SUPPLEMENTARY INFORMATION ON GROUP ASSETS 5 Intangible assets Goodwill Capitalized value of life/health insurance portfolios NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 129 The disposals essentially include goodwill from reducing our inter- ests in In addition, the disposals include an adjustment of the goodwill of  Allianz-Slovenska poist’ovna a.s. in accordance with IAS 22.71 and SIC-22. The impairment charge of  ¤ 224 mn concerns Allianz Life Insu- ance Company Ltd., Seoul. In the course of the annual goodwill im- pairment review the amount of the required impairment write-downs was determined on the basis of an evaluation of future cash flows from the existing contract portfolio and new business. This amount reflects the effects of persistently lower interest rates in the capital markets and the overall unsatisfactory earnings performance of the company. The reclassification in 2002 concerns the goodwill of associated enterprises, which have been included under investments in associ- ated enterprises since the beginning of fiscal 2002. Amortization of goodwill is shown in the income statement un- der item 13 as a separate heading.  Changes in goodwill were as follows: The additions essentially include goodwill from increasing our inter- ests in The capitalized value of life/health insurance portfolios was deter- mined using discount rates ranging from 12.0 % to 15.0 %. Interest rates between 3.5 % and 8.5 % were applied for interest not yet due. The capitalized value of life/health insurance portfolios is amor- tized over the lives of the policies concerned as surpluses are real- ized or as premiums are earned. Scheduled amortizations of the cap- italized value are included under acquisition costs and administra- 12/31/2003 12/31/2002 ¤ mn ¤ mn Goodwill 12,370 13,786 Capitalized value of life/health insurance  portfolios 1,658 1,768 Software 1,064 1,281 Loyalty bonuses 158 329 Brand name 782 829 Others 230 280 Total 16,262 18,273 Intangible assets comprise the following: 2003 2002 ¤ mn ¤ mn Gross amount capitalized as of 12/31  prior year 17,262 14,963 Accumulated amortization as of 12/31  prior year – 3,476 – 2,314 Value stated as of 12/31 prior year 13,786 12,649 Translation differences – 560 – 532  Value stated as of 1/1 13,226 12,117 Reclassification – – 228 Additions 782 3,059  Disposals – 225 – Impairment – 224 – Amortization – 1,189 – 1,162 Value stated as of 12/31 12,370 13,786 Accumulated amortization as of 12/31 – 4,889 – 3,476 Gross amount capitalized as of 12/31 17,259 17,262 2003 2002 ¤ mn ¤ mn Gross amount capitalized as of 12/31  prior year 2,619 1,999 Accumulated amortization as of 12/31  prior year – 851 – 625 Value stated as of 12/31 prior year 1,768 1,374 Translation differences – 33 – 25 Value stated as of 1/1 1,735 1,349 Additions – 608 Revaluations 129 37 Amortization – 206 – 226 Value stated as of 12/31 1,658 1,768 Accumulated amortization as of 12/31 – 1,057 – 851 Gross amount capitalized as of 12/31 2,715 2,619 _ PIMCO Advisors L.P. by 14.4 % to 83.9 %, _ Riunione Adriatica di Sicurtà S. p. A. by 4.4 % to 55.5 %. _ AFORE Allianz Dresdner S.A. de C.V. from 95.0 % to 0.0 %,  _ Allianz-Slovenska poist’ovna a.s. by 15.0 % to 84.6 %.