NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 141 16 Insurance reserves 12/31/2003 12/31/2002 ¤ mn ¤ mn Unearned premiums 12,198 12,248 Aggregate policy reserves 217,895 210,109 Reserves for loss and loss adjustment  expenses 62,782 65,961 Reserves for premium refunds 17,338 16,190 Premium deficiency reserves 538 385 Other insurance reserves 720 870 Total 311,471 305,763 The Group’s life insurance companies offer a wide range of traditional life insurance, financial and investment products. Traditional life in- surance products consist of both short and long-duration policies with participating and non-participating features. Short-duration traditional life insurance products include term, accident and health contracts. Long duration traditional life insurance products include individual and group whole-life, endowment, guaranteed renewable term and accident and health, and annuity contracts. Financial and investment products consist of universal life, unit-linked products (variable an- nuities), single premium annuities, and guaranteed investment con- tracts. Aggregate policy reserves at the balance sheet date  – split by the var- ious profit participation systems – were as follows: Aggregate policy reserves Contribution Variable annuities and Other principle unit-linked life insurance (SFAS 60) (SFAS 120) (SFAS 97) 12/31/2003 12/31/2002 12/31/2003 12/31/2002 12/31/2003 12/31/2002 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn Property/Casualty 7,513 7,403 – – – – Life/Health 107,663 104,976 99,777 89,051 35,402 34,366 Total 115,176 112,379 99,777 89,051 35,402 34,366