Allianz SE · XETR:ALV

Allianz — FY2004 Earnings Presentation

170 slides from Allianz's earnings presentation, March 2005

1. Slide 1: Analysts' Conference March 2005

   + o ne Analysts’ Conference March 2005

2. Slide 2: Agenda

   Agenda A. 3+one Michael Diekmann A 1 B. Group financial results 2004 Helmut Perlet B 1 C. Capital efficiency Paul Achleitner C 1 D. Allianz Global Investors Joachim Faber D 1 E. Allianz Leben: new opportunities for Maximilian Zimmerer E 1 profitable growth F. Index F 1 G. Appendix Glossary G 1 Inves

3. Slide 3: 3+one

   Michael Diekmann, CEO 3+one Analysts’ Conference March 2005

4. Slide 4: 2004 at a glance: a successful year

   A. 3+one 2004 at a glance: a successful year Strong growth of operating profit Improved quality of result RoRACN-goal of 15% achieved1 Dividend increased by 16.7% Optimization and growth initiatives launched Further profit potential 1) 16.2% RoRACN of operating units before RAC diversification and c

5. Slide 5: 2004 at a glance: over-delivered on most financial targets

   A. 3+one 2004 at a glance: over-delivered on most financial targets Segment Lever Target1 Achieved Score Combined ratio Group ~ 97% 92.9% P/C Combined ratio AGF < 100% 98.5% Operating profit 1,383m 2 1,418m L/H Reach critical mass in VA3 2005 2004 Profit in EUR m [rc = restructuring costs] 0m before

6. Slide 6: Where do we stand today?

   A. 3+one Where do we stand today? RoRACN Group1 Capitalize on strengths Focus on Clear targets profitability per segment Restore the basics 16.5% 12.6% 3.1% 2002 2003 2004 2005 2006 Initiatives 3+one Sustainability Customer focus 1) Normalized profit after tax / average risk-adjusted capital; after

7. Slide 7: "3+one" recap

   A. 3+one “3+one” recap Protect and enhance capital base Substantially strengthen operating profitability Reduce complexity Increase sustainable competitiveness and shareholder value A4

8. Slide 8: Capital base enhanced

   A. 3+one Capital base enhanced Including Achievements 2004 “All in one” Capital strengthened Risk capital surplus1 pro forma2 ƒ Successful launch of “All in one” (EUR bn) 18.9 transaction 16.0 - Improved debt structure - Sound capital base 11.8 Risks reduced ƒ Lower equity gearing ƒ Less equity clus

9. Slide 9: Operating profitability substantially strengthened

   A. 3+one Operating profitability substantially strengthened Achievements 2004 ƒ Operating profit up 68.6% to Operating profit1 EUR 6.9bn (EUR m) ƒ Sustainable improvement: 6,856 - cost reductions - underwriting discipline - risk profile of bank portfolio 4,066 ƒ Target of 15% RoRACN reached2 -524 20

10. Slide 10: Complexity reduced

    A. 3+one Complexity reduced Selected initiatives IRU Ongoing reduction of non-strategic loan portfolio Sale of sub-critical subsidiaries, e.g. AZ Canada, Divestments AZ President, ZA Verzekeringen, Cornhill Life Significant reduction of Dresdner Bank’s non-strategic “All in one” equity portfolio Sus

11. Slide 11: Return on capital improved

    A. 3+one Return on capital improved 2004, in % of average risk-adjusted capital Revenue Strategic Growers Value Growers Outperformers growth -4%-p -19%-p 12%-p 37 36 24 18 4 0 2003 2004 2003 2004 2003 2004 0% 8.15% 15% Underperformers Optimizers RoRACN1 1%-p 5%-p 5%-p 252 262 8 7 12 Ø RoRACN -0.1% 3

12. Slide 12: IFSP: insurance sales via bank branches continue to grow

    A. 3+one IFSP: insurance sales via bank branches continue to grow New business life plus non-life Annual business value (EUR m) 1 Number of contracts (‘000) P/C L/H Riester contracts 238 2 182 173 6 113 +419% +668% 40 92 184.2 88 70 135.9 44 99.2 122 31 84 51.4 28 63 35.5 21 9 17 2000 2001 2002 2003

13. Slide 13: IFSP: tied agents sustainable channel for mutual fund distribution

    A. 3+one IFSP: tied agents sustainable channel for mutual fund distribution In % of Allianz agents active in mutual fund business1 Net inflows from Allianz distribution (EUR m) Real estate Securities +16.7%-p +37% 85.5% 712 85.1% 702 121 68.8% 209 520 109 591 493 411 2002 2003 2004 2002 2003 2004 1)

14. Slide 14: Sustainability: further enhancement of "3+one"

    A. 3+one Sustainability: further enhancement of “3+one” Deliver bottom-line impact across Group Target: Identify and Sustainable understand operational best practice excellence and Make superior operating best practice profitability common practice Teach and learn A 11

15. Slide 15: Sustainability: more than lip service

    A. 3+one Sustainability: more than lip service Team leader P&C stream 1 Team auto claims Vaupel Program Traditional auto Bradshaw Leader (PL) Team auto product P/C Cucchiani development/pricing/ Direct Beddall underwriting/ 2 processing Fleets Ketelaar 3 Processes/efficiency auto 1 + 2 Sartorel Prog

16. Slide 16: Customer focus: further enhancement of "3+one"

    A. 3+one Customer focus: further enhancement of “3+one” Customer Customer focus focus initiative initiative (CFI) (CFI) Sustainable competitive advantage Protect customer base Target: Increase High customer loyalty Maximize life-time value customer market share Customers referring Obtain new custome

17. Slide 17: Customer Focus: more than lip service

    A. 3+one Customer Focus: more than lip service Examples for key performance indicators 1. Advice and quotation ƒ Speed of quotation ƒ Call abandonment rate ƒ % of offers sent out within customer expected limit ƒ Conversion rate I. Set targets 2. Claims management ƒ % response on validity of claim wi

18. Slide 18: Going forward

    A. 3+one Going forward Management focus Deliverables for 2005 ƒ Capital allocation / efficiency ƒ Revenues: ƒ Operational excellence growth in line with 2004 ƒ Customer focus ƒ P/C: ƒ Investment performance combined ratio < 95%1 ƒ Risk management ƒ L/H: operating profit > EUR 1.5bn Growth focus ƒ In

19. Slide 19: Today's presentations

    A. 3+one Today’s presentations Michael Diekmann Protect and enhance 3+one capital base Helmut Perlet Substantially strengthen Group financial results 2004 operating profitability Reduce Paul Achleitner complexity Capital efficiency Increase sustainable Joachim Faber competitiveness and Allianz Globa

20. Slide 20: Group financial results 2004

    Helmut Perlet - CFO Allianz AG Group financial results 2004 Analysts’ Conference March 2005

21. Slide 21: "3+one": goals 2004 achieved

    B. Group financial results 2004 “3+one”: goals 2004 achieved Highlights 2004 Operating profit evolution ƒ Managed growth: dynamic expansion in L/H and AM, selective 6,856 growth in P/C, stabilized at Dresdner Bank ƒ Operational discipline: 4,066 reduction of expenses, improvement of underwriting res

22. Slide 22: Agenda: where do we stand

    Agenda: where do we stand I. Substantially strengthen operating profitability ƒ Group ƒ P/C ƒ L/H ƒ Banking ƒ Asset Management ƒ Investment income II. Protect and enhance capital base B2

