,000,000 shares authorized 1998;
          75,000,000 shares authorized 1997;
          29,734,918 shares issued and 
          outstanding, less treasury stock      29,735          29,735
     Common stock, Class B, no par value,
          50,000,000 shares authorized;
          5,000,000 shares issued and 
          outstanding                            5,000           5,000
     Paid in capital                           383,686         383,686
     Accumulated other comprehensive income     54,614          55,747
     Retained earnings                         489,498         453,823
     Cost of treasury stock                     (1,622)              -
                                            ----------      ----------

             Total stockholders' equity        960,911         927,991
                                            ----------      ----------

             Total liabilities and                                    
               stockholders' equity        $10,469,552     $10,254,008
                                           ===========     ===========
/TABLE
<PAGE>
                           AMERUS LIFE HOLDINGS, INC.
                       CONSOLIDATED STATEMENTS OF INCOME
                   (Dollars in thousands, except share data)
                                  (unaudited)
<TABLE>
                                       Six Months Ended    Three Months Ended
                                             June 30,         June 30,
                                         ----------------   ---------------
                                            1998    1997     1998     1997
                                            ----    ----     ----     ----
<S>                                      <C>       <C>     <C>      <C>     
Revenues:
Insurance premiums                       $38,726   $20,928 $21,432  $12,752     
   Universal life and annuity
       product charges                    34,252    23,411  17,872   12,229     
   Net investment income                 259,995    99,226 126,822   48,308     
   Realized gains on investments          10,783     9,523   4,564    4,264     
   Contribution from the 
     Closed Block                         16,836    13,410   7,861    4,136     
                                         -------   ------- -------  -------
                                         360,592   166,498 178,551   81,689     
                                         -------   ------- -------  -------

   Benefits and expenses:
     Policyowner benefits                219,286    86,999 111,930   41,478
     Underwriting, acquisition, and             
        insurance expenses                38,449    22,438  17,215   11,421
     Amortization of deferred policy                      
        acquisition costs on policies
        purchased or produced             30,688    10,973  15,750    5,916
     Dividends to policyowners               710       173     395       52
                                         -------   ------- -------  -------
                                         289,133   120,583 145,290   58,867
                                         -------   ------- -------  -------

   Income from operations                 71,459    45,915  33,261   22,822

   Interest expense                       12,610     5,961   5,928    3,014
                                         -------   ------- -------  -------
   Income before income tax expense             
     and equity in earnings of 
     unconsolidated subsidiary            58,849    39,954  27,333   19,808

   Income tax expense                     17,319    11,586   7,142    5,847
                                         -------   ------- -------  -------
   Income before equity in earnings 
     of unconsolidated subsidiary         41,530    28,368  20,197   13,961

   Equity in earnings of unconsolidated         
     subsidiary                            1,091       654     673      481
                                         -------   ------- -------  -------
   Net income                            $42,621   $29,022 $20,864  $14,442
                                         =======   ======= =======  =======

   Earnings per common share
     Basic                         $1.23      $1.25     $0.60   $0.62
     Diluted                       $1.21      $1.25     $0.60   $0.62
                                   =====      =====     =====   =====

   Weighted average Common 
     Shares outstanding            

     Basic                    34,733,710   23,155,989   34,732,514   23,155,989
     Diluted                  35,086,382   23,155,989   35,021,958   23,155,989
/TABLE
<PAGE>
                           AMERUS LIFE HOLDINGS, INC.
                 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                             (Dollars in thousands)
                                  (Unaudited)
<TABLE>
                                                  Six Months      Three Months
                                                 Ended June 30,  Ended June 30,
                                                 -------------  --------------
                                                1998       1997  1998     1997
                                                ----       ----  ----     ----
<S>                                            <C>       <C>    <C>     <C>
Net income                                     $ 42,621 $29,022 $20,864  $14,442
Other comprehensive (loss), net of tax:
   Unrealized gains on securities:
     Unrealized holding gains arising 
        during period (net of deferred tax of 
        $(2,175) and $(677) for the six
        months ended and $(996) and $13,711
        for the three months ended)               4,039   1,258   1,849 (25,462)
   Less:  reclassification adjustment
        for gains included in net income
        (net of deferred tax of $5,286
        and $3,782 for six months ended
        and $1,530 and $1,606 for three
        months ended)                           (5,172) (5,515) (1,334)  (2,342)
                                               ------- -------  ------   -----  
   Other comprehensive income (loss)            (1,133) (4,257)    515  (27,804)
                                               ------- -------  ------   ------ 
Comprehensive income                           $41,488 $24,765 $21,379 ($13,362)
                                               ======= =======  ======  ======= 
/TABLE
<PAGE>
                            AMERUS LIFE HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Dollars in thousands)
                                  (unaudited)
<TABLE>
                                               Six Months Ended June 30,
                                               --------------------------
                                                  1998          1997
                                                 ------         ------

<S>              <C><C>
        Cash flows from operating activities:
   Net income                                  $42,621         $29,022
   Adjustments to reconcile net
     income to net cash provided
     by operating activities:
     Policyowner assessments on
      universal life and annuity products      (34,252)       (20,287)
     Interest credited to
      policyowner account balances              91,522         53,137 
     Realized investment (gains) losses        (10,783)        (9,523)

     Change in:
      Accrued investment income                  2,912         (2,650)
      Reinsurance ceded receivables              1,170           (635)
      Deferred policy acquisition
        costs                                  (36,875)       (12,195)
      Liabilities for future 
        policy benefits                         83,435        (16,381)
      Policy and contract claims
        and other policyowner funds              1,868         (1,627)
      Income taxes:
        Current                                 16,433          4,183 
        Deferred                                (6,465)        (5,718)
     Other, net                                  6,862         20,347 
     Change in Closed Block assets
      and liabilities, net                     109,318         68,656 
                                            ----------     ---------- 
     Net cash provided by operating
      activities                               267,766        106,329 
                                            ----------     ---------- 
<PAGE>
   Cash flows from investing activities:
     Purchase of fixed maturities                      
      available for sale                    (1,865,403)      (620,969)
     Maturities, calls, and principal
      reductions of fixed maturities
      available for sale                     2,017,374        538,801 
     Purchase of equity securities            (112,055)       (23,042)
     Proceeds from sale of equity
      securities                               119,296         26,706 
     Proceeds from repayment and sale                  
      of mortgage loans                         44,265         26,174 
     Purchase of mortgage loans                (99,077)       (30,653)
     Proceeds from sale of real estate
      and other invested assets                 15,317              - 
     Purchase of real estate and other
      invested assets                          (65,796)        14,670 
     Change in policy loans, net                 6,272           (882)
     Tax on capital gains                       12,507             (3)
     Other assets, net                          16,379         39,271 
     Change in Closed Block
      investments, net                        (106,115)       (41,758)
                                            ----------      --------- 
      Net cash used in investing 
        activities                             (17,036)       (71,685)
                                            ----------      --------- 

   Cash flows from financing activities:
      Deposits to policyowner account
        balances                               421,044         63,191 
      Withdrawals from policyowner
        account balances                      (570,647)      (123,775)
      Change in debt, net                        9,421       (106,833)
      Purchase of treasury stock                (1,622)             - 
      Initial public offering of 
        common stock                                 -         55,027 
      Dividends to shareholders                 (6,946)        (2,316)
      Issuance of company-obligated
        mandatory redeemable                           
        capital securities                           -         86,000 
                                             ---------      --------- 

<PAGE>
        Net cash used in financing
         activities                           (148,750)       (28,706)
                                                ------         ------ 

        Net (decrease) increase in cash        101,980          5,938 
     Cash at beginning of period                58,081          1,814 
                                               -------         -------

     Cash at end of period                    $160,061         $7,752 
                                              ========         ====== 

     Supplemental disclosure of cash
      activities:
      Interest paid                            $12,069         $2,919 
                                               =======         ====== 

      Income taxes paid                        $24,541        $26,235 
                                                ======        ======= 


/TABLE
<PAGE>
AMERUS LIFE HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(1)     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   

        The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Article 10 of
Regulation S-X.  Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for annual
financial statements.  In the opinion of management, all adjustments considered
necessary for a fair presentation have been included.  All adjustments were of a
normal recurring nature, unless otherwise noted in Management's Discussion and
Analysis and the Notes to Financial Statements.  Operating results for the three
months and six months ended June 30, 1998 are not necessarily indicative of the 
results that may be expected for the year ending December 31, 1998.  For further
information and for capitalized terms not defined in this 10-Q, refer to the 
consolidated financial statements and notes thereto included in the Company's 
Annual Report on Form 10-K for the year ended December 31, 1997. 

SFAS 130

      On January 1, 1998, the Company adopted SFAS 130, "Reporting Comprehensive
Income," and restated prior years' financial statements to conform to the
reporting standard.  SFAS 130 establishes standards for reporting and displaying
comprehensive income and its components in a full set of general-purpose
financial statements.  Comprehensive income includes all changes in
shareholders' equity during a period except those resulting from investments by
owners and distributions to owners.  The adoption of SFAS 130 resulted in
revised and additional disclosures but had no effect on the financial position,
results of operations, or liquidity of the Company.

SFAS 131

        On January 1, 1998, the Company adopted SFAS 131, "Disclosures about
Segments of an Enterprise and Related Information."  SFAS 131 establishes
standards for the way that public businesses report information about operating
segments in financial statements.  Operating segments are components of an
enterprise about which separate financial information is available that is
evaluated regularly by the chief operating decision maker in deciding how to
allocate resources and assess performance.  Generally, financial information is
required to be reported on the basis that it is used internally for evaluating
segment performance and deciding how to allocate resources to segments.  The
provisions of SFAS 131 are of a reporting nature and have no impact on the
financial position or results of operations of the Company, as the life
insurance and annuity operation is the Company's only business segment.

      Certain amounts in the 1997 financial statements have been reclassified to
conform to the 1998 financial statement presentation.

EARNINGS PER COMMON SHARE

        The Company adopted the provisions of SFAS 128 "Earnings per Share" at
December 31, 1997, which had no effect on the Company's previously reported
earnings per share information.  Basic earnings per share of common stock are
computed by dividing net income by the weighted-average number of common shares
outstanding during the period.  Diluted earnings per share assumes the issuance
of common shares applicable to stock options and warrants calculated using the
treasury stock method.

