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 August, 14th 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 |_|                         No |X|

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


Allianz Group - Performance in the first six months of 2003: Trend is pointing
in the right direction - Second quarter profit of 622 million euros - Diekmann:
Clear progress in operating business, but Allianz is not yet out of the woods

Positive net income for the first six months - adjusted for exchange-rate
effects, global premium income is up 11.5 percent - substantial growth in
premium income in life insurance business of 18.2 percent - clear improvements
at Dresdner Bank, AGF, FFIC and AGR - write-downs on investments for the Group
lower than expected.

In the first six months of 2003, all segments of Allianz Group significantly
improved their operating results. Moreover, the turnaround programs at Dresdner
Bank, in the international industrial insurance business as well as in France
and USA have made very good progress. Adjusted for exchange rates, total gross
premium income of the insurance business is up 11.5 percent. The increase in the
life and health insurance business was even 18.2 percent. The combined ratio in
the property and casualty business was brought down further to 97.1 percent. In
the banking business it was possible to not only reduce administrative expenses
by 17.9 percent compared to the same period of the previous year, but also to
cut loan-loss provisions in the lending business significantly. Thanks to the
slight recovery in the capital markets, write-downs on the Group's investments
were substantially lower. In the second quarter they were down to 0.8 billion
euros versus 2.3 billion euros in the first quarter of 2003. In the second
quarter of 2003 Allianz Group earned a profit of 622 million euros. In spite of
the first-quarter loss, the Group was able to close the first half of 2003 with
an aggregate profit of 102 million euros. "The trend is pointing in the right
direction. But we are not yet out of the woods. Even though the current economic
and capital-market environments are friendlier, we are continuing with our
ongoing review of all business segments, and our focus is on improving our
operating results," said Michael Diekmann, Allianz' CEO, when presenting the
company's figures.

On a year-on-year basis and adjusted for exchange-rate effects, global gross
premium income from the insurance business was up 11.5 percent. The
euro-denominated accounts showed an increase of 6.3 percent from 42.1 to 44.8
billion euros, mainly due to the weakness of the US dollar against the euro.
52.9 percent of total premium income was earned in the property and casualty
business, and 47.1 percent in the life and health insurance segment, which was
able to increase its share in total premium income by 2.2 percentage points.

Compared to the first six months of 2002, premium income in the property and
casualty insurance segment was up 0.5 billion euros to 24.1 billion euros. Most
of this increase was generated in Europe. Adjusted for consolidation and
exchange-rate effects, premium income was up 6.0 percent. This growth is mainly
due to higher premiums. Considering the portfolio adjustments made across the
globe, this is quite remarkable.

In year-on-year terms, the claims ratio dropped during the first six months of
2003 by 3.2 percentage points to 71.4 percent. This was mainly due to a more
selective underwriting policy, the decline in natural catastrophes and a more
favorable situation with regard to major damages. The expense ratio has improved
from 27.6 to 25.7 percent.

The combined ratio, i.e. the ratio of claims and expenses to premiums earned,
was improved further, i.e. in the first six months it was brought down to 97.1
percent. "The measures initiated for our turnaround candidates are already
taking effect and are reflected in a lower combined ratio. Not only in France
but also in the USA and in the industrial insurance business, the progress made
is clearly visible. For instance, in our US operation Fireman's Fund, the
combined ratio was lowered to 91.7 percent in the continued lines of business,"
said Helmut Perlet, member of the Allianz Board of Management responsible for

After amortization of goodwill, taxes and minority interests, the net income
from the property and casualty business was 769 million euros, up 742 million
euros from the first quarter of 2003.

In the life and health insurance business, Allianz Group was able to continue
its growth course and to raise total sales, adjusted for exchange-rate and
consolidation effects, by 18.2 percent from 18.9 billion euros to 21.1 billion
euros. 52.4 percent of this increase was generated by investment-oriented
products whose sales increased by 34.8 percent. The IFRS accounts show a 1.1
percent increase in premium income to 10 billion euros.

Successful business operations in the USA, Italy and Germany contributed
substantially to the sales growth of Allianz Group. In the USA, the distribution
network was significantly expanded in recent years, which was one of the factors
contributing to the substantial growth of 47.8 percent in local currency to a
total of 4.6 billion euros. In Italy, the bancassurance operations, mainly run
by UniCredito and Banca Antoniana Popolare Veneta, continued to generate
substantial growth. Premium income in Italy increased by 26.2 percent to 4.9
billion euros. In Germany, Allianz Leben was able to take advantage of the
positive trend in the life insurance market. "In this business, the financial
strength as well as the performance of Allianz Leben play a special role. More
brokers are offering our products and seeking cooperation with a financially
strong product supplier. Also the new business of Allianz Pensionskasse was very
successful with 110,000 contracts," said Helmut Perlet.

