ALLIANZ GROUP 102 Consolidated Balance Sheet for the Year Ended December 31 ASSETS 2003 2002 Note ¤ mn ¤ mn A. Intangible assets 5 16,262 18,273 B. Investments in affiliated enterprises, joint ventures, and associated enterprises 6 6,442 11,345 C. Investments 7 295,067 285,340 D. Investments held on account and at risk of life insurance policyholders 32,460 25,657 E. Loans and advances to banks 8 117,511 86,822 F. Loans and advances to customers 8 203,259 188,084 G. Trading assets 9 146,154 124,842 H. Cash and cash equivalents 10 25,528 21,008 I. Amounts ceded to reinsurers from insurance reserves 11 25,061 28,420 J. Deferred tax assets 37 14,403 13,311 K. Other assets 12 53,804 49,070 Total assets 935,951 852,172 EQUITY AND LIABILITIES 2003 2002 Note ¤ mn ¤ mn A. Shareholders’ equity 13 28,592 21,673 B. Minority interests in shareholders’ equity 14 8,367 8,315 C. Participation certificates and subordinated liabilities 15 12,230 14,174 D. Insurance reserves 16 311,471 305,763 E. Insurance reserves for life insurance where the investment risk is carried  by policyholders 32,460 25,687 F. Liabilities to banks 17 178,316 137,332 G. Liabilities to customers 18 154,728 147,266 H. Certificated liabilities 19 63,338 78,750 I. Trading liabilities 20 84,835 53,520 J. Other accrued liabilities 21 13,908 13,069 K. Other liabilities 22 31,725 31,425 L. Deferred tax liabilities 37 13,548 12,188 M.Deferred income 23 2,433 3,010 Total equity and liabilities 935,951 852,172 To read the notes, simply click on the number