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94 Auditors’ Report

Auditors’ Report on the Financial Statements of Gerling-Konzern Globale Rückversicherungs-AG

We have audited the annual financial statements, together with the bookkeeping system, and the management report of Gerling-Konzern Globale Rückversicherungs-Aktiengesellschaft, Cologne, for the business year from 1 January to 31 December 2001. The maintenance of the books and records and the preparation of the annual financial state- ments and management report in accordance with German commercial law and the company’s bylaws are the responsibility of its management. Our responsibility is to express an opinion on the annual financial statements, together with the bookkeeping system, and management report based on our audit.

We conducted our audit of the annual financial statements in accor- dance with section 317 HGB and the generally accepted German stan- dards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer. These standards require that we plan and per- form the audit such that misstatements materially affecting the pre- sentation of the net assets, financial position and results of operations in the annual financial statements in accordance with German prin- ciples of proper accounting and in the management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the company and evaluations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the internal accounting control system and the evidence supporting the disclosures in the books and records, the annual financial statements and the management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the annual financial statements and manage- ment report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

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