Consolidated Balance Sheet as at 31 December 2008

Assets			Notes	31 Dec. 2008 € 000	31 Dec. 2007 € 000
A.	Tangible assets
	I.	Self-used land and buildings	1	220,565	227,187
	II.	Other tangible assets	2	113,412	138,030
				333,977	365,218
B.	Land and buildings held as financial investments		3	1,147,634	1,014,259
C.	Intangible assets
	I.	Deferred acquisition costs	4	872,003	873,462
	II.	Goodwill	5	500,969	293,458
	III.	Other intangible assets	6	34,424	39,273
				1,407,396	1,206,193
D.	Shares in associated companies		7	851,382	506,654
E.	Investments
	I.	Variable-yield securities
		1. Available for sale	9	2,243,156	3,969,512
		2. At fair value through profit or loss		948,998	975,953
				3,192,154	4,945,465
	II.	Fixed interest securities
		1. Held to maturity	8	448,957	0
		2. Available for sale	9	7,760,272	10,072,617
		3. At fair value through profit or loss		271,468	496,638
				8,480,698	10,569,255
	III.	Loans and other investments
		1. Loans	11	3,201,817	982,480
		2. Cash at credit institutions	12	1,457,298	649,313
		3. Deposits with ceding companies	12	129,405	118,908
				4,788,519	1,750,700
	IV.	Derivative financial instruments
		1. Variable-yield derivatives	10	15,898	17,977
		2. Fixed interest derivatives	10	3,179	42,252
				19,077	60,228
				16,480,448	17,325,648
F.	Investments held on account and at risk of life insurance policyholders		24	2,642,462	2,470,340
G.	Share of reinsurance in technical provisions
	I.	Provision for unearned premiums	19	28,776	7,902
	II.	Actuarial provision	20	431,387	408,653
	III.	Provision for outstanding claims	21	294,952	351,617
	IV.	Provision for profit-unrelated premium refunds	22	225	365
	V.	Provision for profit-related premium refunds, i.e. policyholder profit sharing	22	100	100
	VI.	Other technical provisions	23	5,529	3,029
				760,970	771,666
H.	Share of reinsurance in technical provisions held on account and at risk of life insurance policyholders		24	382,480	346,868
I.	Receivables including receivables under insurance business		13
	I.	Reinsurance receivables		46,766	67,795
	II.	Other receivables		835,119	695,198
	III.	Other assets		50,432	43,383
				932,317	806,377
J.	Receivables from income tax		14	54,077	51,253
K.	Deferred tax assets		15	69,096	77,055
L.	Liquid funds			567,853	647,133
Total assets				25,630,093	25,588,664

Equity and liabilities			Notes	31 Dec. 2008 € 000	31 Dec. 2007 € 000
A.	Total equity
	I.	Shareholders’ equity	16
		1. Subscribed capital and capital reserves		390,681	206,305
		2. Revenue reserves		809,227	885,532
		3. Revaluation reserves		11,570	184,506
		4. Group total profit		53,190	60,037
				1,264,668	1,336,380
	II.	Minority interests in shareholders‘ equity	17	194,108	195,843
				1,458,776	1,532,223
B.	Subordinated liabilities		18	580,544	575,000
C.	Technical provisions
	I.	Provision for unearned premiums	19	523,561	429,985
	II.	Actuarial provision	20	15,601,625	15,166,700
	III.	Provision for outstanding claims	21	2,204,950	2,191,671
	IV.	Provision for profit-unrelated premium refunds	22	46,135	48,231
	V.	Provision for profit-related premium refunds, i.e. policyholder profit sharing	22	–5,129	389,796
	VI.	Other technical provisions	23	49,452	38,492
				18,420,594	18,264,874
D.	Technical provisions held on account and at risk of life insurance policyholders		24	2,579,997	2,412,937
E.	Financial liabilities
	I.	Liabilities from loans	25	189,053	185,900
	II.	Derivatives	10	7,087	12,342
				196,140	198,242
F.	Other provisions
	I.	Pensions and similar provisions	26	436,478	509,541
	II.	Other provisions	27	207,919	194,272
				644,397	703,813
G.	Payables and other liabilities		28
	I.	Reinsurance liabilities		869,258	796,780
	II.	Other payables		567,129	720,778
	III.	Other liabilities		11,122	9,483
				1,447,509	1,527,041
H.	Liabilities from income tax		29	57,294	41,618
I.	Deferred tax liabilities		30	244,841	332,916
Total equity and liabilities				25,630,093	25,588,664