Result of the tender offer to the shareholders of Allianz Lebensversicherungs-AG

After the deadline for acceptance of Allianz AZL Vermögensverwaltung GmbH & Co. KG’s offer to the shareholders of Allianz Lebensversicherungs-Aktiengesellschaft (Allianz Leben), Stuttgart, having elapsed on March 29, 2007, the number of tendered shares amounts to 162,929.

Thus, together with the 91.03% interest already indirectly held by Allianz Deutschland AG (ADAG), a wholly-owned subsidiary of Allianz SE, Allianz is indirectly entitled to a total of 9,721,000 shares, corresponding to 92.58% of the share capital. Allianz’s interest therefore stays below the 95% level required for a squeeze-out of the remaining minority shareholders pursuant to the German Stock Corporation Act.

In submitting the offer through Allianz AZL Vermögensverwaltung, Allianz complied with demands for an offer made on several occasions at general shareholders’ meetings of Allianz Leben. Having made an offer to the minority shareholders of RAS (before the merger with Allianz) and the minority shareholders of AGF to acquire their shares, Allianz has also given the minority shareholders of Allianz Leben an opportunity to sell their shares in exchange for a cash payment.

“The fact that a squeeze-out is not possible at Allianz Leben does not restrict our position under corporate law,” states ADAG Chief Financial Officer Karl-Hermann Lowe, who at the same time excludes a new tender offer: “Allianz Leben was successful on the market with this shareholder structure in the past and will continue to be so in the future”.

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include 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 / US 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 be affected by risks and uncertainties described from time to time in Allianz SE’s filings with the US Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement. 

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