(2)     CLOSED BLOCK

        Summarized financial information of the Closed Block balance sheet as of
June 30, 1998 and December 31, 1997 and statements of income for the six months
and three months ended June 30, 1998 and 1997 are as follows (in thousands):

Assets:
<TABLE>                                                 
                                             June 30, 1998     December 31, 1997
                                            ---------------   ------------------
<S>                                           <C>                 <C>
Fixed maturity securities, at fair value       $1,083,852        $1,053,066
Short-term investments, at fair value              55,320               660
Policy loans                                      178,076           168,368
Other investments                                   5,619               591
Cash                                                1,678                21
Accrued investment income                          12,674            12,617
Premiums and fees receivable                        3,009             3,591
Deferred policy acquisition costs                 130,947           143,765
Other assets                                        6,977             9,169
                                               ----------        ----------
                                               $1,478,152        $1,391,848
                                               ==========        ==========
Liabilities:   
Future life and annuity policy benefits        $1,480,559        $1,448,725
Policyowner funds                                   6,937             6,786
Accrued expenses                                    1,349             5,980
Dividends payable to policyowners                 147,560           135,985
Policy and contract claims                          5,607             5,966
Other liabilities                                  75,204            19,990
                                               ----------        ----------
                                               $1,717,216        $1,623,432
                                               ==========        ==========

/TABLE
<PAGE>
<TABLE>
                                          Six months ended    Six months ended
                                           June 30, 1998         June 30, 1997
                                          ------------------  ------------------
<S>                                       <C>                    <C>       
Revenues and Expenses:   

Insurance premiums                                $99,932         $104,994 
Universal life and annuity    
     product charges                                7,266            6,883     
Net investment income                              57,339           54,278
Realized gains on investments                       8,177             (989) 
Policyowner benefits                              (99,372)        (105,258)
Underwriting, acquisition, and 
     insurance expenses                            (2,886)          (2,821)
Amortization of deferred policy    
     acquisition costs on policies produced       (12,818)         (14,111)
Dividends to policyowners                         (40,802)         (29,566)
                                                   ------           ------ 
Contribution from the Closed Block 
     before income taxes                          $16,836          $13,410 
                                                   ======           ====== 

</TABLE>

<TABLE>
                                          Three months ended  Three months ended
                                           June 30, 1998          June 30, 1997
                                          ------------------  ------------------
<S>                                       <C>                    <C>       
Revenues and Expenses:   

Insurance premiums                                $49,516          $50,064 
Universal life and annuity    
     product charges                                3,745            3,152 
Net investment income                              28,156           27,977 
Realized gains on investments                       7,308             (416)
Policyowner benefits                              (50,341)         (55,527)
Underwriting, acquisition, and 
     insurance expenses                            (1,525)          (1,334)
Amortization of deferred policy    
     acquisition costs on policies produced        (4,784)          (7,280)
Dividends to policyowners                         (24,214)         (12,500)
                                                   ------           ------ 
Contribution from the Closed Block 
     before income taxes                           $7,861           $4,136 
                                                   ======           ====== 

</TABLE>
(3)      DEBT AND CAPITAL SECURITIES

     Debt consists of the following (in thousands): 
<TABLE>
                                                 June 30,        December 31,
                                                   1998              1997
                                               ------------    ----------------
                                               (Unaudited)

<S>                                            <C>                     <C>     

Federal Home Loan Bank short-term loan
  with an interest rate of 5.88%                $ 9,610             $     -
Federal Home Loan Bank community 
  investment long-term advances 
  with a weighted average interest 
  rate of 6.35% at June 30, 1998                 16,246              16,435
Revolving credit agreement bearing
  interest at 6.34% as of June 30, 1998         125,000             250,000
Senior Notes bearing interest at
     6.95% due June 2005                        125,000                   -
                                               --------            --------
                                               $275,856            $266,435
                                               ========            ========
</TABLE>
     On June 16, 1998, the Company issued $125,000,000 of 6.95% senior notes due
June 15, 2005.  The proceeds of the offering were utilized to pay down amounts
owing under the revolving credit agreement and the commitment under that credit
facility was reduced from $250 million to $150 million.

        For an additional discussion of the terms of the other above 
indebtedness, refer to the Company's consolidated financial statements as of 
December 31, 1997.

        On February 3, 1997, the Company issued $86,000,000 of 8.85% Capital
Securities, Series A, through a wholly-owned subsidiary trust.  The sole asset
of the trust is the junior subordinated debentures of the Company in the
principal amount of $88.66 million with interest at 8.85% maturing February 1,
2027.  The Company has fully and unconditionally guaranteed the obligation of
the trust under the Capital Securities and is obligated to mandatorily redeem
the securities on February 1, 2027.  The Company may prepay the securities at
anytime after February 1, 2007.


(4)  FEDERAL INCOME TAXES     

     The effective income tax rate for the period ending March 31, 1998 was
lower than the prevailing corporate rate primarily as a result of earned low
income housing and historic rehabilitation credits.

(5)  COMMITMENTS AND CONTINGENCIES

     AmerUs Life Insurance Company ("AmerUs Life") and its joint venture partner
are contingently liable in the event the joint venture, Ameritas Variable Life
Insurance Company ("AVLIC"), cannot meet its policyholder obligations.  At June
30, 1998, AVLIC had statutory assets of $1,687.6 million, liabilities of 
$1,642.3 million, and surplus of $45.3 million.

(6)  RELATED PARTY TRANSACTIONS

     AmerUs Life had a master agreement of purchase and sale with AmerUs Bank,
whereby AmerUs Life agreed to purchase whole loans from AmerUs Bank from time to
time.  AmerUs Life also had a loan servicing agreement with AmerUs Bank, whereby
AmerUs Bank acted as servicer of the loans and received a servicing fee ranging
from 50 to 58 basis points of the outstanding principal balances of the loans. 
During the six months ended June 30, 1998, AmerUs Life purchased loans with a
total outstanding principal balance of $109.4 million at a $6.8 million
premium.  Both agreements with AmerUs Bank were terminated on July 31, 1998. 
Similar arrangements were entered into with AmerUs Home Equity, a wholly-owned
subsidiary of AmerUs Group Co.

(7)  ACQUISITIONS

     On October 23, 1997, the Company acquired all of the outstanding capital
stock of Delta Life Corporation ("Delta") in exchange for cash of approximately
$165 million.  The acquisition was accounted for using the purchase method of
accounting with goodwill of $69.4 million established which is being amortized
on a straight-line basis over 30 years.  

     On December 19, 1997, the Company acquired AmVestors Financial Corporation
in a stock exchange valued at approximately $350 million.  The acquisition was
accounted for using the purchase method of accounting with goodwill of $152.9
million established which is being amortized on a straight-line basis over 30
years.  

(8)  SUBSEQUENT EVENT

     On July 27, 1998, the Company completed the public offering of 4,150,000
units of 7% Adjustable Conversion-rate Equity Security Units.  The unit price
was $31.5625 with net proceeds to the Company of $127,513,315.  Each unit
consists of a forward common stock purchase contract and a quarterly income
preferred security bearing interest at 6.86% and due July 27, 2003.
<PAGE>
AmerUs Life Holdings, Inc.                                    June 30, 1998 

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Overview

     The Company is a holding company engaged through its subsidiaries in the
business of marketing, underwriting and distributing a broad range of individual
life insurance and annuity products to individuals and business in 49 states,
the District of Columbia and the US Virgin Islands. The Company's primary
product offerings consist of whole life, universal life and term life insurance
policies and fixed annuities. Since April 1, 1996 the Company has been a party
to the Ameritas Joint Venture with Ameritas Life Insurance Corp., through which
it markets fixed annuities and sells variable annuities and variable life
insurance products. 

     In accordance with GAAP, universal life insurance premiums and annuity
deposits received are reflected as increases in liabilities for policyowner
account balances and not as revenues. Revenues reported for universal life and
annuity products consist of policy charges for the cost of insurance,
administration charges and surrender charges assessed against policyowner
account balances. Surrender benefits paid relating to universal life insurance
policies and annuity products are reflected as decreases in liabilities for
policyowner account balances and not as expenses. Amounts for interest credited
to universal life and annuity policyowner account balances and benefit claims in
excess of policyowner account balances are reported as expenses in the financial
statements. The Company receives investment income earned from the funds
deposited into account balances by universal life and annuity policyowners, the
majority of which is passed through to such policyowners in the form of interest
credited. 

     Premium revenues reported for traditional life  insurance products are
recognized as revenues when due. Future policy benefits and policy acquisition
costs are recognized as expenses over the life of the policy by means of a
provision for future policy benefits and amortization of deferred policy
acquisition costs. 

     The costs related to acquiring new business, including certain costs of
issuing policies and certain other variable selling expenses (principally
commissions), defined as deferred policy acquisition costs, are capitalized and
amortized as an expense primarily in proportion to expected profits or margins
from such policies. This amortization is adjusted when current or estimated
future gross profits or margins on the underlying policies vary from previous
estimates. For example, the amortization of deferred policy acquisition costs is
accelerated when policy terminations are higher than originally estimated or
when investments supporting the policies are sold at a gain prior to their
anticipated maturity. Death and other policyowner benefits reflect exposure to
mortality risk and fluctuate from period to period based on the level of claims
incurred within insurance retention limits. The profitability of the Company is
primarily affected by expense levels, interest spread results (i.e., the excess
of investment earnings over the interest credited to policyowners) and
fluctuations in mortality, persistency and other policyowner benefits. The
Company has the ability to mitigate adverse experience through adjustments to
credited interest rates, policyowner dividends or cost of insurance charges.  

Sales

     The following table sets forth information regarding the Company's sales
activity by product:
<TABLE>
                                           Sales Activity by Product

                                        For the Six       For the Three 
                                        Months Ended       Months Ended
                                          June 30,           June 30,
                                     ----------------    ---------------
   ($ in thousands)                    1998     1997      1998      1997
                                      ----     ----        ----      ----
<S>                                 <C>        <C>       <C>       <C>
Individual life insurance:
Participating whole life              $ 8,474  $ 8,603     $4,904    $4,018
Universal life                          4,325    3,666      2,149     1,560
Term life                               3,094    1,756      1,638     1,193
                                     --------  -------   --------    ------
Total life insurance (A)              $15,893  $14,025     $8,691    $6,771
                                     ========  =======   ========    ======

Annuities (B)                        $389,731  $25,611   $215,035   $13,067 
                                    ========   =======  ========   =======

(A)     Direct first year annualized premiums
(B)     Direct collected premiums
</TABLE>
       Life insurance sales as measured by annualized premiums increased by $1.9
million, or 13.3%, for the six months, and increased by $1.9 million, or 28.4%,
for the three months ended June 30, 1998, from the same periods in 1997.  As a
result of the introduction of new term products during the first quarter of 1997
and the introduction of three new term plans in January, 1998, sales of term
life insurance products during the first six months of 1998 increased by $1.3
million or 76.2%, from the same period in 1997.  Sales of term life insurance
during the quarter ended June 30, 1998 increased by $0.4 million, or 37.3%, from
the same period in 1997.  Sales of universal life insurance increased by $0.7
million and by $0.6 million for the six months and three months ended June 30,
1998, respectively, from the same periods in 1997.  Increased sales of universal
life are attributable to the introduction of a new second-to-die universal life
product during the third quarter of 1997.  Sales of participating whole life
insurance increased during the second quarter of 1998 and for the first six
months of 1998 are nearly level with the first six months of 1997.  Annuity
sales for the first six months of 1998 include $45.2 million and $322.3 million
from Delta Life Corporation ("Delta") and AmVestors Financial Corporation
("AmVestors"), respectively, companies acquired in the fourth quarter of 1997. 
Annuity sales for the quarter ended June 30, 1998 include $24.1 million and
$179.3 million from Delta and AmVestors, respectively.    

