To go directly to any chapter, simply click on the headline or the page number. Index Group Management Report 36 Economic environment 36 A weak start 36  Sputtering recovery stifles financial services providers 38  Capital markets 40 Overall Business Development 44 Earnings 44  Financial assets 45  Return on equity 45  Market capitalization and the Allianz Share 45  Human resources 46 Property and Casualty insurance 48 Overview: Property and Casualty insurance 49  Germany 50 France 51 Italy 52  Great Britain 53 Switzerland 54  Spain 54  Rest of Europe 56  NAFTA Region 57  Asia-Pacific Region 58  South America 58  Allianz Global Risks Rückversicherungs-AG 59 Credit insurance 60 Travel insurance and assistance services 60  Allianz Marine & Aviation 62  Life and Health insurance 64 Overview: Life and Health insurance 65 Germany 67 Italy 68  France 69 Switzerland 70 Spain 71 Rest of Europe 72 U.S.A. 73 Asia-Pacific Region 74 South America ALLIANZ GROUP 35 75 Banking Business 76 Segment reporting according to the 2003 reporting structure 76 Private & Business Clients 77 Corporates & Markets 78 Segment reporting after the transfer of business activities  of Dresdner Bank to the IRU 78 Private & Business Clients 78 Corporate Banking 79 Dresdner Kleinwort Wasserstein 79 Institutional Restructuring Unit 80 Asset Management 80 Asset Management for third party investors 81 Investments 84 Risk report 84 Responsibilities 84 Management of the Allianz Group through risk capital 84 Risk controlling in the insurance business 86 Risk controlling in the banking business 90 Risk controlling in asset management 90 Risk monitoring by third parties 91 Outlook 92Our employees 92 Leadership Values 93 International personnel marketing 93 Expatriation and international training programs 93 Management training 94 Performance orientation and compensation 94 Thank you! 95 Outlook 95 Positive economic outlook with persisting risks 95 Good prospects for financial services providers 96 Business outlook for the Allianz Group 96 Appropriation of profit