Amounts in EUR millions OTHER COUNTRIES Hungary Spain Other countries 2003 2002 % 2003 2002 % 2003 2002 % INCOME BY PRODUCT SEGMENT Traditional life 28 27 4 8 — (8) — Life for account of policyholders 5 3 67 (4) (11) 64 (15) (6) (150) Fee business 8 7 14 — — — — Life insurance 41 37 11 4 (11) (23) (6) Accident and health insurance — — 7 6 17 — — General insurance 25 22 14 25 17 47 — (1) TOTAL INSURANCE 66 59 12 36 12 (23) (7) of which general account 53 49 8 40 23 74 (8) (1) of which policyholders account 1 13 10 30 (4) (11) 64 (15) (6) (150) Income before tax 66 59 12 36 12 (23) (7) Corporation tax (11) (11) (12) (3) 2 2 NET INCOME 55 48 15 24 9 167 (21) (5) REVENUES Life general account single premium 1 1 11 7 57 1 6 (83) Life general account recurring premium 75 82 (9) 60 50 20 447 143 Life policyholders account single premium 5 6 (17) 11 16 (31) 4 8 (50) Life policyholders account recurring premium 63 50 26 22 25 (12) 131 123 7 Total life insurance gross premiums 144 139 4 104 98 6 583 280 108 Accident and health insurance 1 1 82 78 5 — (1) General insurance 96 91 5 241 229 5 — — Total gross premiums 241 231 4 427 405 5 583 279 109 Investment income insurance activities 2 66 72 (8) 47 50 (6) 19 18 6 Fees and commissions 1 1 8 38 1 1 — — TOTAL REVENUES 318 311 2 475 456 4 602 297 103 Investment income for account of policyholders 6 5 20 17 (47) 31 (86) GROSS MARGIN, COMMISSIONS  AND EXPENSES Gross margin 142 135 5 141 120 18 75 74 1 Commissions and expenses 77 76 1 105 108 (3) 97 81 20 STANDARDIZED NEW PREMIUM  PRODUCTION LIFE INSURANCE Single 7 7 — 23 23 — 4 15 (73) Recurring annualized 20 22 (9) 28 14 100 352 121 191 TOTAL RECURRING PLUS 1/10 SINGLE 21 22 (5) 30 16 88 352 123 186 OFF BALANCE SHEET PRODUCTION Mutual funds/Collective Trusts and other managed assets 160 186 (14) 5 — — — TOTAL PRODUCTION OFF BALANCE SHEET 160 186 (14) 5 — — — $^{1}$Includes also fee business $^{2}$Of which indirect income on shares and real estate 0 0 1 4 (75) 2 2 AEGON GROUP ANNUAL REPORT 2003 130