ALLIANZ GROUP 134 Counterparty risks Country risks General risks Total 2003 2002 2001 2003 2002 2001 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn As of 1/1 6,415 7,200 304 367 428 – 818 933 23 7,600 8,561 327 Additions Additions charged to the income  statement 2,154 2,927 1,087 42 111 – 4 90 110 2,200 3,128 1,197 Changes in the group of consoli- dated companies – 60 – 928 6,596 – – 544 – 3 – 63 855 – 63 – 991 7,995 Total 2,094 1,999 7,683 42 111 544 1 27 965 2,137 2,137 9,192 Reductions Charge-offs – 2,034 – 1,893 – 445 – 7 – – – – – – 2,041 – 1,893 – 445 Amounts released – 858 – 575 – 424 – 95 – 208 – 92 – 150 – 34 – 77 – 1,103 – 817 – 593 Total –2,892 –2,468 –869 –102 –208 –92 –150 – 34 – 77 – 3,144 – 2,710 – 1,038 Other additions/reductions – 67 – 97 38 4 54 – 29 34 – 102 18 – 29 – 145 27 Translation differences – 246 – 219 44 – 41 – 18 5 – 3 – 6 4 – 290 – 243 53 As of 12/31 5,304 6,415 7,200 270 367 428 700 818 933 6,274 7,600 8,561 The effects of the deconsolidation of Deutsche Hyp Deutsche Hy- pothekenbank AG are shown in the line „Changes in the group of consolidated companies” 2002. The loan portfolio contains non-accrual loans of  ¤ 8,374 (2002: 10,452) mn. The total amount of loans with provisions against the principal include  ¤ 3,068 (2002: 2,556) mn of loans on which the Group continues accruing interest with a specific allowance against the total interest accrued. The interest income not recognized from loans on non-accrual status amounted to  ¤ 367 (2002: 470; 2001: 448) mn. The amount of interest collected and recorded on non-accrual loans was approximately  ¤ 49 (2002: 66; 2001: 45) mn. At December 31, 2003 the Group had  ¤ 9,498 (2002: 12,221) mn of impaired loans of which  ¤ 8,722 (2002: 10,742) mn had a related valuation allowance. For the year ended December 31, 2003 the av- erage balance in impaired loans was  ¤ 11,780 (2002: 12,773) mn and the interest income recognized on impaired loans was  ¤ 117 (2002: 131, 2001: 67) mn. The majority of equities and fixed-income securities held in trading assets are marketable and listed securities. The fixed-income securi- ties include  ¤ 67,300 (2002: 50,038) mn from public-sector issuers, and  ¤ 44,229 (2002: 41,680) mn from other issuers. The positive market values of derivative financial instruments are shown on a net basis, i. e. taking into account existing netting agree- ments. 9 Trading assets 12/31/2003 12/31/2002 ¤ mn ¤ mn Equities 15,553 9,166 Fixed-income securities  111,529 91,718 Derivatives 18,947 22,529 Other trading assets  125 1,429 Total 146,154 124,842