Allianz Group - Figures for the Third Quarter 2000

Worldwide sales increase by 15.5 percent - Strong growth in life-insurance business and in emerging markets

The Allianz Group increased total revenue by 15.5 percent from 44.0 to 50.9 billion euros in the first nine months. The main engines for growth were life-insurance business and the rapid expansion of insurance business in the
emerging growth markets of Central and Eastern Europe. Earnings forecast for
fiscal 2000 remain unchanged. A robust 10 percent increase in annual net income adjusted to take account of extraordinary effects - is expected.

Global premium income of Allianz increased over the comparable period in the previous year by 6.9 billioneuros from 44.0 to 50.9 billion euros (+15.5 percent). 29.1 billion euros (+8.1 percent) were generated by Property and Casualty Insurance and 21.8 billion euros (+27.2 percent) came from Life and Health Insurance business. This increased the contribution from Life and Health Insurance to total sales by almost 4 percent to nearly 43 percent. The share of international business rose from around 62 percent to nearly 67 percent.

Worldwide premium income for Property and Casualty Insurance increased by 8.1 percent from 26.9 to 29.1 billion euros. The claims situation improved by comparison with the second half of 1999. However, it declined less than expected in the wake of claims from natural catastrophes and major claims, and late notifications relating to windstorms at the end of the previous year.

Sales across the Allianz Group for Life and Health Insurance went up by 27.2 percent from 17.1 to 21.8 billion euros. This dynamic increase was mainly driven by strong growth in France and Italy. The sale of life-insurance products that are primarily investments underwent significant growth in these
two countries.

The main reason of the increase in premium income in emerging markets is the dynamic expansion of business. Sales in South America rose - partly as a result of the acquisition of Colseguros in Columbia - by 83.2 percent to 1 billion euros. Inclusion of Allianz First Life in Korea has doubled business volume to 2 billion euros in the Asia-Pacific region. Dynamic business development in Poland, Hungary and the Czech Republic has been the engine for growth of virtually 50 percent to 0.6 billion euros in Central and Eastern Europe.

Gross premiums based on IAS rules rose by 7.8 percent from 39.6 to 42.8 billion euros overall. Not included are sales in products that are primarily investments which nearly doubled to 8.1 billion euros.

Assets under Management in the Allianz Group have virtually doubled since year-end 1999 from 384 to around 700 billion euros. The purchase of American asset manager PIMCO - completed on 5 May 2000 - with assets of 308 billion euros was the prime contributor to this increase. Assets totalling around 700 billion euros included 362 billion euros accounted by investments of the insurance business and investments of 338 billion euros managed for third parties. The US asset manager Nicholas-Applegate - the closing of the transaction is expected in the first quarter of 2001 - today has assets under management of around 50 billion euros.

The Allianz Group is anticipating a 4 percent increase in premium income for fiscal 2000 to 56 billion euros. This is based on IAS rules and takes account of exchange rates at year-end 1999. A robust 10 percent climb in net income is expected for the year. Earnings of 2 billion euros for 1999 - adjusted to take account of special effects - are the basis for this forecast. The estimate assumes that there will be no significant major claims or substantial expenditure arising from natural disasters before the end of the year. The prediction takes no account of the positive, special fiscal effects that will manifest themselves under IAS accounting rules in the wake of corporate tax reform in Germany.

The Allianz Group employed a staff of nearly 120,000 people on 30 September 2000 worldwide. This was 6,000 more than at year-end 1999. The increase in personnel is primarily due to first-time consolidation of PIMCO, new acquisitions in Bulgaria and Columbia, and the purchase of the World Access service company.

Munich, 23 November 2000

For further inquiries please contact:

Emilio Galli-Zugaro Tel. 0049 (0) 89/3800-3345
Richard Lips Tel. 0049 (0) 89/3800-5043
Dr. Ilja-Kristin Seewald Tel. 0049 (0) 89/3800-2960

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 or 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 Allianz AG'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)interest rate levels, (vii) currency exchange rates including the Euro - U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz AG's filings with the U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to update any forward-looking information contained in this release.