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Allianz Group (Allianz AG) - Insurance  -  Category Directory

Königinstrasse 28
D-80802 Munich, Germany



$128 billion


Business Description

Allianz AG is a stock corporation organized in the Federal Republic of
Germany under the German Stock Corporation Act. It was incorporated as Allianz
Versicherungs-Aktiengesellschaft in Berlin, Germany on February 5, 1890. It is
registered in the Commercial Register in Munich, Germany under the entry number
HR B 7158. Our registered office is located at Koniginstrasse 28, 80802 Munich,
Germany, telephone (49)(89) 3800-0. Allianz AG is the ultimate parent company of
the Allianz Group.

The Allianz Group is among the world's largest financial services
providers, offering insurance, banking and asset management products and
services through property-casualty, life/health, banking and asset management
business segments. We are one of the largest insurance groups in the world based
on gross premiums written in 2003. We are the largest German property-casualty
and life/health insurance company based on gross premiums written in 2003. We
are also among the largest insurance companies in other countries, including
France, Italy, the United Kingdom, Switzerland and Spain. We are the
second-largest German financial institution, based on market capitalization at
March 31, 2004. We believe that we are well capitalized relative to our
competitors. As of June 18, 2004, we had financial strength ratings of A+ from
A.M. Best an AA- from Standard & Poor's, both with a negative outlook and an Aa3
senior unsecured debt rating with a stable outlook from Moody's. Our investment
portfolio includes a number of significant equity participations, primarily in
major German companies, including both financial institutions and industrial

We were founded in 1890 in Berlin, Germany, and since that time we have
become the largest German insurer. Through our international expansion strategy,
we have sought to bring into the Allianz Group companies that are
well-positioned in their domestic markets and that have leading positions in
particular business lines and attractive earnings prospects. In the last several
years, our non-German insurance business has grown substantially in importance.
Gross premiums written by our non-German business represented approximately
62.5% of our total gross premiums written in 2003. We now operate in more than
70 countries worldwide and have leading market positions in many of them.

In 1998, building on over a century's experience in managing our extensive
insurance investment portfolio, we established financial services as our third
core business segment, in addition to our property-casualty and life/health
insurance businesses. In 2001, following our acquisition of Dresdner Bank, we
reorganized our financial services segment into separate asset management and
banking segments. Based on total assets under management as of December 31,
2003, we were one of the five largest asset managers in the world. In our
banking segment, which is now our fourth core business segment, our acquisition
of Dresdner Bank made us one of the major banks in Germany and provided us with
significantly expanded bank distribution channels for our property-casualty,
life/health and asset management products and services.

Our German property-casualty and life/health insurance businesses are
managed by subsidiaries located primarily in Munich and Stuttgart. Our
non-German insurance businesses are locally managed. Among our largest
non-German markets are France, Italy, the United Kingdom, Switzerland, Spain and
the United States. In contrast, each of our specialty lines of credit insurance,
marine and aviation insurance, international industrial reinsurance through
Allianz Global Risks Ruckversicherungs -- AG (or Allianz Global Risks Re) and
travel insurance and assistance services is managed and operates on a global
basis. Our asset management segment also operates on a worldwide basis, with key
management centers in Munich, Hong Kong, Paris, Milan, Westport, Connecticut,
and San Diego and Newport Beach, California. Our banking segment operates
through the approximately 950 German and non-German branch offices of Dresdner
Bank and various subsidiaries, with significant operations in Germany, the
United Kingdom, other European countries and the United States.

At December 31, 2003, we employed more than 173,000 persons in our
insurance, banking and asset management businesses worldwide, of whom more than
91,000 were based outside Germany. Through interdisciplinary and
multi-jurisdictional training and advancement programs, we seek to develop and
promote a corporate culture that emphasizes technical expertise, dedication to
client service and an international outlook.

Our headquarters are located in Munich, Germany. In addition, we have
subsidiary, branch, representative and similar offices worldwide. We own
substantially all of the land and buildings that are used in the normal course
of our business in Europe and lease office space in various locations throughout
the world. We also have part of our investment portfolio invested in land and
buildings. We believe that our facilities are adequate for our present needs in
all material respects.


United States


Our property-casualty operations in the United States are
organized under the umbrellas of Allianz Global Risks US Insurance Company,
Burbank (formerly Allianz Insurance Co.) and Allianz of America, Inc. (or
Allianz of America). We have been present in the United States since 1977, when
we established Allianz Insurance Co., an important provider of commercial
insurance to major corporate customers, as one of our first U.S. subsidiaries.
In 1991, we acquired Fireman's Fund Insurance Company, an important personal and
commercial lines property-casualty insurance company founded in 1864. In
November 2003, we renamed Allianz Insurance Co. as Allianz Global Risks US
Insurance Company in order to reflect the principal operations of the company,
which is international industrial insurance, as well as to align with the global
brand representing our international industrial insurance business line, which
is Allianz Global Risks. Allianz of America comprises a group of companies
writing a wide variety of property-casualty lines of business. Our operations in
the United States accounted for 85.5% of our gross written property-casualty
insurance premiums in the NAFTA zone in 2003.



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