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 October 23, 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IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY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.
Allianz Group - FY 2003 trend
Positive results expected for FY 2003 - Positive trend in operating business
continues in 3Q2003 - Sale of industrial holding amounting to EUR 4.4 billion -
charges caused by retroactive tax charges and change in accounting treatment
Allianz Group expects to achieve positive results for the first nine months of
the current fiscal year 2003. Taking into account the sale of the Beiersdorf
stake chiefly effective in 4Q2003 and despite a possible retroactive tax charge
as well as a change in accounting treatment, Allianz will return to
profitability.
In the operating business the positive trend of the first six months of 2003
continued for the first nine months and significant improvements were achieved.
The positive business development in property and casualty insurance will
continue in 3Q2003. The combined ratio is estimated to amount to 97 percent.
Allianz Group has continued to build on the growth trend in life and health
insurance and is likely to continue the positive trend in earnings.
In the banking segment, 3Q2003 results after tax and minority interests have
improved, despite restructuring costs, but are still slightly negative. While
operating profits declined, costs were at the same level as in the second
quarter of the year. Risk provisioning developed more favorable than expected.
The banking segment also benefited from improved results from financial
investment.
After tax earnings of the asset management business will be lower than expected.
The reason for this is a modification of the accounting treatment which Allianz
will undertake in agreement with its auditors, KPMG, concerning the deferred
acquisition of certain interests held by PIMCO management. To date, elements of
the purchase have been treated as acquisition cost, and from now on it will be
accounted for in accordance with Financial Accounting Standard 123. For the
years 2000, 2001, and 2002 this will result in a non-cash retroactive after tax
adjustment in the amount of up to EUR 111 million in total. The expense after
tax for 2003 will be charged pro rata to Allianz' 3Q results in the amount of up
to EUR 80 million. In future years it is expected that this non-cash charge
will be equivalent to a reduction of future goodwill.
4Q2003 is expected to be characterized by the following development:
In the operating business, the positive trend will continue and lead to further
sustainable improvements compared to the same period last year, given the
presumption that no major charges arise from natural catastrophes and major
claims.
Additional charges could arise from a retroactively amended tax treatment of
losses and write-downs on funds held by life and health insurance companies.
Based on current decisions an additional fiscal charge in the region of EUR 600
million is expected. Other measures taken might not be able to compensate this
charge in full. This might result in a net charge of the consolidated profit and
loss account in the range of EUR 150 million that needs to be taken into
account in 4Q2003.
Further charges could result from an accelerated reduction of risk-weighted
assets as part of the non-strategic portfolio of Dresdner Bank (Institutional
Restructuring Unit) that would lead to a negative operating performance of the
bank for the FY 2003.
The sale of the Beiersdorf stake will chiefly be effective in 4Q2003.
Against this backdrop, Allianz expects a clear positive result for the FY 2003.
These assessments are, as always, subject to the disclaimer provided below.
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.
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
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Dr. Reinhard Preusche
Group Compliance
By: /s/ Dr. Giovanni
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Salerno
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Dr. Giovanni Salerno
Group Compliance
Date: October 23, 2003