■ Property & Casualty underlying earnings were € a comparable basis from €226 million in 2002, owing to a 4.0 point improvement in the combined ratio to 101.4% from 105.4% in 2002, also on a comparable basis.1 ■ International Insurance underlying earnings increased by €219 million to €141 million from a loss of €78 million in 2002, mainly driven by an improved non-life technical result as a result of underwriting discipline and expense management.