Premium Receipts

      The following table sets forth the Company's collected premiums, including
collected premiums associated with the Closed Block, for the periods indicated:
<TABLE>
                                         Collected Premiums by Product
                             For the Six Months Ended For the Three Months Ended
                                    June 30,                   June 30,
                           --------------------------    ----------------------
($ in thousands)                   1998         1997    1998       1997
                                  ------      ------   ------      ------

<S>                               <C>         <C>       <C>       <C> 
Direct individual life premiums collected:

     Traditional life:
          First year & single      $ 39,302   $ 35,841  $19,791    $17,602 
          Renewal                    86,973     83,703   41,961     41,021 
                                   --------   --------  -------    ------- 
               Total               $126,275   $119,544  $61,752    $58,623 
                                   ========   ========  =======    ======= 

     Universal life:                         
          First year & single      $  8,733   $  6,992  $ 4,655    $ 3,063
          Renewal                    37,408     37,585   18,329     18,741
                                   --------   --------  -------    ------- 
               Total               $ 46,141   $ 44,577  $22,984    $21,804 
                                   ========   ========  =======    ======= 

          Total direct life         $172,416  $164,121 $ 84,736   $ 80,427      

     Reinsurance assumed                 408       814      311        468 
     Reinsurance ceded                (5,423)   (4,926)  (2,587)    (2,485)
                                    -------   --------  --------  -------- 
     Total individual life, 
          net of reinsurance        $167,401  $160,009  $82,460   $ 78,410 
                                    =======   ========  =======   ======== 

Direct annuity premiums collected:
     Individual                     $388,676  $ 25,611  $214,688  $ 13,067 
     Group                             1,055          -      347         - 
                                    --------  --------  --------  -------- 
          Total annuities            389,731    25,611   215,035    13,067 

     Reinsurance ceded                (1,058)     (281)      (91)     (101)
                                    --------  --------  --------  -------- 
     Total annuities, net 
          of reinsurance            $388,673   $25,330  $214,944   $12,966 
                                    ========   =======  ========   ======= 
Other collected premiums, net 
          of reinsurance              $ (359) $    119     $(305)      $52 
                                      ======    ======    ======    ====== 
Total collected premiums, 
     net of reinsurance             $555,715  $185,458  $297,099   $91,428 
                                    ========  ========  ========   ======= 
</TABLE>

     Annuity premiums, net of reinsurance, for the six months and three months
ended June 30, 1998, include $366.6 million and $203.4 million, respectively,
from Delta and AmVestors, in the aggregate.

Life Insurance and Annuities in Force

     The following table sets forth information regarding the Company's life
insurance and annuities in force for each date presented:
<TABLE>
                                  Life Insurance and Annuities in Force

                                            As of June 30,
                                          ------------------
($ in thousands)                           1998            1997  
                                           ------         ------
<S>                                           <C>             <C>      
   Individual life insurance:
        Traditional life
          Number of policies               255,767        252,101     
          GAAP life reserves            $1,509,997     $1,254,953
          Face amounts                 $18,764,000    $17,113,000
        Universal life
          Number of policies               116,409        118,720
          GAAP life reserves              $881,951       $835,914     
          Face amounts                 $12,116,000    $12,125,000     
        Total life insurance
          Number of policies               372,176        370,821     
          GAAP life reserves            $2,391,948     $2,090,867     
          Face amounts                 $30,880,000    $29,238,000     
     Annuities:
          Number of policies               189,279         52,654     
          GAAP reserves                 $6,159,895     $1,290,683     
     Group life insurance:
          Number of lives                   16,573         30,235     
          Face amounts                    $438,000       $870,000     
</TABLE>

Included in the June 30,1998 annuity amounts are approximately 152,000 policies
and $4.9 billion of GAAP reserves from Delta and AmVestors.  The Company sold
substantially all of its group life business as of July 1, 1996 and is no longer
actively marketing this line of business.  

Adjusted Operating Income

           The following table reflects net income adjusted to eliminate certain
items (net of applicable income taxes) which management believes are not
necessarily indicative of overall operating trends. For example, net realized
capital gains or losses on investments, excluding gains or losses on convertible
debt which are considered core earnings, are eliminated. Different items are
likely to occur in each period presented and others may have different opinions
as to which items may warrant adjustment. The adjusted operating income shown
below does not constitute net income computed in accordance with GAAP.

<TABLE>
                             For the Six Months Ended  For the Three Months Ended
                                     June 30,                   June 30,
                            --------------------------  -------------------------
                                      1998     1997       1998     1997
                                      ----     ----       ----     ----
(In thousands, except per share amounts)           
<S>                                  <C>       <C>       <C>       <C>     
Net income                           $42,621   $29,022   $20,864   $14,442 

Net realized (gains) losses
     on investments (A)               (3,147)   (5,188)     (882)   (2,207)
                                     -------   -------   -------   ------- 

Adjusted operating income            $39,474   $23,834   $19,982   $12,235 
                                     =======   =======   =======   ======= 

Adjusted operating income per
     common share (B):
          Basic                      $ 1.14     $1.03     $0.58      $0.53
          Diluted                    $ 1.13     $1.03    $ 0.57      $0.53

(A)          Represents non-core realized gains or losses on investments less that
             portion of the amortization of deferred policy acquisition costs adjusted
             for income taxes on such amounts. Realized gains may vary widely between
             periods. Such amounts are determined by management's timing of individual
             transactions and do not necessarily correspond to the underlying operating
             trends.

(B)          Basic adjusted operating income per common share for the six months ended
             and three months ended June 30, 1998 is calculated using 34.73 million
             weighted average shares of common stock outstanding. Diluted adjusted
             operating income per common share for the six months ended June 30, 1998 is
             calculated using 35.09 million weighted average shares outstanding. Diluted
             adjusted operating income per common share for the three months ended June
             30, 1998 is calculated using 35.02 million weighted average shares of
             common stock outstanding. The basic and diluted adjusted operating income
             per common share for the six months and three months ended June 30, 1997 is
             calculated using 23.16 million shares of common stock outstanding.
</TABLE>

The Closed Block

     The Closed Block was established on June 30, 1996. Insurance policies which
had a dividend scale in effect as of June 30, 1996 were included in the Closed
Block. The Closed Block was designed to provide reasonable assurance to owners
of insurance policies included therein that, after the Company's reorganization,
assets would be available to maintain the dividend scales and interest credits
in effect prior to the Company's reorganization if the experience underlying
such scales and credits continues.

        The contribution to the operating income of the Company from the Closed
Block is reported as a single line item in the income statement. Accordingly,
premiums, product charges, investment income, realized gains or losses on
investments, policyowner benefits and dividends attributable to the Closed
Block, less certain minor expenses including amortization of deferred policy
acquisition costs, are shown as a net number under the caption the "Contribution
from the Closed Block." This results in material reductions in the respective
line items in the income statement while having no effect on net income. The
expenses associated with the administration of the policies included in the
Closed Block and the renewal commissions on these policies are not charged
against the Contribution from the Closed Block, but rather are grouped with
underwriting, acquisition and insurance expenses. Also, all assets allocated to
the Closed Block are grouped together and shown as a separate item entitled
"Closed Block Assets." Likewise, all liabilities attributable to the Closed
Block are combined and disclosed as the "Closed Block Liabilities."
<PAGE>
RESULTS OF OPERATIONS

SIX MONTHS AND THREE MONTHS ENDED JUNE 30, 1998 AND JUNE 30, 1997 

A summary of the Company's revenues follows:
<TABLE>
                                      For the Six Months  For the Three Months
                                        Ended June 30,       Ended June 30,
                                      ------------------    -------------------
($ in thousands)                        1998      1997      1998      1997
                                         ----     ----       ----      ----
<S>                                     <C>       <C>       <C>       <C>    
   Insurance premiums
      Traditional life insurance 
          premiums                     $ 22,244  $ 12,465   $12,103    $7,907   
   Immediate annuity and 
          supplementary contract 
          premiums                       16,319     8,395     9,242     4,802   
   Other premiums                           163        68        87        43
                                       --------  --------  --------   -------

          Total insurance premiums       38,726    20,928    21,432    12,752

   Universal life product charges        23,281    23,003    11,617    11,974
   Annuity product charges               10,971       408     6,255       255
                                       --------  --------  --------   -------
          Total product charges          34,252    23,411    17,872    12,229

   Net investment income                259,995    99,226   126,822    48,308
   Realized gains on investments         10,783     9,523     4,564     4,264
   Contribution from the Closed Block    16,836    13,410     7,861     4,136
                                       --------  --------  --------   -------
          Total revenues               $360,592  $166,498  $178,551   $81,689
                                       ========  ========  ========   =======
</TABLE>

     Individual life and annuity premiums and product charges increased by $28.6
million, or 64.5%, for the six months and increased by $14.3 million, or 57.3%,
for the three months ended June 30, 1998 from the same periods in 1997. 
Included in the 1998 increases were $16.5 million and $10.2 million of insurance
and annuity premium and product charges from Delta and AmVestors combined, for
the six month and three month period, respectively. Insurance premiums increased
by $17.8 million for the six month period and by $8.7 million for the three
month period ended June 30, 1998, compared to the same periods ended June 30,
1997.  Included in the increased insurance premiums in 1998 were $6.3 million
and $4.4 million in aggregate from Delta and AmVestors for the six months and
three months ended June 30, 1998, respectively.  Traditional life insurance
premiums increased by $9.8 million for the six months and increased by $4.2
million for the three months as a result of continued growth in renewal premiums
on traditional life insurance policies not included in the Closed Block (as
defined below), and increased sales in 1998 for both periods. Immediate annuity
deposits and supplementary contract premiums were $7.9 million higher for the
six months and $4.4 million higher for the three months ended June 30, 1998
compared to the same periods in 1997, with $6.1 million and $4.3 million in
aggregate from Delta and AmVestors for the 1998 six month and three month
periods, respectively. The increased premiums, exclusive of Delta and AmVestors,
for the six month period were primarily due to higher sales of immediate
annuities.

