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Exhibit 99.1
[INDIANAPOLIS LIFE LOGO]
American Mutual INDIANAPOLIS LIFE
Holding Company INSURANCE COMPANY
For More Information, Contact:
Linda Krevda, Vice President-Corporate Communications
Indianapolis Life Insurance Company
317/927-6877
Jonna LaToure, Sr. Vice President-Corporate Communications
AMHC/AmerUs Life Holdings
515/557-3910
BOARDS OF DIRECTORS OF AMERICAN MUTUAL
HOLDING COMPANY AND INDIANAPOLIS LIFE APPROVE NEW TERMS
DES MOINES, Iowa (September 19, 2000) - American Mutual Holding Company (AMHC)
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: AMH), approved revised terms for the planned
combination of AMHC with ILICo. The 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 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 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."
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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.
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, 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 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 and Western Security
Insurance Co. -- do business in all 50 states and the District of Columbia.
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