Personalia: Changes in Board of Management of Allianz AG

Dr. Henning Schulte-Noelle (60) has decided to resign from his position as Chairman of the Board of Management of Allianz AG at the end of the Annual General Meeting on April 29, 2003. In today’s meeting the Supervisory Board of Allianz AG has accepted this and will propose Dr. Schulte-Noelle for election into the Supervisory Board which is to be rotationally formed anew in 2003. As of the end of the Annual General Meeting on April 29, the Supervisory Board has appointed Michael Diekmann (47) as new Chairman of the Board of Management. In the Board of Management Diekmann is currently in charge of the insurance activities in North and South America and holds group-wide responsibility for Human Resources.

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's business and markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro – U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of our acquisition of Dresdner Bank, including related integration issues, and (xii) general competitive factors, in each case on a local, regional, national and / or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to update any forward-looking information contained in this release.