REG-Allianz AG Allianz SE Expects for the First Quarter 2008 Operating Profit of a Solid 1.8 Billion Euros Despite Difficult Market Environment

Tue Apr 29, 2008 2:21am EDT

* Reuters is not responsible for the content in this press release.

Allianz SE Expects for the First Quarter 2008 Operating Profit of a Solid 1.8 Billion Euros Despite Difficult Market Environment

MUNICH, Germany--(Business Wire)--

Allianz Group expects mark-downs of almost 0.9 billion euros for the first
quarter 2008, which will have to be accrued in the area of structured financial
products of Dresdner Bank due to the ongoing financial market crisis. Allianz
estimates an operating profit of a solid 1.8 billion euros for the first three
months of 2008, after 2.9 billion euros in the first quarter of 2007. Based on
disadvantageous stock prices, realized gains from investments were consciously
kept low, while in previous year's quarter during favorable market conditions
realized gains amounted to 2.0 billion euros. Therefore, net income for the
first quarter 2008 is expected to reach about 1.1 billion euros, which is
clearly below previous year's result of 3.2 billion euros. 'In this difficult
market environment, an operating profit of almost 2 billion euros underlines our
sustainable underlying profitability. Hence, we consider our medium term targets
for 2009 to be still feasible, even though this will become harder, the longer
the financial crisis will last', said Helmut Perlet, Board Member of Allianz SE.

As already announced, Allianz will publish full details for the first quarter
2008 on May 9, 2008.

These assessments are, as always, subject to the disclaimer provided below.

Cautionary Note Regarding Forward-Looking Statements:

Certain of the statements contained herein may be statements of future
expectations and other forward-looking statements that are based on management's
current views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements. In addition to
statements which are forward-looking by reason of context, the words 'may, will,
should, expects, plans, intends, anticipates, believes, estimates, predicts,
potential, or continue' and similar expressions identify forward-looking
statements. Actual results, performance or events may differ materially from
those in such statements due to, without limitation, (i) general economic
conditions, including in particular economic conditions in the Allianz Group's
core business and core markets, (ii) performance of financial markets, including
emerging markets, (iii) the frequency and severity of insured loss events, (iv)
mortality and morbidity levels and trends, (v) persistency levels, (vi) the
extent of credit defaults (vii) interest rate levels, (viii) currency exchange
rates including the Euro-U.S. Dollar exchange rate, (ix) changing levels of
competition, (x) changes in laws and regulations, including monetary convergence
and the European Monetary Union, (xi) changes in the policies of central banks
and/or foreign governments, (xii) the impact of acquisitions, including related
integration issues, (xiii) reorganization measures and (xiv) general competitive
factors, in each case on a local, regional, national and/or global basis. Many
of these factors may be more likely to occur, or more pronounced, as a result of
terrorist activities and their consequences. The matters discussed herein may
also involve risks and uncertainties described from time to time in Allianz SE's
filings with the U.S. Securities and Exchange Commission. The company assumes no
obligation to update any forward-looking information contained herein.

No duty to update

The company assumes no obligation to update any information contained herein.

Language: English
Issuer:   Allianz SE
          Koniginstr. 28
          80802 Munchen
Phone:    +49 (0)89 38 00 - 41 24
Fax:      +49 (0)89 38 00 - 38 99
ISIN:     DE0008404005
WKN:      840400
Indices:  DAX-30, EURO STOXX 50
Listed:   Regulierter Markt in Berlin, Frankfurt (Prime Standard),
           Hannover, Dusseldorf, Stuttgart, Munchen, Hamburg;
           Terminborse EUREX; Foreign Exchange(s) London, NYSE, SWX

Allianz AG

Copyright Business Wire 2008