American Mutual Holding Company Continuing Demutualization Study.

DES MOINES, Iowa--(BUSINESS WIRE)--June 30, 1999--

American Mutual Holding Company (American Mutual), a mutual insurance holding company and the controlling shareholder of AmerUs Life Holdings, Inc. (NYSE:AMH), today announced that it has made substantial progress in its study of possible demutualization. The company also said that some areas of the study are taking longer than had been anticipated when the study was initiated earlier this year.

Roger K. Brooks, chairman, president and chief executive officer of American Mutual said, "The study's timeline has been extended due to the complexity of actuarial work and other research that must be completed before a decision can be reached. We continue to be optimistic that the board of directors will have sufficient information for a decision during the third quarter."

Any demutualization plan would also be subject to approval by the regulators and American Mutual members. 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.

American Mutual Holding Company was formed in 1996 when AmerUs Life Insurance Company was reorganized into a stock insurance company. It was the first mutual insurance holding company established in the United States.