ALLIANZ GROUP 108 Consolidated Income Statement by Business Segments for the Period from January 1 to December 31 Property/Casualty Life/Health 2003 2002 2001 2003 2002 2001 ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn 1. Premiums earned (net) 37,277 36,458 34,428 18,701 18,675 18,317 2. Interest and similar income 4,165 4,473 5,068 11,106 11,215 10,765 3. Income (net) from investments in affiliated enterprises,  joint ventures, and associated enterprises 3,611 8,494 889 712 445 525 4. Other income from investments 4,850 3,652 4,307 4,234 4,932 3,562 5. Trading income –1,490 207 1,451 218 244 – 117 6. Fee and commission income, and income from service activities 522 521 1,425 234 200 268 7. Other income 1,795 1,751 1,202 1,427 825 772 Total income (1. to 7.) 50,730 55,556 48,770 36,632 36,536 34,092 8. Insurance benefits (net) – 26,923 – 28,974 – 28,200 – 23,256 – 21,284 – 21,979 9. Interest and similar expenses –1,566 –1,564 –1,323 –368 –434 –492 10. Other expenses for investments – 3,319 – 3,567 – 2,888 – 5,933 – 8,656 – 5,537 11. Loan loss provisions –10 –7 – 4 – 3 – 10 – 4 12. Acquisition costs and administrative expenses – 9,972 – 10,521 – 10,042 – 3,713 – 4,263 – 4,259 13. Amortization of goodwill –383 –370 –349 –398 –174 –146 14. Other expenses – 3,048 – 2,999 – 3,555 – 2,204 – 1,806 – 1,263 Total expenses (8. to 14.) – 45,221 – 48,002 – 46,361 – 35,875 – 36,627 – 33,680 15. Earnings from ordinary activities before taxes 5,509 7,554 2,409 757 – 91 412 16. Taxes –619 469 701 –589 –67 –99 17.Minority interests in earnings –384 –816 –746 –216 177 –84 18. Net income 4,506 7,207 2,364 – 48 19 229