Allianz SE

Earnings Release • May 4, 2005

News Details

Corporate | 4 May 2005 07:28

Allianz AG: Preliminary Group Figures for first quarter 2005

Corporate-news transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— Preliminary Group Figures for first quarter 2005 In the first quarter 2005, the positive earnings trend of the 2004 business year continued. According to preliminary figures, net income exceeded EUR 1.1 billion. In accordance with IFRS accounting standards, which apply from this year on, this figure no longer includes goodwill amortization. Net income increased by around 30 percent compared to the same period of the previous year, after appropriate adjustments. This increase in net income is a result of improvements in the operating business. The combined ratio ( 1) decreased by over 3 percentage points compared to Q1 2004 to around 92 percent. The Allianz Group posted strong growth in Life & Health and Asset Management. Internal growth was about 10% in both Life and Asset Management. Assets under management for third parties rose by around 7 percent compared to year-end 2004. In Banking, the operating result was about EUR 240 million, though revenues fell slightly. According to preliminary figures, Dresdner Bank accounted for about EUR 230 million of the Group result. Dresdner Bank is thus well on its way to earning its cost of capital in 2005. The complete interim report for the first quarter 2005 will be disclosed on May, 13, 2005, as published in the Finance Calendar. (1) claims incurred plus expenses divided by premiums earned in property and casualty These assessments are, as always, subject to the disclaimer provided below. End of the message 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 her End of announcement (c)DGAP 04.05.2005 —————————————————————————— WKN: 840400; ISIN: DE0008404005; Index: DAX-30, EURO STOXX 50 Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart; EUREX; Swiss Exchange; London; Paris; NYSE 040728 Mai 05