Independence Holding Company
American Independence Corp.

June 20, 2008

1

Certain statements in this presentation are “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995 with respect to the
financial condition, results of operations, cash flows, plans, objectives, future
performance and business of IHC and AMIC. Forward-looking statements by their
nature address matters that are, to differing degrees, uncertain. With respect to
IHC and AMIC, particular uncertainties that could adversely or positively affect our
future results include, but are not limited to, economic conditions in the markets in
which we operate, new federal or state governmental regulation, our ability
effectively to operate, integrate and leverage any past or future strategic
acquisition, and other factors which can be found in our news releases and filings
with the Securities and Exchange Commission.

These uncertainties may cause IHC’s and AMIC’s actual future results to be
materially different than those expressed in this presentation. IHC and AMIC do not
undertake to update their forward-looking statements.

Forward-looking statements

2

Why IHC and AMIC are good long-term
investments

Long track record of delivering shareholder value,
including IHC stock buy-backs

Culture of profitable underwriting

Value placed on controlled distribution

IPA acquisition

Expanded into new markets to better
leverage capital

Seasoned management team with large
equity stake

3

Filling a void in the market

Boutique companies

No history

No proven track record

Here today, gone
tomorrow

Behemoth companies

Slow to act

Inflexible

Take your business
for granted

IHC Group companies:

Vertically integrated
capabilities serving niche
health markets

Quick to adapt to market
changes

Agent-centric philosophy and
culture of ownership

Underwriting discipline

4

IHC at a glance

Founded 1980

Member NYSE

Market cap: $13 M (1992)… more than $200 M* today

$1.3 billion in assets as of 12/31/07

Covering over 1 M lives

Book value per share (3/31/08) = $14.13

Price/book (mrq) =  0.92*

Q1 2008 net income per share (continuing operations) = $.20

Note: All IHC prior year financial information in this presentation has been restated to reflect the credit segment as  discontinued operations.

*Price as of 6/10/08

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IHC’s gross direct and assumed premiums
earned (in thousands)

$348,000

$428,000

$473,000

$595,000

CAGR =  14.4%

Segments:

$389,000

6

IHC’s net premiums earned (in thousands)

$130,000

$155,000

$216,000

$259,000

$307,000

CAGR =  23.9%

Segments:

7

IHC’s book value per share

8

AMIC at a glance

Became insurance holding company on 11/02

IHC owns 49.7%

A.M. Best A- (Excellent) rating; licensed in 49 states

Book value per share (3/31/08) = $10.03

Price/book (mrq) = 0.66*

Controlled distribution

$275 million NOLs as of 12/31/07

Q1 2008 non-GAAP net income per share = $.14**

*Price as of 6/10/08

**As reconciled in news release

9

IAIC’s gross direct and assumed premiums
earned (in thousands)

$39,000

$62,000

$67,000

$69,000

$106,000

CAGR = 28.4%

10

IAIC’s net premiums earned (in thousands)

$38,000

$60,000

$66,000

$68,000

$106,000

CAGR = 29.2%

11

AMIC’s book value per share

12

Understanding IHC/AMIC

Traditional Business Lines

New Business Lines

Medical stop-loss

Group life and disability

Acquisition of closed blocks

Small group major medical

Major medical for individuals & families

Dental/vision

Short-term medical (STM)

Limited medical

Student medical

Controlled Distribution

Owned MGUs distribute  medical stop-loss to large employers

Telesales unit distributes major medical, dental and STM to small
employers and individuals

IPA distributes major medical, dental and STM to individuals

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Traditional business lines

Medical stop-loss

leader since 1987

competitors include United Healthcare, Berkshire
Hathaway and HCC

consolidation = greater rate market discipline

Group life and disability in niche markets

Individual life and annuities through block acquisitions

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Growing fully insured segment

Grown from $0 to $250 M* annualized premiums

Less capital intensive

Greater growth potential due to size of market

Six product lines provide balance

* Projected fully insured gross earned premiums, including IAIC, from 12/31/04 to 6/30/08

15

Controlled distribution

Owned MGUs expected to write 74% of medical

stop-loss in 2008*

TeleBrokerage unit’s new business revenue grew 35% in
2007

IPA offers growth through agency model that recruits
“neophytes” to the industry. Sales expected to increase
from $20 M to $40 M**

*Adjusted for MGUs terminated in 2007 and 2008

** Less than 50% of sales will be on IAIC paper in 2008, although the percent is increasing quickly.

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IPA builds “controlled” distribution

Recruiting is the primary goal

Recruiting is done weekly at 40 regional offices

90% of all new recruits have no insurance background

This model rewards those that achieve results, and
produces a natural selection of those not fit for this business

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IPA

In last year, submitted sales have gone from $300 K per
week to $900 K per week

In last year, active agents have gone from less than 100
to more than 300

IPA's leaders are veterans of similar distribution company
acquired in 2005 for $1.7 B

‘Agency division’ of the acquired company had sales of about   
$9 M per week with approximately 2,400 active agents

-    ‘Agency division' produced 72% of its earnings

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Value of IPA

In an economic down turn, displaced workers seek ‘new
opportunity’ and ‘control of their destiny’

Example, realtors… mortgage brokers…

Individual health market is expanding.

Uninsured and ‘underinsured’ are fastest growing markets… 70 M Americans

IPA expects to have 600 active agents by the end of 2008.

Has 40 regional offices… infrastructure in place to support even larger
distribution

Controlled distribution embraces change – whether
products, rates or legislative or regulatory mandates.

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How do we plan to grow?

Focus on niche markets and select geography

Organic growth of existing programs

Strengthen “controlled” and owned distribution

Maintain underwriting discipline and improve operating
margins

Achieve favorable returns on capital

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