D _ Consolidated Financial Statements CONSOLIDATED INCOME STATEMENT Consolidated income statement € mn Note 2021 2020 Gross premiums written 86,063 82,986 Ceded premiums written (7,567) (6,752) Change in unearned premiums (net) (840) (520) Premiums earned (net) 20 77,656 75,714 Interest and similar income 21 23,137 21,395 Income from financial assets and liabilities carried at fair value through income (net) 22 (2,008) (69) Realized gains/losses (net) 23 9,423 10,256 Fee and commission income 24 13,998 12,049 Other income 24 163 Total income 122,230 119,508 Claims and insurance benefits incurred (gross) (62,926) (61,818) Claims and insurance benefits incurred (ceded) 5,804 4,728 Claims and insurance benefits incurred (net) 25 (57,121) (57,091) Change in reserves for insurance and investment contracts (net) 26 (13,716) (12,976) Interest expenses 27 (1,159) (999) Loan loss provisions (11) (15) Impairments of investments (net) 28 (1,331) (5,467) Investment expenses 29 (1,962) (1,640) Acquisition and administrative expenses (net) 30 (31,422) (26,644) Fee and commission expenses 31 (5,000) (4,024) Amortization of intangible assets (307) (260) Restructuring and integration expenses (666) (788) Other expenses (15) - Total expenses (112,710) (109,905) Income before income taxes 9,520 9,604 Income taxes 32 (2,415) (2,471) Net income 7,105 7,133 Net income attributable to: Non-controlling interests 495 326 Shareholders 6,610 6,807 Basic earnings per share (€) 41 15.96 16.48 Diluted earnings per share (€) 41 15.83 16.32 Annual Report 2021 − Allianz Group 119