     Universal life product charges increased by $0.3 million for the six months
ended June 30, 1998 primarily due to increased cost of insurance charges as a
result of the normal aging of the block of business.  The product charges were
$0.3 million lower for the three months ended June 30, 1998 due to higher
reinsurance costs during the quarter compared to the same period in 1997.

     Annuity product charges increased by $10.5 million and by $6.0 million for
the six months and three months ended June 30, 1998, respectively, due to the
inclusion of  $10.2 million and $5.9 million of annuity product charges in
aggregate from Delta and AmVestors for the 1998 six month and three month
periods, respectively.

     Net investment income increased by $160.7 million for the six months and
increased by $78.5 million for the three months ended June 30,1998 from the same
periods in 1997. Included in the 1998 increases in net investment income were
$162.9 million and $80.3 million in aggregate for Delta and AmVestors for the
six month and three month periods, respectively.  The remaining $2.2 million and
$1.8 million decrease in net investment income for the six month and three month
periods were attributable to a decrease in average invested assets (excluding
market value adjustments, the Closed Block, Delta, and AmVestors) and lower
investment yields, primarily in the other asset and mortgage loan portfolios
partially offset by higher call premiums of $5.4 million and $4.4 million
for the six months and three months, respectively. Average invested assets 
decreased by $51.6 million from the same period a year ago primarily due to 
the continued runoff of AmerUs Life's individual deferred annuity business.  
Effective May, 1996 substantially all new sales of individual deferred 
annuities by AmerUs Life's distribution network have been made through
Ameritas Variable Life Insurance Company ("AVLIC").

      Realized gains on investments were $10.8 million for the first six months
of 1998 and $4.6 million for the second quarter of 1998 compared to $9.5 million
and $4.3 million, respectively,  for the same periods in 1997.  Included in the
realized gains were $5.6 million and $3.6 million from Delta and AmVestors in
aggregate for the two periods in 1998.  Gains on the convertible debt securities
considered to be a part of core operating earnings were $5.5 million and $2.7
million for the six months and three months ended June 30, 1998, respectively.  
The level of realized gains is subject to fluctuation from period to period
depending on the prevailing interest rate and economic environment and the
timing of the sale of investments.  

     The Contribution from the Closed Block was $16.8 million and $7.8 million
for the six months and three months ended June 30, 1998, respectively.  The
following table sets forth the operating results of the Closed Block for the
periods indicated.
<TABLE>
                                       For the Six          For the Three
                                       Months Ended        Months  Ended
                                          June 30,           June 30,
                                      ----------------   ----------------
($ in thousands)                      1998       1997       1998      1997     
                                     ------     ------     ------    ------
<S>                                   <C>       <C>      <C>        <C>
Revenues
     Insurance premiums                $99,932 $104,994    $49,516  $50,064     
     Product charges                     7,266    6,883      3,745    3,152 
     Net investment income              57,339   54,278     28,156   27,977 
     Realized gains (losses) 
          on investments                 8,177     (989)     7,308     (416)
                                      -------- --------    -------  ------- 
     Total revenues                   $172,714 $165,166    $88,725  $80,777     
                                                                      
Benefits and expenses
     Policyowner benefits               99,372  105,258     50,341   55,527     
     Underwriting, acquisition and 
          insurance expenses             2,886    2,821      1,525    1,334 
     Amortization of deferred policy 
          costs                         12,818   14,111      4,784    7,280 
     Dividends to policyowners          40,802   29,566     24,214   12,500 
                                       -------  -------     ------  ------- 
     Total benefits and expenses       155,878  151,756     80,864  $76,641 
                                       -------  -------     ------  ------- 
Contribution from the Closed Block     $16,836  $13,410     $7,861   $4,136 
                                       =======  =======     ======   ====== 
</TABLE>
                                                        
        Closed Block insurance premiums decreased by $5.1 million for the six
months and by $0.6 million for the three months ended June 30, 1998.  The
decrease in insurance premiums is consistent with the reduction of the Closed
Block's life insurance in force that is expected to continue over the life of
the block.  Net investment income for the Closed Block increased by $3.1 million
for the six months and by $0.2 million for the three months ended June 30, 1998
due primarily to higher yields partially offset by a decrease in average
invested assets (excluding market value adjustments). 

      Realized gains on investments of the Closed Block were $9.2 million higher
for the six months and $7.7 million  higher for the three months ended June 30,
1998 as compared to the same periods in 1997.  The level of realized gains is
subject to fluctuation from period to period depending on the prevailing
interest rate and economic environment and the timing of the sale of
investments.

        Closed block policyowner benefits decreased by $5.9 million for the six
months and by $5.2 million for the three months ended June 30, 1998 primarily
due to lower death benefits on Closed Block policies.  The amortization of
deferred policy acquisition costs for the Closed Block decreased by $1.3 million
for the six months and by $2.5 million for the three months ended June 30, 1998.
Deferred policy acquisition costs are generally amortized in proportion to gross
margins, including realized capitalized gains.  The change in the amortization
of deferred policy acquisition costs during the six months and three months
ended June 30, 1998, was primarily due to a restatement of estimated future
margins on the Closed Block reflected in the second quarter.

      Closed Block dividends to policyowners increased by $11.2 million for the
six months and by $11.7 million for the three months ended June 30, 1998.  The
increase for both periods was primarily due to the increase in the deferred
dividend liability resulting from increased realized capital gains and lower
death benefits in both periods.

        A summary of the Company's policyowner benefits follows: 

<TABLE>
                                         For the Six        For the Three
                                      Months Ended         Months Ended
                                          June 30,           June 30,
                                     ----------------     ---------------
($ in thousands)                      1998      1997       1998      1997
                                     ------     ------    ------   ------
<S>                                    <C>       <C>       <C>       <C>   
Traditional life insurance
     Death benefits                    $1,040      $699      $643      $197
     Change in liability for 
          future policy benefits 
          and other policy 
          benefits                     14,288     9,701     8,003     4,490    
                                      -------   -------    ------    ------
     Total traditional life 
          insurance benefits           15,328    10,400     8,646     4,687

Universal life insurance
     Death benefits in excess of 
          cash value                    7,676    10,095     3,016     3,656
     Interest credited on policyowner 
          account balances             17,572    16,685     9,393     8,117
     Other policy benefits              2,238     1,622       770     1,029
                                      -------   -------   -------   -------
     Total universal life 
          insurance benefits           27,486    28,402    13,179    12,802

Annuities
     Interest credited to deferred
          annuity account balances    147,313    30,525    71,810    15,125

     Other annuity benefits            28,227    17,236    17,924     8,838
                                     --------   -------  --------   -------
          Total annuity benefits      175,540    47,761    89,734    23,963

Miscellaneous benefits                    932       436       371        26
                                     --------   -------  --------   -------
     Total policyowner benefits      $219,286   $86,999  $111,930   $41,478
                                     ========   =======  ========   =======
</TABLE>

     Total policyowner benefits increased by $132.3 million for the six months
and increased by $70.5 million for the three months ended June 30, 1998 from the
same periods in 1997. Included in policyowner benefits were $131.4 million for
the six months and $68.4 million for the three months in the aggregate from
Delta and AmVestors primarily consisting of interest credited to deferred
annuity account balances.  Traditional life insurance benefits increased by $4.9
million for the six month period and increased by $3.9 million for the three
month period primarily due to the growth and aging of such business  in force. 

     Universal life insurance benefits decreased by $0.9 million for the six 
months ended June 30, 1998 from the same period in 1997 primarily as a result of
decreased death benefits as a result of lower mortality, partially offset by
interest credited on account values.

     Annuity benefits increased by $127.8 million for the six months and by
$65.8 million for the three months ended June 30, 1998 from the same periods in
1997.  Included in the six month and three month 1998 amounts were $129.5
million and $67.5 million, respectively, of aggregate annuity benefits for Delta
and AmVestors.  In the aggregate interest being credited to all annuity
portfolios within the Company has decreased 12 basis points from year end.  The
annuity portfolios have increased from $6.1 billion in account value to $6.2
billion at June 30, 1998 from year end.  The increase in other annuity benefits
for the six months and three months ended June 30, 1998 from the same periods in
1997 is primarily due to the acquisition of Delta and AmVestors. 

<PAGE>
     A summary of the Company's expenses follows:
<TABLE>

                                         For the Six         For the Three
                                        Months Ended         Months Ended
                                          June 30,              June 30,
                                    ------------------    -----------------
($ in thousands)                      1998        1997    1998        1997     
                                     ------     ------    ------     ------

<S>                                    <C>       <C>       <C>       <C>   
Commission expense, net of deferrals   $5,587    $4,081    $2,507    $1,968     
Other underwriting, acquisition and
     insurance expenses, net of 
     deferrals                         32,862    18,357    14,708     9,453
Amortization of deferred policy
     acquisition costs on policies
     purchased or produced             30,688    10,973    15,750     5,916
                                      -------   -------   -------   -------
     Total expenses                   $69,137   $33,411   $32,965   $17,337
                                      =======   =======   =======   =======
</TABLE>

     Commission expense, net of deferrals increased by $1.5 million for the six
months and by $0.5 million for the three months ended June 30, 1998 compared to
the same periods a year ago.  Included in the 1998 amounts were $0.6 million for
the six month period and $0.2 million for the three month period of commission
expense, net of deferrals, in aggregate from Delta and AmVestors.  Other
underwriting, acquisition and insurance expenses, net of deferrals, increased by
$14.5 million for the six months and increased by $5.3  million for the three
months ended June 30, 1998,  from the same periods in 1997.  Included in the
1998 amounts were $13.3 million and $4.8 million for the six month and three
month periods, respectively, of aggregate expenses for Delta and AmVestors. 
Contributing to the increase in expenses from the prior year were $1.4 million
of costs related to Year 2000 initiatives.

     The amortization of deferred policy acquisition costs on policies purchased
or produced increased by $19.7 million for the six months and increased by $9.8 
million for the three months ended June 30, 1998, from the same periods in 1997.
Included in the 1998 amounts were $14.9 million for the six months and $8.2 
million for the three months ended June 30, 1998 including amortization of 
policies purchased of $14.0 million and $7.3 million for the respective periods,
for Delta and AmVestors combined.  Deferred policy acquisition costs are 
generally amortized in proportion to gross margins, including realized 
capital gains. Increased mortality margins in both the six months and three 
months ended June 30, 1998 from the same periods in 1997, on products for 
which deferred costs are amortized, contributed to the higher amortizations 
in 1998.

     Income from operations increased by $25.5 million to $71.5 million and by
$10.4 million to $33.3 million for the six months and three months ended June
30, 1998, respectively, with the acquisitions of Delta and AmVestors accounting
for $24.8 million and $12.6 million for the respective periods in 1998. 
Improved product margins, in large part the result of better mortality,
contributed to the remaining increase in income from operations for the first
six months of 1998.  The decrease in income from operations for the three months
ended June 30, 1998, exclusive of Delta and AmVestors, is primarily due to
increased expenses and lower net investment income from the same period in 1997.
     
