SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For November 22, 2002

Commission File Number: 1-15154

ALLIANZ AKTIENGESELLSCHAFT

Koeniginstrasse 28
80802 Munich
Germany

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F |X|         Form 40-F |_|

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes |_|          No |X|

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-13462) OF ALLIANZ AKTIENGESELLSCHAFT AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 22, 2002

Allianz Group

Interim Report
                              First three quarters of 2002

ALLIANZ GROUP   1

CONTENTS

FIRST THREE QUARTERS OF 2002   Overview   2

     In a very difficult market environment, Allianz Group reported a loss of 0.9 billion euros for the first three quarters of 2002. An exceptionally high deficit of 2.5 billion euros in the third quarter eradicated net earnings of 1.6 billion euros we reported at mid-year.

Our business performance in the third quarter was determined by the following influences:

This series of setbacks does, however, detract from the remarkable improvements we achieved in our operating business in the first three quarters of 2002.

ALLIANZ GROUP   3

OVERVIEW

Total earnings before taxes and amortization of goodwill for the first nine months of the current year amounted to – 164 million euros compared to 3.3 billion euros for the corresponding prior-year period. Amortization of goodwill increased by 315 million euros from 544 million euros to 859 million euros. This increase is essentially due to the consolidation of Dresdner Bank Group as of July 23, 2001, as well as further share purchases during the current year and the increase of our interest in Allianz Lebensversicherungs-AG in January 2002. Tax income amounted to 863 million euros, compared to a tax charge of 205 million euros in the prior-year period. This was due to the fact that capital gains could mostly be realized tax-free.

     After deduction of minority interests, which fell from 1,193 million euros to 764 million euros, we posted a loss of 924 million euros on September 30, 2002. This translates into a loss per share of 3.80 euros.

Premium income from the insurance business

     Total premium income from the insurance business in the first nine months of 2002 increased stronger than expected by 11.9 percent to 61.5 billion euros. This includes consolidation changes amounting to 122 million euros as well as the effects of exchange rate fluctuations which came to a total of – 583 million euros. Disregarding these two factors, the growth rate reached 12.8 percent.

     In IAS accounts, premium income grew by 4.9 percent to 47.7 billion euros, after deduction of income from investment-oriented life insurance products, which increased by 4.3 billion euros or 45.8 percent to 13.8 million euros.

Banking

Net income from banking, i.e. total income from interest, commissions and trading, amounted to 5.8 billion euros on September 30, 2002. Earnings in the banking segment continued to be depressed by the downturn in the capital markets that became more and more pronounced towards the end of the quarter. Net earnings at Dresdner Bank were down 18.3 percent from the pro forma figure for the prior-year period. In addition, the earnings performance of the banking business was strongly affected by persistent economic weakness, which caused a large number of insolvencies and required additional loan loss allowances. The resulting impact on earnings could be compensated only in part by the substantial progress made in reducing administrative costs (down 6.9 percent from the second quarter, and down 10.7 percent from the pro forma figure for the prior-year period).

Asset Management

Assets under management in the Allianz Group amounted to 1,048 billion euros on September 30 of this year. This included 574 billion euros invested for third parties. That amount decreased by 7.4 percent in the first nine months of 2002. Based on constant exchange rates, high net cash inflows of 43 billion euros would have limited the decrease to 1.8 percent.

FIRST THREE QUARTERS OF 2002   Overview   4

Shareholders’ equity

On September 30, 2002, the shareholders’ equity of the Allianz Group amounted to 20.9 billion euros. This figure takes into account 23,441,108 treasury shares, which reduce shareholders’ equity and were acquired at a cost of 5.9 billion euros. With respect to the end of 2001, our shareholder’s equity decreased by 10.8 billion euros. This is primarily due to substantially lower unrealized gains and losses in our stock portfolio as a result of the negative development of the capital market.

Market capitalization and the Allianz share

The market capitalization of Allianz AG, adjusted for treasury shares, amounted to 21.1 billion euros on September 30, 2002. Unable to resist the downturn in the stock markets and in particular the disproportionate devaluation of insurance stocks, the Allianz share dropped 67.4 percent from the end of 2001. This was 25.3 percentage points more that the Dow Jones Euro STOXX 50 but only 8.9 percentage points more than the Dow Jones Euro STOXX Insurance index. By the end of October, the share price had recovered 22.4 percent so that the total devaluation in the current year now stands at – 60.1 percent.

