D _ Consolidated Financial Statements 24 _ Fee and commission income 26 _ Change in reserves for insurance and investment contracts (net) Fee and commission income € mn 2021 2020 Change in reserves for insurance and investment contracts (net) € mn PROPERTY-CASUALTY Property- Consoli- Fees from credit and assistance business 1,532 1,225 Casualty Life/Health dation Group Service agreements 467 415 2021 Subtotal 1,998 1,640 Gross (418) (13,355) 30 (13,743) LIFE/HEALTH Ceded (10) 23 14 27 Investment advisory 1,622 1,345 Net (428) (13,332) 44 (13,716) Service agreements 191 155 2020 Subtotal 1,813 1,500 Gross (320) (12,965) 30 (13,255) ASSET MANAGEMENT Ceded 12 281 (13) 279 Management and advisory fees 9,566 8,336 Net (308) (12,684) 17 (12,976) Loading and exit fees 370 389 Performance fees 633 402 Other 33 63 Subtotal 10,602 9,190 27 _ Interest expenses CORPORATE AND OTHER Service agreements 2,219 2,001 Investment advisory and banking activities 666 670 Interest expenses Subtotal 2,886 2,671 € mn 2021 2020 CONSOLIDATION (3,301) (2,953) Liabilities to banks and customers (99) (83) Total 13,998 12,049 Deposits retained for reinsurance ceded (340) (88) Certificated liabilities (162) (159) Subordinated liabilities (455) (565) Other (103) (104) Total (1,159) (999) 25 _ Claims and insurance benefits incurred (net) Claims and insurance benefits incurred (net) 28 _ Impairments of investments (net) € mn Property- Consoli- Casualty Life/Health dation Group Impairments of investments (net) € mn 2021 2021 2020 Gross (40,302) (22,697) 73 (62,926) Impairments Ceded 4,737 1,140 (73) 5,804 Available-for-sale investments Net (35,565) (21,557) - (57,121) Equity securities (1,077) (4,549) 2020 Debt securities (315) (493) Gross (40,066) (21,799) 46 (61,818) Subtotal (1,391) (5,041) Ceded 4,183 591 (46) 4,728 Other (139) (439) Net (35,883) (21,208) - (57,091) Subtotal (1,530) (5,481) Reversals of impairments 199 14 Total (1,331) (5,467) 162 Annual Report 2021 − Allianz Group