• Net income from continued business of 4 billion euros
• Sale of Dresdner Bank completed
• Net loss of 2.4 billion euros for the Group taking into account discontinued business
• Board of management proposes dividend of 3.50 euros per share for 2008

In fiscal year 2008, based on preliminary figures, the Allianz Group posted a robust operating profit and a solvency ratio remains at a high level, despite the difficult economic environment.

Revenues of the Allianz Group fell by 5.3 percent to 92.5 billion euros in the year 2008 from 97.7 billion euros in the previous year. The operating profit of 7.4 billion euros compared to 10.3 billion euros in the record year 2007. Net income from continued business amounted to 4 billion euros following 7.3 billion euros in the previous year. Discontinued operations, comprising the results of Dresdner Bank and its sale to Commerzbank, impacted Allianz Group’s net income in fiscal 2008 by 6.4 billion euros. This yields a net loss of 2.4 billion euros for the Allianz Group in 2008.

The financial crisis also affected the core business of Allianz. While property and casualty insurance proved to be largely unaffected, the life insurance and asset management business saw hits on revenues and profits.

Michael Diekmann, CEO of Allianz SE: "Allianz remains solid, a financially stable partner for customers, shareholders and employees. Our result of 7.4 billion euros deserves recognition considering the challenging environment. Our efforts in 2009 will continue to focus on operating efficiency and offering our customers products that provide security over the long term – that is our core business."

Shareholder’s equity at 33.7 billion euros at December 31, 2008 continues to provide a solid foundation even in times of crisis. The number of Allianz customers worldwide amounts to some 75 million (adjusted for Dresdner Bank).

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