AMIC American Independence Corp.

Independence Holding Company (NYSE:IHC) today reported declaration of its semi-annual cash dividend of $0.035 per share of common stock, payable to stockholders of record on June 8, 2012, with a payment date of June 22, 2012. This amount reflects the increase in IHC's annual cash dividend from $0.05 per share to $0.07 per share that IHC announced in February.

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 marketing and administrative 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 major medical for individuals and families, medical stop-loss, small group major medical, short-term medical and pet insurance. 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