23. Slide 23: Key financials: all improved

    B. Group financial results 2004 Key financials: all improved Total revenues Expenses1 Operating profit Net income (EUR bn) (EUR m) (EUR m) (EUR m) 3.3% -7.0% 68.6% 16.4% 96.9 13,318 93.8 12,389 XX 6,856 4,066 1,890 2,199 Internal growth: 6.0% 12M 2003 12M 2004 12M 2003 12M 2004 12M 2003 12M 2004 12M

24. Slide 24: Revenue development: managed growth

    B. Group financial results 2004 Revenue development: managed growth 4Q total revenues1 (EUR bn) 12M total revenues1 (EUR bn) Total Internal Total Internal growth growth2 growth growth2 22.8 24.3 (%) (%) 93.8 96.9 (%) (%) 2.5 AM 12.4 22.7 2.2 0.7 AM 18.2 33.7 6.2 Banking -4.5 0.3 0.6 6.5 1.5 Banking

25. Slide 25: Expenses: all segments improve

    B. Group financial results 2004 Expenses1: all segments improve (EUR m) P/C Banking L/H AM2 Evolution of expenses -15.2% -18.9% 3,751 15,272 3,420 1,526 13,318 526 3,181 304 12,389 1,207 307 1,140 7,224 1,739 1,488 1,397 6,052 5,459 469 1,911 536 442 1,719 1,636 950 1,159 1,035 4,611 4,340 4,154 4Q

26. Slide 26: Operating profit: all segments improve

    B. Group financial results 2004 Operating profit1: all segments improve (EUR m) 4Q 2004 ∆4Q 04/03 12M 2004 ∆12M 04/03 Comments 12M 04 P/C Combined ratio down 1,081 528 3,979 1,542 4.1%-p to 92.9% 12% improvement as L/H 370 -13 1,418 153 operating CIR2 decreases 0.3% to 95.5% Cost & risk profile Bank

27. Slide 27: Better quality of result

    B. Group financial results 2004 Better quality of result (EUR m) Evolution of income b/ taxes, minorities and goodwill amortization 2,790 Taxes 884 6,347 increased by EUR 1,581m 1,351 Taxes Banking 1,727 restructuring 4,274 EUR 600m Minorities Taxes 1,257 146 -2,952 Minorities Goodwill 825 1,164 Goo

28. Slide 28: We achieved our goals...

    B. Group financial results 2004 We achieved our goals... RoRACN (operating units)1 RoRACN (Group)2 IFRS RoE b/GW +3.2%-p +3.9%-p -1.8%-p 16.2% 16.5% 13.0% 12.6% 13.1% 11.3% XX% 2003 2004 2003 2004 2003 2004 ∅ Capital (EUR bn) 36.3 34.4 32.6 31.2 25.1 29.7 1) RoRACN of operating units is before effec

29. Slide 29: ...but for numerous companies, 15% RoRACN still remains a goal

    B. Group financial results 2004 ...but for numerous companies, 15% RoRACN still remains a goal to achieve1 RAC and RoRACN2 RoRACN 80% 2004 ƒ Clear progress 70% 2003 against 2003 60% 15.0% ƒ 74% of RAC earn 50% 8.15% CoC1 cost of capital 48% 40% ƒ 48% of RAC exceed 30% 74% 15% RoRACN target 20% 15.0

30. Slide 30: Diversified business mix improves capital efficiency

    B. Group financial results 2004 Diversified business mix improves capital efficiency (EUR bn, average risk capital) Steps of diversification (2004, a/ minorities) 3. step: adjust capital require- 2. step: ment to AA-rating am- 1. step: geographic bition of Allianz Group diversification between diver

31. Slide 31: Agenda: where do we stand

    Agenda: where do we stand I. Substantially strengthen operating profitability ƒ Group ƒ P/C ƒ L/H ƒ Banking ƒ Asset Management ƒ Investment income II. Protect and enhance capital base B 11

32. Slide 32: P/C overview: focus on underwriting profitability pays off

    B. Group financial results 2004 P/C overview: focus on underwriting profitability pays off (EUR m) Drivers Operating profit ƒ Strong combined ratio of 92.9% 95.5% 63.3% (12M 03: 97.0%) reflects: 3,979 - selective growth in profitable 1,081 markets or segments 2,437 - strict underwriting guidelines 5

33. Slide 33: P/C: strict underwriting policy...

    B. Group financial results 2004 P/C: strict underwriting policy... GPW drivers Gross premiums written (EUR bn) Focus on profitability has varying Internal growth rate implications in different markets1: Total growth rate ƒ Growth in both price and volume (e.g. -0.3% 2.1% Spain +4.9%, Switzerland2 +3

34. Slide 34: P/C: ...leads to strongly improved combined ratio

    B. Group financial results 2004 P/C: ...leads to strongly improved combined ratio (in %) Combined ratio 12M 03 12M 04 Combined ratio SGD (German P/C Group) 93.0 88.2 Claims ratio Expense ratio Adjustment4 Allianz AG1 100.2 87.1 -12.8%-p AGF2 102.8 98.5 105.7 RAS Group Italy 97.0 95.7 4.0 97.0 95.8 9

35. Slide 35: AGF: target achieved

    B. Group financial results 2004 AGF: target achieved Evolution of combined ratio (in %) Outlook Claims ratio Expense ratio ƒ Sustained technical profitability 1Q/2003: 105.4 ƒ Stabilization of motor portfolio 112.3 2Q/2003: 102.8 102.8 98.5 3Q/2003: 102.3 ƒ Strengthening of customer focus 4Q/2003: 1

36. Slide 36: P/C: significantly reduced net capital gains

    B. Group financial results 2004 P/C: significantly reduced net capital gains (EUR m) Inv. result drivers 6,4071 ƒ Current yield2: - F/I: 4.2% 1,623 (-0.3%-p) -312 4,155 - Equity: 3.0% -145 3,684 (+0.5%-p) -694 ƒ Harvesting rate2,3 6.3% on equity portfolio value (12M 03: 19.6%) Current Realized Write

37. Slide 37: Agenda: where do we stand

    Agenda: where do we stand I. Substantially strengthen operating profitability ƒ Group ƒ P/C ƒ L/H ƒ Banking ƒ Asset Management ƒ Investment income II. Protect and enhance capital base B 17

38. Slide 38: L/H overview: ongoing profitable growth

    B. Group financial results 2004 L/H overview: ongoing profitable growth (EUR m) Drivers Operating profit ƒ Operating CIR1 improved by -3.4% 12.1% 0.3%-p to 95.5%, driven 1,418 383 370 1,265 especially by: - increased asset base - pricing of new business 4Q 2003 4Q 2004 12M 2003 12M 2004 - efficiency

39. Slide 39: L/H: double digit growth

    B. Group financial results 2004 L/H: double digit growth Statutory premium drivers1 Statutory premiums (EUR bn) Premiums from investment- ƒ AZ Life: profitable growth of 43%. Internal growth rate oriented products Market leader in equity-indexed Total growth rate IFRS premiums products 15.3% 10.0% ƒ

40. Slide 40: L/H: investment income strengthened

    B. Group financial results 2004 L/H: investment income strengthened Before policyholder participation (EUR m) Inv. result drivers ƒ Current yield2: 1,446 13,330 13,7901 - F/I: 4.8% 1,217 100 (-0.3%-p) 10,911 -344 - Equity: 2.9% (-0.2%-p) ƒ Harvesting rate2,3 3.7% on equity portfolio value (12M 03: -

41. Slide 41: Agenda: where do we stand

    Agenda: where do we stand I. Substantially strengthen operating profitability ƒ Group ƒ P/C ƒ L/H ƒ Banking ƒ Asset management ƒ Investment income II. Protect and enhance capital base B 21