     Interest expense increased by $6.6 million to $12.6 million for the six
months and by $2.9 million to $5.9 million for the three months ended June 30,
1998.  The increased interest expense in both periods was primarily due to
increased debt levels resulting from the fourth quarter acquisition of Delta and
AmVestors.

     Income before income tax expense and equity in earnings of unconsolidated
subsidiary increased by $18.9 to $58.8 million for the six months and by $7.5
million to $27.3 million for the three months ended June 30, 1998 compared the
same periods in 1997.  Included in the 1998 amounts were $24.8 million and $12.6
million for the six months and for the second quarter, respectively, in
aggregate for Delta and AmVestors.  The decrease in incomes before income tax
expense and equity in earnings of unconsolidated subsidiary exclusive of Delta
and AmVestors for the six month and three month periods are primarily due to
higher interest expense related to the acquisition of Delta and AmVestors.

     Income tax expense increased by $5.7 million to $17.3 million for the six
months and by $1.3 million to $7.1 million for the three months ended June 30,
1998 as compared to the same periods in 1997.  The increase in income tax
expense was primarily due to the higher pre-tax income including income from the
recent acquisitions of Delta and AmVestors.  The effective tax rate for the six
month period of 1998 was 29.4% compared to 29.0% for the same period in 1997. 
The effective tax rate for the second quarter of 1998 was 26.1% compared to
29.5% for the same period in 1997.

     Net income increased by $13.6 million to $42.6 million for the six months
and by $6.4 million to $20.8 million for the three months ended June 30, 1998
compared to the same periods in 1997, with the recent acquisitions of Delta and
AmVestors adding $16.3 million and $9.5 million in the 1998 respective periods. 


<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

THE COMPANY

     THE COMPANY

     The Company's cash flows from operations consist of dividends from
subsidiaries, if declared and paid, interest income on loans and advances to its
subsidiaries (including a surplus note issued to the Company by AmerUs Life),
investment income on assets held by the Company and fees which the Company
charges its subsidiaries and certain other of its affiliates for management
services, offset by the expenses incurred for debt service, salaries and other
expenses.

     The Company intends to rely primarily on dividends and interest income from
its life insurance subsidiaries in order to make dividend payments to its
shareholders. The payment of dividends by its life insurance subsidiaries is
regulated under various state laws. Under Iowa law, AmerUs Life and Delta Life
and Annuity Company ("Delta Life") may pay dividends only from the earned
surplus arising from their respective businesses and must receive the prior
approval of the Iowa Commissioner to pay any dividend that would exceed certain
statutory limitations. The current statutory limitation is the greater of (i)
10% of the respective company's  policyowners' surplus as of the preceding year
end or (ii) the net gain from operations for the previous calendar year. Iowa
law gives the Iowa Commissioner broad discretion to disapprove requests for
dividends in excess of these limits. Based on this limitation and 1997 results,
AmerUs Life and Delta Life would be able to pay approximately $58 million and $8
million, respectively, in dividends in 1998 without obtaining the Iowa
Commissioner's approval. The payment of dividends by American Investors Life
Insurance Company, Inc. ("American") and Financial Benefit Life Insurance
Company ("FBL") (together "AmVestors' Subsidiaries") is regulated under Kansas
law, which has statutory limitations similar to those in place in Iowa. During
the first six months of 1998, AmerUs Life paid the Company $40 million in
dividends. In July 1998, AmVestors Subsidiaries paid $27.3 million in dividends.
Based upon the cumulative limitations, the Company's subsidiaries could pay an
estimated $26 million in additional dividends in 1998 without obtaining
regulatory approval.

     On October 23, 1997, the Company entered into a $250 million revolving
credit facility with a syndicate of lenders (the "Bank Credit Facility") to be
used to replace its then existing revolving credit facility, to finance the
acquisition of Delta, to finance permitted mergers and acquisitions and for
other general corporate purposes. The Bank Credit Facility was secured by a
pledge of approximately 49.9% of the outstanding common stock of AmerUs Life,
100% of the outstanding common stock of Delta and a $50 million 9% surplus note
payable to the Company by AmerUs Life. The Company completed a $125 million
senior note offering in June 1998, of which the proceeds were utilized to pay
down the revolving credit facility.  As a result, the commitment under the
facility was reduced to $150 million and all collateral was released.  As of
June 30, 1998, there was an outstanding loan balance of $125 million under the
facility. The Bank Credit Facility provides for typical events of default and
covenants with respect to the conduct of the business of the Company and its
subsidiaries and requires the maintenance of various financial levels and
ratios. Among other covenants, the Company (a) cannot have a leverage ratio
greater than 0.35:1.0 or an interest coverage ratio less than 2.5:1.0, (b) is
prohibited from paying cash dividends on its common stock in excess of an amount
equal to 3% of its consolidated net worth as of the last day of the preceding
fiscal year, and (c) must cause certain of its life insurance subsidiaries to
maintain certain ratings from A.M. Best and certain levels of adjusted capital
and surplus and risk-based capital. 

     The Company may from time to time review other potential acquisition
opportunities. The Company anticipates that funding for any such acquisition may
be provided from available cash resources, from debt or equity financing or
stock-for-stock acquisitions. In the future, the Company anticipates that its
liquidity and capital needs will be met through interest and dividends from its
life insurance subsidiaries, accessing the public equity and debt markets
depending upon market conditions, or alternatively from bank financing.

     LIFE INSURANCE SUBSIDIARIES

     The cash flows of the Company's life insurance subsidiaries consist
primarily of premium income, deposits to policyowner account balances, income
from investments, sales, maturities and calls of investments and repayments of
investment principal. Cash outflows are primarily related to withdrawals of
policyowner account balances, investment purchases, payment of policy
acquisition costs, payment of policyowner benefits, income taxes and current
operating expenses. Life insurance companies generally produce a positive cash
flow from operations, as measured by the amount by which cash flows are adequate
to meet benefit obligations to policyowners and normal operating expenses as
they are incurred. The remaining cash flow is generally used to increase the
asset base to provide funds to meet the need for future policy benefit payments
and for writing new business.

     Management anticipates that funds to meet its short-term and long-term
capital expenditures, cash dividends to shareholders and operating cash needs
will come from existing capital and internally generated funds. Management
believes that the current level of cash and available-for-sale and short-term
securities, combined with expected net cash inflows from operations, maturities
of fixed maturity investments, principal payments on mortgage-backed securities
and its insurance products, will be adequate to meet the anticipated short-term
cash obligations of the Company's life insurance subsidiaries.

     The Company and its subsidiaries generated cash flows from operating
activities of $267.8 million and $106.3 million for the six months ended June 
30, 1998 and 1997, respectively.  Excess operating cash flows were primarily 
used to increase the Company's fixed maturity investment portfolio.

     Matching the investment portfolio maturities to the cash flow demands of
the type of insurance being provided is an important consideration for each type
of life insurance product and annuity. The Company continuously monitors
benefits and surrenders to provide projections of future cash requirements. As
part of this monitoring process, the Company performs cash flow testing of its
assets and liabilities under various scenarios to evaluate the adequacy of
reserves. In developing its investment strategy, the Company establishes a level
of cash and securities which, combined with expected net cash inflows from
operations, maturities of fixed maturity investments and principal payments on
mortgage-backed securities, are believed adequate to meet anticipated short-term
and long-term benefit and expense payment obligations. There can be no assurance
that future experience regarding benefits and surrenders will be similar to
historic experience since withdrawal and surrender levels are influenced by such
factors as the interest rate environment and the claims-paying and financial
strength ratings of the Company's life insurance subsidiaries.

     The Company takes into account asset-liability management considerations in
the product development and design process. Contract terms for the Company's
interest-sensitive products include surrender and withdrawal provisions which
mitigate the risk of losses due to early withdrawals. These provisions generally
do one or more of the following: limit the amount of penalty-free withdrawals,
limit the circumstances under which withdrawals are permitted, or assess a
surrender charge or market value adjustment relating to the underlying assets.
The following table summarizes liabilities for interest-sensitive life
products and annuities by their contractual withdrawal provisions at June 30,
1998 (dollars in millions):
<TABLE>
<S>                                                              <C>
Not subject to discretionary withdrawal                          $365.9
Subject to discretionary withdrawal with adjustments:                    
     Specified surrender charges (A)                            3,991.1        
     Market value adjustments                                   1,299.2        
                                                               -------- 
     Subtotal                                                   5,290.3        
                                                               --------
Subject to discretionary withdrawal without adjustments         1,419.6         
                                                               --------
Total                                                          $7,075.8
                                                               ========

(A)  Includes $1,233.0 million of liabilities with a contractual
     surrender charge of less than five percent of the account balance.
</TABLE>
     Through its membership in the Federal Home Loan Bank ("FHLB") of Des
Moines, AmerUs Life is eligible to borrow on a line of credit available to
provide it additional liquidity. Interest is payable at a current rate at the
time of any advance. As of June 30, 1998, AmerUs Life had a $25.0 million open
secured line of credit against which there were no borrowings.  In addition to
the line of credit, AmerUs Life has long-term advances from the FHLB outstanding
of $16.3 million and short term advances of $9.6 million at June 30, 1998.

     The Company's life insurance subsidiaries may also obtain liquidity through
sales of investments or borrowings collateralized by their investment
portfolios. The Company's investment portfolio as of June 30, 1998 had a
carrying value of $9.0 billion, including Closed Block investments. As of June
30, 1998, fixed maturity securities were $7.8 billion, or 86.7% of invested
assets, with public and private fixed maturity securities constituting $7.4
billion, or 94.9%, and $373.7 million, or 5.1%, of total fixed maturity
securities, respectively.

     At June 30, 1998, the statutory surplus of AmerUs Life, Delta Life,
American and FBL were approximately $294.4 million, $82.3 million, $116.4 
million and $43.6 million, respectively. The Company believes that these 
levels of statutory capital are more than adequate as each life insurance 
subsidiary's risk-based capital is significantly in excess of required levels.

     In the future, in addition to their cash flows from operations and
borrowing capacity, the life insurance subsidiaries would anticipate obtaining
their required capital from the Company as the Company will have access to the
public debt and equity markets.

     The Company does not believe that inflation has had a material effect on
its consolidated results of operations.

     Interest rate changes may have temporary effects on the sale and
profitability of the annuities and life insurance products offered by the
Company.  For example, if interest rates rise, competing investments (such as
annuities or life insurance products offered by the Company's competitors,
certificates of deposit, mutual funds, and similar instruments) may become more
attractive to potential purchasers of the Company's products until the Company
increases the interest rate credited to owners of its annuities and life
insurance products.  In contrast, as interest rates fall, the Company attempts
to adjust its credited rates to compensate for the corresponding decline in
reinvestment rates.  The Company monitors interest rates and sells annuities and
life insurance policies that permit flexibility to make interest rate changes as
part of its management of interest spreads.  However, the profitability of the
Company's products is based upon persistency, mortality and expenses, as well as
interest rate spreads.

