Boards of Directors of American Mutual Holding Company and Indianapolis Life Approve New Terms.Business Editors DES MOINES Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , Iowa--(BUSINESS WIRE)--Sept. 19, 2000 American Mutual Holding Company (AMHC AMHC Association of Mental Health Clergy AMHC Aviation Structural Mechanic Hydraulics Chief ) and Indianapolis Life Insurance Company (ILICo) announced today that their boards of directors and the board of AMHC's publicly-traded subsidiary, AmerUs Life Holdings, Inc. (NYSE NYSE See: New York Stock Exchange :AMH AMH Abington Memorial Hospital (Abington, PA) AMH Anti-Müllerian Hormone AMH Australian Medicines Handbook AMH Automated Material Handling AMH Aviation Structural Mechanic (Hydraulics) US Navy Rating ), approved revised terms for the planned combination of AMHC with ILICo. The new terms See suggestions for new terms. call for ILICo's members to receive 9.3 million shares of stock of AMHC's publicly-traded successor instead of the 11.25 million shares provided in the original agreement. In addition, ILICo's board of directors approved the company's demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. plan that is part of the combination with AMHC. The reduction in the number of shares is based on several factors, including increased expenses related to Indianapolis Life's demutualization, a decrease in revenues and earnings in ILICo's subsidiary operations, and a delay in new product introductions. These factors were partially offset by stronger than expected performance of Indianapolis Life. Both companies' demutualizations are moving forward. AMHC's demutualization is imminent, as it has received all required approvals and has completed its conversion preparation. ILICo will be filing its demutualization plan with the Indiana Insurance Commissioner shortly and its demutualization and the combination with AMHC are expected to be completed in the first quarter of 2001. The combination of AMHC and ILICo requires approval by the shareholders of AMHC's publicly-traded successor, ILICo's policyholders and regulators. ILICo's demutualization plan requires approval by ILICo's policyholders and regulators. "This combination continues to be very attractive for both companies because it creates a public company with an extensive, highly-competitive product line, strong financial resources, significant distribution capabilities and broad geographic reach," said Roger K. Brooks, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AMHC and AmerUs Life Holdings. "We are pleased with the progress we have made on our demutualization and on the integration of our companies," said Larry R. Prible, chairman, president and CEO of Indianapolis Life. "We've already completed a great deal of the work necessary for demutualization, and have also implemented a number of our planned integration activities, including consolidation of several corporate services and the investment portfolio management functions of the companies." The combined companies will have over $17 billion in assets, over $65 billion of life insurance in force and $1.1 billion in shareholder equity. The group will offer a broad range of life insurance and annuity products in all 50 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . American Mutual Holding Company is a mutual insurance holding company, and is the majority shareholder of AmerUs Life Holdings. AmerUs Life Holdings is a publicly-traded Iowa corporation located in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, , engaged through its subsidiaries in the business of marketing, underwriting and distributing individual life insurance and annuity products in 49 states, the District of Columbia and the U.S. Virgin Islands. Its wholly-owned subsidiaries include AmerUs Life Insurance Company, Delta Life Corporation, and its operating subsidiary, Delta Life and Annuity Company, and AmVestors Financial Corporation, located in Topeka, Kansas, with two wholly-owned operating subsidiaries -- American Investors Life Insurance Company, Inc. and Financial Benefit Life Insurance Company. As of June 30, 2000, AmerUs Life Holdings' total assets were $11.0 billion and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $755.4 million. Indianapolis Life is a 95-year-old mutual life insurance and annuity company based in Indianapolis. It has assets of $6.0 billion and insurance in force of $30.4 billion. The company and its insurance subsidiaries -- IL Annuity and Insurance Co., Bankers Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Western Security Insurance Co. -- do business in all 50 states and the District of Columbia. |
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