Western and Southern Europe

Europe is our home market. We consider propertycasualty insurance in the region to be rather saturated. In life/health insurance, we see the characteristics of aging societies and their rising need for private retirement provision products and additional health insurance coverage as a growth opportunity.

Business segments

Property-Casualty

Life/Health

Banking

 

Asset Management

Corporate

Operating entity contributes a substantial portion of our total revenues within our primary geographic markets. Total revenues comprise Property-Casualty segment’s gross premiums written, Life/Health segment’s statutory premiums, Banking segment’s operating revenues and Asset Management segment’s operating revenues.

		Belgium						Luxembourg
		Germany						Netherlands
		France						Austria
		Greece						Portugal
		United Kingdom						Switzerland
		Ireland						Spain
		Italy						Turkey

2006 in review

January 1: Allianz Deutschland AG and a new independent sales company in Germany are launched and, at the same time, regional structures are simplified.
June 22: Restructuring details at Allianz Deutschland AG and Dresdner Bank AG announced.
October 13: Allianz AG completes conversion into Allianz SE.
November 28: First European company pension offer launched.
December 18: Merger of dit and dbi in our Asset Management segment.

The following table sets forth selected Allianz Group operating subsidiaries by geographic region at December 31, 2006, including our ownership percentage. It does not contain all subsidiaries of the Allianz Group, nor does it indicate whether an interest is held directly or indirectly by Allianz SE. Further, the ownership percentage presented in the following table includes equity participations held by dependent enterprises of the Allianz Group in full, even if the Allianz Group’s ownership in the dependent enterprise is below 100%.

GERMANY

 

				Allianz Capital Partners GmbH		100.0%
				Allianz Dresdner Bauspar AG		100.0%
				Allianz Global Corporate & Specialty AG		100.0%
				Allianz Global Investors Advisory GmbH		100.0%
				Allianz Global Investors AG		100.0%
				Allianz Global Investors Europe GmbH		100.0%
				Allianz Global Investors Kapitalanlagegesellschaft mbH		100.0%
				Allianz Lebensversicherungs-Aktiengesellschaft		91.0%
				Allianz Private Krankenversicherungs-Aktiengesellschaft		100.0%
				Allianz Versicherungs-Aktiengesellschaft		100.0%
				DEGI Deutsche Gesellschaft für Immobilienfonds m.b.H.		94.0%
				Deutsche Lebensversicherungs-AG		100.0%
				Dresdner Bank AG		100.0%
				Euler Hermes Kreditversicherungs-AG		100.0%
				MAN Roland Druckmaschinen AG		100.0%
				Oldenburgische Landesbank Aktiengesellschaft		89.4%
				Reuschel & Co. Kommanditgesellschaft		97.5%

WESTERN AND SOUTHERN EUROPE

Belgien

 

		Austria
				Allianz Elementar Lebensversicherungs-Aktiengesellschaft		100.0%
				Allianz Elementar Versicherungs-Aktiengesellschaft		100.0%
		Belgium
				AGF Belgium Insurance S.A.		100.0%
		France
				AGF Asset Management S.A.		99.8%
				Assurances Générales de France IART S.A.		100.0%
				Assurances Générales de France Vie S.A.		100.0%
				Assurances Générales de France		60.2%
				Banque AGF S.A.		100.0%
				Euler Hermes SFAC S.A.		100.0%
				Mondial Assistance S.A.S.		100.0%

		Greece
				Allianz General Insurance Company S.A.		100.0%
				Allianz Life Insurance Company S.A.		100.0%
		Ireland
				Allianz Irish Life Holdings p.l.c.		66.4%
				Allianz Worldwide Care Ltd.		100.0%
		Italy
				ALLIANZ SUBALPINA S.p.A. SOCIETÀ DI ASSICURAZIONI E RIASSICURAZIONI		98.0%
				Lloyd Adriatico S.p.A.		99.7%
				RAS ASSET MANAGEMENT Società di gestione del risparmio S.p.A.		100.0%
				Riunione Adriatica di Sicurtà S.p.A.		100.0%
		Luxembourg
				Allianz Global Investors Luxembourg S.A.		100.0%
				Dresdner Bank Luxembourg S.A.		100.0%
		Netherlands
				Allianz Nederland Levensverzekering N.V.		100.0%
				Allianz Nederland Schadeverzekering N.V.		100.0%
		Portugal
				Companhia de Seguros Allianz Portugal S.A.		64.8%
		Spain
				Allianz Compañía de Seguros y Reaseguros S.A.		99.9%
		Switzerland
				Allianz Risk Transfer AG		100.0%
				Allianz Suisse Lebensversicherungs-Gesellschaft		100.0%
				100.0%
				Dresdner Bank (Schweiz) AG		99.8%
				ELVIA Reiseversicherungs-Gesellschaft AG		100.0%
		United Kingdom
				Allianz Cornhill Insurance plc.		98.0%1)
				RCM (UK) Ltd.		100.0%