Allianz executes Dresdner Bank takeover transactions

Through the execution of the previously announced forward purchases Allianz has raised its interest in Dresdner Bank AG to currently 94.3 percent. The maturity of further forward purchases will raise the interest to around 96 percent in the near term.

Allianz now holds 91.0 percent of the equity in Allianz Lebensversicherungs-AG. Allianz has sold its interest of 13.6 percent in HypoVereinsbank AG to Munich Re. The interest in Munich Re has been reduced to currently 24.8 percent and will be reduced to around 20 percent by the end of 2003 at the latest.

The transactions already planned in May 2000 are scheduled to be executed on July 1, 2002: Allianz will sell its interest of 36.1 percent in Karlsruher Lebensversicherung AG to Munich Re and in countermove raise its interests in Bayerische Versicherungsbank AG (BVB) to 90.0 percent and in Frankfurter Versicherungs-AG to 99.9 percent.

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.