content_image/69663.jpg content_image/69662.jpg
came to 24.3 percent. For the first time, this figure includes the premium income of Allianz-Slovenska in Slovakia for a full fis- cal year. Because of this addition and its organic growth, the premium income of the company jumped to 324 (158) million euros. The company was first consolidated on July 22, 2002. 

Due to a very favorable loss situation and effective cost man- agement, actual earnings were better than our budget projec- tions. 

## Rest of Europe 

Gross premiums by country 

<img src='content_image/69663.jpg'>

## Earnings after taxes 

by country 

<img src='content_image/69662.jpg'>

Earnings after taxes improved to 128 (118) million euros. The losses in the Netherlands and Luxembourg come from security write-offs. 

For the current fiscal year , we expect premium income in Cen- tral and Eastern Europe to continue its strong growth. On May 1, 2004, Hungary, Poland, the Czech Republic and Slovakia will join the European Union. This historic event is likely to give an additional boost to our future business. We are confident that increasing revenues paired with strict cost management will en- able us to further improve our earnings performance in these countries. 

