We consent to the incorporation by reference in the Registration Statement (Form
S-8) pertaining to the ARM Financial Group, Inc. Savings Plan of our reports
dated February 10, 1998, with respect to the consolidated financial statements
and financial statement schedules of ARM Financial Group, Inc. included in its
Annual Report (Form 10-K) for the year ended December 31, 1997, filed with the
Securities and Exchange Commission.


                                        /s/ Ernst & Young LLP


Louisville, Kentucky 
August 12, 1998