NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 157 SUPPLEMENTARY INFORMATION ON  INSURANCE AND BANKING BUSINESS 38 Supplementary information on insurance  and banking business Investments *) Property/Casualty Life/Health Total 12/31/2003 12/31/2002 12/31/2003 12/31/2002 12/31/2003 12/31/2002 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn I. Real estate 5,256 5,647 7,058 7,496 12,314 13,143 (including real estate owned by Allianz and used for its  own activities) (1,868) (1,953) (1,042) (1,102) (2,910) (3,055) II. Investments in affiliated enterprises, joint ventures,  and associated enterprises 1,487 5,087 1,734 1,888 3,221 6,975 III.Loans 2,520 2,289 18,780 16,373 21,300 18,662 IV. Other securities 1. Held-to-maturity 389 596 4,174 5,199 4,563 5,795 2. Available-for-sale 69,641 64,711 185,693 177,269 255,334 241,980 3. Trading (Trading assets) 1,363 1,404 1,460 1,144 2,823 2,548 Total IV. 71,393 66,711 191,327 183,612 262,720 250,323 V. Other investments 10,578 7,111 2,078 3,576 12,656 10,687 Total 91,234 86,845 220,977 212,945 312,211 299,790 Property/Casualty Life/Health Total 2003 2002 2001 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn Income from investments Current income 3,805 4,755 5,278 10,924 10,862 10,516 14,729 15,617 15,794 Income from revaluations 739 1,137 1,329 1,495 618 614 2,234 1,755 1,943 Realized investment gains 7,893 6,602 4,458 4,445 5,487 3,605 12,338 12,089 8,063 Subtotal 12,437 12,494 11,065 16,864 16,967 14,735 29,301 29,461 25,800 Investment expenses Amortization and impairments on investments – 2,439 – 2,273 – 1,104 – 2,714 – 2,853 – 1,319 – 5,153 – 5,126 – 2,423 Realized investment losses – 3,439 – 1,887 – 2,193 – 4,806 – 6,595 – 4,909 – 8,245 – 8,482 – 7,102 Investment management, interest  charges and other investment  expenses – 885 – 1,131 – 1,061 – 390 – 550 – 526 – 1,275 – 1,681 – 1,587 Subtotal – 6,763 – 5,291 – 4,358 – 7,910 – 9,998 – 6,754 – 14,673 – 15,289 – 11,112 Investment income 5,674 7,203 6,707 8,954 6,969 7,981 14,628 14,172 14,688 Investment income *) $^{*)}$Presentation of investments and investment income is made in conformity with the European Union insurance accounting guideline and after eliminating Allianz Group transactions between segments