Earnings from investments are still affected by the weak capital markets. They
are down from 5.2 billion to 4.0 billion euros. After amortization of goodwill,
taxes and minority interests, the life and health insurance segment posted net
income in the amount of 191 million euros.

In the banking business, mainly driven by the performance of Dresdner Bank,
operating earnings were further stabilized. Total net interest income, net fee
and commission income and trading income generated 3.7 billion euros, with the
trading income more than doubled against the prior-year period to 1.071 million
euros. Almost half of this increase is attributable to successful trading in
fixed income products. Net interest and commission revenues further declined as
a result of excluding Deutsche Hyp from the scope of consolidation, the
scheduled reduction of risk-weighted assets and the wait-and-see attitude
adopted by customers.

Administrative expenses were further slashed by 659 million euros or 17.9
percent on a year-on-year basis. "This result clearly demonstrates that Dresdner
Bank is speedily and consistently implementing the measures initiated so far,"
commented Michael Diekmann. Loan-loss provisions were down from 1,068 million
euros to 699 million euros. Overall, the banking segment closed with an
operating loss of 21 million euros.

The high balance of other expenses and income, totaling minus 795 million euros
versus 346 million euros in the previous year, is mainly attributable to
write-downs and restructuring expenditure. After write-down of investments,
amortization of goodwill, taxes and minority interests, the banking business
closed with a negative result of 437 million euros (versus minus 1,058 million
euros in the previous year).

In the asset management segment the Group posted an operating profit of 320
million euros. Owing to more stringent cost management, the cost-income ratio
was brought down from 71.9 percent to 69.0 percent. After deducting loyalty
bonuses and retention payments, mainly for the management and staff of PIMCO
Group as well as Nicholas Applegate, write-downs on goodwill, taxes and minority
interests, this segment showed a loss of 130 million euros for the first six
months of the year, less than expected.

As of June 30, 2003, the Assets under Management by Allianz Group totaled 1,020
billion euros. Since year-end 2002 this means an increase of 31 billion euros or
3.1 percent. Since the end of 2002, the Group's own investments have increased
slightly by 17 billion euros or 4.2 percent to 420 billion euros. Investments
for third parties also increased by 10 billion euros or 1.8 percent to 571
billion euros. The main factors behind this growth were high net inflows of 18
billion euros, portfolio appreciation spurred by rising stock and bond markets
to the tune of 32 billion euros, and translation losses due to the weaker
dollar, amounting to 40 billion euros.

"As promised, we are working very hard to improve our profitability and are very
pleased that this is beginning to produce a positive impact on our results. In
order to strengthen this early trend, we will continue to work with great
discipline in all areas of the Group," said Michael Diekmann when presenting the
figures. "Our goals remain unchanged, i.e. to achieve a combined ratio in the
property and casualty insurance business of below 100 percent, and profitable
and above-market growth in the life and health insurance business as well as in
asset management. In the banking business we continue to pursue a very ambitious
goal: a break-even operating result. Although so far we have made good progress
in this respect, it will be necessary - in order to secure the future
competitiveness of Dresdner Bank - to initiate another very substantial
cost-cutting program," announced Michael Diekmann.

Munich, 14 August 2003

The complete quarterly report can be accessed on the Internet at

Allianz is also organizing a telephone conference at 9:30 a.m. CEST, at which
Michael Diekmann and Helmut Perlet will explain the results. Participants can
join the telephone conference by dialing the following number: +49 69 589 990
507, password: Allianz or +44 (0) 20 7162 0080, passwort: Allianz for the
English translation.

After the conference call, an online interview with Michael Diekmann and Helmut
Perlet will be available at

Dresdner Bank will broadcast their press meeting with Dr. Herbert Walter as of
12 noon CEST on their web site

For further information please contact

Richard Lips                        Tel: 089/3800-5043
Dr. Ilja-Kristin Seewald            Tel: 089/3800-2960
Stefan Denig                        Tel: 089/3800-17790

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 statement.

No duty to update
The company assumes no obligation to update any 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.

                                         LLIANZ AKTIENGESELLSCHAFT

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

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

Date:    August, 14th 2003