SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED INCOME STATEMENT 1) 24 Premiums earned (net) 25 Interest and similar income Property/Casualty 2) Life/Health 2) Total 2003 2002 2001 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn Gross premiums written: from direct insurance  40,675 40,447 38,942 20,002 19,961 19,389 60,677 60,408 58,331 from reinsurance assumed 2,034 2,095 2,517 676 650 740 2,710 2,745 3,257 Total 42,709 42,542 41,459 20,678 20,611 20,129 63,387 63,153 61,588 Reinsurance ceded – 5,404 – 6,150 – 6,669 – 1,240 – 1,207 – 1,169 – 6,644 – 7,357 – 7,838 Premiums written (net) 37,305 36,392 34,790 19,438 19,404 18,960 56,743 55,796 53,750 Premiums earned from direct insurance 40,111 39,823 37,797 19,968 19,961 19,396 60,079 59,784 57,193 from reinsurance assumed 1,993 2,119 2,564 676 650 751 2,669 2,769 3,315 Total 42,104 41,942 40,361 20,644 20,611 20,147 62,748 62,553 60,508 Reinsurance ceded – 5,528 – 6,219 – 6,595 – 1,242 – 1,201 – 1,168 – 6,770 – 7,420 – 7,763 Premiums earned (net) 36,576 35,723 33,766 19,402 19,410 18,979 55,978 55,133 52,745 2003 2002 2001 ¤ mn ¤ mn ¤ mn Interest and current income 8,042 13,299 9,073 Interest expenses – 5,225 – 9,292 – 6,668 Net interest margin 2,817 4,007 2,405 Less loan loss allowance 1,014 2,222 588 Net interest margin after loan  loss allowance 1,803 1,785 1,817 2003 2002 2001 ¤ mn ¤ mn ¤ mn Income from securities held-to-maturity 329 384 467 securities available-for-sale 12,355 13,747 13,055 real estate used by third parties 986 1,141 1,108 lending, money market  transactions and loans 8,079 11,058 8,566 leasing agreements 80 141 68 other interest-bearing instru- ments 733 1,739 960 Total 22,562 28,210 24,224 Net interest margin from banking business 2) Interest and similar income includes dividend income of  ¤ 1,512 (2002: 1,806; 2001: 2,147) mn. In the case of life insurance products where the policyholder carries the investment risk (e. g. variable annuities), only those parts of the premiums used to cover the risks insured and costs involved are treated as premium income. $^{1)}$The figures for 2001 include the Dresdner Bank Group only from the time of its initial consolidation (July 23, 2001 to December 31, 2001) $^{2)}$After eliminating intra-Group transactions between segments ALLIANZ GROUP 148