AMERUS GROUP CO.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS
Six Months Ended June 30, Years Ended December 31,
2002 2001 2001 2000 1999 1998 1997
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($ in thousands)
Earnings
Pre-tax income from continuing operations $ 40,308 $ 58,124 $ 118,845 $ 115,316 $ 97,693 $ 92,465 $ 75,042
Less: Income (loss) from equity investees (2,241) 3,819 5,072 3,481 (603) (3,791) 13,814
Add: Distributed income from equity
investees 1,702 4,008 7,730 4,449 1,804 747 4,728
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44,251 58,313 121,503 116,284 100,100 97,003 65,956
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Fixed charges 13,515 16,511 30,092 32,355 30,676 35,247 19,306
Less: Preference security dividend
requirements not included in
net income - - - - - 4,697 592
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Net fixed charges 13,515 16,511 30,092 32,355 30,676 30,550 18,714
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Total Earnings $ 57,766 $ 74,824 $ 151,595 $ 148,639 $ 130,776 $ 127,553 $ 84,670
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Fixed Charges (1)
Interest expense on debt 9,769 6,963 14,415 14,610 12,229 16,552 9,915
Amortization of debt issuance costs 608 737 3,155 1,833 1,538 1,724 1,715
Estimate of interest within rental expense 543 1,032 926 799 155 257 65
Preference security dividend requirements 2,595 7,779 11,596 15,113 16,754 16,714 7,611
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Total Combined Fixed Charges and Preference
Security Dividends $ 13,515 $ 16,511 $ 30,092 $ 32,355 $ 30,676 $ 35,247 $ 19,306
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Ratio of Earnings to Combined Fixed Charges
and Preference Security Dividends 4.27x 4.53x 5.04x 4.59x 4.26x 3.62x 4.39x
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(1) Fixed charges do not include interest credited to deferred annuity account
balances which are not considered borrowing costs for a life insurance company.