ALLIANZ GROUP 40 Overall Business Development Consolidated balance sheet (short version) Consolidated income statement (short version) ASSETS 2003 2002 ¤ bn ¤ bn Intangible assets 16.3 18.3 Investments in affiliated enterprises 6.4 11.3 Investments 295.1 285.3 Investments held on account and at risk of life insurance policy holders 32.5 25.7 Loans and advances to banks 117.5 86.8 Loans and advances to customers 203.3 188.1 Trading assets 146.2 124.8 Amounts ceded to reinsurers from insurance reserves 25.1 28.4 Other assets 93.7 83.4 Total assets 936.0 852.2 EQUITY AND LIABILITIES 2003 2002 ¤ bn ¤ bn Shareholders’ equity 28.6 21.7 Minority interests in shareholders’ equity 8.4 8.3 Participation certificates and subordinated liabilities 12.2 14.2 Insurance reserves 311.5 305.8 Insurance reserves for life insurance where the  investment risk is carried by policyholders 32.5 25.7 Liabilities to banks 178.3 137.3 Liabilities to customers 154.7 147.3 Certificated liabilities 63.3 78.8 Other liabilities 146.4 113.2 Total equity and liabilities 936.0 852.2 2003 2002 ¤ bn ¤ bn Premiums earned (net) 56.0 55.1 Net interest from banking 2.8 4.0 Income from investments and affiliated  enterprises 15.6 13.2 Trading income 0.2 1.5 Fee and commission income, and income  resulting from service activities 6.1 6.1 Insurance benefits – 50.0 – 50.2 Loan loss provisions – 1.0 – 2.2 Acquisition costs and administrative expenses – 22.1 – 24.5 Other income/expenses – 3.7 – 3.1 Amortization of goodwill – 1.4 – 1.2 Income before taxes 2.5 – 1.3 Taxes – 0.1 0.8 Minority interests in earnings – 0.8 – 0.7 Net income 1.6 – 1.2 Earnings per share in ¤ 4.77 – 4.44