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Table of Contents
Shareholder Letter to the Shareholder
Supervisory Board Report
The Allianz Share

Overview
Varying price fluctations
Increased earnings per share
Higher dividends
Free float of 86%
Value-oriented management
Strong interest in Annual General Meeting
Strengthening Investor Relations
Comprehensive service
Financial calendar for 2005/2006
Company Summary of Recent Years
Board of Management
Supervisory Board
  Corporate Governance Overview
The Allianz Constitution
German Corporate Governance Code and Declaration of Compliance
U.S. Corporate Governance Rules
Outlook
Renumeration Report Overview
Renumeration for the Board of Management
Renumeration of the Supervisory Board
Advisory Committees International Executive Committee
Joint Advisory Council of the Allianz Companies
International Advisory Board
International Presence
Economic environment Overview
Uncertainties persisted
Property and casuality insurers
Life and Health Insurance
Asset Management
Banks
Capital markets
Capital and Financing Overview
Shareholders' equity, reserves and solvency
Rating
Borrowing
Allianz AG bond issues
Risk Report Overview
Risk governance structure
Principles
Instruments
Risk controlling in the insurance business
Risk controlling in the banking business
Risk control in asset management
Risk monitoring by third parties
Outlook
Our Employees Overview
Leadership Values
Expatriation and international training programs
eLearning
Performance orientation and compensation
UN Global Compact
Memberships Membership of Supervisory Board members in other corporate management bodies
Membership of Board of Management members in other corporate management bodies
Strategy Performance 2004 - Our "3+One" program
Overview
+One. Increasing our competitive strength and value on a sustainable basis
Value-based Management Overview
Basic idea
Central and decentral elements
Risk capital
Value added
Management renumeration
Business Development Notes regarding the Group Management Report
Executive Summary Performance - Segments
Overview
Allianz Group's Consolidated Results of Operations
Allianz Group's Consolidated Assets, Liabilities and Shareholders' Equity
Proberty-Casualty Insurance Operations Overview
Earnings Summary
Proberty-Casualty Operations by Geographic Regions
Germany
France
Italy
United Kingdom
Switzerland
Spain
Other Europe
NAFTA
United States
Asia-Pacific
South America
Specialty Lines
Credit Insurance
Allianz Global Riks Re
Allianz Marine & Aviation
Travel Insurance and Assistance Services
Life/Health Insurance Operations Overview
Earnings Summary
Life/Health Operations by Geographic Regions
Germany
France
Italy
Spain
Switzerland
Other Europe
United States
Asia-Pacific
Banking Operations Overview
Earnings Summary
Banking Operations by Divisions
Personal Banking
Private & Business Banking
Corporate Banking
Dresdner Kleinwort Wasserstein
IRU
Corporate Other
Asset Management Operations Overview
Earnings Summary
Assets under Management
Third-Party Assets
Group's Own Investments
Investment Result
Outlook for 2005 Overview
Solid, but temped economic growth
Favorable conditions for financial services providers
Outlook for Allianz
Approbiation of profit
Consolidated Financial Statements Consolidated Balance Sheets
  Consolidated Income Statements
Consolidated Statements of Changes in Shareholders' Equity
Consolidated Cash Flow Statements
Segment Reporting
Business Segment Information - Operating Profit Overview
Property-Casualty
Life/Health
Banking
Asset Management
Notes to the Consolidated Financial Statements