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C. Investments

The current value of investments stated in the balance sheet at acquisition cost was calculated as follows:

Real property

As a general rule, real property was valued by the gross rental value method, mostly by the simplified method. In isolated cases, the asset value method was applied. Real property is stated at the market value calculated at 31 December 2001.

Investments in affiliated companies and participations

Valuation was made on the basis of share prices, by the earning capaci- ty value method, at equity or contemporary acquisition costs. In the case of companies operating exclusively as life reinsurers, valuation was based on capital and reserves plus the present value of future income from current insurance in force.

Other investments

Valuation was basically geared to share prices at the balance sheet date. In isolated cases where these prices were not available, rates of return were used instead.

Market value

Book value

€ 1,000

€ 1,000

1,897,285

1,452,732

2,118,615

2,058,942

4,077,494

3,549,762

Real property, leasehold rights and buildings, including buildings on land not owned

Investments in affiliated companies and participations

Other investments Total

61,594

38,088

C.I. Real property, leasehold rights and buildings, including buildings on land not owned

€ 1,003 thousand of this total relates to real property and buildings used by the company itself.

C.II. Investments in affiliated companies and participations

The list of shareholdings is shown on pages 91/92 of these notes.

82 Notes to the Financial Statements

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