BW20030516002001  20030516T082202Z UTC


( BW)(ALLIANZ-AG)(ALZ) Interim Results

    Business Editors
    UK REGULATORY NEWS

    MUNICH, Germany--(BUSINESS WIRE)--May 16, 2003--

Group Key Figures (in mio. Euro)       1.Quarter 2002      1.Quarter 2003

Net income (1)                             1,931                -520
Shareholders' equity                       32,9                 19,7
Key Figures by Lines of Business
  Insurance                                
Statutory Premiums (2)                      22,8                25,1
Combined ratio (3)                         103,4                97,7
Banking                                    
Net revenues (4)                           2,006               2,003
Net loan loss provisions                    -332                -355
Administrative Expenses                   -1,771              -1,579
Asset Management
Third party assets under management(5)       642                 553

(1) Profit after goodwill depreciation, taxes and minorities
(2) Includes premiums from investment-oriented products in life
insurance
(3) Property & Casualty
(4) Net interest income and net fee and commission income and net
trading income
(5) Asset management without unit linked business

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
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
information contained herein.

   Short Name: Allianz AG
   Category Code: IR
   Sequence Number: 00004891
   Time of Receipt (offset from UTC): 20030516T065817+0100

    --30--FAP/ny*

    CONTACT: Allianz AG

    KEYWORD: GERMANY UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING INSURANCE
    SOURCE: Allianz AG


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