Employees

The number of employees world-wide increased slightly by 120 to 180,066 in the first three quarters of 2002. This is mainly attributable to the expansion of our distribution capacities in Germany and the first-time consolidation of newly acquired companies.

Property and Casualty Insurance   ALLIANZ GROUP   5

     Property and casualty insurance

Premium income from property and casualty insurance rose to 33.6 billion euros in the first nine months of the current year — an increase of 4.6 percent. With double-digit growth rates, our subsidiaries in France, Spain and Australia contributed disproportionately to this positive development.

Transactions between segments are not consolidated in the following breakdowns by business segments and geographical regions. In order to provide a transparent picture of operational developments, we have adjusted the results reported for individual regions for amortization of goodwill and for minority interests.

Premium income performance, which was only slightly affected by changes in consolidation and exchange rate fluctuations, in part reflected the beneficial effect of rate increases in many areas. But the overall growth we achieved is all the more remarkable because we aggressively restructured our portfolios and abandoned revenue from unprofitable insurance lines, particularly in the U.S., but also in other markets. We effectively succeeded in making up for a large share of the lost revenue from discontinued lines by adjusting our rates in the business we retained.

Premium income by region — property/casualty
(€ 33.6 bn)

The claims ratio for the first three quarters was 79.3 percent. The flood disaster, which mainly affected Germany, the Czech Republic and Austria, and the strengthening of reserves for asbestos and environmental (A&E) exposure at our U.S. subsidiary, Fireman’s Fund, depressed our claims ratio by respectively 2.4 and 2.8 percentage points. Disregarding these two influences, the claims ratio came to 74.1 percent in the first three quarters. That is 0.9 percentage points lower than the claims ratio in the corresponding prior-year period, adjusted for World Trade Center losses. This was primarily due to rate adjustments, particularly in automobile insurance, but also to the fact that the claims frequency in many countries remained at favorable levels and to effective restructuring measures in international industrial insurance. In credit insurance, however, the high number of insolvencies due to the fragile economic situation in many countries had a very negative impact upon income performance. Even before the flood disaster, losses caused by storm, hail and floods in Germany had already reached the order of magnitude recorded for the entire year 2001.

FIRST THREE QUARTERS OF 2002   Property and Casualty Insurance   6

     At 27.4 percent, the expense ratio showed very little change over the corresponding prior-year figure of 27.3 percent. Higher investments in the expansion of our marketing capacities, mainly in Germany, were to a great extent compensated by efficiency increases in other Group companies.

     The combined ratio for the first three quarters of 2002 was 106.7 percent. This ratio expresses the relationship between claims and expense on the one hand and net earned premium income on the other hand. Disregarding the special effects mentioned above, this indicator was 101.5 percent – 0.8 percentage points better than in the previous year (adjusted for WTC losses). With this improvement, we made faster than expected progress towards our objective of lowering the combined ratio to 100 percent by the year 2004 at the very latest. In many countries, we have already managed to achieve a figure of under 100 percent. Disregarding the effects of the flood disaster, France and the USA are the only larger Group entities which are clearly lagging behind in reaching this ambitious goal. But even in these countries, the measures that were taken are beginning to produce effects.

     Investment income amounted to 6.2 billion euros after adjustments for intra-group transactions and thus remained practically the same as in the previous year.

     Earnings from property and casualty insurance amounted to 6.4 billion euros before taxes and amortization of goodwill. Disregarding intra-group transactions, earnings reached 2.8 billion euros compared to 2.3 billion euros for the first nine months of the previous year. Net income after amortization of goodwill, taxes and minority interests came to 5.9 billion euros.

