Allianz Group: Performance during the First Nine Months of 2003

Positive Trend in Operating Business Continues – Profit of 421 Million Euros in the First Nine Months – Perlet: Allianz Back on Track for Profitability. Total premium income up by 9.1 percent, adjusted for currency effects and consolidation – Strong premium growth in life insurance business is sustained – Expense ratio falls in all areas – Combined ratio improves to 96.9 percent

Allianz and Munich Re cancel "principles of cooperation" agreement

The business relations between the two companies remain unaffected.

Allianz sells 40 percent in Beiersdorf

Allianz AG, Munich, will sell 40 percent of its stake in Beiersdorf to an investor group led by Tchibo Holding AG, Hamburg. Allianz currently holds a total of 43.6 percent in Beiersdorf AG.

Allianz Group - Trend for the fiscal year 2003

Positive results expected for FY 2003 – Positive trend in operating business continues in 3Q 2003 – sale of industrial holding amounting to EUR 4.4 billion – charges caused by retroactive tax charges and change in accounting treatment

Postbank will process payment transactions for Deutsche Bank and Dresdner Bank

Deutsche Bank to contribute its subsidiary DB Payments – Dresdner Bank to contribute its subsidiary Dresdner Zahlungsverkehrsservice – Joint synergies

Allianz Life (USA) sells its life-reinsurance activities

Allianz Life, the US Life insurance company of the Allianz Group, sells its life-reinsurance activities for 310 million US dollars.

Allianz Group - Performance in the first six months of 2003

Trend is pointing in the right direction – Second quarter profit of 622 million euros – Diekmann: Clear progress in operating business, but Allianz is not yet out of the woods

Allianz sells Mexican pension fund company AFORE Allianz Dresdner

Allianz Group and Grupo Financiero Bital, S.A. de C.V. (“GFBital”), a subsidiary of HSBC Holdings plc, agreed in principle that GFBital will acquire 100 percent of the shares of AFORE Allianz Dresdner, S.A. de C.V. (“AAD”). The value of the transaction will be US$ 200 million.

Allianz repays a first tranche of the MILES bond in Munich Re shares

Allianz will be repaying a first tranche of about 50 percent of the MILES bond issued in January 2001 ahead of schedule by releasing Munich Re shares.