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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). 

## Software 

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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. 

## Loyalty bonuses and brand names 

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. 

## 6 Investments in affiliated enterprises, joint ventures, and associated enterprises 

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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. 

## 7 Investments 

Investments comprise the following: 

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## Securities held-to-maturity 

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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. 