     The following table shows the performance of our companies in individual countries:

Property and casualty insurance

ALLIANZ GROUP   7

     In Germany, premium income of the Allianz Sachgruppe Deutschland (SGD) declined by 2.0 percent to 8.1 billion euros in the first nine months of this year. This figure no longer includes the former Allianz MAT Globus Versicherungs-AG, which is now held directly by Allianz AG and, together with the French AGF MAT, makes up our Allianz Marine&Aviation Group. Disregarding this change, premium income increased by 1.3 percent. The main contributor was automobile insurance where we were able to impose further needed rate increases and to restructure our fleet insurance business. In France, premium income was up 10.4 percent, which clearly reflected rate increases, particularly in the corporate and business insurance as well as in Marine&Aviation. In Italy, further rate adjustments in automobile insurance also had a positive effect. Our direct insurer Genialloyd continued its strong growth and posted a 55.8 percent increase in premium income. While rising in Great Britain and Spain, premium income was down in the U.S., where the restructuring of Fireman’s Fund has been pursued with unrelenting vigor. Premium losses from discontinued insurance lines could be compensated only partially by massive rate adjustments in the retained lines. In Australia, the high growth rate is mainly attributable to business acquired from HIH Insurance. But even disregarding this influence, revenue in this region is developing positively. Lower premium income in credit insurance is primarily due to an accounting change for income from services, which is no longer recognized as premiums but treated as other income.

     We were able to further improve the combined ratio in many countries, although there is still substantial potential for additional gains, particularly in France and in the U.S. A temporary setback was caused by flood losses. Three quarters of the insurance payments for this catastrophe come from our Allianz Sachgruppe Deutschland, whose market share in the most heavily affected new German states is higher than in the western states. In addition, the great majority of household and building insurance policies in the New States included coverage of elementary losses. Disregarding the impact of flood losses, Allianz Sachgruppe Deutschland reported a combined ratio of 96.0 percent. The remaining flood-related claims are spread out over Austria and the Czech Republic as well as some East European countries such as Hungary, the Slovak Republic and Bulgaria. Altogether, we received approximately 86,000 claims by the end of September, which were adjusted quickly and unbureaucratically by our claims adjusters in the field. To the extent that the claims could not be definitively assessed and settled, our customers immediately received advance payments by check. In France, the claims ratio was mainly depressed by major claims in the corporate customer business.

     Our U.S. subsidiary Fireman’s Fund very successfully continued the implementation of its restructuring program launched a little over a year ago. In the five business areas retained, the combined ratio clearly improved to 102.9 percent. But for the time being, the progress achieved is not visible from the outside. This is primarily due to two developments. On the one hand, we had to increase claims reserves for discontinued insurance lines by 160 millions euros, which concerned in particular the surety segment where two major losses were registered. On the other hand, the market-wide perceived need to strengthen reserves for A&E exposure led us to reexamine our reserves with the assistance of outside consultants, as we had announced at the beginning of the year.

FIRST THREE QUARTERS OF 2002   Life and Health Insurance   8

     Upon completion of these comprehensive analyses, we decided, together with the Management of Fireman’s Fund, to add 762 million euros to its reserves for these risks. In view of this substantial increase, the projected net-adjusted survival ratio now is approximately 13 years, which makes us one of the most solid insurers in the market. To compute this indicator, existing reserves are divided by average annual settlements expected. The resulting figure indicates the period during which current reserves are likely to be adequate to meet expected losses.

     Life and health insurance

Total premium income in life and health insurance grew 22.1 percent to 28.4 billion euros. 13.8 billion euros of this amount were generated by unit-linked life insurance and other investment-oriented products. By substantially increasing the sale of these products we were able to boost our overall growth rate to 45.8 percent.

Premium income by region - life/health
(€ 28.4 bn)

Disregarding consolidation and exchange rate effects, total premium income in life and health insurance grew by 22.9 percent.

     In IAS accounts, which recognize only the cost and risk elements as revenue from investment-oriented life insurance products, premium income increased by 5.7 percent to 14.6 billion euros. The IAS expense ratio improved from 21.8 percent to 19.5 percent. With respect to total revenue including investment-oriented products, it declined by 2.8 percentage points to 9.6 percent.

     Investment income was heavily depressed by the continuing weakness of the international capital markets. For many companies, realized gains were substantially lower than in the previous year. At the same time, they had to take sizeable write-downs on their equity portfolios, particularly in France. For this reason, capital gains fell to 6.2 billion euros, 14.9 percent lower than in the prior-year period.

