IHC Independence Holding Company

Independence Holding Company (NYSE:IHC) today announced the final results of its previously announced offer to exchange shares of its common stock for shares of common stock of American Independence Corp. (Nasdaq:AMIC) (the "Exchange Offer"). The Exchange Offer expired at 5:00 p.m. Eastern Time on Friday, August 12, 2011.

IHC has been advised by Broadridge Corporate Issuer Solutions, Inc., the exchange agent for the Exchange Offer, that 1,109,225 shares of AMIC common stock were validly tendered and not withdrawn as of the expiration of the Exchange Offer, all of which have been accepted for exchange by IHC. In accordance with the terms of the Exchange Offer, IHC will deliver approximately 693,266 shares of its common stock in exchange for the tendered and accepted shares of AMIC common stock. The consideration will be delivered promptly by the exchange agent.

Following the completion of the Exchange Offer, IHC's total ownership of AMIC will be 76%.

This press release is neither an offer to purchase nor a solicitation to buy any shares of stock, nor is it a solicitation for acceptance of the Exchange Offer.

About Independence Holding Company

IHC is a holding company principally engaged in the life and health insurance business and the acquisition of blocks of policies through its insurance company subsidiaries (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company) and its managing general underwriters, third-party administrators, and marketing affiliates.  Standard Security Life markets medical stop-loss, small group major medical, short-term medical, major medical for individuals and families, limited medical, group long and short-term disability and life, dental, vision and managed health care products. Madison Life sells group life and disability, employer medical stop-loss, small group major medical, major medical for individuals and families, short-term medical, dental, vision, and individual life insurance. Independence American offers medical stop-loss, small group major medical, short-term medical, and major medical for individuals and families. IHC owns certain subsidiaries through its majority ownership of American Independence Corp. (Nasdaq:AMIC), which is a holding company principally engaged in the insurance and reinsurance business.

CONTACT: DAVID T. KETTIG
         (212) 355-4141
         www.ihcgroup.com