Exhibit 99.1


                                     EXHIBIT


                 BOARDS APPROVE PLANS RELATED TO DEMUTUALIZATION
                       OF AMERICAN MUTUAL HOLDING COMPANY


DES MOINES, Iowa (December 20, 1999) -- American Mutual Holding Company and
AmerUs Life Holdings, Inc. (NYSE: AMH) announced today that their respective
boards of directors have approved plans for the demutualization of American
Mutual Holding Company (American Mutual) and the merger of AmerUs Life Holdings
into American Mutual following the demutualization. Upon completion of the
demutualization, American Mutual would be a public company and change its name
to AmerUs Group and be traded on the New York Stock Exchange under the symbol
"AMH." American Mutual is a mutual insurance holding company and owns
approximately 58% of AmerUs Life Holdings, Inc.

         Earlier this year the board of American Mutual had authorized
management to review the potential benefits of demutualization. To complete the
demutualization and merger, approval is needed from the members of American
Mutual, the Iowa Insurance Commissioner and shareholders of AmerUs Life
Holdings. Members of American Mutual and shareholders of AmerUs Life Holdings
will be asked to approve the proposed demutualization and merger plans early
next year.

         Members of American Mutual Holding Company will receive shares of
AmerUs Group, cash or policy credits as a result of the demutualization.
Shareholders of AmerUs Life Holdings will receive shares in AmerUs Group in a
one-for-one exchange.

         American Mutual was formed in 1996 when AmerUs Life Insurance Company
was reorganized under Iowa's mutual insurance holding company law into a stock
insurance company. American Mutual is owned by its members who are also
policyowners of AmerUs Life Insurance Company, a wholly-owned subsidiary of
AmerUs Life Holdings, Inc.

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