ALLIANZ GROUP 2003 Change from 2002 2001 2000 1999 1998 More previous year details in % on page Earnings  Earnings before taxes 1) ¤ mn 2,528 –– 1,309 1,768 4,913 4,804 4,910 44 Property/casualty insurance ¤ mn 5,509 –27.1 7,554 2,409 3,899 3,639 3,747 48 Life/health insurance ¤ mn 757 –– 91 412 1,626 1,229 1,137 64 Banking Business ¤mn –2,200 43.1 –1,537 227 124 56 – 75 Asset management ¤mn –103 –68.7 –329 –393 45 108 98 2) 80 Taxes ¤mn –130 – 768 861 –176 –1,513 –1,920 154 Minority interest in earnings ¤mn –782 13.7 –688 –1,044 –1,277 –974 –814 139 Net income ¤mn 1,616 –– 1,229 1,585 3,460 2,317 2,176 44 Total premium income  ¤bn 85.0 2.8 82.7 75.1 68.7 60.6 51.0  44 Net revenue from banking ¤bn 6.5 –13.9 7.6 3.9 0.2 0.2 – 44 Net revenue from asset management ¤bn 2.2 –2.8 2.3 2.0 1.1 0.5 – 44 Balance sheet  Investments ¤bn 295 3.3 285 345 281 271 240 130 Trading assets ¤bn 146 17.1 125 128 ––– 13 4 Receivables ¤bn 321 16.7 275 301 35 31 39 132 Shareholders’ equity ¤bn 29 31.9 22 32 36 30 25 104 Minority interest in equity ¤bn 8 0.6 8 17 16 13 12 139 Participation certificates, subordinated liabilities ¤bn 12 – 13.7 14 12 1 1 1 Insurance provisions ¤bn 311 1.9 306 300 285 268 238 141 Liabilities ¤bn 333 17.0 285 313 15 14 16  143 Balance sheet total ¤bn 936 9.8 852 943 440 411 364 102 Return Return on equity after taxes % 6.4 –– 4.6 4.7 10.6 8.5 9.8 45 Return on equity before amortization of goodwill % 12.1 –– 0.3 7.1 12.1 10.2 10.9 45 Per share Earnings per share ¤ 4.77 –– 4.44 5.71 12.32 8.29 7.87 27 Earning per share before amortization of goodwill ¤ 8.92 –– 0.24 8.62 14.09 10.03 8.76 29 Dividend per share ¤ 1.50 –1. 50 1. 5 0 1. 5 0 1. 25 1.12 2 8 Dividend payment ¤mn 551 47.3 374 364 367 307 276 28 Share price at year-end 3) ¤ 100.1 23.9 80.8 237.1 355.3 297.7 282.1 26 Market capitalization at year-end 4) ¤bn 36.7 66.8 22.0 64.2 98.0 81.8 77.6 27 Other Employees 173,750 –4.3 181,651 179,946 119,683 113,472 105,676  92 Assets under management ¤bn 996 0.7 989 1,126 700 382 343 80 The year 2003 was essentially shaped by our “Three Plus One” program. You will find more  information about this program in the Letter to the Shareholder on the next page and in the “Strategy” chapter on pages 22 to 23. Cover Content To go directly to any chapter, simply click on the headline or the page number. 1) 1997 without IAS SIC 12 and SEC adjustment 2) Including banking business 3) Adjusted for capital measures (capital increase) 4) Excluding treasury shares Annual Report2003 + One _ LETTER TO THE SHAREHOLDER 1 _ SUPERVISORY BOARD REPORT 5 _ CORPORATE GOVERNANCE 10 _ REMUNERATION REPORT 14 _ INTERNATIONAL EXECUTIVE COMMITTEE 18 _ INTERNATIONAL PRESENCE 20 _ STRATEGY 22 _ ECONOMIC VALUE ADDED 24 _ THE ALLIANZ SHARE 26 _ CAPITAL AND FINANCING 31 _ GROUP MANAGEMENT REPORT 35 _ UNGLOBAL COMPACT 97 _ CONSOLIDATED FINANCIAL STATEMENTS 101 _ STATUTORY BOARD MEMBERSHIPS 182 _ GLOSSARY 188