G ROUP MANAGEMENT REPORT Overview: Property and Casualty Insurance 47 _  Premium income in property and casualty insurance grew 4.0 percent to 43.4 billion euros, before currency and  consolidation effects. In IFRS accounts, the increase in premium income was 0.3 percent. _  The combined ratio fell 8.7 percentage points to 97.0 percent.  _  The segment generated net income of 4.5 billion euros. 2003 2002 2001 ¤  mn ¤ mn ¤ mn Germany 106,223 101,384 100,600 France 22,123 20,468 20,579 Italy 10,449 10,402 9,985 Great Britain 3,071 2,879 2,753 Switzerland 3,084 3,195 3,735 Spain 1,855 1,523 1,420 Rest of Europe 8,942 9,236 9,797 NAFTA Region 10,358 12,334 14,111 Asia-Pacific Region 2,740 2,199 1,737 South America 622 642 652 Allianz Global Risks Re 1,227 219 – Credit insurance 2,669 2,420 2,562 Travel insurance and assistance  services 509 476 445 Allianz Marine & Aviation 1,378 1,163 – 2003 2002 2001 ¤ mn ¤ mn ¤ mn Germany 4,101 9,235 3,772 France 294 383 31 Italy 402 842 395 Great Britain 199 237 69 Switzerland 19 31 121 Spain 97 62 32 Rest of Europe 128 118 111 NAFTA Region 221 – 702 – 889 Asia-Pacific Region 92 – 17 10 South America 13 47 29 Allianz Global Risks Re 77 – 257 – Credit insurance 119 16 91 Travel insurance and assistance  services 18 21 3 Allianz Marine & Aviation 64 17 – Investments Earnings after taxes