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1) 1997 without IAS SIC 12 and SEC adjustment 2) 

Including banking business 3) 

Adjusted for capital measures (capital increase) 4) 

Excluding treasury shares 

## Content 

_ 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 

## To go directly to any chapter, simply click on the headline or the page number. 

## Cover 

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. 

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