42. Slide 42: Dresdner Bank overview: back on track

    B. Group financial results 2004 Dresdner Bank1 overview: back on track (EUR m) Drivers Operating profit (loss) 599 ƒ Operating profit improved by EUR 1.1bn to EUR 0.6bn 57 ƒ Net income after restructuring costs EUR 142m; target over-achieved -259 -482 ƒ Net loss in 4Q 04 due to accelerated 4Q 2003 4

43. Slide 43: Dresdner Bank: revenues stabilized

    B. Group financial results 2004 Dresdner Bank1: revenues stabilized (EUR m) Operating revenue drivers Operating revenues ƒ Net interest income slightly below Net interest income -0.5% 2003 due to reduced non-strategic Net fee and commission income Net trading income RWA. Net interest margin improved

44. Slide 44: Dresdner Bank: strict cost containment

    B. Group financial results 2004 Dresdner Bank1: strict cost containment (EUR m) Administrative expense drivers Administrative expenses ƒ Continuous cost savings in Personnel expenses -7.5% Non-personnel expenses personnel as well as operating costs across all divisions 5,738 5,308 -3.9% ƒ FTE reduct

45. Slide 45: Dresdner Bank: risk profile improved

    B. Group financial results 2004 Dresdner Bank1: risk profile improved Net loan loss provision drivers Net loan loss provisions (EUR m) ƒ Significant reduction of required -77.5% -66.8% loan loss provision ƒ Coverage ratio2 further improved 1,015 to 60.4% ƒ Total risk elements3 down 31.1% to EUR 7.3b

46. Slide 46: Dresdner Bank: restructuring measures influence non-operating result

    B. Group financial results 2004 Dresdner Bank1: comprehensive restructuring measures influence non-operating result Drivers of non-operating result Non-operating result (EUR m) ƒ Net capital gains from e.g. 2003 2004 Telecinco (2Q 04) and Conti (3Q 04) more than compensated Total -1,893 -678 by writ

47. Slide 47: Dresdner Bank: EUR 676m operating profit from ongoing business

    B. Group financial results 2004 Dresdner Bank1: EUR 676m operating profit contribution from ongoing business (EUR m) Operating profit drivers 4Q 2004 ∆ 04/033 12M 2004 ∆ 04/033 PeB: strong commission and fee income (securities, in- -26 0 75 144 surance), costs reduced PBB: comm. income (securit., -2

48. Slide 48: Dresdner Bank – IRU: wind down by agreed transactions

    B. Group financial results 2004 Dresdner Bank – IRU: wind down will be accomplished by agreed and initiated transactions (EUR m) Exposure Down from 264 624 EUR 35.5bn 648 since 2003 9,690 3,671 1,629 2,011 670 173 Actual Pending Pending Repayments, Retransfers Large Large Transaction Other 31/12/04

49. Slide 49: Agenda: where do we stand

    Agenda: where do we stand I. Substantially strengthen operating profitability ƒ Group ƒ P/C ƒ L/H ƒ Banking ƒ Asset Management ƒ Investment income II. Protect and enhance capital base B 29

50. Slide 50: Asset Management overview: profitable growth continues

    B. Group financial results 2004 Asset Management overview: profitable growth continues (EUR m) Drivers Operating profit ƒ Profitability improved for 3rd 16.8% 35.6% consecutive year; 4Q first quarter 856 733 with positive net income ƒ Strong net inflows due to superior 278 205 performance in fixed i

51. Slide 51: Asset Management: continued strong net inflows

    B. Group financial results 2004 Asset Management: continued strong net inflows Third-party AuM (EUR bn) Client and asset mix Third-party AuM (as of 31/12/2004 = EUR 585bn) Third-party AuM 565 (as of 31/12/2003) Retail Institutional Σ Net inflows 31 Equity 12% 11% 23% Market effects 32 Fixed 27% 48%

52. Slide 52: Asset Management: revenue growth and cost control pay off

    B. Group financial results 2004 Asset Management: revenue growth and cost control pay off (EUR m) Drivers Operating Operating cost-income profit ratio (in %) Operating revenues 12.4% 3.1% -4.3%-p 2,238 2,308 573 644 67.2 66.9 67.5 61.5 12M 56.8 62.9% 4Q 2003 4Q 2004 12M 2003 12M 2004 Operating expen

53. Slide 53: Asset Management: acquisition-related expenses decrease from 2005

    B. Group financial results 2004 Asset Management: acquisition-related expenses clearly decrease from 2005 onwards Acquisition related expenses (before taxes, EUR m) Comment -655 1,015 -570 ƒ Due to IFRS 3, goodwill amortization has been 212 new abandoned after 2004 803 385 B-units 173 173 ƒ Due to I

54. Slide 54: Agenda: where do we stand

    Agenda: where do we stand I. Substantially strengthen operating profitability ƒ Group ƒ P/C ƒ L/H ƒ Banking ƒ Asset management ƒ Investment income II. Protect and enhance capital base B 34

55. Slide 55: Asset allocation: equity exposure decreases

    B. Group financial results 2004 Asset allocation1: equity exposure decreases Group asset allocation (EUR bn) Asset allocation P/C (EUR bn, in %, 12M 2004) Other Total 338 (%) 360 (%) 7.5 (8.3%) Real estate Other 13 3.9 10 2.8 5.1 (5.7%) Real estate 14 4.1 14 3.9 Equity F/I Equity 55 16.4 52 14.6 17.

56. Slide 56: Insurance fixed-income portfolio with strong credit rating

    B. Group financial results 2004 Insurance fixed-income portfolio with strong credit rating Duration1 (years) Credit rating (in %) AAA 39 Insurance total 5.4 Investment AA 28 grade (93%) A 19 P/C 4.3 BBB 7 Shareholders‘ share of 100bps shift: EUR 1.3bn Non-investment grade 1 L/H 5.7 Shareholders‘ sha

57. Slide 57: Agenda: where do we stand

    Agenda: where do we stand I. Substantially strengthen operating profitability ƒ Group ƒ P/C ƒ L/H ƒ Banking ƒ Asset Management ƒ Investment income II. Protect and enhance capital base B 37

58. Slide 58: Capital base: further strengthened

    B. Group financial results 2004 Capital base: further strengthened IFRS equity (EUR bn) Group solvency (in %) Risk capital surplus1 (EUR bn) +7.8% +17.6%-p +33.9% 223.9 206.3 30.8 28.6 100% 15.8 11.8 2003 2004 2003 2004 2003 2004 Capital significantly Solvency margin reflects Comfortable risk buffer

59. Slide 59: Strong result and unrealized gains drive shareholders' equity

    B. Group financial results 2004 Strong result and unrealized gains drive shareholders’ equity (EUR m) Additional Impact from 2,199 2 30,828 “All in one” in 28,592 1,350 1Q 2005: -551 EUR +1.5bn -764 4.2 Unrealized Unrealized 5.6 gains/losses (EUR bn) gains/losses (EUR bn) Sh. equity Currency Change

60. Slide 60: Summary: we delivered what we promised

    B. Group financial results 2004 Summary: we delivered what we promised “All targets 2004 achieved” ƒ Operating profitability substantially strengthened across all segments: - P/C: combined ratio of 92.9% - L/H: operating profit of EUR 1.4bn - Dresdner Bank: bottom-line profit - AM: CIR down to 62.9%

61. Slide 61: Accounting changes 2005

    B. Group financial results 2004 Accounting changes 2005 Topic Explanation IFRS2 Cash-settled plans to be adjusted from intrinsic valuation to fair valuation; Share-based PIMCO B-Units to be reclassified from equity-settled plan to cash-settled plan compensation (put option included). Effects1: equit

62. Slide 62: Targets 2005

    B. Group financial results 2004 Targets 2005 Focus on profitable and sustainable growth: Group-wide revenue increase in line with 2004 P/C L/H Banking Asset Mgmt. Strong combined Operating profit Earn cost of 10% increase in ratio below 95% of at least capital operating profit1 EUR 1.5bn Caveats, e.

