AmerUs Group Announces Pricing of $150 Million of Series A Non-Cumulative Perpetual Preferred Stock.

DES MOINES, Iowa -- AmerUs Group Co. (NYSE:AMH), a leading producer of life insurance and annuity products, announced today that it has priced a public offering of $150 million Series A Non-Cumulative Perpetual Preferred Stock at a rate per annum equal to 7.25% applied to the liquidation preference of $25 per share. The Company has also granted the underwriters an option for 30 days to purchase up to a maximum of 900,000 additional shares from the Company for the purpose of covering overallotments, if any. The offering is expected to close on September 26, 2005 and will result in net proceeds to the Company of approximately $145.3 million before overallotments, if any. The net proceeds from the offering will be used to repay existing indebtedness and for general corporate purposes.

The issuance of the Series A Non-Cumulative Perpetual Preferred Stock is part of a shelf registration for capital stock and other securities previously declared effective by the Securities and Exchange Commission. It is expected that trading on the New York Stock Exchange will commence within 30 days after the initial delivery of the shares and that the shares will trade under the symbol "AMH Pr." Goldman, Sachs & Co. and Merrill Lynch & Co. are acting as book runners for the offering.

This press release is neither an offer to sell nor the solicitation of an offer to buy the Series A Non-Cumulative Perpetual Preferred Stock and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Series A Non-Cumulative Perpetual Preferred Stock will be made only by means of a prospectus supplement and an accompanying prospectus which may be obtained by contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY 10017.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Additionally, forward-looking statements are subject to assumptions, risks and uncertainties. Statements such as "expect," "anticipate," "believe," "goal," "objective," "target," "may," "should," "estimate," "projects," or similar words as well as specific projections of future results qualify as forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements can be found in the company's 10-K, filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and AmerUs Group undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

About AmerUs Group

AmerUs Group Co. is located in Des Moines, Iowa, and is engaged through its subsidiaries in the business of marketing individual life insurance and annuity products in the United States. Its major subsidiaries include: AmerUs Life Insurance Company, American Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York and Indianapolis Life Insurance Company.