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## SUPPLEMENTARY INFORMATION ON GROUP ASSETS 

## 5 Intangible assets 

Intangible assets comprise the following: 

<img src='content_image/34692.jpg'>

## Goodwill 

Changes in goodwill were as follows: 

<img src='content_image/34694.jpg'>

The additions essentially include goodwill from increasing our inter- ests in 

_ PIMCO Advisors L.P. by 14.4 % to 83.9 %, 

_ Riunione Adriatica di Sicurtà S. p. A. by 4.4 % to 55.5 %. 

The disposals essentially include goodwill from reducing our inter- ests in 

_ AFORE Allianz Dresdner S.A. de C.V. from 95.0 % to 0.0 %, 

_ Allianz-Slovenska poist’ovna a.s. by 15.0 % to 84.6 %. 

In addition, the disposals include an adjustment of the goodwill of Allianz-Slovenska poist’ovna a.s. in accordance with IAS 22.71 and SIC-22. 

The impairment charge of ¤ 224 mn concerns Allianz Life Insu- ance Company Ltd., Seoul. In the course of the annual goodwill im- pairment review the amount of the required impairment write-downs was determined on the basis of an evaluation of future cash flows from the existing contract portfolio and new business. This amount reflects the effects of persistently lower interest rates in the capital markets and the overall unsatisfactory earnings performance of the company. 

The reclassification in 2002 concerns the goodwill of associated enterprises, which have been included under investments in associ- ated enterprises since the beginning of fiscal 2002. 

Amortization of goodwill is shown in the income statement un- der item 13 as a separate heading. 

## Capitalized value of life/health insurance portfolios 

<img src='content_image/34695.jpg'>

The capitalized value of life/health insurance portfolios was deter- mined using discount rates ranging from 12.0 % to 15.0 %. Interest rates between 3.5 % and 8.5 % were applied for interest not yet due. 

The capitalized value of life/health insurance portfolios is amor- tized over the lives of the policies concerned as surpluses are real- ized or as premiums are earned. Scheduled amortizations of the cap- italized value are included under acquisition costs and administra- 