63. Slide 63: Additional information

    Allianz Group Additional information

64. Slide 64: Group: result by segment

    B. Group financial results 2004 Group: result by segment (EUR m) Asset Con- Total P/C L/H1 Banking Mgmt. solidation 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 Total revenues (EUR bn) 43.4 43.8 42.3 45.2 6.7 6.5 2.2 2.3 0.9 0.8 93.8 96.

65. Slide 65: Breakdown of profit consolidations

    B. Group financial results 2004 Breakdown of profit consolidations Banking P/C (EUR m) L/H Profit before taxes, minorities and goodwill amortization 206 2,371 2,133 32 98 259 1,421 120 2,014 398 903 Intra-group Gains from Other income/ Total Total dividends intra-group expenses from consolidations c

66. Slide 66: Group: key figures per quarter

    B. Group financial results 2004 Group: key figures per quarter (EUR m) 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 4Q 04 ∆4Q 04/03 Total revenues1 (EUR bn) 27.5 21.9 21.6 22.8 27.2 22.2 23.1 24.3 1.5 Operating profit 839 1,395 938 894 1,228 1,994 1,875 1,759 865 Net capital gains2 849 -167 286 3,808 7

67. Slide 67: P/C: key figures and ratios per quarter

    B. Group financial results 2004 P/C: key figures and ratios per quarter (EUR m) 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 4Q 04 ∆4Q 04/03 Total revenues (EUR bn) 14.6 9.5 10.1 9.2 14.4 9.8 10.4 9.1 -0.1 Operating profit1 282 962 640 553 497 1,263 1,138 1,081 528 Net capital gains2 745 -219 397 4,037

68. Slide 68: L/H: key figures and ratios per quarter

    B. Group financial results 2004 L/H: key figures and ratios per quarter (EUR m) 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 4Q 04 ∆4Q 04/03 Total revenues (EUR bn) 10.7 10.4 9.5 11.7 10.8 10.3 10.8 13.2 1.5 Operating profit 455 292 135 383 372 298 378 370 -13 Net capital gains1 17 7 22 123 151 13 59 3

69. Slide 69: Dresdner Bank: key figures and ratios per quarter

    B. Group financial results 2004 Dresdner Bank1: key figures and ratios per quarter (EUR m) 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 4Q 04 ∆4Q 04/03 Net interest income2 506 628 489 768 517 584 658 517 -251 Net fee and commission income 671 573 579 564 708 582 569 602 38 Net trading income 611 466 3

70. Slide 70: Dresdner Bank – IRU: exits/remaining exposure

    B. Group financial results 2004 Dresdner Bank – IRU: exits/remaining exposure (EUR bn) Exposure 35.5 9.6 8.1 2.8 1.7 1.1 2.5 9.7 RWA: EUR 19.9bn RWA: EUR 4.2bn Risk Capital: EUR 3.2bn Risk Capital: EUR 0.8bn Setup1 Early/ Sales Limit Currency Retransfer Other Today regular cancellations effects to s

71. Slide 71: Dresdner Bank: RWA, risk capital and capital ratios

    B. Group financial results 2004 Dresdner Bank: RWA, risk capital and capital ratios (EUR bn) Risk-weighted assets (BIS)1 Risk capital1,2 IRU DreBa ex IRU -3.2% -6.1% 8.2 7.9 IRU 1.5 -47.9% 0.8 111.7 104.9 1.9 Corp.O. 1.9 10.3 -58.9% 4.2 DrKW 2.1 1.8 6.9% CB 1.5 1.6 101.5 -0.8% 100.7 PBB 0.5 0.6 PeB

72. Slide 72: Asset Management: key figures and ratios per quarter

    B. Group financial results 2004 Asset Management: key figures and ratios per quarter (EUR m) 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 4Q 04 ∆4Q 04/03 Operating revenues 488 544 632 573 544 556 564 644 70 Operating expenses -351 -361 -424 -369 -364 -375 -347 -366 3 Operating profit 137 183 208 205 1

73. Slide 73: Group asset allocation: breakdown per segment

    B. Group financial results 2004 Group asset allocation1: breakdown per segment (EUR bn) 12M 2004 Total in % P/C in % L/H in % Bank in % AM in % Equity 52.3 14.6 17.1 18.9 28.4 11.7 6.8 26.5 0.1 10.0 Fixed income 282.9 78.7 60.8 67.2 204.4 84.1 17.3 67.7 0.5 88.8 Real estate 14.2 3.9 5.1 5.7 7.6 3.1

74. Slide 74: Investment result: breakdown per segment

    B. Group financial results 2004 Investment result1: breakdown per segment (EUR m) Total P/C L/H Banking AM 12M03 12M04 12M03 12M04 12M03 12M04 12M03 12M04 12M03 12M04 Current income 15,510 15,590 3,634 3,684 10,843 10,911 1,021 988 13 7 Realized gains/losses 5,955 3,174 5,933 1,623 -200 1,217 202 31

75. Slide 75: Reconciliation of P/C and L/H ratios

    B. Group financial results 2004 Reconciliation of P/C and L/H ratios P/C L/H Claims ratio Expense ratio Expense ratio (statutory) 8.1 Benefits payable 12.1 Acquisition costs & admini- 12.1 Acquisition costs & admini- to policy holders strative expenses strative expenses (EUR m) 26,923 26,929 (EUR m)

76. Slide 76: Revaluation reserve around EUR 26.0bn

    B. Group financial results 2004 Revaluation reserve around EUR 26.0bn (EUR bn) Off balance sheet Revaluation reserve On balance sheet Shareholders’ share Policyholders’ share 1.7 (31.4%) 2.2 (41.8%) 26.0 4.8 Real estate 0.5 Affiliated/associated enterprises, JV 12.0 Minorities 0.4 (6.8%) 1.1 Availab

77. Slide 77: Group asset allocation: equity gearing after "All in one" below 1.0

    B. Group financial results 2004 Group asset allocation: equity gearing after “All in one” transaction below 1.0 Development asset allocation (in %) Equities Real estate Fixed income Other Equity gearing 2004 (EUR bn) ƒ Shareholder exposure: 21.9 3 3 4 2.8 ƒ NAV ex goodwill: 20.8 64 45 54 3.9 4 ƒ Goo

78. Slide 78: Goodwill

    B. Group financial results 2004 Goodwill (EUR bn) Goodwill per segment 0.7 2003 2.5 12.4 11.7 L/H 2004 2.3 -0.2 -1.2 2003 1.9 P/C 2004 1.6 2003 6.2 Asset Management 2004 6.2 2003 1.8 Banking 2004 1.6 Currency Net Scheduled translation acquisitions amortization 2003 12.4 Total 2004 11.7 Goodwill Good

79. Slide 79: Increase in EPS

    B. Group financial results 2004 Increase in EPS (EUR) Basic EPSR1 EPSA1 before goodwill Number Unweighted Weighted amortization of shares outstanding outstanding # of shares at beginning of year 366,792,461 366,792,461 Capital increase 5,059 316 9.77 9.19 Change in treasury -988,912 -988,912 shares

80. Slide 80: Allianz Group risk capital: required vs. available funds

    B. Group financial results 2004 Allianz Group risk capital: required vs. available funds (EUR bn, b/ minorities, as of 31.12.2004) Required risk capital1 Required vs. available Available funds ∆ 04/03 Surplus ∆ 04/03 Risk categories (in %) EUR 15.8bn (in %) Shareholders’ equity 30.8 +7.8 Market/ALM

