D _ Consolidated Financial Statements Business segment information – total revenues and reconciliation of operating profit (loss) to net income (loss) € mn Property-Casualty Life/Health 2021 2020 2021 2020 Total revenues1 62,272 59,412 78,348 74,044 Premiums earned (net) 53,054 51,631 24,602 24,083 Operating investment result Interest and similar income 3,264 3,182 19,569 18,022 Operating income from financial assets and liabilities carried at fair value through income (net) (55) (28) (2,088) 33 Operating realized gains/losses (net) 215 131 7,461 8,687 Interest expenses, excluding interest expenses from external debt (113) (121) (417) (117) Operating impairments of investments (net) (25) (141) (986) (4,466) Investment expenses (493) (421) (1,993) (1,681) Subtotal 2,792 2,602 21,546 20,478 Fee and commission income 1,998 1,640 1,813 1,500 Other income 11 152 4 11 Claims and insurance benefits incurred (net) (35,565) (35,883) (21,557) (21,208) Operating change in reserves for insurance and investment contracts (net)2 (428) (308) (13,382) (12,711) Loan loss provisions - - - - Operating acquisition and administrative expenses (net) (14,186) (13,846) (7,043) (7,042) Fee and commission expenses (1,955) (1,617) (919) (712) Operating amortization of intangible assets - - (20) (20) Operating restructuring and integration expenses - - (40) (20) Other expenses (13) (1) (3) - Reclassifications - - 9 (1) Operating profit (loss) 5,710 4,371 5,011 4,359 Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) (103) 68 233 57 Non-operating realized gains/losses (net) 725 490 644 738 Non-operating impairments of investments (net) (174) (577) (54) (144) Subtotal 448 (20) 822 651 Non-operating change in reserves for insurance and investment contracts (net) - - 50 27 Interest expenses from external debt - - - - 3 Non-operating acquisition and administrative expenses (net) (83) - (264) - Non-operating amortization of intangible assets (213) (163) (40) (44) Non-operating restructuring and integration expenses (424) (409) (66) (60) Reclassifications - - (9) 1 Non-operating items (272) (592) 493 575 Income (loss) before income taxes 5,438 3,778 5,504 4,934 Income taxes (1,325) (1,173) (1,334) (1,168) Net income (loss) 4,113 2,605 4,170 3,766 Net income (loss) attributable to: Non-controlling interests 113 96 206 160 Shareholders 4,000 2,509 3,964 3,606 1_Total revenues comprise gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/ Health, operating revenues in Asset Management, and total revenues in Corporate and Other (Banking). 2_For the year ended 31 December 2021, includes expenses for premium refunds (net) in Property-Casualty of € (150) mn (2020: € (45) mn). 3_Include, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses, litigation expenses, and one-time effects from significant reinsurance transactions with disposal character. Until 2020, all positions except acquisition-related expenses were shown within operating acquisition and administrative expenses (net). 142 Annual Report 2021 − Allianz Group