ALLIANZ GROUP 156 Deferred tax assets and liabilities comprise the following balance sheet headings: A deferred tax charge recognized in equity in fiscal 2003 amounts to ¤ 443 mn (2002: income  ¤ 589 mn). The Allianz management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize its deferred tax assets. 12/31/2003 12/31/2002 ¤ mn ¤ mn Deferred tax assets Intangible assets 127 114 Investments 1,645 2,628 Trading assets 415 562 Deferred acquisition costs 254 53 Tax loss carried forward 5,753 4,910 Other assets 1,462 896 Insurance reserves 2,866 2,226 Pensions and similar reserves 373 364 Deferred income 1,508 1,558 Total 14,403 13,311 Deferred tax liabilities Intangible assets 638 268 Investments 3,640 3,879 Trading assets 1,210 1,826 Deferred acquisition costs 2,375 1,798 Other assets 811 738 Insurance reserves 2,547 1,610 Pensions and similar reserves 28 12 Deferred income 2,299 2,057 Total 13,548 12,188 Net deferred tax asset 855 1,123