Allianz at a glance Allianz is one of the leading global services providers in insurance, banking and asset management. We serve our customers in more than 70 countries. The solidity, service and competence of our Group are backed by the commitment of close to 174,000 employees worldwide. In 2003, we focused our efforts on the following activities: we strengthened our capital base, improved our operating profi- tability and reduced the complexity of our business portfolio. The progress we made is considerable. Premium income from property and casualty insurance was up 0.3 per- cent to 43.4 billion euros. Before currency and consolidation effects, growth came to 4.0 percent. This represented 50.2 percent of total rev- enues. The combined ratio decreased 8.7 percentage points to 97.0 per- cent. Net income of the segment came to 4.5 billion euros. In life and health insurance, total revenues increased 5.3 percent to 42.3 billion euros. Before currency and consolidation effects, growth even came to 10.9 percent. The share of premium income from investment-ori- ented products amounted to 51.1 percent. The success of our cost-cutting efforts is also reflected in the expense ratio, which  – in relation to total net premiums earned – once again improved considerably to 7.9 (10.0) percent. Investment income rose from 7.4 to 9.8 billion euros. We posted a net loss of 48 million euros for the year, compared to net income of 19 million euros in the previous year. LIFE AND HEALTH INSURANCE PROPERTY AND CASUALTY INSURANCE 74.4 1998 77.4 1999 77.9 2000 81.1 2001 78.2 2002 71.5 2003 0 20 40 60 80 100 120 27 .5 27 .7 27 .0 27. 1 26.4 25.5 Claims ratio Expense ratio 1998 1999 2000 2001 2002 2003 14 0 2 4 6 8 10 12 10.0 12.1 11.0 11.6 11.9 7. 9 Development of the expense ratio in % Development of the combined ratio in % Premium income by regions ¤ 42.3  bn Premium income by regions ¤ 43.4  bn 28 % 54% 14 % 4% Germany Rest of Europe North/South America Asia-Pacific/Africa North/South America Asia-Pacific/Africa Germany Rest of Europe 6% 32 % 21 % 41 %