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## TRAVEL INSURANCE AND ASSISTANCE SERVICES 

_ Total revenues of the Mondial Assistance Group, the leading provider of assistance services and travel insurance worldwide, decli- ned slightly to 995 million euros. 

_ Insecurities and risk aversion strongly depressed travel, which led to a loss of revenues throughout the industry. Our company was no exception. At the same time, however, our new health management business produced its first successful results. 

Premium income increased 1.2 percent to 818 million euros. With this result, the company maintained itself at a high level and went against the market trend, although the crises and wars in Afghanistan and in Iraq, as well as the SARS outbreak, se- verely hampered the travel industry, while falling automobile sales in the major European markets put the travel assistance industry under heavy pressure. 

The claims ratio in the travel insurance business improved to 60.6 (62.0) percent. The expense ratio also declined 1.2 per- centage points to 31.3 percent – a result of the continuing streamlining of processes and structures as well as targeted cost management. 

Together, travel insurance and assistance services generated earnings after taxes amounting to 18 (21) million euros. 

## ALLIANZ MARINE & AVIATION 

Although the worldwide business climate continues to be diffi- cult, we expect higher revenues and improved earnings for the current fiscal year . 

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_ Allianz Marine & Aviation is our European specialist insurer for transportation, shipping and aviation risks. 

_ Premium income declined to 1.1 (1.4) billion euros. 

Allianz Marine & Aviation combines activities in Germany, France and Great Britain. It is the parent company of Allianz Marine & Aviation Versicherungs-AG (Germany) and Allianz Ma- rine & Aviation (France). 

The 24.7 percent drop in revenues is mainly attributable to the depreciation of the U.S. dollar with respect to the euro and the restrictive underwriting policy of Allianz Marine & Aviation (France). These measures were taken to avoid cumulated risk. The expanded business of Allianz Marine & Aviation Versiche- rungs-AG (Germany) was not able to compensate for the ex- tremely prudent underwriting in France. 

The thorough reorganization of the portfolio that eliminated claims-prone, unprofitable business and the fact that we were spared major claims in the previous year combined to bring the claims ratio down to 65.5 (75.2) percent. The expense ratio re- mained unchanged from the previous year at 21.8 percent. 

Earnings after taxes jumped to 64 (17) million euros. 

