G ROUP MANAGEMENT REPORT Overview: Life and Health Insurance 63 _  Total revenues increased 5.3 percent to 42.3 (40.2) billion euros. After adjustment for consolidation and currency  effects, revenues grew by 10.9 percent.  _ The revenues from investment-oriented life insurance products contained therein increased 10.8 percent to 21.6 billion euros. Their share of total revenues was 51.1 percent. _  The expense ratio, in relation to total premium income, improved significantly to 7.9 (10.0) percent. _  Investment income grew 31.2 percent to 9.8 billion euros. _ A change in the tax law resulted in an income tax charge amounting to 428 million euros for German life and health insurers. _  Net income fell to – 48 (19) million euros. Investments Earnings after taxes 2003 2002 2001 ¤ mn ¤ mn ¤ mn Germany – 48 137 127 Italy 221 289 261 France 191 – 223 97 Switzerland – 9 – 80 – 17 Spain 33 30 28 Rest of Europe 7 – 77 12 U.S.A. 165 – 18 – 24 Asia-Pacific Region 2 – 9 – 5 South America 4 5 – 20 2003 2002 2001 ¤ mn ¤ mn ¤ mn Germany 125,017 119,786 117,199 Italy 19,049 17,413 15,122 France 43,954 40,256 43,313 Switzerland 7,736 8,819 8,066 Spain 4,327 3,956 3,564 Rest of Europe 10,596 10,080 9,335 U.S.A. 16,774 15,903 11,825 Asia-Pacific Region 4,288 4,675 3,945 South America 150 352 389