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## Cash Flow Statement 

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1) Without aggregate policy reserves for life insurance products in accordance with SFAS 97 

$^{2)}$Without change in the reserves for latent premium refunds from unrealized investment gains and losses 3) 

Including trading liabilities 

The data for the cash flow statement were prepared in accordance with International Financial Reporting Standards (IFRS). It excludes the effects of major changes in the scope of consolidation, which in 2003 included in particular influences from the deconsolidation of Pi- oneer Allianz Life Assurance Corporation, Metro Manila. The deconsol- idation led to a decrease in the value of investments held (excluding funds held by others) by ¤ 24 mn (2002: ¤ 43,558 mn decrease; 2001: ¤ 77,978 mn increase), and the net total of other assets and li- 

$^{4) }$Without change in deferred tax assets/liabilities from unrealized investment gains and losses 

$^{5) }$Without change in revenue reserves from unrealized investment gains and losses 6) 

Cash and cash equivalents 

abilities increased by ¤ 24 mn (2002: ¤ 51,416 mn increase; 2001: ¤ 88,568 mn decrease). Cash outflows in connection with the acquisi- tion amounted to ¤ 1,450 (2002: 10,764; 2001: 12,450) mn. Changes in the scope of consolidation did not result in a change in cash funds (2002: ¤ 23 mn decrease; 2001: ¤ 24,564 mn increase). Outflow for taxes on income amounted to ¤ 2,665 mn (2002: ¤ 1,196 mn out- flow; 2001: ¤ 306 mn inflow). 

