Balance Sheet

Consolidated Balance Sheet as at 31 December 2007

Assets			Notes	31 Dec. 2007 € 000	31 Dec. 2006 € 000
A.	Tangible assets
	I.	Self-used land and buildings	1	227,187	233,997
	II.	Other tangible assets	2	138,030	111,113
				365,218	345,110
B.	Land and buildings held as financial investments		3	1,014,259	927,456
C.	Intangible assets
	I.	Deferred acquisition costs	4	873,462	863,430
	II.	Goodwill	5	293,458	253,064
	III.	Other intangible assets	6	39,273	47,167
				1,206,193	1,163,661
D.	Shares in associated companies		7	506,654	371,998
E.	Investments
	I.	Variable-yield securities
		1. Available for sale	8	3,969,512	3,462,337
		2. At fair value through profit or loss		975,953	1,025,332
				4,945,465	4,487,668
	II.	Fixed interest securities
		1. Held to maturity		0	0
		2. Available for sale	8	10,072,617	10,634,769
		3. At fair value through profit or loss		496,638	508,599
				10,569,255	11,143,369
	III.	Loans and other investments
		1. Loans	10	982,480	1,034,044
		2. Cash at credit institutions	11	649,313	802,106
		3. Deposits with ceding companies	11	118,908	105,678
				1,750,700	1,941,827
	IV.	Derivative financial instruments
		1. Variable-yield derivatives	9	17,977	41,144
		2. Fixed interest derivatives	9	42,252	54,826
				60,228	95,970
				17,325,648	17,668,834

F.	Investments held on account and at risk of life insurance policyholders		23	2,470,340	1,952,897
G.	Share of reinsurance in technical provisions
	I.	Provision for unearned premiums	18	7,902	31,031
	II.	Actuarial provision	19	408,653	384,279
	III.	Provision for outstanding claims	20	351,617	322,567
	IV.	Provision for profit-unrelated premium refunds	21	365	315
	V.	Provision for profit-related premium refunds, i.e. policyholder profit sharing	21	100	100
	VI.	Other technical provisions		3,029	2,656
			22	771,666	740,947
H.	Share of reinsurance in technical provisions for life insurance policies where the investment risk is borne by policyholders		23	346,868	305,580
I.	Receivables including receivables under insurance business		12
	I.	Reinsurance receivables		67,795	36,298
	II.	Other receivables		695,198	634,784
	III.	Other assets		43,383	37,150
				806,377	708,233
J.	Receivables from income tax		13	51,253	54,249
K.	Deferred tax assets		14	77,055	85,000
L.	Liquid funds			647,133	263,164

	Total assets			25,588,664	24,587,131

Equity and liabilities			Notes	31 Dec. 2007 € 000	31 Dec. 2006 € 000
A.	Total equity
	I.	Shareholders’ equity	15
		1. Subscribed capital and capital reserves		206,305	206,305
		2. Revenue reserves		885,532	692,161
		3. Revaluation reserves		184,506	181,982
		4. Group total profit		60,037	42,037
				1,336,380	1,122,485
	II.	Minority interests in shareholders‘ equity	16	195,843	207,299
				1,532,223	1,329,784
B.	Subordinated liabilities		17	575,000	475,000
C.	Technical provisions
	I.	Provision for unearned premiums	18	429,985	389,987
	II.	Actuarial provision	19	15,166,700	14,942,474
	III.	Provision for outstanding claims	20	2,191,671	2,022,881
	IV.	Provision for profit-unrelated premium refunds	21	48,231	48,027
	V.	Provision for profit-related premium refunds, i.e. policyholder profit sharing	21	389,796	752,647
	VI.	Other technical provisions		38,492	43,461
			22	18,264,874	18,199,478
D.	Technical provisions for life insurance policies held on account and at risk of policyholders		23	2,412,937	1,911,516
E.	Financial liabilities
	I.	Liabilities from loans	24	185,900	193,526
	II.	Derivatives	9	12,342	1,209
				198,242	194,734
F.	Other provisions
	I.	Pensions and similar provisions	25	509,541	542,418
	II.	Other provisions	26	194,272	179,900
				703,813	722,319
G.	Payables and other liabilities		27
	I.	Reinsurance liabilities		796,780	724,329
	II.	Other payables		720,778	655,096
	III.	Other liabilities		9,483	8,232
				1,527,041	1,387,657
H.	Liabilities from income tax		28	41,618	66,754
I.	Deferred tax liabilities		29	332,916	299,889

	Total equity and liabilities			25,588,664	24,587,131

Balance Sheet

Consolidated Balance Sheet as at 31 December 2007

Glossary