## 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 

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 

