Balance Sheet as at 31 December 2006

Assets			Notes	31 Dec. 2006 € 000	31 Dec. 2005 € 000
A.	Tangible assets
	I.	Self-used land and buildings	1	233,997	236,388
	II.	Other tangible assets	2	111,113	135,299
				345,110	371,686
B.	Land and buildings held as financial investments		3	927,456	856,351
C.	Intangible assets
	I.	Deferred acquisition costs	4	863,430	807,297
	II.	Goodwill	5	253,064	223,418
	III.	Other intangible assets	6	47,167	49,029
				1,163,661	1,079,744
D.	Shares in associated companies		7	371,998	219,469
E.	Investments
	I.	Variable-yield securities
		1. Available for sale	8	3,462,337	3,080,919
		2. At fair value through profit or loss		1,025,332	881,383
				4,487,668	3,962,302
	II.	Fixed interest securities
		1. Held to maturity		0	0
		2. Available for sale	8	10,634,769	9,926,273
		3. At fair value through profit or loss		508,599	515,629
				11,143,369	10,441,902
	III.	Loans and other investments
		1. Loans	10	1,034,044	1,157,424
		2. Cash at credit institutions	11	802,106	855,233
		3. Deposits with ceding companies	11	105,678	97,627
				1,941,827	2,110,285
	IV.	Derivative financial instruments
		1. Variable-yield derivatives	9	41,144	6,168
		2. Fixed interest derivatives	9	54,826	42,236
				95,970	48,405
				17,668,834	16,562,894
F.	Investments held on account and at risk of life insurance policyholders		23	1,952,897	1,492,241
G.	Share of reinsurance in technical provisions
	I.	Provision for unearned premiums	18	31,031	29,291
	II.	Actuarial provision	19	384,279	370,004
	III.	Provision for outstanding claims	20	322,567	333,946
	IV.	Provision for profit-unrelated premium refunds	21	315	1,752
	V.	Provision for profit-related premium refunds, i.e. policyholder profit sharing	21	100	100
	VI.	Other technical provisions		2,656	2,577
			22	740,947	737,670
H.	Share of reinsurance in technical provisions for life insurance policies where the investment risk is borne by policyholders		23	305,580	255,704
I.	Receivables including receivables under insurance business		12
	I.	Reinsurance receivables		36,298	56,849
	II.	Other receivables		634,784	604,813
	III.	Other assets		37,150	36,959
				708,233	698,621
J.	Receivables from income tax		13	54,249	28,792
K.	Deferred tax assets		14	85,000	73,197
L.	Liquid funds			263,164	192,024
	Total assets			24,587,131	22,568,392

Equity and liabilities			Notes	31 Dec. 2006 € 000	31 Dec. 2005 € 000
A.	Total equity
	I.	Shareholders’ equity	15
		1. Subscribed capital and capital reserves		206,305	206,305
		2. Revenue reserves		692,161	576,389
		3. Revaluation reserves		181,982	116,433
		4. Group total profit		42,037	31,321
				1,122,485	930,449
	II.	Minority interests in shareholders‘ equity	16	207,299	203,226
				1,329,784	1,133,674
B.	Subordinated liabilities		17	475,000	325,000
C.	Technical provisions
	I.	Provision for unearned premiums	18	389,987	351,896
	II.	Actuarial provision	19	14,942,474	13,970,159
	III.	Provision for outstanding claims	20	2,022,881	1,939,806
	IV.	Provision for profit-unrelated premium refunds	21	48,027	43,518
	V.	Provision for profit-related premium refunds, i.e. policyholder profit sharing	21	752,647	863,618
	VI.	Other technical provisions		43,461	40,381
			22	18,199,478	17,209,378
D.	Technical provisions for life insurance policies held on account and at risk of policyholders		23	1,911,516	1,457,644
E.	Financial liabilities
	I.	Liabilities from loans	24	193,526	211,731
	II.	Derivatives	9	1,209	37,029
				194,734	248,760
F.	Other provisions
	I.	Pensions and similar provisions	25	542,418	523,127
	II.	Other provisions	26	179,900	175,830
				722,319	698,957
G.	Payables and other liabilities		27
	I.	Reinsurance liabilities		724,329	689,251
	II.	Other payables		655,096	429,998
	III.	Other liabilities		8,232	11,539
				1,387,657	1,130,787
H.	Liabilities from income tax		28	66,754	95,361
I.	Deferred tax liabilities		29	299,889	268,831
	Total equity and liabilities			24,587,131	22,568,392