ALLIANZ GROUP   9

     Earnings before taxes and amortization of goodwill dropped by 57 percent to 307 million euros.

     After amortization of goodwill of 130 million euros, taxes of 26 million euros and minority interests of 31 million euros, net income in the first three quarters of 2002 amounted to 120 million euros.

     The following table shows the performance of our companies in individual countries:

Life and health insurance

In Germany, life insurance sales in the first three quarters of 2002 were up 7.8 percent from the prior-year period. Sales were boosted by distribution through the branches of Dresdner Bank, through which we were able to sell 2.4 times as many contracts as Dresdner Bank and HypoVereinsbank had sold together in the same period of the preceding year, even though sales figures had already shown a solid increase in the third quarter of last year.

     In the distribution of state-subsidized, capital-funded pension products, which are better known as “Riester pensions”, we captured a share of 20 percent, which makes us the market leader. Since the launch of these products, we were able to sell a total of almost 520,000 Riester contracts. But due to the persistent hesitation on the part of consumers unsettled by politicians and consumer organization alike, business in this market has lagged substantially behind our original expectations.

     In the first nine months of the current year, Allianz Group was able to provide over 5,000 employers with new company pensions plans or to adapt the existing retirement provisions schemes to the new legislation. At the same time, more than 130,000 retirement provision contracts were signed with employees. That is an increase of 120 percent over the prior-year period. In particular, the Allianz Pension Fund, which handles more than 40 percent of this business, got off to a very successful start.

     At Vereinte Kranken, premium income grew by 6.7 percent. In addition to rate adjustments required by higher health care costs, this was due to the high acceptance of the premium surcharge to limit increases with advancing age.

     In Italy, our bancassurance joint ventures, especially with Unicredito, but also with Banca Antoniana Veneta, continued to have a very positive impact on premium growth. The demand for investment-oriented products with guaranteed capital also increased. Altogether, our Italian subsidiaries were able to achieve 40.3 percent growth.

FIRST THREE QUARTERS OF 2002   Life and Health Insurance   10

     In France, where the AGF group had to register a slight revenue drop of 0.2 percent, our performance was less satisfactory. This is due to the fact that the sale of investment-oriented life insurance, which accounts for almost two thirds of our company’s revenue, clearly suffered from the very difficult situation in the financial markets.

     In Switzerland, we also recorded a slight decrease in premium income. Although we achieved satisfactory growth in individual life insurance, our restrictive underwriting policy for collective life insurance caused total premium income to fall by 1.4 percent.

     In the U.S., however, premium income was fuelled by particularly dynamic growth. With an increase of 77.6 percent, we were able to clearly surpass our already ambitious plan figures. The main contributing factors were the market-driven demand for guarantee-backed annuity products, the continued built-up of our distribution capacities and the expansion of our product range.

     In South Korea, the positive trend of the first six months of this years continued through the third quarter. Benefiting from the introduction of new products and increased productivity in distribution, our company Allianz Life Insurance Korea, formerly Allianz First Life, was able to increase its premium income by 16.9 percent.

Banking   ALLIANZ GROUP   11

     Banking

The pronounced weakness in the capital markets and the high number of insolvencies caused by the extremely difficult economic environment heavily depressed the development of our banking segment. The earnings performance of this segment remains totally unsatisfactory.

In a very unfavorable context of declining markets and lackluster economies, our banking activities had to cope with greater difficulties than expected. In the first three quarters, operative earnings remained below our original expectations. On the cost side, we continued to make good progress. Administrative expenses were pared by 133 million euros or 6.9 percent compared to the previous quarter. Dresdner Bank reduced its administrative expenses by 10.7 percent with respect to the pro forma figure for the prior-year period. This shows that the cost reduction measures introduced are effective.

     At 1,836 million euros, loan loss allowances were considerably higher than expected, mainly because of certain major individual risks in South America.

     In the process of consolidating our asset management companies, the transfer of interests held by Dresdner Bank generated a capital gain of 1.9 billion euros. For this reason, the banking segment only posted a deficit of – 152 million euros after amortization of goodwill, taxes and minority interests for the first nine months of this year. However, this gain is consolidated at Group level.

