Consolidated balance sheet

in EUR ‘000

A. Intangible assets

1

I. Goodwill

422,300

339,576

II. Purchased insurance portfolios

30,629

49,022

III. Other intangible assets

71,576

72,849

Total intangible assets

524,505

461,447

B. Investments

I. Land and buildings

2

2,868,725

2,175,573

II. Ownership interests*

3 + 4

970,770

532,223

III. Financial investments

16,331,894

14,552,572

a) Loans and other investments

5

1,858,350

1,601,828

b) Other securities

6

14,473,544

12,950,744

Financial investments held to maturity

373,273

306,234

Financial investments available for sale

12,958,608

11,760,935

Trading assets**

1,141,663

883,575

Total investments

20,171,389

17,260,368

C. Investments of unit- and index-linked life insurance

7

3,065,985

2,340,578

D. Reinsurers’ share in underwriting provisions

8

1,186,664

963,314

E. Receivables

9

1,200,283

983,703

F. Deferred tax assets

11

33,861

23,543

G. Other assets

12

284,686

224,058

H. Cash and cash equivalents

10

277,700

226,443

Total ASSETS

26,745,073

22,483,454

LIABILITIES AND SHAREHOLDERS’ EQUITY

Notes

31.12.2007

31.12.2006

in EUR ‘000

A. Shareholders’ equity

13

I. Share capital

109,009

109,009

II. Capital reserves

1,035,029

1,035,029

III. Retained earnings

1,057,693

775,701

IV. Other reserves

136,374

292,670

V. Minority interests

277,458

70,799

Total shareholders’ equity

2,615,563

2,283,208

B. Subordinated liabilities

14

442,910

413,200

C. Underwriting provisions

I. Unearned premiums

15

960,354

765,602

II. Mathematical reserve

16

12,502,836

10,477,880

III. Provision for outstanding insurance claims

17

3,008,951

2,644,255

IV. Provision for profit-independent premium refunds

18

43,126

36,792

V. Provision for profit-dependent premium refunds

18

557,762

687,725

VI. Other underwriting provisions

19

19,100

16,167

Total underwriting provisions

17,092,129

14,628,421

D. Underwriting provisions of unit- and index-linked life insurance

20

2,948,522

2,238,861

E. Non-underwriting provisions

I. Provisions for pensions and similar obligations

21

404,618

526,384

II. Provision for taxes

22

126,029

76,859

III. Other provisions

23

264,155

232,391

Total non-underwriting provisions

794,802

835,634

F. Liabilities

24

2,688,674

1,856,439

G. Deferred tax liabilities

11

80,765

121,528

H. Other liabilities

25

81,708

106,163

Total LIABILITIES AND SHAREHOLDERS’ EQUITY

26,745,073

22,483,454