Exhibit 12
AMERUS GROUP CO.
EXHIBIT 12 — STATEMENT RE: COMPUTATION OF RATIOS
RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended March 31, | ||||||||||||||||||||||||||||
| 2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||||||||
Earnings |
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Pre-tax income from continuing operations |
$ | 63,185 | $ | 35,869 | $ | 228,294 | $ | 239,238 | $ | 89,157 | $ | 119,377 | $ | 115,737 | ||||||||||||||
Less: Minority interest |
— | — | — | — | — | — | 21,677 | |||||||||||||||||||||
Less: Income (loss) from equity investees |
1,410 | 5,415 | 8,105 | 12,563 | (3,993 | ) | 5,072 | 3,481 | ||||||||||||||||||||
Add: Distributed income from equity investees |
47 | 127 | 564 | 1,521 | 2,591 | 7,730 | 4,449 | |||||||||||||||||||||
| 61,822 | 30,581 | 220,753 | 228,196 | 95,741 | 122,035 | 95,028 | ||||||||||||||||||||||
Fixed charges |
92,673 | 153,101 | 556,985 | 570,646 | 492,093 | 371,667 | 344,363 | |||||||||||||||||||||
Total Earnings |
$ | 154,495 | $ | 183,682 | $ | 777,738 | $ | 798,842 | $ | 587,834 | $ | 493,702 | $ | 439,391 | ||||||||||||||
Fixed Charges |
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Interest credited to policyowners |
$ | 84,447 | $ | 144,327 | $ | 523,231 | $ | 538,622 | $ | 464,022 | $ | 341,575 | $ | 312,008 | ||||||||||||||
Interest expense on debt |
7,780 | 8,398 | 32,120 | 30,154 | 25,487 | 26,011 | 29,723 | |||||||||||||||||||||
Amortization of debt issuance costs |
236 | 232 | 928 | 1,137 | 985 | 3,155 | 1,833 | |||||||||||||||||||||
Estimate of interest within rental expense |
210 | 144 | 706 | 733 | 1,599 | 926 | 799 | |||||||||||||||||||||
Total Combined Fixed Charges |
$ | 92,673 | $ | 153,101 | $ | 556,985 | $ | 570,646 | $ | 492,093 | $ | 371,667 | $ | 344,363 | ||||||||||||||
Ratio of Earnings to Fixed Charges |
1.67 | 1.20 | 1.40 | 1.40 | 1.19 | 1.33 | 1.28 | |||||||||||||||||||||