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## The customer orientation, commitment and professionalism of its employees have helped the Allianz Group obtain the rank it holds today. 

The human resources policy of the Allianz Group is based on two organizational principles: delegation of operating responsibility to the individual company units, and close coordination in core areas. In human resources, this coordination primarily covers leadership values, development and training of junior managers, succession planning and the transfer of know-how between business units. 

On December 31, 2003 we had 173,750 (181,651) employees in over 70 countries. The reduction of staffing levels is primarily attributable to the measures taken in the course of the restruc- turing or reorientation of our activities at Dresdner Bank Group, Fireman’s Fund, in Slovakia, Switzerland, Mexico and South Korea. Slightly more than half of our employees work outside Germany. A detailed overview is provided by the table and the chart below. 

## Employees by country 

<img src='content_image/98715.jpg'>

## Employees by region in % 

<img src='content_image/98713.jpg'>

## Leadership Values 

Our exchanges with customers, managers and employees have again and again shown the enormous development potential of the Allianz Group. To capitalize on this opportunity in a better and more expeditious manner in the future, we have developed a set of Leadership Values in collaboration with top-level man- agers from our subsidiaries. They are intended to provide our managers world-wide with behavioral principles and they give our stakeholders a good idea of what they can expect from the management of Allianz Group in the future. In December 2003, the Leadership Values were introduced world-wide, in con- junction with a broad-based survey of our managers’ attitude towards the corporate and leadership culture of their respective companies. The results of this study are used by each Group company as a basis on which they can implement our Leader- ship Values at the local level and harmonize them with business objectives. 

