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 May 5th 2004
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IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY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.
1st Quarter Results
MUNICH, Germany--(BUSINESS WIRE)--May 5, 2004--
Allianz Group in the first Quarter of 2004
Positive trend in operating business continues - Profit after taxes estimated at
around 650 million euros - Improvements in all segments
The Allianz Group continued the positive trend in earnings during the 1st
quarter of 2004. Progress in operating business for all four business segments
contributed to this development. Provisional figures indicate that the operating
result at some 1.1 billion euros was appr. 35 percent above the year- earlier
value of 834 million euros. The Group achieved an estimated profit after taxes
in the order of around 650 million (Q1 2003: minus 546 million) euros. Favorable
conditions in the capital markets contributed toward this.
Total premium income in insurance business in the 1st quarter of 2004 amounted
to approximately 25 billion euros and was in the region of the figure reported
in the previous year (25.1 billion euros). Adjusted for consolidation and
exchange-rate effects, growth reached around 3 percent. In Property and Casualty
insurance in particular, emphasis was placed on profitable growth. A strict
underwriting policy and a pricing structure geared appropriately to risk
contributed to further improvement in the Combined Ratio - i.e. the ratio of
claims and expenses to premiums earned - to less than 96 percent (Q1 2003: 97.7
percent).
In Banking Business, which is primarily governed by performance at Dresdner
Bank, expenses and risk provisions were significantly reduced. Dresdner Bank
contributed to the Allianz Banking segment with an operating result in the order
of around 170 million euros. A positive result after taxes is therefore achieved
- following a loss of 353 million euros in the 1st quarter of the previous year.
All assessments are as always subject to the following cautionary
statements
Issuer's information/explanatory remarks concerning this ad-hoc-announcement:
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 in this
release 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.
No obligation to update
The company assumes no obligation to update any forward-looking information
contained herein.
Short Name: Allianz AG
Category Code: QRF
Sequence Number: 20201
Time of Receipt (offset from UTC): 20040505T072926+0100
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: May 5th 2004