G ROUP MANAGEMENT REPORT Property and Casualty Insurance 61 Despite the resurgence of intense competition, Allianz Marine & Aviation is sticking to its selective underwriting policy in the current fiscal year . We expect earnings to remain unchanged from the previous year. Allianz Marine & Aviation 2003 2002 Gross premiums ¤ mn 1,073 1,424 Premiums earned (net) ¤ mn 417 578 Claims ratio % 65.5 75.2 Expense ratio % 21.8 21.2 Earnings after taxes ¤ mn 64.0 17.0 Investments ¤ mn 1,378 1,163