ALLIANZ GROUP 74 SOUTH AMERICA In view of the prevailing uncertainties, we have abandoned most our life insurance activities in this region and sold our com- panies in Brazil and Chile. In Columbia, we are expanding the sale of investment-oriented products, for which there is a strong demand. The other life insurance activities were discontinued in this market as well. Total  revenues in South America came to 130 million euros.  South America Total revenues by country 2003 2002 2001 ¤ mn ¤ mn ¤ mn Brazil 84 122 178 Colombia 43 73 107 Argentina 2 2 61 Chile 1 39 1 Venezuela 1 1 9 Total 130 237 356 Total premiums earned (net) 51 139 233 Total earnings after taxes 4 5 – 20