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… for Our Customers and Shareholders Working Together … … for a Safer World … for Profitable Growth UK GB E0020Z0 (0/05)5. 02 eter Ginter (except page 4) page (except Ginter eter P on page 9. page on CONTENTS OF LE B TA the see Please Photography: www.allianz.com ea 4 93 941 99 34 89 +49 lefax Te lpoe+98 80 00 00 38 89 +49 elephone T 02 München 02 808 The Allianz Group is rated A++ by A.M. Best and AA+ by Standard & Poor’s. & Standard by AA+ and Best A.M. by A++ rated is Group Allianz The See Consolidated Financial Statements 2001 Statements Financial Consolidated See *) Königinstrasse 28 Königinstrasse Allianz AG Allianz 95 3622.0 – 369 20.2 307 Dividend paid Dividend mn ¤ 19 .50 20.0–1 1.25 50 1. share per Dividend ¤ 18 4.26 34.5 – 98.0 19.8 81.8 end year at capitalization Market bn ¤ 16 26633.3 – 399 19.3 334 end year at price Share ¤ on page on in % in % in information previous year year previous previous More THE ALLIANZ SHARE ALLIANZ THE 2001 Change from 2000 Change from from 1999 Change 2000 Change 2001 for a safer world safer a for … for profitable growth profitable for … Adjusted to U.S. Listing and IAS SIC 12 SIC IAS and Listing U.S. to Adjusted 1) 147 Employees 179,946 50.4 119,683 5.5 113,472 19 6.6652.8 – 14.10 49.0 9.46 Earnings per share per Earnings ¤ Return on equity after taxes after equity on Return 4.854.5 – 10.6 25.2 8.5 % 43 35.6 19.9 29.7 1.1 1 7– 31. equity Shareholders’ bn ¤ *) 130 00 83.3 382 1,172 67.4 7 management under ssets A bn ¤ our customers and shareholders and customers our …for 93 1.1 126.0 0.5 2.0 81.2 management asset from revenue Net bn ¤ 93 3.9 – 0.2 –banking 0.2 from revenue Net bn ¤ 92 75.1 9.4 68.7 13.4 60.6 income premium otal T bn ¤ 92 Net income Net ,6231 53.1 – 3,460 49.3 2,317 mn ¤ rigtgte … together orking W 1,044 – 18.2 – 1,277 – 31.1974 – Minority interests in earnings in interests Minority mn ¤ 61 axes T 8.48 1,513 – 840 –176 – – mn ¤ *) 132 sset management sset A – 334 – – 4558.3 – 108 mn ¤ 128 Banking 121.4 56 24 11 83. 227 mn ¤ 117 Life/health insurance Life/health – 74.7 – 1,626 32.2412 1,229 mn ¤ 98 Property/casualty insurance Property/casualty 2,40938.2 – 3,899 7.2 3,639 mn ¤ 91 Earnings before taxes before Earnings ,8271 62.8 – 4,913 2.3 4,804 mn ¤ on page on in % in % in information previous year year previous previous More ALLIANZ GROUP ALLIANZ 2001 Change from 2000 Change from from 1999 Change 2000 Change 2001 1) Allianz Group Fiscal Year 2001 Allianz GroupFiscal Year ANCE GL A AT Fiscal Year 2001 Year Fiscal OVERALL BUSINESS DEVELOPMENT _ The Dresdner Bank Group was integrated into the financial statements of Allianz Group as of July 23, 2001. SUMMARY OF RECENT YEARS _ In fiscal 2001, total premium income increased by 9.4 percent to 75.1 billion euros. _ Assets under management increased by 67 percent to 1,172 billion euros. ALLIANZ GROUP 2001 2000 1999 1998 1997 _ Turmoil in the capital markets and the terrorist attack of September 11 on the United States had a significant impact on our earnings. Earnings before taxes1) ¤ mn 1,827 4,913 4,804 4,910 3,259 Property/casualty insurance ¤ mn 2,409 3,899 3,639 3,742 2,560 _ Net income for the year amounted to 1.6 billion euros, more than 1.0 billion euros less than Life/health insurance ¤ mn 412 1,626 1,229 1,137 785 originally planned. Banking ¤ mn 227 124 56 Asset Management ¤ mn – 334 45 108 982) 112 2) Taxes ¤ mn 840 – 176 – 1,513 – 1,920 – 1,783 Minority interests in earnings ¤ mn – 1,044 – 1,277 – 974 – 814 – 469 Net income ¤ mn 1,623 3,460 2,317 2,176 1,706 Total premium income Assets under management Revenues from banking Gross premium income ¤ bn 75.1 68.7 60.6 51.0 41.9 by regions by categories by category Net revenues from banking ¤ bn 3.9 0.2 0.2 – – (¤ 75.1 bn) (¤ 1,172 bn) (¤ 3.9 bn) Net revenues from asset management ¤ bn 2.0 1.1 0.5 – – 4.4 % 1.4 % 5.1 % Assets under management ¤ bn 1,172 700 382 343 244 17.6 % 33.1 % Investments ¤ bn 345 281 271 240 170 30.6 % Trading assets ¤ bn 1280000 30.1 % Receivables ¤ bn 301 35 31 39 23 Shareholders’ equity ¤ bn 32 36 30 25 19 63.4 % 60.6 % Minority interests in equity ¤ bn 17 16 13 12 8 6.3 % Participation certificates, subordinated liabilities ¤ bn 121111 47.4 % Insurance provisions ¤ bn 300 285 268 238 172 Liabilities ¤ bn 313 15 14 16 3 Germany Interest-bearing securities