81. Slide 81: NOPAT tries to carve out sustainable, economic profit

    B. Group financial results 2004 NOPAT tries to carve out sustainable, economic profit NOPAT reconciliation (EUR m, all figures net of taxes) Average RAC RoRACN (Group) 1,437 206 5,146 1,304 2,199 ÷ EUR 31.2bn = 16.5% IFRS Normalization of Goodwill Other2 NOPAT net investment amortization, income inc

82. Slide 82: Major accounting changes (1/3)

    B. Group financial results 2004 Major accounting changes becoming effective for 2005 and previous years (1/3) Topic Explanation IFRS 2 ƒ Cash settled plans must be adjusted from intrinsic valuation to fair valuation Share-based ƒ PIMCO B-Units to be reclassified from equity settled plan to cash-sett

83. Slide 83: Major accounting changes (2/3)

    B. Group financial results 2004 Major accounting changes becoming effective for 2005 and previous years (2/3) Topic Explanation IAS32 revised ƒ Financial instrument including put options („put-able“ instrument“) to be Put-able instruments classified as liabilities ƒ Reclassification of minoritiy int

84. Slide 84: Major accounting changes (3/3)

    B. Group financial results 2004 Major accounting changes becoming effective for 2005 and previous years (3/3) Topic Explanation IAS 39 revised ƒ Allianz will utilize newly created category „financial assets fair valued Fair value option through profit & loss“ for following items: - United linked ins

85. Slide 85: Embedded value of Allianz' life operations

    B. Group financial results 2004 Embedded value of Allianz’ life operations

86. Slide 86: EEV early application: almost compliant

    B. Group financial results 2004 EEV early application: almost compliant Principles Implemt. status Remarks EV as a measure ƒ Asset Management and service companies are not included Covered business ƒ Internal reinsurance is not included Components of EV Free surplus Required capital PVFP ƒ 2004 clos

87. Slide 87: Embedded value methodology

    B. Group financial results 2004 Embedded value methodology Embedded value = Present value of future profits – Cost of holding risk-adjusted – Time value of options and + Net asset value capital guarantees (EV) (PVFP) (O&G) (NAV) (CRC) Covered business is Life and riders to life contracts Asset Manag

88. Slide 88: EEV: the Allianz embedded value framework for life business

    B. Group financial results 2004 EEV: the Allianz embedded value framework for life business Embedded value Net asset value (NAV) + Present value of future profits (PVFP) (EV) – Cost of risk-adj. capital (CRC) – Time value of options & guarantees Net asset value Capital not backing liabilities valued

89. Slide 89: EEV: required risk-adjusted capital based on fair value balance sheet

    B. Group financial results 2004 EEV: required risk-adjusted capital is based on a fair value balance sheet “risk-adjusted capital cover ratio” Based on A-rating Risk-adjusted Risk-adjusted capital for local companies capital = Statutory reserves (not lower than local solvency) cover ratio Market Fai

90. Slide 90: EEV: time value of options and guarantees

    B. Group financial results 2004 EEV: time value of options and guarantees based on stochastic techniques Comments Valuation of options and Value of Mean guarantees is based on a Deterministic consistent group wide options & = PVFP − stochastic stochastic tool guarantees PVFP Time value of O&G Determ

91. Slide 91: Consistent valuation parameters across Allianz Group

    B. Group financial results 2004 Consistent valuation parameters are applied across Allianz Group Key parameters Specification Risk free rate for reinvestments EUR 3.60% CHF 2.35% (10-year government bond) USD 4.30% KRW 3.90% Equity risk premium All 3.50% Real estate risk premium 0.2 x 10-year bond r

92. Slide 92: Embedded value after minorities

    B. Group financial results 2004 Embedded value after minorities (EUR m) Per region and by components 2004 PVFP - CRC - O&G RAC + XS 12, 389 PVFP: 7,177 5,043 CRC: 1,600 O&G: 534 RAC: 5,982 3,722 XS: 1,364 2,726 2,657 7,346 2,457 1,005 1,612 1,341 952 331 684 568 1,265 1,721 1,705 955 928 772 -624 Va

93. Slide 93: Value of options and guarantees per region

    B. Group financial results 2004 Value of options and guarantees per region Total 2004: EUR 534m O&G valuation Other Europe Italy ƒ Traditional life business (EUR 430m) 9% 6% - guaranteed minimum interest rates France - guaranteed surrender values 10% Rest of world 5% ƒ Unit linked/variables/equity i

94. Slide 94: New business values and margins

    B. Group financial results 2004 New business (NB) values and margins (EUR m) New business 2003 2004 Delta before CRC (a/ tax, a/ min.) NB Value 501 793 58% 1,651.2 NB Margin 2.2% 2.9% 0.7%-p NB Spread1 n/a 0.40% n/a 2,294.6 New business 2003 2004 Delta after CRC (a/ tax, a/ min.) NB Value 265 611 13

95. Slide 95: Value of new business by region

    B. Group financial results 2004 Value of new business by region (EUR m) Value of new business at issue before and after cost of risk-adjusted capital (a/ min.) 2003 Old model 2004 EEV ƒ Germany: Margin increased reflecting NB NB margin NB NB margin Spread1 management’s long-term profit Before CRC Va

96. Slide 96: New business 2004 – other key profitability indicators

    B. Group financial results 2004 New business 2004 – other key profitability indicators (EUR m) Options & Present value Spread on IRR guarantees in of new business NB strain1 statutory (in %)2 new business3 premiums reserves (bps) Germany 55 26% 0 8,672 30 France 81 10% 4 2,419 22 Italy 89 19% 1 3,46

97. Slide 97: Movement analysis of embedded value after minorities

    B. Group financial results 2004 Movement analysis of embedded value after minorities (EUR m) 2003 2004 EV published 10,977 11,657 Initial adjustments 573 69 Revised start value 11,550 11,726 Unwinding of discount rate 935 945 Non-economic variances and assumption changes -57 76 In force operating EV

98. Slide 98: Initial adjustments

    B. Group financial results 2004 Initial adjustments Adjustments Value (EUR m) Description Change to risk-adjusted capital 434 The change from S&P capital model to risk-adjusted capital decreased the RAC/increased XS by EUR 709m resulting in a reduction of CRC by EUR 434m Change in F/X rates -206 A d

99. Slide 99: Comment on movement analysis

    B. Group financial results 2004 Comment on movement analysis Movements Value (EUR m) Description Investment variance and assumption charges Change in discount rates on in force 863 Discount rates are aligned with underlying risk-free rates of economic assumptions Change in economic assumption -1,297

100. Slide 100: Sensitivity analysis of embedded value

     B. Group financial results 2004 Sensitivity analysis of embedded value (EUR m) Embedded value Economic factors Non economic factors Base -1 %-p +1 %-p +1 %-p Using case in total in total -1 %-p in risk statutory +10% +10% +25% in equity solvency investment investment yield discount expenses mortalit

101. Slide 101: Comparison of embedded value to IFRS equity

     B. Group financial results 2004 Comparison of embedded value to IFRS equity IFRS amounts in DAC/VOBA exceed statutory DAC/VOBA levels included in PVFP Aggregate IFRS life technical and unallocated Difference in reserves profit sharing reserves exceed statutory reserves used in PVFP modeling Aggregat

102. Slide 102: Reconciliation of embedded value to IFRS equity

     B. Group financial results 2004 Reconciliation of embedded value to IFRS equity (EUR m) PVFP - CAC - O&G 5,043 Adjust for: IFRS DAC / VOBA -7,782 Difference in life and unallocated profit sharing reserves 6,615 Shareholder value of unrealized capital gains included in PVFP -864 Net amount of asset v

