P ROPERTY/CASUALTY 1) Premiums earned (net) Net claims ratio 2) 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn % % % 1. Europe Germany 10,478 10,265 10,035 71.4 74.2 75.2 France 4,453 4,066 3,746 79.8 84.5 82.3 Great Britain 1,827 1,875 1,765 67.1 68.1 73.2 Italy 4,645 4,490 4,181 70.9 74.8 76.7 Switzerland 1,599 1,611 1,599 71.0 70.3 79.1 Spain 1,337 1,171 1,027 75.9 77.0 78.7 2. America NAFTA Region 4,037 4,689 5,177 70.0 94.6 99.9 South America 408 494 610 71.3 67.0 63.7 3. Asia-Pacific Region 1,171 1,134 768 71.7 78.5 79.9 Specialty lines Premiums earned (net) Net claims ratio 2) 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn % % % Allianz Global Risks  Rückversicherungs-AG 1,038 559 – 70.9 100.8 – Credit insurance 845 857 901 49.3 72.1 68.0 Travel insurance and assistance 784 740 669 60.6 62.0 64.4 Allianz Marine & Aviation 417 578 450 65.5 75.2 108.1 LIFE/HEALTH Premiums earned (net) 2003 2002 2001 ¤ mn ¤ mn ¤ mn 1. Europe Germany Life 8,788 8,249 7,929 Germany Health 2,959 2,794 2,616 France 1,509 1,449 1,515 Italy 1,169 1,219 1,247 Switzerland 542 624 557 Spain 530 493 873 2. U.S.A. 598 924 1,068 3. Asia-Pacific Region 1,303 1,605 1,202 BANKING Operating income Administrative expenses 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn Private and Business Clients 3,229 3,198 1,429 – 2,791 – 3,010 – 1,379 Corporates & Markets 3,727 3,877 1,820 – 2,634 – 3,551 – 1,852 Other business divisions – 214 490 648 – 660 – 753 – 30 1) Excluding Specialty lines 2) The net claims ratio represents net claims and claim adjustment expenses as a percentage of net premiums earned 3) The net expense ratio represents net underwriting costs as a percentage of net premiums earned 4) The net expense ratio represents net underwriting costs as a percentage of net premiums earned (statutory) 5) Before amortization of goodwill and minority interests ALLIANZ GROUP 110