DGAP-News: Allianz SE expects for the first quarter 2008 operating profit of a solid 1.8 billion euros despite difficult market environment

Allianz SE / Preliminary Results/Quarter Results

29.04.2008 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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.
DGAP 29.04.2008 
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Language:     English
Issuer:       Allianz SE
              Königinstr. 28
              80802 München
              Deutschland
Phone:        +49 (0)89 38 00 - 41 24
Fax:          +49 (0)89 38 00 - 38 99
E-mail:       investor.relations@allianz.com
Internet:     www.allianz.com
ISIN:         DE0008404005
WKN:          840400
Indices:      DAX-30, EURO STOXX 50
Listed:       Regulierter Markt in Berlin, Frankfurt (Prime Standard),
              Hannover, Düsseldorf, Stuttgart, München, Hamburg;
              Terminbörse EUREX; Foreign Exchange(s) London, NYSE, SWX
End of News                                     DGAP News-Service
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