ALLIANZ GROUP 46 Property and Casualty Insurance  Premiums earned (net) Total revenues  *) 2003 2002 2001 Gross premiums ¤ mn 43,420 43,294 42,137 Premiums earned (net) ¤ mn 37,277 36,458 34,428 Claims ratio % 71.5 78.2 81.1 Expense ratio % 25.5 27.5 27.7 Investment income ¤ mn 6,495 11,734 7,325 Net income ¤ mn 4,506 7,207 2,364 Investments ¤ mn 143,042 137,113 141,388 Insurance reserves ¤ mn 83,946 87,557 90,432 2003 2002 2001 ¤ mn ¤ mn ¤ mn Germany 12,627 12,314 12,644 France 5,367 4,941 5,392 Italy 5,117 4,938 4,585 Great Britain 2,519 2,699 2,492 Switzerland 1,250 1,235 1,244 Spain 1,681 1,490 1,278 Rest of Europe 5,262 4,836 4,258 NAFTA Region 5,344 5,992 6,822 Asia-Pacific Region 1,654 1,599 1,344 South America 614 768 962 Allianz Global Risks Re 1,346 1,136 – Credit insurance 1,564 1,579 1,589 Travel insurance and assistance  services 818 808 732 Allianz Marine & Aviation 1,073 1,424 – 2003 2002 2001 ¤ mn ¤ mn ¤ mn Germany 10,478 10,265 10,075 France 4,453 4,066 4,083 Italy 4,645 4,490 4,181 Great Britain 1,838 1,881 1,766 Switzerland 1,143 1,143 1,127 Spain 1,337 1,171 1,027 Rest of Europe 4,203 3,897 3,451 NAFTA Region 4,037 4,689 5,177 Asia-Pacific Region 1,171 1,134 768 South America 408 494 610 Allianz Global Risks Re 1,038 559 – Credit insurance 845 857 901 Travel insurance and assistance  services 784 740 669 Allianz Marine & Aviation 417 578 – $^{*)}$Before cross-border consolidation In the following breakdown according to countries and regions, transactions between reporting units are not consolidated. In order to present a clear  picture of our business operations, we have adjusted the results reported for the individual regions by eliminating the amortization of goodwill as well as minority interests.