D _ Consolidated Financial Statements CONSOLIDATED BALANCE SHEET Consolidated balance sheet € mn As of 31 December Note 2021 2020 ASSETS Cash and cash equivalents 24,214 22,443 Financial assets carried at fair value through income 5 19,604 21,191 Investments 6 663,649 656,522 Loans and advances to banks and customers 7 124,079 116,576 Financial assets for unit-linked contracts 158,346 137,307 Reinsurance assets 8 56,731 20,170 Deferred acquisition costs 9 23,756 21,830 Deferred tax assets 32 1,910 1,006 Other assets 10 48,264 45,573 Non-current assets and assets of disposal groups classified as held for sale 3 145 1,790 Intangible assets 11 18,732 15,604 Total assets 1,139,429 1,060,012 LIABILITIES AND EQUITY Financial liabilities carried at fair value through income1 20,891 24,079 Liabilities to banks and customers 12 15,468 14,722 Unearned premiums 13 27,501 25,341 Reserves for loss and loss adjustment expenses 14 86,974 80,897 Reserves for insurance and investment contracts 15 632,061 611,096 Financial liabilities for unit-linked contracts 16 158,346 137,307 Deferred tax liabilities 32 5,626 8,595 Other liabilities 17 86,596 49,005 Liabilities of disposal groups classified as held for sale 3 - 1,134 Certificated liabilities 18 10,788 9,206 Subordinated liabilities 18 10,956 14,034 Total liabilities 1,055,207 975,417 Shareholders’ equity 79,952 80,821 Non-controlling interests 4,270 3,773 Total equity 19 84,222 84,594 Total liabilities and equity 1,139,429 1,060,012 1_Include mainly derivative financial instruments. 118 Annual Report 2021 − Allianz Group