103. Slide 103: Review of embedded value methodology

     B. Group financial results 2004 Review of embedded value methodology Tillinghast has reviewed the methodology and assumptions used to determine the 2004 embedded value results for the six main operating countries of the Allianz Group (Germany, France, USA, Italy, Korea and Switzerland). The review c

104. Slide 104: Capital efficiency

     Paul Achleitner, Board member Allianz AG Capital efficiency Analysts’ Conference March 2005

105. Slide 105: Capital efficiency targets 2004/2005 (1)

     C. Capital efficiency Capital efficiency targets 2004/2005 (1) Assets Equity and Liabilities 1 Reduce equity exposure 5 Strengthen capital base 2 Reduce cluster risks 6 De-leverage Group 3 Free up Dresdner from 7 Use attractive market non-strategic stakes conditions 4 Divest sub-critical and 8 Optim

106. Slide 106: Capital efficiency targets 2004/2005 (2)

     C. Capital efficiency Capital efficiency targets 2004/2005 (2) Examples “All in one” Assets Equity and Liabilities T-shares BITES 1 Reduce equity exposure 5 Strengthen capital base Subbond Senior bonds MAN 2 Reduce cluster risks 6 De-leverage Group reduced AZ 3 Free up Dresdner from 7 Use attractive

107. Slide 107: Equity exposure reduced

     C. Capital efficiency 1 Equity exposure reduced (EUR bn) Reconciliation of net equity exposure Equity gearing excluding goodwill … Banking Market values as at 31/12/04 32.5 L/H 30.2 25.0 GW P/C GW 21.9 11.7 1.4 12.4 1.1 20.8 52.3 17.8 6.8 -1.1 Net equity Net equity 28.4 exposure NAV1 exposure NAV1 2

108. Slide 108: Cluster risks reduced

     C. Capital efficiency 2 Cluster risks reduced Reduction of stakes1 ≥ 5% Current ten largest stakes ≥ 5% As percentage of gross equity exposure2 Stakes Market value Quota (%) Munich Re 2,028 9.8 At the start Schering 1,259 11.8 of 2000 34% Linde 629 11.5 Beiersdorf 530 7.3 Worms & Cie 367 14.8 Heidel

109. Slide 109: Dresdner Bank freed up from non-strategic assets

     C. Capital efficiency 3 Dresdner Bank freed up from non-strategic assets Dresdner Bank Equity portfolio Dresdner Bank3 (EUR bn) ƒ Sale of Allianz treasury shares ƒ Internal transfer of Munich Re shares1 4.9 4.3 ƒ Significant reduction of non-strategic and non-real-estate equity exposure to EUR 1.0bn

110. Slide 110: Sub-critical and non-performing activities divested

     C. Capital efficiency 4 Sub-critical and non-performing activities divested IRU wind down (RWA EUR bn) Divestments (as at 03/2005) ƒ 22 divestments in 2004/2005: 19.9 - 2 unprofitable -79% -98% - 14 non-strategic (e.g. AZ Canada, Cornhill Life) - 6 sub-critical (e.g. ZA Verzekeringen Belgium) ƒ Deal

111. Slide 111: Capital base strengthened and Group de-leveraged

     C. Capital efficiency 5 6 Capital base strengthened and Group de-leveraged (EUR bn) Capital base Outstanding senior bonds Subordinated bonds1 Straight bonds Shareholders’ equity 39.6 Exchangeable bonds 36.3 Commercial paper 32.6 7.3 14.6 5.5 4.0 25.6 11.7 32.3 6.4 10.5 3.9 30.8 5.7 28.6 7.8 5.7 21.7

112. Slide 112: Attractive market conditions for debt transactions locked in

     C. Capital efficiency 7 Attractive market conditions for debt transactions locked in German government bonds 10y Euro swap-rates 10y EUR 0.7bn1 31/12/2004 Senior Spread: 7 bps EUR 2.0bn 6,00 6.0 Hybrid 5,50 EUR 1.5bn Hybrid 5.5 EUR 2.0bn Senior 5,00 5.0 EUR 1.5bn Hybrid 4.5 4,50 EUR 1.4bn Hybrid 4,0

113. Slide 113: Shareholder structure optimized

     C. Capital efficiency 8 Shareholder structure optimized Free float of Allianz shares in % 1% Allianz free float in indices equals trading Current Expected volume of Allianz Deutsche HVB Dresdner T-shares Munich free float Bank Re 1.5 days MSCI 80.0% 90.0% 05/05 12 9 9 25 25 20 20 5 5 FTSE 100% 100%

114. Slide 114: Additional information

     Allianz Group Additional information

115. Slide 115: Structure of "All in one" transaction

     C. Capital efficiency Structure of “All in one” transaction BITES EUR 1.2bn Allianz Senior debt repayment EUR 2.7bn (2005 ) Subordinated warrant bond Sub-bond EUR 1.4bn Investors Transfer Warrants (2008) of 7.3% Munich Re Upside Bank shares ~20% (2005) Dresdner Sale of T-shares Mandatory EUR 1.5bn e

116. Slide 116: Allianz Global Investors

     Joachim Faber, Board member Allianz AG Allianz Global Investors Analysts’ Conference March 2005

117. Slide 117: Recap: What did we tell you 3 years ago?

     D. Allianz Global Investors Recap: What did we tell you 3 years ago? ! Management Focus ! Financial Targets ƒ Revenue growth through global ƒ CAGR 2001 - 2005 distribution capabilities - 3rd party AuM 10 - 15% ƒ Rigorous cost management - Revenue growth 8 - 10% ƒ Investment performance and client at

118. Slide 118: Allianz Group ranks among the world's largest investment managers

     D. Allianz Global Investors Allianz Group ranks among the world’s largest investment managers with AGI managing EUR 764bn (71%) Total AuM Total Allianz Group AuM EUR bn (as of 31/12/2004) EUR bn (as of 31/12/2004) 1. UBS 1,457 1,078 AGI 2. Allianz Group 1,078 manages 71% 3. Barclays 998 (EUR 764bn)

119. Slide 119: Delivering increasing profitability

     D. Allianz Global Investors Delivering increasing profitability Operating result in EUR m Cost-income ratio in % -17.8%-p +22% p.a. 856 80.7 78.5 733 67.2 62.9 469 495 20011 2002 2003 2004 20011 2002 2003 2004 1) Dresdner Bank asset management included pro-forma for the full-year 2001 D3

120. Slide 120: Strengthening profitability driven by revenue growth and cost management

     D. Allianz Global Investors Strengthening profitability driven by revenue growth and cost management Net revenues and operating expenses1 Main drivers YoY change in % ƒ Leverage of worldwide Net revenues 16.3% distribution power 13.3% CAGR ƒ Best practice sharing +9.6% ƒ Efficiency improvements/ str

121. Slide 121: Critical factors for Allianz Global Investors' future success

     D. Allianz Global Investors Critical factors for Allianz Global Investors’ future success 1 Product performance 2 Leveraged distribution 3 Market presence / client mix 4 Business model D5

122. Slide 122: Delivering superior investment performance

     D. Allianz Global Investors 1 Delivering superior investment performance 3-year investment performance (share of assets in %) Operating profit Outperforming AuM Underperforming AuM 82 70 73 AGI’s goal is to have ≥ 70% of assets ahead of benchmark on a 3-year basis 18 30 27 2002 2003 2004 D6

123. Slide 123: Competitive in capturing net flows

     D. Allianz Global Investors 1 Allianz Global Investors has consistently proven to be competitive in capturing net flows 3rd party net flows (in EUR bn) Comments % AuM bop 43 Outstanding record of capturing net flows 28 29 26 ƒ Achieving positive net flows each quarter since it was founded n.a. +7.6

