INDEPENDENCE HOLDING COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (March 31, 2012 Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
Investments:
Short-term investments	$ 50		$ 50
Securities purchased under agreements to resell	17,112		17,258
Trading securities	6,851		0
Fixed maturities, available-for-sale	716,809		842,873
Equity securities, available-for-sale	29,463		37,541
Other investments	32,496		35,223
Total investments	802,781		932,945
Cash and cash equivalents	9,286		18,227
Due from securities brokers	9,585		12,106
Deferred acquisition costs	37,270		37,101
Due and unpaid premiums	39,091		37,341
Due from reinsurers	306,933		159,729
Premium and claim funds	40,194		43,604
Notes and other receivables	19,827		15,500
Goodwill	50,318		50,318
Other assets	49,126		51,988
TOTAL ASSETS	1,364,411		1,358,859
LIABILITIES:
Insurance reserves-health	173,531		179,042
Insurance reserves-life and annuity	279,611		279,636
Funds on deposit	421,796		417,310
Unearned premiums	5,935		4,319
Policy claims-health	14,024		13,945
Policy claims-life	12,035		11,948
Other policyholders' funds	22,010		21,546
Due to securities brokers	1,988		383
Due to reinsurers	44,581		40,030
Accounts payable, accruals and other liabilities	60,504		66,410
Debt	10,000		10,000
Junior subordinated debt securities	38,146		38,146
TOTAL LIABILITIES	1,084,161		1,082,715
IHC STOCKHOLDERS' EQUITY:
Common Stock	18,457	[1],[2]	18,451	[1],[3]
Paid-in capital	126,377		126,298
Accumulated other comprehensive income (loss)	8,270		7,853
Treasury stock, at cost	(3,747)	[4]	(3,277)	[5]
Retained earnings	115,675		111,752
TOTAL IHC STOCKHOLDERS' EQUITY	265,032		261,077
NONCONTROLLING INTERESTS IN SUBSIDIARIES	15,218		15,067
TOTAL EQUITY	280,250		276,144
TOTAL LIABILITIES AND EQUITY	$ 1,364,411		$ 1,358,859

[1] $1.00 par value, 20,000,000 shares authorized.

[2] 18,457,336 shares issued, 18,008,947 shares outstanding.

[3] 18,450,917 shares issued, 18,052,661 shares outstanding.

[4] 448,389 treasury shares

[5] 398,256 treasury shares