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## Allianz at a glance 

Allianz is one of the leading global services providers in insurance, banking and asset management. We serve our customers in more than 70 countries. The solidity, service and competence of our Group are backed by the commitment of close to 174,000 employees worldwide. 

In 2003, we focused our efforts on the following activities: we strengthened our capital base, improved our operating profi- tability and reduced the complexity of our business portfolio. The progress we made is considerable. 

## PROPERTY AND CASUALTY INSURANCE 

Premium income from property and casualty insurance was up 0.3 per- cent to 43.4 billion euros. Before currency and consolidation effects, growth came to 4.0 percent. This represented 50.2 percent of total rev- enues. The combined ratio decreased 8.7 percentage points to 97.0 per- cent. Net income of the segment came to 4.5 billion euros. 

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## LIFE AND HEALTH INSURANCE 

In life and health insurance, total revenues increased 5.3 percent to 42.3 billion euros. Before currency and consolidation effects, growth even came to 10.9 percent. The share of premium income from investment-ori- ented products amounted to 51.1 percent. The success of our cost-cutting efforts is also reflected in the expense ratio, which – in relation to total net premiums earned – once again improved considerably to 7.9 (10.0) percent. Investment income rose from 7.4 to 9.8 billion euros. We posted a net loss of 48 million euros for the year, compared to net income of 19 million euros in the previous year. 

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