Allianz Group in Q1 2005: Preliminary Figures for Annual General Meeting

In Q1 2005, the positive earnings trend of the 2004 business year continued. According to preliminary figures, net income exceeded € 1.1 billion. In accordance with IFRS accounting standards which apply from this year on, this figure no longer includes scheduled goodwill amortization. Net income increased by around 30 percent compared to the same period of the previous year (after appropriate adjustments). This substantial increase in net income is a result of improvements in the operating business.

In Property & Casualty, the combined ratio (claims incurred plus expenses divided by premiums earned) decreased further by over 3 percentage points compared to Q1 2004 to around 92 percent.

The Allianz Group posted strong growth in Life & Health and Asset Management. Internal growth was about 10 percent in both Life insurance and Asset Management. Assets under management for third parties rose by around 7 percent compared to year-end 2004.

In Banking, the operating result was about € 240 million, though revenues fell slightly. According to preliminary figures, Dresdner Bank accounted for about € 230 million of the Group result. Dresdner Bank is thus well on its way to earning its cost of capital in 2005.

At the Annual General Meeting of Allianz AG, Chairman of the Board of Management, Michael Diekmann, will outline key developments during 2004 as well as growth opportunities for the Group.

He points out that "there is a huge market" for retirement provision and capital accumulation in Europe and the US. Diekmann: "In our core markets we will increase our share in the retail savings market, with retirement provision playing a major role. In our core markets, funded retirement provision has significant growth potential. This means enormous growth opportunities for Allianz."

According to Diekmann, Europe is going through "a far-reaching transformation process" as the "system of statutory pensions is coming under tremendous pressure". Diekmann: "In Germany, France, Italy, Spain and the countries of Central and Eastern Europe, people become increasingly used to a changing framework as regards retirement conditions."

The complete interim report for the first quarter 2005 will be disclosed on 13 May 2005 as published in the financial calendar.

Cautionary note regarding forward-looking statements
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 core business and core 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) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro-U.S. dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.

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The company assumes no obligation to update any information contained herein.