     The banking segment thus contributes a loss of 2.1 billion euros to the result of Allianz Group. The lion’s share of this loss – 2.0 billion euros – is attributable to Dresdner Bank and in particular its Corporates & Markets division. In the third quarter, the loss posted by Dresdner Bank includes expenses in connection with the Turnaround program, specifically 231 million euros in personnel costs and a write-down on tax assets in the amount of 307 million euros.

FIRST THREE QUARTERS OF 2002   Banking   12

Private Customers & Business Customers

Despite the difficult market conditions mentioned above, earnings in the Private Customers & Business Customers segment remained comparatively stable and amounted to 2.474 billion euros. At the same time, our restructuring drive succeeded in further trimming our cost basis. In the third quarter, loan loss allowances were substantially boosted by 219 million euros, which resulted in an after-tax loss of 117 million euros.

Corporates & Markets

In the Corporates & Markets segment we were able to reduce expenses more than planned. However, this progress was not nearly sufficient to compensate the drop in earnings. In addition, this segment required the largest share of our loan loss provisions – 1.3 billion euros – which resulted in an after-tax loss of 1.3 billion euros.

ALLIANZ GROUP   13

To counteract this highly unsatisfactory development, existing programs for increasing efficiency were augmented by a comprehensive package of additional measures – “Turnaround 2003” – which was designed to restore profitability in the baking business. The following individual projects were launched:

To ensure the effective and speedy implementation of the measures defined, we launched a separate project supervised by a Steering Committee made up of Dresdner Bank and Allianz Board Members. Daily business is organized by a Project Group with full responsibility. For the Allianz Group, this project is of the highest priority and its implementation is progressing on schedule.

FIRST THREE QUARTERS OF 2002   Asset Management   14

     Asset Management

Our assets under management amounted to 1,048 billion euros on September 30, 2002. Despite high net inflows of 43 billion euros, this is a decrease of 124 billion euros or 10.6 percent since the end of 2001. In the asset management segment we recorded an operating profit of 369 million euros. After deduction of acquisition-related expenses as well as taxes and minority interests, this translates – as expected – into a loss of 300 million euros.

Assets under management

The Group’s own investments decreased by 77 billion euros or 14.6 percent to 450 billion euros since the end of 2001. This is mainly due to substantially lower stock prices.

     In euro accounts, investments for third parties (which are not shown in the consolidated balance sheet) also decreased by 46 billion euros or 7.4 percent to 574 billion euros. In addition to strongly falling prices in the international capital markets, which reduced assets under management by 42 billion euros, the weaker U.S. dollar lowered the value of assets managed in the U.S. by PIMCO, Nicholas Applegate and Dresdner RCM by 48 billion euros when converted into euros. High net inflows of 43 billion euros were able to partially compensate these two factors.

     72 percent of these assets for third parties are invested in interest-bearing securities and 28 percent in equities. Business with institutional customers accounts for 72 percent of investments for third parties, while 28 percent come from business with private customers.

     We were able to achieve particularly high growth rates in fixed-income securities. Altogether, this segment produced a net inflow of 44 billion euros. Our PIMCO Total Return Fund was able to increase its assets under management to more than 64 billion U.S. dollars to become the biggest investment fund in the world. At the same time, its European equivalent, the dit EURO BOND TOTAL RETURN Fund “powered by PIMCO” was able to attract net inflows of over one billion euros within only five months after its launch on May 2, 2002. That made it one of the best-selling public funds in Germany for this year. In view of this outstanding performance, PIMCO was recognized as the best European Fixed-Income Manager by the “Financial News Awards” in London. And in the institutional market, ADAM Deutschland ranked second in Germany, in particular because of its successful integration of the asset management activities of Dresdner Bank.

ALLIANZ GROUP   15

     We also made successful inroads into new markets with high future potential. In China, the Guotai Junan Allianz Fund Management Co., a joint venture between Guotai Junan Securities (GTJA) and Allianz AG, was granted the first fund management license with foreign participation. The Shanghai based joint venture combines the GTJA distribution network with the international expertise of Allianz in risk management, internal controlling, product design and portfolio management and thus makes it possible to offer first-rate fund services based on complementary strengths in this growth market.

