tive expenses. Unscheduled amortizations of or additions to the capi- talized value of life/health insurance portfolios are recognized as other expenses/income. The amount of interest accrued on unamortized PVFP in 2003 was  ¤ 102 (2002: 78; 2001: 99) mn. The percentage of PVFP as of December 31, 2003 that is expected to be amortized in 2004 is 8.65 % (7.68 % in 2005, 6.94 % in 2006, 5.74 % in 2007 and 5.18 % in 2008). The market value is based on stock exchange quotations and inter- nal valuations. The balance sheet value of investments in banks amounts to  ¤ 2,686 (2002: 4,349) mn. Investments comprise the following: The balance sheet value amounting to  ¤ 1,064 (2002: 1,281) mn in- cludes  ¤ 598 (2002: 630) mn for internally developed software  ¤466 (2002: 651) mn for software purchased from third parties. Amortization of software is included in the income statement. For the insurance companies, it is allocated to the various functional ar- eas. The companies of the banking segment report amortization of software under administrative expenses. Other intangible assets also include capitalized loyalty bonuses for senior management of the PIMCO Group, Delaware, amounting to ¤ 158 (2002: 329) mn that were recognized as assets in the annual statement 2000 in the amount of  ¤ 713 mn and are amortized on a straight-line basis over 5 years. During 2001, assets of ¤ 659 mn were recognized for the value of the brand names “Dresdner Bank” and “dit” (Deutscher Investment-Trust) and these are amortized on a straight-line basis over 20 years. The purchase of additional shares of Dresdner Bank AG in 2002 increased the carrying amount of the brand names by  ¤ 224 mn. After scheduled depreciation of  ¤ 47 (2002: 39; 2001: 15) mn in the fiscal year, the brand names are recog- nized at balance sheet date in the amount of  ¤ 782 (2002: 829) mn. The fair value of individual securities can fall temporarily below their carrying value but, provided there is no risk resulting from changes in financial standing, such securities are not impaired. Loyalty bonuses and brand names Securities held-to-maturity 7 Investments Software ALLIANZ GROUP 130 6 Investments in affiliated enterprises, joint ventures, and associated enterprises 12/31/2003 12/31/2002 ¤ mn ¤ mn Investments in affiliated enterprises 900 939 in joint ventures  144 22 in associated enterprises 5,398 10,384 Total stated value 6,442 11,345 Total market value 7,135 15,013 12/31/2003 12/31/2002 ¤ mn ¤ mn Securities held-to-maturity 4,683 6,533 Securities available-for-sale 277,871 265,997 Real estate used by third parties 10,501 10,747 Funds held by others under reinsurance  contracts assumed 2,012 2,063 Total 295,067 285,340 Amortized costs 12/31/2003 12/31/2002 ¤ mn ¤ mn Government bonds 1,747 2,284 Corporate bonds 2,597 2,301 Other 339 1,948 Total 4,683 6,533 2003 2002 ¤ mn ¤ mn Gross amount capitalized as of 12/31  prior year  2,692 2,439 Accumulated amortization as of 12/31  prior year – 1,411 – 1,003 Value stated as of 12/31 prior year 1,281 1,436 Translation differences – 20 – 19 Value stated as of 1/1 1,261 1,417 Additions 713 497  Changes in the group of consolidated  companies – 69 – 68 Disposals – 233 – 157 Amortization – 608 – 408 Value stated as of 12/31 1,064 1,281 Accumulated amortization as of 12/31 – 2,019 – 1,411 Gross amount capitalized as of 12/31 3,083 2,692