     The Company manages its investment portfolio in part to reduce its exposure
to interest rate fluctuations.  In general, the market value of its fixed
maturity portfolio increases or decreases in an inverse relationship with
fluctuations in interest rates, and net investment income increases or decreases
in a direct relationship with interest rate changes.

     The Company has developed an asset/liability management approach with
separate investment portfolios for major product lines such as traditional life,
universal life and annuities.  Investment policies and strategies have been
established based on the specific characteristics of each product line.  The
portfolio investment policies and strategies establish asset duration, quality
and other guidelines.  The Company utilizes analytical systems to establish an
optimal asset mix for each line of business.  The Company seeks to manage the
asset/liability mismatch and the associated interest rate risk through active
management of the investment portfolio.  Financial, actuarial, investment,
product development and product marketing professionals work together throughout
the product development, introduction and management phases to jointly develop
and implement product features, initial and renewal crediting strategies, and
investment strategies based on extensive modeling of a variety of factors under
a number of interest rate scenarios.

     Inforce reserves and the assets allocated to each segment are modeled on a
regular basis to analyze projected cash flows under a variety of economic
scenarios.  The result of this modeling is used to modify asset allocation,
investment portfolio duration and convexity and renewal crediting strategies. 
The Company invests in CMOs as part of its basic portfolio strategy, but uses
other types  of derivatives only as a hedge against the effects of interest rate
fluctuations or to synthetically alter the investment characteristics of
specific assets.  

YEAR 2000 COMPLIANCE

     As the year 2000 approaches, an important business issue has emerged
regarding how existing application software programs and operating systems can
accommodate the date value "2000."  Many existing application software products
were designed to only accommodate a two digit date position which represents the
year (e.g., the number "95" is stored on the system and represents the year
1995).  As a result, the year 1999 (i.e., "99") is the maximum date value many
systems will be able to accurately process.  The Company formed a year 2000
working group to address potential problems posed by this development to assure
that the Company is prepared for the year 2000. The Company has already made
significant progress in accomplishing the necessary modifications and
conversions to deal with year 2000 issues and anticipates that the majority of
the required efforts will be completed by the end of 1998.  Management does not
anticipate that the Company will incur significant operating expenses or be
required to invest heavily in computer system improvements to address year 2000
issues. Total estimated costs are in a range of $4 to $6 million with
approximately $3 million to be incurred in 1998.  As of June 30, 1998, the
Company has incurred $1.4 million of such costs.  However, if modifications
and conversions to deal with year 2000 issues are not completed on a timely
basis or are not fully effective, such issues may have a material adverse effect
on the operations of the Company.  All cost associated with year 2000
modifications and conversions will be expensed as incurred.
<PAGE>
PART II - OTHER INFORMATION

ITEM 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 

     The Company held its annual meeting of its shareholders on May  8, 1998.
There were three matters voted upon at the meeting.  The first was the 
election of directors.  The nominees, Messrs. John R. Albers, Thomas F. Gaffney
and Ralph W. Laster, Jr. and Ms. Ilene B. Jacobs were elected to three-year
terms.  Other directors  continuing to serve are Roger K. Brooks, Malcolm
Candlish, Maureen M. Culhane, Sam C. Kalainov, John W. Norris, Jr., Jack C.
Pester and John A. Wing. 

     The second matter was the approval of an amendment to the Company's
Amended and Restated Articles of Incorporation to increase the authorized
number of shares of Class A common stock from 75 million to 180 million.

     The third matter voted upon resulted in the ratification of the
appointment of KPMG Peat Marwick LLP as independent auditors for the Company. 

     The results of the balloting were as follows: 
<TABLE>
                                                     AGAINST OR  ABSTENTIONS
                                           FOR       WITHHELD    BROKER NON-VOTES
                                          ----      ---------    ----------------
<S>                                    <C>           <C>           <C>       
Election of Directors:

  John R. Albers                        31,880,946    397,446
  Thomas F. Gaffney                     31,885,922    392,470
  Ilene B. Jacobs                       31,879,383    399,009
  Ralph W. Laster, Jr.                  31,878,005    400,387

Amendment of Articles

  Class A and Class B common stock      27,686,461  4,558,263    33,668
  Class A common stock                  22,686,461  4,558,263    33,668

Ratification of KPMG Peat 
  Marwick LLP                           32,238,181     31,096    9,115    
</TABLE>            

<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

  (a)  Exhibits

  A list of exhibits included as part of this report is set forth in the
Exhibit Index which immediately precedes such exhibits and is hereby
incorporated by reference herein.

  (b)  The following report on Form 8-K was filed during the quarter ended
June 30, 1998:

       (i)  None.
<PAGE>
SIGNATURES

  Pursuant to the requirements of Section 13 or 15(d) 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.


DATED:  August 13, 1998                             AMERUS LIFE HOLDINGS, INC.



                      By   /s/ Michael E. Sproule
                           --------------------------------
                           Executive Vice President and CFO
                           (Chief Financial Officer)


                      By  /s/ Michael G. Fraizer
                           --------------------------------
                           Senior Vice President - 
                           Controller and Treasurer
                           (Principal Accounting Officer) 
                                 
