GROUP MANAGEMENT REPORT Overall Business Development 41 _  In fiscal 2003, total premium income from the insurance business increased 2.8 percent.  After adjustment for currency and consolidation effects, growth came to 7.3 percent. _  After a loss of 1.2 billion euros in the previous year, we returned to the profit zone and posted  net income of 1.6 billion euros. _  The reporting year was marked by the following initiatives: we strengthened our capital base, mainly through the capital increase in spring of 2003, but also supported by the price gains  in our investment portfolio. The improvements we made across all segments in the operating  business, quickly returned the company to sustainable profitability. We also divested  non-strategic activities and thereby reduced the complexity of our business portfolio. Earnings per share  in  ¤ Total premium income by business segments  ( ¤ 85.0  bn ) Total premium income  by regions  ( ¤ 85.0  bn ) Assets under management in  ¤  bn Revenues from banking  by category  ( ¤ 6.5 bn) Return on equity after taxes in % – 4.44 2002 2001 2000 1999 4.77 2003 5.71 12.32 8.29 0 6 8 10 12 14 16 2 4 – 2 – 4 49.8 % Property/casualty Life/health 50.2 % Asia-Pacific Region, Africa 5.1 % Germany Rest of Europe North and South America 29.8 % 47.7 % 17.4 % 382 700 1,126 989 *) 2002 2001 2000 1999 996 2003 0 200 400 600 800 1,000 1,200 1,400 41.6 % 22.0 % Net interest income Trading income Net fee and commission income 36.4 % 8.5 10.6 4.7 – 4.6 2001 2000 1999 6.4 2003 0 4 6 8 10 12 2 – 2 – 4 2002 *) For the first time, Group investments also include  trading liabilities