ANNUAL REPORT 2006
Insurance | Asset Management | Banking
Shareholder Company Success Factors Business Development Consolidated Financial Statements

"3+One" Program

The goal of the Allianz Group is to achieve sustainable growth of its competitive strength and value. Our performance in 2006 is a testament to our continued progress towards that goal.

1

Protecting and strengthening our capital base
Shareholders’ equity € 50.5 bn

2

Significant increase of our operating profit
Operating profit € 10.4 bn
Combined ratio in Property-Casualty insurance 92.9%
Operating profit in Life/Health insurance € 2.6 bn
Cost-income ratio in Banking 79.5%
Operating profit in Asset Management € 1.3 bn

3

Leaner portfolio and reduction of complexity
Merger of RAS with and into Allianz AG
Conversion of Allianz AG into Allianz SE
Comprehensive reorganization programs

+One

Sustainable improvement of our competitive position and our company value
Sustainability Programs for our insurance operations
Customer Focus Initiative
New operating model