Net interest income Rest of Europe Equities Trading income Balance sheet total ¤ bn 943 440 411 364 252 North/South America Real estate Net fee and commission income Employees ¤ mn 179,946 119,683 113,472 105,676 76,951 Asia-Pacific Region/Africa Other investments Return on equity after taxes % 4.8 10.6 8.5 9.8 8.8 Return on equity before amortization of goodwill % 7.2 12.1 10.2 10.9 9.6 Earnings per share ¤ 6.66 14.10 9.46 8.97 7.30 Development of assets under management Earnings per share before amortization of goodwill ¤ 9.98 16.12 11.44 9.99 7.96 in ¤ bn 1,172 Dividend payment ¤ bn 362 369 307 276 224 1,200 1,100 Share price at year end ¤ 266 399 334 316 238 1,000 Market capitalization at year end ¤ bn 64.2 98.0 81.8 77.6 54.8 900 700 800 1) 1999 without IAS SIC 12 and SEC adjustment 700 2) Including banking 600 382 500 400 300 200 100 0 1999 2000 2001 AT A GLANCE To go directly to any chapter, simply click ➤➤ on the headline or the page number. ALLIANZ GROUP 2001 Change from 2000 Change from 19991) More previous year previous year information in % in % on page Earnings before taxes ¤ mn 1,827 – 62.8 4,913 2.3 4,804 91 Property/casualty insurance ¤ mn 2,409 – 38.2 3,899 7.2 3,639 98 Life/health insurance ¤ mn 412 – 74.7 1,626 32.2 1,229 117 Banking ¤ mn 227 83.1 124 121.4 56 127 Asset management ¤ mn – 334 – 45 – 58.3 108 130 Taxes ¤ mn 840 – – 176– 88.4 – 1,51361*) Minority interests in earnings ¤ mn – 1,044 – 18.2 – 1,277 31.1 – 974 Net income ¤ mn 1,623 – 53.1 3,460 49.3 2,317 92 Total premium income ¤ bn 75.1 9.4 68.7 13.4 60.6 92 Net revenue from banking ¤ bn 3.9 – 0.2 – 0.2 93 Net revenue from asset management ¤ bn 2.0 81.2 1.1 126.0 0.5 93 Assets under management ¤ bn 1,172 67.4 700 83.3 382 130 Shareholders’ equity ¤ bn 31.7 – 11.1 35.619.9 29.7 43*) Return on equity after taxes % 4.8 – 54.5 10.625.2 8.5 Earnings per share ¤ 6.66 – 52.8 14.10 49.0 9.46 19 Employees 179,94650.4 119,683 5.5 113,472 147 1) Adjusted to U.S. Listing and IAS SIC 12 THE ALLIANZ SHARE 2001 Change from 2000 Change from 1999 More previous year previous year information in % in % on page Share price at year end ¤ 266 – 33.3 399 19.3 334 16 Market capitalization at year end ¤ bn 64.2 – 34.5 98.0 19.8 81.8 18 Dividend per share ¤ 1.50 – 1.50 20.0 1.25 19 Dividend paid ¤ mn 362 – 2.0 369 20.2 307 95 The Allianz Group is rated A++ by A.M. Best and AA+ by Standard & Poor’s. *) See Consolidated Financial Statements 2001 Please see the TABLE OF CONTENTS on page 9. Consolidated balance sheet (short version) ASSETS 2001 2000 EQUITY AND LIABILITIES 2001 2000 ¤ bn ¤ bn ¤ bn ¤ bn Intangible assets 16.9 10.4 Shareholders’ Equity 31.7 35.6 Investments in affiliated enterprises 10.2 11.8 Minority interests in shareholders’ equity 17.3 16.2 Investments 345.3 280.8 Participation certificates and subordinated Investments held on account and at risk liabilities 12.2 1.3 of life insurance policy holders 24.7 22.8 Insurance reserves 299.5 284.8 Loans and advances to customers 239.7 28.1 Insurance reserves for life insurance Loans and advances to banks 61.3 7.1 where the investment risk is carried by policyholders 24.7 22.8 Trading assets 128.4 0.4 Liabilities to customers 177.3 9.7 Amounts ceded to reinsurers from insurance reserves 31.0 28.5 Liabilities to banks 135.4 5.2 Other assets 85.4 50.1 Certificated liabilities 134.7 13.6 Other liabilities 110.1 50.8 Total assets 942.9 440.0 Total equity and liabilities 942.9 440.0 Consolidated income statement Total premium income by (short version) business segments (¤ 75.1 bn) 2001 2000 ¤ bn ¤ bn Premiums earned (net) 52.7 49.9 Net interest from banking 2.4 0.2 Income from investments and 44.8 % affiliated enterprises 15.1 21.8 55.2 % Trading income 1.6 0.0 Fee and commission income, and income resulting from service activities 4.8 2.2 Insurance benefits – 50.2 – 51.7 Loan loss allowance – 0.6 0.0 Life/health Acquisition costs and administrative expenses – 19.3 – 13.7 Property/casualty Other income/expenses – 3.9 – 3.2 Amortization of goodwill – 0.8 – 0.5 Income before taxes 1.8 4.9 Taxes 0.8 – 0.2 Minority interests in earnings – 1.0 – 1.3 Net income 1.6 3.5 Earnings per share in ¤ 6.66 14.10 OVERALL BUSINESS DEVELOPMENT _ The Dresdner Bank Group was integrated into the financial statements of Allianz Group as of July 23, 2001.
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