ALLIANZ GROUP 62 Life and Health Insurance  Total revenues *) Premiums earned (net) $^{*)}$In relation to total premiums earned (net). $^{*)}$Before cross-border consolidation 2003 2002 2001 ¤ mn ¤ mn ¤ mn Germany 13,406 12,565 11,672 Italy 9,014 7,717 5,944 France 4,438 4,283 4,864 Switzerland 1,197 1,197 1,174 Spain 611 551 940 Rest of Europe 2,130 1,745 1,871 U.S.A. 8,566 9,530 4,982 Asia-Pacific Region 2,603 2,298 1,817 South America 130 237 356 2003 2002 2001 ¤ mn ¤ mn ¤ mn Germany 11,747 11,043 10,545 Italy 1,169 1,219 1,247 France 1,509 1,449 1,515 Switzerland 542 624 557 Spain 530 493 873 Rest of Europe 1,203 1,130 1,020 U.S.A. 598 924 1,068 Asia-Pacific Region 1,303 1,605 1,202 South America 51 139 233 2003 2002 2001 Total revenues ¤ mn 42,319 40,176 33,687 Gross premiums ¤ mn 20,689 20,663 20,145 Premiums earned (net) ¤ mn 18,701 18,675 18,317 Expense ratio *) % 7. 9 10.0 12.1 Investment income ¤ mn 9,769 7,445 8,565 Net income ¤ mn –48 19 229 Investments ¤ mn 232,036 221,313 212,757 Insurance reserves ¤ mn 233,868 224,673 215,217