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## REST OF EUROPE 

## Rest of Europe Total revenues by country 

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Total revenues from the life and health insurance business in the other European markets came to 2.1 (1.7) billion euros. Due to the development of the capital markets over the course of the past years, many clients turned away from unit-linked prod- ucts. In contrast there was growing demand for traditional life insurance products. In IFRS accounts, premium income in- creased to 1.4 (1.3) billion euros. 

Whilst growth slowed down in the markets of Central and Eastern Europe, we were nonetheless able to boost our revenues by 38.4 percent, mainly due to the first-time consolidation of Allianz Slovenska over a full fiscal year. The company con- tributed premiums of 126 (73) million euros to total premium income. 

In the rest of Europe, we returned to profitability in 2003, gen- erating earnings after taxes of 7 million euros, following a loss of 77 million euros in the previous year. 

In the current fiscal year, we expect continued growth of pre- mium income and improved earnings performance. With Hun- gary, Poland, the Czech Republic and Slovakia joining the Eu- ropean Union in 2004, our business prospects for the coming years should be even more successful. 

