AMERUS GROUP CO.
EXHIBIT 12 — STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
($ in thousands, except ratio data) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Pre-tax from continuing operations | $ | 239,238 | $ | 89,157 | $ | 119,377 | $ | 115,737 | $ | 101,113 | ||||||||||
Less: Minority interest | — | — | — | 21,677 | 28,107 | |||||||||||||||
Less: Income (loss) from equity investees | 12,563 | (3,993 | ) | 5,072 | 3,481 | (603 | ) | |||||||||||||
Add: Distributed income from equity investees | 1,521 | 2,591 | 7,730 | 4,449 | 1,804 | |||||||||||||||
228,196 | 95,741 | 122,035 | 95,028 | 75,413 | ||||||||||||||||
Fixed charges | 570,646 | 492,093 | 371,667 | 344,363 | 356,617 | |||||||||||||||
Total Earnings | $ | 798,842 | $ | 587,834 | $ | 493,702 | $ | 439,391 | $ | 432,030 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest credited to policyowners | $ | 538,622 | $ | 464,022 | $ | 341,575 | $ | 312,008 | $ | 352,941 | ||||||||||
Interest expense on debt | 30,154 | 25,487 | 26,011 | 29,723 | 28,983 | |||||||||||||||
Amortization of debt issuance costs | 1,137 | 985 | 3,155 | 1,833 | 1,538 | |||||||||||||||
Estimate of interest within rental expense | 733 | 1,599 | 926 | 799 | 155 | |||||||||||||||
Total Fixed Charges | $ | 570,646 | $ | 492,093 | $ | 371,667 | $ | 344,363 | $ | 356,617 | ||||||||||
Ratio of Earnings to Fixed Charges | 1.40 | 1.19 | 1.33 | 1.28 | 1.21 | |||||||||||||||