Allianz SE

Earnings Release • Nov 14, 2002

News Details

Ad-hoc | 14 November 2002 07:56

Allianz AG english

Allianz AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Allianz Group ‘ Performance in the first three quarters of 2002 The Allianz Group had to accept a loss of 924 million euros during the first nine months. While a net income of 1.6 billion euros was achieved during the first six months, a loss of 2.5 billion euros was incurred during the third quarter in what was a very difficult market environment. This is principally due to an accumulation of extraordinary effects. These include primarily impairments on investments in the third quarter, provisions for asbestos and environmental claims at the US-American subsidiary Fireman’s Fund, the flood catastrophe in Europe, the collapse of the capital markets, and ongoing high loan loss provisions at Dresdner Bank. Additional capital gains from the sale of shareholdings were not realized during the third quarter to improve earnings. Operating business improved significantly in most business areas during the first nine months. Total premium income in insurance business rose worldwide by 11.9 percent to 61.5 billion euros. The combined ratio adjusted for flooding and asbestos improved to 101.5 percent. Net cash inflows in asset management were 43 billion euros adjusted for currency differences. In the third quarter Dresdner Bank contributed to a loss of 972 million euros to the result of the Allianz Group. These assessments are as always subject to the disclaimer provided below. end of ad-hoc-announcement (c)DGAP 14.11.2002 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 which 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) interest rate levels, (vii) currency exchange rates including the Euro – U.S. Dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of acquisitions (e.g. Dresdner Bank), including related integration issues, and (xii) 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 the event on, and following, September 11th, 2001. 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. Allianz AG assumes no obligation to update any forward- looking information contained in this release. ——————————————————————————– WKN: 840400; ISIN: DE0008404005; Index: DAX-30, EURO STOXX 50 Listed: Amtlicher Markt in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München, Stuttgart, EUREX, Swiss Exchange, London, Paris, NYSE 140756 Nov 02