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All the reserves of the Company were withdrawn to balance the bulk of the net deficit for the year.

The net retained loss includes a retained profit of € 5,127,218 brought forward from the previous year.

Note on capital and reserves

At the Extraordinary General Meeting of the Company on 12 March 2002, it was resolved that subscribed capital should be increased by € 84,480,000 to € 337,920,000 by cash contribution. The 84,480 new partly paid-up registered shares with a par value of € 1,000 were issued at a total issue price of € 300,000,000 and were paid up in March to the value of € 54,591,000 with a premium of € 245,409,000.

The share capital and reserves of the Company were then as follows:

Subscribed capital

337,920,000

– of which € 218,363,186 paid up

Capital reserve

245,409,000

Total

583,329,000

B. Subordinate liabilities

This refers to an interest-bearing loan from Gerling Global Finance Alpha B.V., Amsterdam, subject to 6.85% interest in the first ten years and variable interest thereafter. Final date of maturity is 16 August 2021. The lender’s rights are defined by contract as subordinate. The contract is governed by the law of the Federal Republic of Germany. For further details, see Management Report page 63.

C.II. Premium funds

A change in the zillmerization of the premium funds in one par- ticular case (cf. p. 73/74, Accounting and valuation principles) led to a € 26 million improvement in the result for own account.

84 Notes to the Financial Statements

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