G ROUP MANAGEMENT REPORT Property and Casualty Insurance 55 came to 24.3 percent. For the first time, this figure includes the premium income of Allianz-Slovenska in Slovakia for a full fis- cal year. Because of this addition and its organic growth, the premium income of the company jumped to 324 (158) million euros. The company was first consolidated on July 22, 2002. Due to a very favorable loss situation and effective cost man- agement, actual earnings were better than our budget projec- tions. Gross premiums by country Earnings after taxes improved to 128 (118) million euros. The losses in the Netherlands and Luxembourg come from security write-offs. For the  current fiscal year , we expect premium income in Cen- tral and Eastern Europe to continue its strong growth. On May 1, 2004, Hungary, Poland, the Czech Republic and Slovakia will join the European Union. This historic event is likely to give an additional boost to our future business. We are confident that increasing revenues paired with strict cost management will en- able us to further improve our earnings performance in these countries. Earnings after taxes Rest of Europe by country 2003 2002 2001 ¤ mn ¤ mn ¤ mn Netherlands – 50.9 11.0 34.0 Austria 32.0 – 32.6 16.2 Ireland 99.7 170.3 – 4.2 Belgium 55.0 – 56.5 7.7 Portugal 7.3 – 18.7 0.3 Luxembourg – 110.6 – 8.2 51.0 Greece – 1.8 2.1 – 11.5 Subtotal western and southern Europe 30.8 67.5 93.5 Hungary 53.6 34.9 31.3 Slovakia 5.1 – 6.9 4.0 Czech Republic 5.2 – 9.6 – 9.3 Poland 7.3 13.9 – 10.9 Romania 13.9 5.4 2.1 Bulgaria 9.7 10.3 7.4 Croatia 0.2 0.7 – 3.7 Russia 2.0 1.3 – 3.0 Subtotal central and eastern  Europe 97.0 50.2 17.9 Total 127.8 117.6 111.4 2003 2002 2001 ¤ mn ¤ mn ¤ mn Netherlands 1,093 1,023 873 Austria 906 852 844 Ireland 856 860 738 Belgium 374 362 391 Portugal 305 263 235 Luxembourg 142 194 176 Greece 75 66 62 Subtotal western and southern Europe 3,751 3,620 3,319 Hungary 546 511 411 Slovakia 324 158 45 Czech Republic 227 213 173 Poland 158 128 137 Romania 131 93 71 Bulgaria 64 56 45 Croatia 40 38 37 Russia 20 17 18 Subtotal central and eastern  Europe 1,510 1,214 937 Total 5,262 4,836 4,258 Total premiums earned (net) 4,203 3,897 3,451