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 April 29, 2003

                         Commission File Number: 1-15154

                           ALLIANZ AKTIENGESELLSCHAFT

                               Koeniginstrasse 28
                                  80802 Munich

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 X  No

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


Schulte-Noelle at Allianz Annual General Meeting:
Unsatisfactory result for 2002 must remain an isolated event / Group aims to
achieve a significant improvement in operating earnings for 2003

Henning Schulte-Noelle, Chairman of the Board of Management of Allianz AG, was
optimistic at the Annual General Meeting in Munich that the company would
succeed in achieving a significant improvement in the operating result during
the current year. He commented that this assessment was based on the
restructuring measures that had been introduced at Dresdner Bank, ongoing
improvement in the combined ratio for property and casualty business, and
continuation of strong growth in the life insurance sector. Uncertainties
remained in the light of developments in the capital markets and the economic
environment, which could impact negatively from write-downs on securities and
loan loss provision. In general, the Group had to be in a position to generate
profits independently from the development of the capital markets. "Back to
basics", i.e. focusing on operating business, is the slogan for the future.

For Schulte-Noelle, the Annual General Meeting marked the handover of the
Chairmanship of the Board of Management to Michael Diekmann. Schulte-Noelle
described fiscal year 2002 as an unsatisfactory and disappointing year: "There
is no positive gloss to be applied here: this result must remain an isolated
event. We have learned the right lessons from this experience." He continued
that the accumulation of financial burdens from environmental catastrophes, the
collapse in the capital markets, and the depressed economy had left a deep
impression in the consolidated result that concluded with a loss of 1.2 billion
euros. In addition, the costs and risks in some divisions had not been adapted
quickly and consistently enough to changes in the economic environment. By
contrast, he also saw positive developments. The Group was deriving significant
benefit from the strong demand for quality providers in the insurance market.
Strength in fixed-income investments was rated as a particularly positive
factor. The integrated financial services provider had been accepted by
customers and had produced substantial increases in joint sales already in the
first year.

2002 was therefore "an ambivalent, but not a wasted year", according to
Schulte-Noelle: "We laid groundwork of fundamental importance and began numerous
initiatives. Their common aim is: reinstatement of profitability."
Schulte-Noelle cited the following initiatives, which are to be continued during
the course of 2003:


-    Turnaround programs were successfully initiated in areas with
     unsatisfactory profitability. Costs were reduced, tough goals were
     formulated and new people were recruited to take on management functions.
     This program had already yielded its first successes, notably at Dresdner
     Bank, Fireman's Fund and Allianz Global Risks where the industrial
     insurance business of the Group is bundled.

-    Internal procedures had been tightened, complexity reduced and risk
     management significantly improved.

-    Unprofitable business areas and markets had been abandoned, for example in
     the Philippines.

-    Premiums and prices had been adjusted to take account of the increased
     risks and had been accepted by the market.

-    The proportion of equities had been further reduced and the existing
     portfolio protected to a large degree by hedging measures.

-    The capital measures already introduced during the autumn of last year had
     considerably strengthened the capital base. This secured important
     competitive advantages and opportunities for growth. The current capital
     increase of 4.4 billion euros had been positively accepted by the market.
     This underlines the ongoing trust that capital markets put in Allianz.

Schulte-Noelle emphasized that "back to basics" formed the background to all
these initiatives, i.e. focusing on operating business. The Group wants to
operate profitably over the long term, even if there is no significant
improvement in the capital markets and economic growth continues weak. As far as
property insurance is concerned, this means that the combined ratio will become
the key parameter. In the area of life insurance, continuous review of the
policyholder dividend and its adaptation to a level that can be financed over
the long-term were central issues. And the new realities in banking business
would be leading to even stricter cost management and risk oriented credit

Schulte-Noelle reiterated his conviction that the takeover of Dresdner bank had
been the right strategic step. The overwhelming majority of customers liked
receiving financial products from a single source. Schulte-Noelle: "Compared to
the old cooperation model, business with life insurance policies in the bank
branches has doubled, and business in the non-life sector has quadrupled. The
changing market environment and customer behavior during the last year has
underlined the advantages of a broad and flexible product line and distribution
under one roof."


For the first three months of the current fiscal year, Schulte-Noelle indicated
that further improvements were anticipated in operating business: Allianz was
confident that the combined ratio in property and casualty insurance was already
below 100 percent in the first quarter of 2003. He continued that the growth
trend in life insurance products was continuing especially with
investment-oriented products. Current indications were that a significant
improvement in the operating result was expected at Dresdner Bank.

However, earnings performance in the first quarter of 2003 would continue to be
negatively impacted by the sustained high level of write-downs on securities
amounting to around 0.8 billion euros. Substantial restructuring expenses also
needed to be taken into account still, as well as the fact that no notable net
gains on disposal had been booked. Full figures were being published on May 16.

Munich, April 29, 2003

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.



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:      April 29, 2003