NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 137 Deferred acquisition costs SUPPLEMENTARY INFORMATION ON GROUP LIABILITIES AND EQUITY 13 Shareholders’ equity The shareholders’ equity comprises the following: Property/Casualty Life/Health 2003 2002 ¤ mn ¤ mn Value stated as of 12/31 prior year 3,158 3,156 Translation differences – 86 – 110 Value stated as of 1/1 3,072 3,046 Additions 450 375 Changes in the group of consolidated  companies 2 – 36 Amortization – 120 – 227 Impairments – 24 – Value stated as of 12/31 3,380 3,158 12/31/2003 12/31/2002 ¤ mn ¤ mn Issued capital 985 683 Capital reserve 18,362 14,102 Revenue reserves 11,453 12,139 Less treasury stock 4,546 5,958 Translation differences – 1,916 – 342 Other reserves 4,254 1,049 Total 28,592 21,673 2003 2002 ¤ mn ¤ mn Value stated as of 12/31 prior year 7,370 8,036 Translation differences – 521 – 342 Value stated as of 1/1 6,849 7,694 Additions 2,525 1,624 Changes in the group of consolidated  companies 153 – 1,551 Amortization – 410 – 397 Value stated as of 12/31 9,117 7,370 Issued capital In April 2003, 117,187,500 shares with participation rights were issued from authorized capital in connection with a capital increase for cash. The new shares were offered to shareholders at a ratio of 15:7 and a price of  ¤ 38.00. Expenses from the capital increase amounting to ¤ 116 mn after taxes diminish revenue reserves. In November 2003, 965,625 shares were issued at a price of ¤ 82.95 each, enabling employees of Allianz Group enterprises in Ger- many and abroad to purchase 944,625 shares at prices ranging from ¤ 58.07 to  ¤ 70.51. The remaining 21,000 shares were sold on the stock exchange at an average price of  ¤ 92.07. The difference between the issue price and the sale price was recorded in revenue reserves. All shares issued in 2003 are qualifying shares from the beginning of the year of issue. The issued capital at December 31, 2003 amounted to  ¤ 984,880,000 divided into 384,718,750 registered shares. The shares have no par value but a mathematical value of  ¤ 2.56 each as a proportion of the issued capital. At the end of the year under review, there was  authorized  unissued capital with a notional principal amount of  ¤ 300,000,000 (117,187,500 shares), which can be issued at any time up to April 28, 2008 (authorized unissued capital 2003/II). If shares are issued against a non-cash consideration, the Board of Management, with the approval of the Supervisory Board, is authorized to exclude the pre-emptive rights of shareholders. In the case of capital increases against a cash consideration, pre-emptive rights can be partially ex- cluded, if the issue price is not significantly less than the stock-mar- ket price. In addition, there was authorized capital with a notional principal amount of  ¤ 10,000,000 (3,906,250 shares), which can also be issued until April 28, 2008 (authorized unissued capital 2003/I). Changes in the scope of consolidation in life/health in the year 2002 include the effect of the reclassification of deferred acquisition costs to the capitalized value of life/health insurance portfolios, which was caused by the additional acquisition of 40.5 % of Allianz Lebensver- sicherungs-AG, Stuttgart. Changes in deferred acquisition costs are detailed in note 35.