ALLIANZ GROUP 128 Valuation at equity All participations of between 20 % and 50 % are valued using the equity method, i.e. at the corresponding pro- portion of the shareholders’ equity. It is therefore irrelevant whether a significant influence is actually exercised or not. This means that the valuation includes a proportion of the net profit of the enterprises concerned.  Fund for general banking risks  According to German Commercial Law (HGB), provisions may be made for general banking risks pur- suant to clause § 340 f of the German Commercial Code (HGB), set- ting aside a special item pursuant to clause § 340 g of the German Commercial Code. This is, however, not permitted for consolidated financial statements under IFRS rules. Treasury shares Under IFRS rules, treasury shares held for account of Group companies are deducted from shareholders’ equity. Gains or losses from trading in own shares are added to, or subtracted from, equity with no impact on the income statement. According to the Ger- man Commercial Code, own shares must be reported as assets, with reserves for treasury shares set aside at the same time. Also, in fi- nancial statements prepared according to the German Commercial Code, gains or losses from trading in own shares would be trans- ferred to the income statement and reported under trading income. Goodwill Goodwill is amortized against income over its useful life under IFRS as follows: In accordance with the German Commercial Code, goodwill was charged against revenue reserves without affecting earnings. _  Over 10 years for property and casualty insurance companies, _  over 20 years for life and health insurance companies, _  over 10 years for banking companies, _  over 20 years for asset management companies.