Iowa Commissioner Approves Holding Company Demutualization

American Mutual Holding Company, the majority shareholder of AmerUs Life Holdings, Inc. has received an order from the Iowa Insurance Commissioner approving its plan of conversion. This completes the approvals needed for American Mutual to convert to a stock company owned 100 percent by shareholders.

In June, members of American Mutual approved the demutualization plan, with 98 percent voting for the plan. Also in June, AmerUs Life Holdings shareholders approved the merger with American Mutual, with 92 percent of the outstanding shares voting for the plan. American Mutual expects to be able to complete all other steps necessary for the demutualization to become effective by late August 2000 and then distribute AmerUs Group stock, cash or policy credits, currently valued in excess of $700 million, to eligible members in late September 2000.

Current AmerUs shareholders will exchange their shares for shares of American Mutual on a one-for-one basis. American Mutual will be renamed AmerUs Group and will trade on the New York Stock Exchange under the symbol “AMH”.