ALLIANZ GROUP 106 Consolidated Balance Sheet by Business Segments for the Year Ended December 31 ASSETS Property/Casualty Life/Health 2003 2002 2003 2002 ¤ mn ¤ mn ¤ mn ¤ mn A. Intangible assets 2,520 2,960 4,351 4,817 B. Investments in affiliated enterprises, joint ventures,  and associated enterprises 48,385 51,448 5,717 6,183 C. Investments 80,920 76,855 196,335 189,172 D. Investments held on account and at risk of life insurance  policyholders – – 32,460 25,657 E. Loans and advances to banks 9,693 5,219 2,103 3,490 F. Loans and advances to customers 3,033 2,882 28,155 24,747 G. Trading assets 1,375 1,404 1,646 1,177 H. Cash and cash equivalents 1,769 2,880 1,103 2,267 I. Amounts ceded to reinsurers from insurance reserves 14,400 17,188 16,875 17,623 J. Deferred tax assets 7,174 7,463 3,386 2,601 K. Other assets 23,628 21,482 19,747 17,320 Total segment assets 192,897 189,781 311,878 295,054 EQUITY AND LIABILITIES Property/Casualty Life/Health 2003 2002 2003 2002 ¤ mn ¤ mn ¤ mn ¤ mn A. Participation certificates and subordinated liabilities 4,006 4,342 65 – B. Insurance reserves 83,946 87,557 233,868 224,673 C. Insurance reserves for life insurance where the investment risk  is carried by policyholders – – 32,460 25,687 D. Liabilities to banks 8,687 5,166 1,662 1,708 E. Liabilities to customers – – – – F. Certificated liabilities 17,757 19,031 90 263 G. Trading liabilities 353 544 1,396 825 H. Other accrued liabilities 5,594 5,626 1,242 850 I. Other liabilities 15,503 18,312 20,528 20,555 J. Deferred tax liabilities 7,495 7,356 4,161 2,551 K. Deferred income 135 104 557 354 Total segment liabilities 143,476 148,038 296,029 277,466