Ad-hoc | 5 May 2004 08:29

Allianz AG

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Allianz Group in the first Quarter of 2004 Positive trend in operating business continues – Profit after taxes estimated at around 650 million euros – Improvements in all segments The Allianz Group continued the positive trend in earnings during the 1st quarter of 2004. Progress in operating business for all four business segments contributed to this development. Provisional figures indicate that the operating result at some 1.1 billion euros was appr. 35 percent above the year- earlier value of 834 million euros. The Group achieved an estimated profit after taxes in the order of around 650 million (Q1 2003: minus 546 million) euros. Favorable conditions in the capital markets contributed toward this. Total premium income in insurance business in the 1st quarter of 2004 amounted to approximately 25 billion euros and was in the region of the figure reported in the previous year (25.1 billion euros). Adjusted for consolidation and exchange-rate effects, growth reached around 3 percent. In Property and Casualty insurance in particular, emphasis was placed on profitable growth. A strict underwriting policy and a pricing structure geared appropriately to risk contributed to further improvement in the Combined Ratio – i.e. the ratio of claims and expenses to premiums earned – to less than 96 percent (Q1 2003: 97.7 percent). In Banking Business, which is primarily governed by performance at Dresdner Bank, expenses and risk provisions were significantly reduced. Dresdner Bank contributed to the Allianz Banking segment with an operating result in the order of around 170 million euros. A positive result after taxes is therefore achieved – following a loss of 353 million euros in the 1st quarter of the previous year. All assessments are as always subject to the following cautionary statements end of ad-hoc-announcement (c)DGAP 05.05.2004 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: 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 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. The company assumes no obligation to update any forward- looking information contained herein. No obligation to update The company assumes no obligation to update any forward-looking information contained herein. ——————————————————————————– WKN: 840400; ISIN: DE0008404005; Index: DAX-30, EURO STOXX 50 Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart; EUREX; Swiss Exchange; London; Paris; NYSE 050829 Mai 04