124. Slide 124: US common retail distribution platform

     D. Allianz Global Investors 2 In the US, common retail distribution platform leads to exploitation of scale effects Retail distribution US Net inflows US – ranking versus peers1 2001 2002 2003 1 Vanguard American American 2 American Vanguard Vanguard Common platform: 3 AGI US AGI US Fidelity 4 MFS D

125. Slide 125: Business well diversified in line with global revenue pool

     D. Allianz Global Investors 3 Allianz Global Investors’ business well diversified in line with global revenue pool AuM breakdown Allianz Global Investors vs. Asset Management Operating profit Industry1 (in %) Other Europe Retail Asia/Pacific USA Institutional AuM by region EUR bn AuM by customer seg

126. Slide 126: Distinctive business model and culture

     D. Allianz Global Investors 4 Allianz Global Investors has pioneered a distinctive business model and culture Low Degree of Corporate Guidance/Business Integration High Affiliated Allianz Centralized Global Investors Governance Financial holding Management holding Operationally integrated Distributi

127. Slide 127: Allianz Global Investors has achieved a lot

     D. Allianz Global Investors Allianz Global Investors has achieved a lot Achievements until 2004 Financial goals ƒ Acquisitions completed Target Achieved1 2001 – 2005 2001 – 2004 ƒ Integration completed 3rd party AuM 10-15% p.a. 11.4% p.a. ƒ Business infrastructure created Revenue growth 8-10% p.a. 9

128. Slide 128: Allianz Global Investors' focus going forward

     D. Allianz Global Investors Allianz Global Investors’ focus going forward Opportunities in AM Main goals Operating for 2005 profit and beyond ƒ Accelerated wealth creation in ƒ Top-quartile investment performance emerging asset management markets ƒ Growth in pension market ƒ Further improve client s

129. Slide 129: Additional information

     Allianz Group Additional information

130. Slide 130: Acquisition-related expenses significantly reduced from 2005

     D. Allianz Global Investors Acquisition-related expenses significantly reduced from 2005 Acquisition-related expenses (before taxes EUR m) Comment 1,023 1,015 Acquisition-related expenses Additional P/L significantly reduced from impact for 187 2005 212 B-units - due to IFRS, goodwill B-units 1711 1

131. Slide 131: Change in accounting treatment and PIMCO B-unit expenses

     D. Allianz Global Investors Change in accounting treatment and excellent business deve- lopment of PIMCO leading to increased B-unit expenses in 2005 ƒ Part of the PIMCO acquisition in 2000 What are ƒ Deferred purchase of interests (B-units) B-units? ƒ Valuation fluctuates based on long-term busines

132. Slide 132: Sustained incentives to retain key people

     D. Allianz Global Investors Sustained incentives to retain Allianz Global Investors’ key people ? Question ! AGI’s answer How do you retain key staff after ƒ Competitive compensation schemes retention packages are gone? ƒ Profit sharing ƒ AGI-wide long-term incentive plan ƒ Distinctive business mode

133. Slide 133: Allianz Leben: new opportunities for profitable growth

     Maximilian Zimmerer - CFO Allianz Lebensversicherungs-AG Allianz Leben: new opportunities for profitable growth All figures based on HGB (German GAAP) if not stated otherwise Analysts’ Conference March 2005

134. Slide 134: Allianz Leben: Germany's no. 1 life insurer

     E. Allianz Leben: new opportunities for profitable growth Allianz Leben: Germany’s no. 1 life insurer Stable position as market leader - 2004 ∆ 04/03 Market share Number of policies in force 11.3m +4.8% Statutory premiums EUR 10.9bn +4.3% 15.5% Valued total premiums of new business1 EUR 29.9bn +31.1

135. Slide 135: Positive development of new business in 2004

     E. Allianz Leben: new opportunities for profitable growth Positive development of new business in 2004 New business premiums (EUR m) 2003 2004 ∆ 04/03 Regular premiums 1,108 1,602 +44.6% Automatic increments 365 199 -45.6% Single premiums 2,025 1,894 -6.5% Total 3,499 3,696 +5.6% Private new busines

136. Slide 136: "Last call": sales performance at record levels

     E. Allianz Leben: new opportunities for profitable growth “Last call”: sales performance at record levels Highlights of last call 4Q 2004 ∆ 4Q 04/03 % of 2004 Units (newly concluded contracts) 680,347 +53.7% 51.1% Valued total premiums of new business1 EUR 15,819m +53.3% 52.8% New business premiums

137. Slide 137: Retirement income in Germany: life market underdeveloped

     E. Allianz Leben: new opportunities for profitable growth Retirement income in Germany: still strong reliance on statutory pensions – life market underdeveloped Split of retirement income Statutory Company + private 85% 58% 50% 50% 42% 15% Germany Netherlands Switzerland Source: Deutsches Institut f

138. Slide 138: Pension reforms and AEG offer growth potential

     E. Allianz Leben: new opportunities for profitable growth Pension reforms and retirement savings law (AEG) offer enormous growth potential for life insurers Reforms cause pension gap Deferred taxes widen gap Huge savings necessary ƒ Riester and Rürup reform ƒ AEG introduces deferred ƒ Intention of l

139. Slide 139: AEG extends incentives for retirement savings

     E. Allianz Leben: new opportunities for profitable growth AEG extends incentives for retirement savings State-aided products Tax incentivized amounts (EUR) 20,0001 ƒ Layer I ƒ Premiums out of gross - Basic pensions 0 income (deferred taxation) 4,296 ƒ Layer II 2,472 ƒ High incentives - Company pensi

140. Slide 140: Comprehensive product range on core competencies

     E. Allianz Leben: new opportunities for profitable growth Comprehensive product range on the basis of Allianz Leben’s core competencies Product lines are targeted on customer needs Ensure current ƒ Basic pension income ƒ Riester pension ƒ Private pension (“Zukunfts-, Sofort-, Fondsrente”) 9 ƒ Compan

141. Slide 141: New products offer higher flexibility

     E. Allianz Leben: new opportunities for profitable growth New products offer higher flexibility Products Target Features Allianz Flexible asset accumulation ƒ Single premiums Schatzbrief ƒ Guarantee levels: guaranteed interest or capital guarantee (unit-linked) ƒ Proceeds: choice between lump-sum pa

142. Slide 142: Embedded value: product profitability further improved

     E. Allianz Leben: new opportunities for profitable growth Embedded value: product profitability further improved Value of new business (EUR m) New business margin2/spread3 (in %) Margin 2.4 Spread 229 1.5 0.30 1.1 104 0.18 59 0.14 2002 2003 20041 2002 2003 2004 New business priced at 30 bp spread -

143. Slide 143: Successful channel mix: IFSP concept works

     E. Allianz Leben: new opportunities for profitable growth Successful channel mix: IFSP concept works Valued total premiums (in EUR bn) Highlights (2004) (2003) 16.6 Dresdner sales performance above Tied agents 12.4 average: Increase in valued total premiums 2004 Banks 5.6 - Dresdner +35.6% 4.0 - Ave

144. Slide 144: Financial strength fosters market position

     E. Allianz Leben: new opportunities for profitable growth Financial strength fosters market position (in EUR bn) Net hidden reserves RfB Real estate Free RfB Equities incl. participating Terminal bonus fund interests, equity in funds Fixed income1 +13% 8.7 +34% 7.7 6.7 4.1 5.0 1.8 3.0 1.9 2.6 1.4 4.

