G ROUP MANAGEMENT REPORT Life and Health Insurance 71 REST OF EUROPE  Rest of Europe Total revenues by country Total  revenues from the life and health insurance business in the other European markets came to 2.1 (1.7) billion euros. Due to the development of the capital markets over the course of the past years, many clients turned away from unit-linked prod- ucts. In contrast there was growing demand for traditional life insurance products. In IFRS accounts, premium income in- creased to 1.4 (1.3) billion euros. Whilst growth slowed down in the markets of Central and Eastern Europe, we were nonetheless able to boost our revenues by 38.4 percent, mainly due to the first-time consolidation of Allianz Slovenska over a full fiscal year. The company con- tributed premiums of 126 (73) million euros to total premium income.  In the rest of Europe, we returned to profitability in 2003, gen- erating  earnings after taxes of 7 million euros, following a loss of 77 million euros in the previous year. In the  current fiscal year, we expect continued growth of pre- mium income and improved earnings performance. With Hun- gary, Poland, the Czech Republic and Slovakia joining the Eu- ropean Union in 2004, our business prospects for the coming years should be even more successful. 2003 2002 2001 ¤ mn ¤ mn ¤ mn Belgium 453 413 421 Netherlands 396 247 409 Austria 316 303 282 Great Britain 297 263 337 Luxembourg 166 125 129 Greece 82 80 71 Portugal 90 74 69 Subtotal western and southern Europe 1,800 1,505 1,718 Slovakia 126 73 16 Hungary 66 66 53 Poland 66 45 38 Czech Republic 45 36 35 Croatia 19 14 8 Bulgaria 8 6 3 Subtotal central and eastern Europe 330 240 153 Total revenues 2,130 1,745 1,871 Total premiums earned (net) 1,203 1,130 1,020 Total earnings after taxes 6.6 – 77 12