<PAGE>
                 AMERUS LIFE HOLDINGS, INC. AND SUBSIDIARIES
                              INDEX TO EXHIBITS 

EXHIBIT NO.           DESCRIPTION
------------------  --------------------

1.1*    Underwriting Agreement, dated as of June 16, 1998, among the
        Registrant, Salomon Brothers, Inc and Goldman, Sachs & Co. relating to
        the Registrant's 6.95% Senior Notes.
2.1     Plan of Reorganization dated October 27, 1995, filed as Exhibit 2.1 to
        the registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
2.2     Amended and Restated Agreement and Plan of Merger, dated as of
        September 19, 1997 and as amended and restated as of October 8, 1997,
        by and among the Registrant, AFC Corp. and AmVestors Financial
        Corporation ("AmVestors"), filed as Exhibit 2.2 to the Registration
        Statement of the Registrant on Form S-4, Registration Number 333-40065
        is hereby incorporated by reference.
2.3     Agreement and Plan of Merger, dated as of August 13, 1997 and as
        amended as of September 5, 1997, among the Registrant, a wholly owned
        subsidiary of the Registrant and Delta Life Corporation, filed as
        Exhibit 2.2 to Form 8-K of the Registrant dated October 8, 1997, is
        hereby incorporated by reference.
3.1     Amended and Restated Articles of Incorporation of the Registrant filed
        as Exhibit 3.5 to the registration statement of the Registrant on Form
        S-1, Registration Number 333-12239, are hereby incorporated by
        reference.
3.2     Bylaws of the Registrant, filed as Exhibit 3.2 to the registration
        statement of the Registrant on Form S-1, Registration Number 333-12239,
        are hereby incorporated by reference.
4.1     Amended and Restated Trust Agreement dated as of February 3, 1997 among
        the Registrant, Wilmington Trust Company, as property trustee, and the
        administrative trustees named therein (AmerUs Capital I business
        trust), filed as Exhibit 3.6 to the registration statement of the
        Registrant and AmerUs Capital I on Form S-1, Registration Number 
        333-13713, is hereby incorporated by reference.
4.2     Indenture dated as of February 3, 1997 between the Registrant and
        Wilmington Trust Company relating to the Registrant's 8.85% Junior
        Subordinated Debentures, Series A, filed as Exhibit 4.1 to the
        registration statement of the Registrant and AmerUs Capital I on Form
        S-1, Registration Number, 333-13713, is hereby incorporated by
        reference.
4.3     Guaranty Agreement dated as of February 3, 1997 between the Registrant,
        as guarantor, and Wilmington Trust Company, as trustee, relating to the
        8.85% Capital Securities, Series A, issued by AmerUs Capital I, filed
        as Exhibit 4.4 to the registration statement on Form S-1, Registration
        Number, 333-13713, is hereby incorporated by reference.
4.4     Common Stock Purchase Warrant, filed as Exhibit (10)(v) to Form 10-Q of
        AmVestors Financial Corporation dated May 13, 1992, is hereby
        incorporated by reference.
4.5*    Amended and Restated Declaration of Trust of AmerUs Capital II, dated
        as of July 27, 1998, among the Registrant, First Union Trust Company
        and the administrative trustees named therein, relating to the
        Registrant's 7.0% ACES Units.
4.6     Certificate of Trust of AmerUs Capital III filed as Exhibit 4.7 to the
        registration statement of the Registrant, AmerUs Capital II and AmerUs
        Capital III, on Form S-3 (No. 333-50249), is hereby incorporated by
        reference.
4.7*    Common Trust Securities Guarantee Agreement, dated as of July 27, 1998,
        by the Registrant, relating to the Registrant's 7.0% ACES Units.
4.8*    QUIPS Guarantee Agreement, dated as of July 27, 1998,  by the
        Registrant, relating to the Registrant's 7.0% ACES Units.
4.9*    Master Unit Agreement, dated as of July 27, 1998, between the
        Registrant and First Union National Bank relating to the Registrant's
        7.0% ACES Units.
4.10*   Call Option Agreement, dated as of July 27, 1998, between Goldman,
        Sachs & Co. and First Union National Bank relating to the Registrant's
        7.0% ACES Units.
4.11*   Pledge Agreement, dated as of July 27, 1998, among the Registrant,
        Goldman, Sachs & Co. and First Union National Bank relating to the
        Registrant's 7.0% ACES Units.
4.12*   Form of Debt Security relating to the Registrant's 6.86% Junior
        Subordinated Deferrable Interest Debentures.  
4.13    Amended and Restated Intercompany Agreement dated as of December 1,
        1996 among American Mutual Holding Company, AmerUs Group Co. and the
        Registrant is incorporated herein by reference to Exhibit 10.81 to the
        Registrant's Registration Statement on Form S-1 (No. 333-12239).
4.14*   Senior Indenture, dated as of June 16, 1998, by and between the
        Registrant and First Union National Bank, as Indenture Trustee,
        relating to the Registrant's 6.95% Senior Notes.
4.15*   Subordinated Indenture, dated as of July 27, 1998, by and between the
        Registrant and First Union National Bank, as Indenture Trustee,
        relating to the Registrant's 6.86% Junior Subordinated Deferrable
        Interest Debentures.
4.16*   Form of Debt Security relating to the Registrant's 6.95% Senior Notes.
4.17    Form of 7.0% Adjustable Conversion-rate Equity Security Unit of the
        Registrant and AmerUs Capital II (included with Exhibit 4.9).
4.18    Form of 6.86% Quarterly Income Preferred Security (included with
        Exhibit 4.5).
10.1    Amended and Restated Intercompany Agreement dated as of December 1,
        1996, among American Mutual Holding Company, AmerUs Group Co. and the
        Company.  Filed as Exhibit 10.81 to the Registrant's registration
        statement on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference
10.2    Joint Venture Agreement, dated as of June 30, 1996, between American
        Mutual Insurance Company and Ameritas Life Insurance Corp., filed as
        Exhibit 10.2 to the Annual Report of the Registrant on Form 10-K, dated
        March 25, 1998, is hereby incorporated by reference.
10.3    Management and Administration Service Agreement, dated as of April 1,
        1996, among American Mutual Life Insurance Company, Ameritas Variable
        Life Insurance Company and Ameritas Life Insurance Corp., filed as
        Exhibit 10.3 to the registration statement of the Registrant on Form 
        S-1, Registration Number 333-12239, is hereby incorporated by reference.
10.4    Agreement and Plan of Merger, dated as of August 24, 1994, among
        Central Life Assurance Company and American Mutual Life Insurance
        Company, filed as Exhibit 10.4 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.5    All*AmerUs Supplemental Executive Retirement Plan, effective January 1,
        1996, filed as Exhibit 10.6 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.6    American Mutual Life Insurance Company Supplemental Pension Plan (which
        was curtailed as of December 31, 1995), filed as Exhibit 10.7 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.7    Central Life Assurance Company Supplemental Pension Plan (which was
        curtailed as of December 31, 1995), filed as Exhibit 10.8 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.8    Management Incentive Plan, filed as Exhibit 10.9 to the registration
        statement of the Registrant on Form S-1, Registration Number 333-12239,
        is hereby incorporated by reference.
10.9    AmerUs Life Insurance Company Performance Share Plan, filed as Exhibit
        10.10 to the registration statement of the Registrant on Form S-1,
        Registration Number 333-12239, is hereby incorporated by reference.
10.10   AmerUs Life Stock Incentive Plan, filed as Exhibit 10.11 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.11   AmerUs Life Non-Employee Director Stock Plan, filed as Exhibit 10.13 to
        the registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.12   Modification of Real Estate Contract, dated as of July 1, 1996, between
        AmerUs Life Insurance Company and AmerUs Properties, Inc., filed as
        Exhibit 10.14 to the registration statement of the Registrant on Form
        S-1, Registration Number 333-12239, is hereby incorporated by
        reference.
10.13   Asset Management and Disposition Agreement, dated January 3, 1995,
        between American Mutual Life Insurance Company and Central Properties,
        Inc. (now AmerUs Properties, Inc.), filed as Exhibit 10.15 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.14   Form of Indemnification Agreement executed with directors and certain
        officers, filed as Exhibit 10.33 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.15   Amended and Restated Agreement and Certificate of Limited Partnership
        of CPI Housing Partners I, L.P., dated as of September 1, 1995, among
        AmerUs Properties, Inc., American Mutual Life Insurance Company and
        American Mutual Affordable Housing Partners, L.P., filed as Exhibit
        10.34 to the registration statement of the Registrant on Form S-1,
        Registration Number 333-12239, is hereby incorporated by reference.
10.16   Amended and Restated Agreement of Limited Partnership of American
        Mutual Affordable Housing Partners, L.P., dated as of September 1,
        1995, among GrA Partners Joint Venture, AmerUs Properties, Inc.,
        American Mutual Life Insurance Company, NCC Polar Company and NCC Orion
        Company, filed as Exhibit 10.35 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.17   Amended and Restated Agreement and Certificate of Limited Partnership
        of 65th & Vista, L.P., dated as of September 1, 1995, among AmerUs
        Properties, Inc., American Mutual Life Insurance Company and American
        Mutual Affordable Housing Partners, L.P., filed as Exhibit 10.36 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.18   Amended and Restated Agreement and Certificate of Limited Partnership
        of 60th & Vista, L.P., dated as of September 1, 1995, among I.R.F.B.
        Joint Venture, American Mutual Life Insurance Company and American
        Mutual Affordable Housing Partners, L.P., filed as Exhibit 10.37 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.19   Certificate of Limited Partnership and Limited Partnership Agreement of
        CPI Housing Partners II, L.P., dated March 27, 1995, between Central
        Properties, Inc. (now AmerUs Properties, Inc.) and American Mutual Life
        Insurance Company, filed as Exhibit 10.38 to the registration statement
        of the Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.20   Amended and Restated Agreement and Certificate of Limited Partnership
        of API Housing Partners III, L.P., dated as of March 1, 1996, among
        AmerUs Properties, Inc., American Mutual Life Insurance Company,
        American Mutual Affordable Housing Partners II, L.P. and AmerUs
        Management, Inc., filed as Exhibit 10.39 to the registration statement
        of the Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.21   Certificate of Limited Partnership and Limited Partnership Agreement of
        API Housing Partners IV, L.P., dated as of June 1995, between AmerUs
        Properties, Inc. and American Mutual Life Insurance Company, filed as
        Exhibit 10.40 to the registration statement of the Registrant on Form
        S-1, Registration Number 333-12239, is hereby incorporated by
        reference.
10.22   Amended and Restated Agreement and Certificate of Limited Partnership
        of API Housing Partners V, L.P., dated as of March 1, 1996, among
        AmerUs Properties, Inc., American Mutual Life Insurance Company,
        American Mutual Affordable Housing Partners II, L.P. and AmerUs
        Management, Inc., filed as Exhibit 10.41 to the registration statement
        of the Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.23   Amended and Restated Agreement and Certificate of Limited Partnership
        of API-Chimney Ridge Partners, L.P., dated as of March 1, 1996, among
        AmerUs Properties, Inc., American Mutual Life Insurance Company,
        American Mutual Affordable Housing Partners II, L.P. and AmerUs
        Management, Inc., filed as Exhibit 10.42 to the registration statement
        of the Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.24   Certificate of Limited Partnership and Limited Partnership Agreement of
        API Housing Partners VI, L.P., dated as of October 10, 1995, between
        AmerUs Properties, Inc. and American Mutual Life Insurance Company,
        filed as Exhibit 10.43 to the registration statement of the Registrant
        on Form S-1, Registration Number 333-12239, is hereby incorporated by
        reference.
10.25   Certificate of Limited Partnership and Limited Partnership Agreement of
        86th & Meredith Associates, L.P., dated as of February 14, 1995,
        between Central Properties, Inc. (now AmerUs Properties, Inc.) and
        American Mutual Life Insurance Company, filed as Exhibit 10.44 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.26   Certificate of Limited Partnership and Limited Partnership Agreement of
        Altoona Meadows Investors, L.P., dated as of February 22, 1995, between
        KPI Investments, Inc. and Dennis Galeazzi, filed as Exhibit 10.45 to
        the registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.27   First Amendment to the Certificate of Limited Partnership and Limited
        Partnership Agreement of Altoona Meadows Investors, L.P., dated as of
        September 28, 1995, between KPI Investments, Inc. and American Mutual
        Life Insurance Company, filed as Exhibit 10.46 to the registration
        statement of the Registrant on Form S-1, Registration Number 333-12239,
        is hereby incorporated by reference.
10.28   Loan Servicing Agreement, dated August 1, 1990, between Central Life
        Assurance Company and Midland Financial Mortgages, Inc. (now AmerUs
        Mortgage), filed as Exhibit 10.47 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.29   Construction Loan Servicing Agreement, dated November 20, 1995, between
        American Mutual Life Insurance Company and AmerUs Properties, Inc.,
        filed as Exhibit 10.48 to the registration statement of the Registrant
        on Form S-1, Registration Number 333-12239, is hereby incorporated by
        reference.
10.30   Loan Servicing Agreement, dated September 1, 1994, between Central Life
