NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 153 35 Acquisition costs and administrative expenses Property/Casualty *) Life/Health *) 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn Acquisition costs Payments – 6,676 – 6,978 – 6,642 – 3,900 – 3,975 – 3,341 Change in deferred acquisition costs 205 194 270 1,768 1,438 620 Subtotal – 6,471 – 6,784 – 6,372 – 2,132 – 2,537 – 2,721 Administrative expenses – 3,907 – 4,101 – 4,482 – 1,305 – 1,358 – 1,269 Underwriting costs (gross) –10,378 –10,885 – 10,854 – 3,437 – 3,895 – 3,990 Less commissions and profit-sharing received on reinsurance business ceded 918 1,001 1,389 195 179 198 Underwriting costs (net) – 9,460 – 9,884 – 9,465 – 3,242 – 3,716 – 3,792 Expenses for management of investments – 433 – 510 – 484 – 414 – 553 – 457 Acquisition costs and administrative expenses – 9,893 – 10,394 – 9,949 – 3,656 – 4,269 – 4,249 Banking Business *) Asset Management *) 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn Personnel costs – 3,636 – 4,335 – 2,045 –1,219 – 1,337 – 1,161 Operating costs – 2,416 – 2,982 – 1,198 – 316 – 475 – 141 Fee and commission costs – 461 – 245 – 162 – 520 – 465 – 478 Acquisition costs and administrative expenses – 6,513 – 7,562 – 3,405 – 2,055 – 2,277 – 1,780 Acquisition costs and administrative expenses in the insurance busi- ness include the personnel and operating costs of the insurance busi- ness allocated to the functional areas “Acquisition of insurance poli- cies”, “Administration of insurance policies” and “Asset management”. Other personnel and operating costs are reported under insurance benefits (claims settlement expenses) and other expenses. All personnel and operating costs in the banking business are re- ported under Acquisition costs and administrative expenses. An overview of personnel expenses is provided in a table in note 43. *) After eliminating intra-Group transactions between segments