145. Slide 145: Solid cover for liabilities 2004

     E. Allianz Leben: new opportunities for profitable growth Solid cover for liabilities 2004 (in EUR bn) Assets Equity & liabilities Net hidden reserves 6.7 116.2 Total 1.3 Equity assets 4.1 Free RfB 4.6 Terminal bonus fund 1.5 Allocated RfB Investments 110.8 100.9 Mathematical Guarantees reserves onl

146. Slide 146: Allianz Leben: takeaways

     E. Allianz Leben: new opportunities for profitable growth Allianz Leben: takeaways 1. Retirement provision market continues to grow ƒ Pension reforms lead to declining statutory pensions ƒ Deferred taxation will further increase pension gap ƒ German retirement savings market with huge growth potenti

147. Slide 147: Additional information

     Allianz Group Additional information

148. Slide 148: Key facts about retirement savings law (AEG)

     E. Allianz Leben: new opportunities for profitable growth Key facts about retirement savings law (AEG) Intention ƒ Equal tax treatment of different sources of retirement income (e.g. statutory pensions and civil-service pensions) ƒ Switch to deferred taxation: contributions to retirement savings are

149. Slide 149: Characteristics of Basic, Riester, and Private pension

     E. Allianz Leben: new opportunities for profitable growth Characteristics of Basic, Riester, and Private pension Basic pension Riester pension Private pension ƒ Premium payment out of gross income, proceeds are taxable ƒ Premium payments out of net ƒ Delay of taxation regarding interest and accrued

150. Slide 150: Pension gap widened through deferred taxation: example

     E. Allianz Leben: new opportunities for profitable growth Pension gap widened through deferred taxation: example (in EUR) Deferred taxation increases necessary gross pension: 2005 2030 Last gross income: 2,500 Statutory gross pension (2005: 48%; 2030: 53% necessary): 1,200 1,325 Social security cont

151. Slide 151: Index

     Index Analysts’ Conference March 2005

152. Slide 152: Index (1)

     F. Index Index (1) A. “3+one” A B. Group financial results 2004 B 2004 at a glance: a successful year …………………………………… A 1 “3+one”: goals 2004 achieved ……………………………………….... B 1 2004 at a glance: over-delivered on most financial targets …………. A 2 Agenda: where do we stand ………………………………………… B 2 Where do w

153. Slide 153: Index (2)

     F. Index Index (2) Dresdner Bank: revenues stabilized …………………………………… B 23 Breakdown of profit consolidations …………………………………… B 45 Dresdner Bank: strict cost containment ……………………………….. B 24 Group: key figures per quarter ………………………………………… B 46 Dresdner Bank: risk profile improved ………………………………….. B 25 P

154. Slide 154: Index (3)

     F. Index Index (3) Embedded value methodology .......................................................... B 67 C. Capital efficiency C EEV: the Allianz embedded value framework for life business …….. B 68 Capital efficiency targets 2004/2005 (1) ………………………………. C 1 EEV: required risk-adjusted capital i

155. Slide 155: Index (4)

     F. Index Index (4) D. Allianz Global Investors (continued) D Pension reforms and retirement savings law (AEG) offer enormous growth potential for life insurers …………………………… E 5 Delivering superior investment performance …………………………… D 6 AEG extends incentives for retirement savings ……………………… E 6 Allia

156. Slide 156: Appendix

     Appendix Analysts’ Conference March 2005

157. Slide 157: Glossary (1)

     G. Appendix Glossary (1) ADAM Allianz Dresdner Asset Management AEG (Alterseinkünftegesetz) German law on retirement savings AFS Securities available for sale AGI Allianz Global Investors AGM Annual General Meeting AGR Allianz Global Risks ART Allianz Risk Transfer Assets under management (AuM) Sum

158. Slide 158: Glossary (2)

     G. Appendix Glossary (2) BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) Federal Financial Supervisory Authority BIS Bank for International Settlement BITES Basket index tracking equity-linked securities B-units Interest in PIMCO giving a priority claim on operating profit available for dist

159. Slide 159: Glossary (3)

     G. Appendix Glossary (3) CB Corporate Banking CEE Central and Eastern Europe CFI Customer focus initiative CIR Cost-income ratio Claims ratio Claims and claims adjustment expenses as % of net premiums earned Combined ratio Sum of claims ratio and expense ratio Cost of risk-adjusted capital (CRC) Fut

160. Slide 160: Glossary (4)

     G. Appendix Glossary (4) DAC Deferred acquisition costs Embedded Value (EV) Net asset value (NAV) + present value of future profits (PVFP) – cost of risk-adjusted capital (CRC) – time value of options and guarantees e.o.p. End of period EPSA Same as EPSR, but adjusted for the impact of extraordinary

161. Slide 161: Glossary (5)

     G. Appendix Glossary (5) Excess capital (XS) Net asset value (NAV) – risk-adjusted capital (RAC) Expense ratio Commissions, other acquisition expenses, general and administrative expenses as % of net premiums earned FTE Full-time equivalents Goodwill Difference between a subsidiary’s purchase price

162. Slide 162: Glossary (6)

     G. Appendix Glossary (6) IFSP Integrated financial services provider IRU Institutional Restructuring Unit L/H Life and health insurance LoB Line of business Net asset value (NAV) Shareholders equity + off-balance reserves (attributable to shareholders) New business margin Value of new business divid

163. Slide 163: Glossary (7)

     G. Appendix Glossary (7) NPV Net present value OE Operating entity Operating CIR (L/H) Expenses (benefits incurred + commissions and administrative expenses + interest expenses + investment expenses + other underwriting income/expenses + other non-underwriting income/expenses + scheduled depreciatio

164. Slide 164: Glossary (8)

     G. Appendix Glossary (8) PBB Private and Business Banking PPL Potential problem loans Present value of new business premiums Discounted value of new regular premiums + the total amount of single premiums received in the year Present value of future profits (PVFP) Future local statutory shareholder p

165. Slide 165: Glossary (9)

     G. Appendix Glossary (9) Risk discount rate (RDR) Cost of capital (CAPM basis; risk free rates in line with economic assumptions; equity risk premium 3.5%; beta = 0.9) RoRACN (Group) Normalized return on RAC including holding (expenses, debt service, reinsurance) RoRACN (Operating units) Normalized

166. Slide 166: Glossary (10)

     G. Appendix Glossary (10) Tax ratio Tax expenditure as % of profit before tax and goodwill (effective tax ratio); tax expenditure adjusted for extraordinary tax effects as % of profit before tax and goodwill (adjusted tax ratio) Tied agent An agent that works exclusively for one insurance company To

167. Slide 167: Glossary (11)

     G. Appendix Glossary (11) Value of new business (VNB) Present value of future profits (PVFP) – cost of risk-adjusted capital (CRC) at issue date Valued total premiums of new business Sales performance measure almost similar to premium volume of new business over term of policies VOBA Value of busine

168. Slide 168: Investor Relations contacts

     G. Appendix Investor Relations contacts Oliver Schmidt Tel. +49 (0) 89 3800-3963 Holger Klotz Tel. +49 (0) 89 3800-18124 Head of e-mail: e-mail: Investor Relations oliver.schmidt@allianz.com holger.klotz@allianz.com Susanne Arheit Tel. +49 (0) 89 3800-3324 Christian Tel. +49 (0) 89 3800-3892 Lamprec

169. Slide 169: Financial calendar 2005/2006

     G. Appendix Financial calendar 2005/20061 04 May 2005 Annual General Meeting 13 May 2005 Financial report first quarter of 2005 12 August 2005 Financial report first half 2005 11 November 2005 Financial report first three quarters 2005 16 March 2006 Financial press conference for the 2005 fiscal yea

170. Slide 170: Disclaimer

     G. Appendix Disclaimer These assessments are, as always, subject to the disclaimer provided below. 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 managemen

Allianz — FY2004 Earnings Presentation on 6ix