        Assurance Company and Midland Savings Bank, FSB (now AmerUs Bank),
        filed as Exhibit 10.50 to the registration statement of the Registrant
        on Form S-1, Registration Number 333-12239, is hereby incorporated by
        reference.
10.31   Amendment to Service Agreement, dated as of May 1, 1996, between
        American Mutual Life Insurance Company and AmerUs Bank, filed as
        Exhibit 10.52 to the registration statement of the Registrant on Form
        S-1, Registration Number 333-12239, is hereby incorporated by
        reference.
10.32   Data Processing Service Agreement, dated November 1, 1989, between
        Central Life Assurance Company and Midland Financial Savings and Loan
        Association (now AmerUs Bank), filed as Exhibit 10.53 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.33   First Amendment to Data Processing Service Agreement, dated as of
        September 30, 1990, between Central Life Assurance Company and Midland
        Savings Bank FSB (now AmerUs Bank), filed as Exhibit 10.54 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.34   Second Amendment to Data Processing Service Agreement, dated as of May
        1, 1991, between Central Life Assurance Company and Midland Savings
        Bank FSB (now AmerUs Bank), filed as Exhibit 10.55 to the registration
        statement of the Registrant on Form S-1, Registration Number 333-12239,
        is hereby incorporated by reference.
10.35   Third Amendment to Data Processing Service Agreement, dated as of
        October 1, 1991, between Central Life Assurance Company and Midland
        Savings Bank, FSB (now AmerUs Bank), filed as Exhibit 10.56 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.36   Fourth Amendment to Data Processing Service Agreement, dated as of
        January 2, 1992, between Central Life Assurance Company and Midland
        Savings Bank, (now AmerUs Bank), filed as Exhibit 10.57 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.37   Fifth Amendment to Data Processing Service Agreement, dated as of June
        1, 1993, between Central Life Assurance Company and Midland Savings
        Bank FSB (now AmerUs Bank), filed as Exhibit 10.58 to the registration
        statement of the Registrant on Form S-1, Registration Number 333-12239,
        is hereby incorporated by reference.
10.38   Sixth Amendment to Data Processing Service Agreement, dated as of
        September 1, 1995, between American Mutual Life Company and AmerUs
        Bank, filed as Exhibit 10.59 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.39   Seventh Amendment to Data Processing Service Agreement, dated as of
        January 1, 1996, between American Mutual Life Insurance Company and
        AmerUs Bank, filed as Exhibit 10.60 to the registration statement of
        the Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.40   Data Processing Support Services Agreement, dated as of July 1, 1993,
        between Central Life Assurance Company and Midland Savings Bank, FSB
        (now AmerUs Bank), filed as Exhibit 10.61 to the registration statement
        of the Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.41   Investment Management Agreement, dated as of August 15, 1992, between
        Central Life Assurance Company and Midland Savings Bank FSB (now AmerUs
        Bank), filed as Exhibit 10.63 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.42   Purchase Agreement, dated as of June 28, 1996, between AmerUs Life
        Insurance Company and AmerUs Bank, filed as Exhibit 10.65 to the
        registration statement of the Registrant on Form S-1, Registration
        Number 333-12239, is hereby incorporated by reference.
10.43   Brokerage Contract dated January 1, 1995, among American Mutual Life
        Insurance Company and Midland Investment Services, Inc. (now AmerUs
        Investments, Inc.), filed as Exhibit 10.66 to the registration
        statement of the Registrant on Form S-1, Registration Number 333-12239,
        is hereby incorporated by reference.
10.44   Servicing Agreement, dated March 1, 1992, between Central Life
        Assurance Company and Midland Investment Services, Inc. (now AmerUs
        Investments, Inc.), filed as Exhibit 10.67 to the registration
        statement of the Registrant on Form S-1, Registration Number 333-12239,
        is hereby incorporated by reference.
10.45   Tax Allocation Agreement dated as of November 4, 1996, filed as Exhibit
        10.68 to the registration statement of the Registrant on Form S-1,
        Registration Number 333-12239, is hereby incorporated by reference.
10.46   Limited Partnership Agreement of Theater Project Limited Partnership
        dated March 15, 1985, among Tapp Management, Inc., Tapp Management Co.,
        Ltd., Michael Longley, Michael A. Hammond and Gary L. Wood along with
        an Amendment to Certificate of Limited Partnership, dated August 22,
        1986, and an Assignment of Limited Partnership Interest, dated November
        15, 1992, between F. Barry Tapp and Tapp Development Co., Ltd., and an
        Amended Certificate of Limited Partnership dated December 24, 1992,
        filed as Exhibit 10.73 to the registration statement of the Registrant
        on Form S-1, Registration Number 333-12239, is hereby incorporated by
        reference.
10.47   Assignment of Limited Partnership Interest of Theater Project Limited
        Partnership, dated December 30, 1995, between American Mutual Life
        Insurance Company and AmerUs Properties, Inc., filed as Exhibit 10.74
        to the registration statement of the Registrant on Form S-1,
        Registration Number 333-12239, is hereby incorporated by reference.
10.48   Certificate of Limited Partnership and Limited Partnership Agreement of
        Lagos Vista Limited Partnership, dated August 10, 1994, between Central
        Properties, Inc. (now AmerUs Properties, Inc.) and Central Life
        Assurance Company, filed as Exhibit 10.75 to the registration statement
        of the Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.49   Revolving Credit and Term Loan Agreement, dated as of December 1996,
        among the Registrant, certain Signatory Banks thereto and The Chase
        Manhattan Bank, Note issued by the Registrant and Borrower Pledge
        Agreement, filed as Exhibit 10.80 to the registration statement of the
        Registrant on Form S-1, Registration Number 333-12239, is hereby
        incorporated by reference.
10.50   Agreement and Plan of Merger, dated as of August 13, 1997 and as
        amended as of September 5, 1997, among the Registrant, a wholly-owned
        subsidiary of the Registrant and Delta Life Corporation, filed as
        Exhibit 2.2 to the Registrant's current report on Form 8-K on October
        8, 1997, is hereby incorporated by reference.
10.51   Purchase Agreement between AmerUs Life and AmerUs Bank dated March 5,
        1997 relating to the sale of certain loans , filed as Exhibit 10.82 to
        the registration statement of the Registrant on Form S-4, Registration
        Number 333-40065, is incorporated by reference.
10.52   Letter Agreement dated as of March 1, 1997 between AmerUs Life and
        AmerUs Mortgage relating to the purchase of residential mortgage loans,
        together with an amendment thereto dated March 11, 1997 , filed as
        Exhibit 10.83 to the registration statement of the Registrant on Form
        S-4, Registration Number 333-40065, is incorporated by reference.
10.53   Credit Agreement, dated as of October 23, 1997, among the Registrant,
        Various Lender Institutions, the Co-Arrangers and The Chase Manhattan
        Bank, as Administrative Agent , filed as Exhibit 10.84 to the
        registration statement of the Registrant on Form S-4, Registration
        Number 333-40065, is incorporated by reference.
10.54   Coinsurance Agreement, effective February 1, 1996, between Delta Life
        and Annuity Company and London Life Reinsurance Company , filed as
        Exhibit 10.85 to the registration statement of the Registrant on Form
        S-4, Registration Number 333-40065, is incorporated by reference.
10.55   AmVestors Financial Corporation 1996 Incentive Stock Option Plan, filed
        as Exhibit (4)(a) to the registration statement of AmVestors Financial
        Corporation on Form S-8, Registration Number 333-14571 dated October
        21, 1996, is hereby incorporated by reference.
10.56   1989 Non-Qualified Stock Option Plan adopted March 17, 1989, filed as
        Exhibit (10)(q) to Form 10-K of AmVestors Financial Corporation, dated
        April 12, 1989, is hereby incorporated by reference.
10.57   Amended and Restated Miscellaneous Service Agreement, dated as of July
        21, 1997, among American Mutual Holding Company, Registrant, AmerUs
        Life Insurance Company, AmerUs Group Co., AmerUs Bank, AmerUs Mortgage,
        Inc., Iowa Realty Co., Inc., Iowa Title Company, AmerUs Insurance,
        Inc., AmerUs Properties, Inc., and AmerUs Direct, Inc., filed as
        Exhibit 10.57 to the Annual Report of the Registrant on Form 10-K,
        dated March 25, 1998, is hereby incorporated by reference.
10.58   Lease - Business Property, dated December 1, 1996, between AmerUs
        Properties, Inc. and AmerUs Life Insurance Company, property 611 Fifth
        Avenue, Des Moines, Iowa , filed as Exhibit 10.58 to the Annual Report
        of the Registrant on Form 10-K, dated March 25, 1998, is hereby
        incorporated by reference.
10.59   First Amendment dated February 1, 1998 to Lease Agreement dated
        December 1, 1996 between AmerUs Properties, Inc. and AmerUs Life
        Insurance Company, property 611 Fifth Avenue, Des Moines, Iowa , filed
        as Exhibit 10.59 to the Annual Report of the Registrant on Form 10-K,
        dated March 25, 1998, is hereby incorporated by reference.
10.60   Lease - Business Property, dated December 1, 1996, between AmerUs
        Properties, Inc. and AmerUs Life Insurance Company, 1213 Cherry Street,
        Des Moines, Iowa , filed as Exhibit 10.60 to the Annual Report of the
        Registrant on Form 10-K, dated March 25, 1998, is hereby incorporated
        by reference.
10.61   Lease - Business Property, dated December 1, 1996, between AmerUs
        Properties, Inc. and the Registrant, property 418 Sixth Avenue Moines,
        Iowa , filed as Exhibit 10.61 to the Annual Report of the Registrant on
        Form 10-K, dated March 25, 1998, is hereby incorporated by reference.
10.62   Lease - Business Property, dated December 31, 1997, between AmerUs
        Properties, Inc. and the Registrant property, 699 Walnut Street, Des
        Moines, Iowa , filed as Exhibit 10.62 to the Annual Report of the
        Registrant on Form 10-K, dated March 25, 1998, is hereby incorporated
        by reference.
10.63   First Amendment dated February 1, 1998 to lease dated December 31, 1997
        between AmerUs Properties and the Registrant , filed as Exhibit 10.63
        to the Annual Report of the Registrant on Form 10-K, dated March 25,
        1998, is hereby incorporated by reference.
10.64   Servicing Agreement, dated March 5, 1997, between AmerUs Life Insurance
        Company and AmerUs Properties, Inc., filed as Exhibit 10.64 to the
        Annual Report of the Registrant on Form 10-K, dated March 25, 1998, is
        hereby incorporated by reference.
10.65   First Amended and Restated Articles of Limited Partnership of Cotton
        Mill Limited Partnership, dated as of September 30, 1996, among 
        API-Cotton Mill Partners, L.P., Historic Restoration Incorporated and
        AmerUs Management, Inc., filed as Exhibit 10.65 to the Annual Report of
        the Registrant on Form 10-K, dated March 25, 1998, is hereby
        incorporated by reference.
10.66   Articles of Organization of AmerUs-Blackstone, L.L.C. dated July 8,
        1997 , filed as Exhibit 10.66 to the Annual Report of the Registrant on
        Form 10-K, dated March 25, 1998, is hereby incorporated by reference.
10.67   First Amended and Restated Articles of Limited Partnership of
        Blackstone Hotel Partners L.P. dated as of July 23, 1997 , filed as
        Exhibit 10.67 to the Annual Report of the Registrant on Form 10-K,
        dated March 25, 1998, is hereby incorporated by reference.
10.68   First Amended and Restated Limited Partnership Agreement of Briggs
        Renewal Limited Partnership dated as of November 18, 1997 , filed as
        Exhibit 10.68 to the Annual Report of the Registrant on Form 10-K,
        dated March 25, 1998, is hereby incorporated by reference.
10.69   Declaration of Operating Agreement of AmerUs-Blackstone, L.L.C., dated
        as of July 23, 1997, filed as Exhibit 10.69 to the Annual Report of the
        Registrant on Form 10-K, dated March 25, 1998, is hereby incorporated
        by reference.
10.70   Open Line of Credit Application and Terms Agreement, dated March 3,
        1997, between Federal Home Loan Bank of Des Moines and AmerUs Life
        Insurance Company , filed as Exhibit 10.70 to the Annual Report of the
        Registrant on Form 10-K, dated March 25, 1998, is hereby incorporated
        by reference.
10.71   Certificate of Limited Partnership Agreement of API Cottonmill Partner,
        L.P., dated as of June 21, 1996, among AmerUs Management, Inc. and
        AmerUs Properties, Inc., filed as Exhibit 10.71 to the Annual Report of
        the Registrant on Form 10-K, dated March 25, 1998, is hereby
        incorporated by reference.
11      Computation of Earnings per Share
27      Financial Data Schedule
99.3    Employment Agreement, dated as of September 19, 1997, among Mark V.
        Heitz, AmVestors Financial Corporation, American Investors Life
        Insurance Company, Inc., AmVestors Investment Group, Inc. and American
        Investors Sales Group, Inc., filed as Exhibit 99.3 to the registration
        statement of the Registrant on Form S-4, Registration Number 333-40065,
        is incorporated by reference.
99.4    Agreement of Sale, dated as of October 22, 1997, by and between R. Rex
        Lee and AmerUs Group, Co., filed as Exhibit 99.4 to the registration
        statement of the Registrant on Form S-4, Registration Number 333-40065,
        is incorporated by reference.

     All other schedules for which provision is made in the applicable 
accounting regulation of the Securities and Exchange Commission are not 
required under the related instructions or are inapplicable, and therefore 
have been omitted.
--------------------------

*    Filed herewith
<PAGE>
<PAGE>