This follows Allianz's conversion into a Societas Europaea last Friday. Allianz is the first company on the DJ EURO STOXX 50 Index to take this step.

"In the first instance, the decision to convert to SE status was the most efficient tool for delivering the most efficient merger with our Italian subsidiary RAS," says Michael Diekmann, CEO of Allianz. "By fully integrating RAS into Allianz, we simplify our operating structures in Europe, and this in turn means that we are better positioned to capture the long-term business opportunities in Europe."

The Allianz Group operates also in 29 European countries in the areas of insurance, banking and asset management. Altogether, it has more than 45 million clients in Europe (which is some two thirds of its global clientbase). Almost 75 percent of Allianz total revenues are generated in Europe. In 2005 nearly 5.5 billion euros in operating profit came from Europe and 85 percent of Allianz staff work in Europe.

"Europe is a core growth market for Allianz," says Diekmann. "Not only is the EU a politically stable region with more than 450 million people, but it is also an ageing society with the need for reform in the area of pensions and health. Private providers like Allianz are needed to fill the gap. The above mentioned European pension market is estimated to double by 2015, reaching a volume of some 17,000 billion euros at an annual growth rate of 7.5 percent. And of course Central and Eastern Europe offers opportunities in all areas as standards of living rise in this region."

During the last months, Allianz has changed its governance framework to better reflect its international and European dimension and further increase its efficiency: The Supervisory Board has been sized down from 20 to 12 members, with half of them representing staff from all European countries. An SE Works Council has been established by way of an agreement. It has 37 members from 24 countries, including ten representatives from Germany and three each from Italy, France and the United Kingdom. This follows after a number of non-German Board members have been appointed as members of the Board of Management.

At the same time, Allianz is increasingly profiting from its truly international and European expertise to create products that cater to its customers all over the world and in Europe. An example is the upcoming pan-European pension offer, the index-linked life insurance in Central and Eastern Europe or pan-European asset management funds.

"Being an SE much better reflects what Allianz already is today: A truly international financial services provider with a European home market and German roots," says Diekmann.


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