SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER

                      PURSUANT TO RULE 13a-16 or 15d-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                               For March 20, 2003

                         Commission File Number: 1-15154

                           ALLIANZ AKTIENGESELLSCHAFT

                               Koeniginstrasse 28
                                  80802 Munich
                                     Germany


Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

                               Form 20-F |X| Form 40-F | |

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                                     Yes | | No |X|

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-13462) OF ALLIANZ
AKTIENGESELLSCHAFT AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT
IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY
FILED OR FURNISHED.


( BW)(ALLIANZ-AG)(ALZ) Allianz announces capital measures

    Business Editors
    UK REGULATORY NEWS

    MUNICH, Germany--(BUSINESS WIRE)--Mar. 20, 2003--

Allianz announces capital measures

Strengthening Capital Base to Leverage Competitive Advantages and
Growth Opportunities

The board of management of Allianz has announced its decision to
launch a capital increase in order to enhance the capital base of the
Group. In addition, the Company intends to issue hybrid capital in the
form of a subordinated bond. Allianz has decided to secure its capital
base, which is already strong by international standards, in order to
capitalize on the Group's competitive advantages and growth
opportunities. This set of capital measures is intended to raise a
total volume of up to 5 billion Euros. The rights offering is expected
to amount to 3.5 to 4 billion Euros. In light of the geopolitical
environment, the offering will be launched very shortly. The details
of the transaction will be announced shortly before the commencement
of the rights trading and the final terms will depend on market
conditions at that time. In a second step l also planned for this year
l Allianz will issue hybrid capital of approximately 1.5 billion
Euros. The proposed capital measures secure the sufficient capital
base of the Group and create the necessary flexibility to take
advantage of future growth opportunities. After the capital raising,
Allianz expects to have a credit rating within the AA/Aa band. Allianz
has appointed an international bank syndicate which has agreed to
fully underwrite a rights issue of approximately 3.5 billion Euros,
subject to customary terms and conditions, at a subscription price of
at least 30 Euros per shareIn addition to the proposed capital
measures, the stake in Munich Re will be reduced to about 15 percent.
In the course of this year, the MILES securities - issued in 2000 -
will be partly repaid in Munich Re shares which will contribute to
reducing Allianz' stake in Munich Re to between 16 and 18 percent.
Munich Re will partially participate in the planned rights issue of
Allianz and thereby reduce its stake in Allianz to about 15 percent.
The existing long term partnership of the two groups will continue on
this basis..

These assessments are, as always, subject to the disclaimer
provided below.

end of ad-hoc-announcement  (c)DGAP 20.03.2003

Issuer's information/explanatory remarks concerning this
ad-hoc-announcement:

No Distribution into the United States:

This statement is not being issued in the United States of America
and should not be distributed to United States persons or publications
with a general circulation in the United States.

No Offer:

This statement does not constitute an offer or invitation to
subscribe for or purchase any securities. The securities of Allianz
Aktiengesellschaft that will be offered outside the United States as
described herein have not been and will not be registered under the
United States Securities Laws and may not be offered, sold or
delivered within the United States or to U.S. persons absent
registration under or an applicable exemption from the registration
requirements of the United States Securities Laws.

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.

No duty to update:

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

    CONTACT: Allianz AG



                                   Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                               ALLIANZ AKTIENGESELLSCHAFT



                                          By:  /s/ Dr. Reinhard Preusche
                                               -----------------------------
                                                Dr. Reinhard Preusche
                                                Group Compliance



                                          By:  /s/ Dr. Giovanni Salerno
                                               -----------------------------
                                                Dr. Giovanni Salerno
                                                Group Compliance


Date: March 20, 2003