     Earnings before taxes and amortization of goodwill came to 98 million euros in the asset management segment. This includes write-downs in the amount of 140 million euros on capitalized retention payments for the management of the PIMCO group, which were paid as part of the purchase price. These payments to the employees and management of PIMCO and Nicholas Applegate, which were agreed upon at the time of the acquisition, amounted to 131 million euros. Disregarding these items, operative pre-tax earnings of 369 million euros were reported.

     Amortization of goodwill amounted to 283 million euros. Taxes produced income of 63 million euros and minority interests came to a total of 178 million euros. As expected, the asset management segment thus recorded a loss of 300 million euros in the first nine months.

FIRST THREE QUARTERS OF 2002   Outlook   16

     Outlook

For the remainder of the current fiscal year, we expect our earnings performance to be substantially better than in the third quarter. Whether profitability can be restored as early as the fourth quarter will essentially depend on the further development of the stock markets.

In view of the high volatility of these markets and the resulting uncertainty with respect to the total of the write-downs required on our equity portfolios, no reliable forecast of our earnings performance in fiscal 2002 can be made. At the same time, we want to be able to freely decide if and under which conditions capital gains from investments should be realized.

     In addition, it remains to be seen if, when and how the tax reform plans of the Federal Government with respect to loss equalization and consolidated tax groups will be carried out. At present, it cannot be excluded that this will necessitate considerable non-scheduled write-downs on deferred tax assets.

     In order to strengthen its shareholders’ equity and to finance its growth, Allianz is considering two bond issues, one of them subordinated. In addition, Allianz is extending an offer to the holders of Profit Participation Certificates to exchange these certificates into Allianz shares at a rate of eight Profit Participation Certificates for ten Allianz shares. This corresponds to a premium of 18.5 percent on the price of such Profit Participation Certificates on November 13.

     The Profit Participation Certificates and related exchange offer referred to herein have not been and will not be registered in the United States. This release does not constitute an offer or sale of securities in the U.S. or any other jurisdiction where such offer or sale would be unlawful absent registration or qualification under applicable securities laws.

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) 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, (xi) the impact of acquisitions (e.g., Dresdner Bank), including related integration issues, and (xii) 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 the events on, and following, September 11th. 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.

Consolidated Financial Statements First Three Quarters of 2002   ALLIANZ GROUP   17

CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS   18

Consolidated Balance Sheet as of September 30, 2002 and as of December 31, 2001

ALLIANZ GROUP   19

CONSOLIDATED FINANCIAL STATEMENTS    20

Consolidated Income Statement for the Period from January 1 to September 30, 2002
and from January 1 to September 30, 2001

Consolidated Income Statement for the Period from July 1 to September 30, 2002
and from July 1 to September 30, 2001

ALLIANZ GROUP   21

Movements in Shareholders’ Equity

CONSOLIDATED FINANCIAL STATEMENTS    22

Cash Flow Statement

ALLIANZ GROUP   23

The data for the cash flow statement were prepared in accordance with IAS rules. It excludes the effects of major changes in the scope of consolidation, which in the first three quarters of 2002 included in particular the purchase of additional shares of Allianz Lebensversicherungs-AG, Stuttgart, Bayerische Versicherungsbank AG, München, Frankfurter Versicherungs-AG, Frankfurt/Main, Dresdner Bank Group, Frankfurt/Main as well as the deconsolidation of Deutschen Hyp Deutsche Hypothekenbank Frankfurt-Hamburg AG, Frankfurt/Main. These transactions led to a decrease in the value of investments held (excluding funds held by others) by €43,793 mn, compared to a € 200,558 mn increase in the prior-year period. Goodwill increased by € 2,739 mn (4,438 mn), and the net total of other assets and liabilities by € 50,173 mn (194,034 mn decrease). Cash outflow related to these transactions amounted to € 9,118 mn (11,947 mn). Cash funds were further reduced by changes in the scope of consolidation amounting to € 34 mn (7,362 mn increase). Outflow for taxes on income amounted to € 1,347 mn, compared to an inflow of € 45 mn in the prior-year period.

Consolidated Balance Sheet by Business Segments