1. Ras Group 3rd Quarter 2005 Results CEO Paolo Vagnone November 14th, 2005

2. 2 Agenda 3rd Quarter Results 2005 P+C business Life business RasBank FAs Outlook Group

3. 3 3rd Quarter Results 2005

4. 4 Ras 3rd quarter results Group Premiums increase to Euro 12.2 billion (+5.5%) as a result of 7.6% growth in Life and 3.1% in P+C Improvement of the Italian P+C profitability (combined ratio at 97.6%), with premium growth in line with market trends Strong growth in Italian Life New Business (+12.4%) in all distribution channels: agents +29.0%, financial advisors +18.0%, bancassurance +10.1% Net profit increase to Euro 637 million (+10%)

5. 5 Gross premiums written Mln euro - Direct and Indirect Business Group P+C GPW YoY growth + 3.1% 9M049M05 Life GPW + Inv. Contracts YoY growth + 7.6% 6,173 5,444 5,611 6,640 2,869 2,928 GWPInvestment Contracts 3,304 3,712 9M049M05

6. 6 Net income growth Group Mln euro FY net income YoY growth +10.2 % IT GAAP 637 570 IAS - IFRS 578 IAS IFRS 9M049M05

7. 7 9M 049M 05 Mln euro Net earned premiums and management fees -7,097 7,913 YoY +1.1% Earnings before taxes & minorities Claims & Change in Technical Reserves 888+18.8% Taxes and minorities -310 Net Income 578+10.2% Group -7,214 7,997 1,055 -418 637 Net financial income 1,6641,862 -1,604 Operating expenses -1,548 Other Income & Charges 13-42 +11.9% +1.6% -3.5% Statutory results IAS/IFRS

8. 8 P+C Business development

9. 9 P+C 3rd quarter results Group Top line growth aligned with market trends, both in Italy and in the other European countries (+3.1%) Group combined ratio at 98.3% (97.2% net of the impact of the floods in Switzerland and Austria) Motor business in Italy in line with market trends (+1.6%), showing an improvement in the technical result (combined ratio at 96.5%)

10. 10 Other countries Italy Mln euro - direct + indirect business 9M04 5,444 9M05 5,611 2,635 2,809 2,715 2,896 +3.0% +3.1% P+C GPW YoY growth +3.1% Group Switzerland Spain Austria GPW YoY growth Portugal Focus by country Total P+C GPW 1,195 763 705 233 +3.4% +1.3% +6.5% -2.1%

11. 11 Technical development Group Group Consolidated Combined ratio (1) 98.3% Focus by Country - % 9M05 105.5100.2 98.6 91.690.9 97.9% FY04 9M05 IAS - IFRS Switzerland Spain Austria Italy 97.698.3 IAS - IFRS FY04 IAS - IFRS (1) Net of reinsurance business, including “other technical items”, calculated on Net Earned premiums 97.2% (2) (2) Net of Euro 57 million (Euro 29.5 million net of minorities) one-off impact of the floods in Switzerland and Austria.

12. 12 Total P+C GPW Motor Non- Motor Mln euro - direct business 9M049M05 +6.2% +1.6% P+C GPW YoY growth (1) +3.2% Italy Focus by LoB - % Total Motor Non Motor 97.698.3 96.5 97.0 99.9 99.3 9M05 IAS - IFRS FY04 IAS - IFRS 2,619 2,702 884 1,735 939 1,763 (1) On like-for-like basis

13. 13 Motor business development Italy 3rd quarter development 9M049M05 Number of claims reported /000 9M03 362.9 346.5 349.9 Further decline in number of claims reported (-1.0%) Increase in number of Motor TPL policies (+1.8%) thanks to the positive contribution of the direct channel (+10.5) Motor other damage portfolio growth of 7.3%

14. 14 Life Business development

15. 15 Life 3rd quarter results Group Total premium growth of 7.6%, despite a 7.1% decrease outside Italy Strong growth by proprietary channels (agents and FAs) both on volumes and new business value, also thanks to a significant increase in recurring premiums (+9.4%) New business growth rate in the bancassurance channel in line with the first half (+10%), through product innovation and recurring premiums increase (+9%)

16. 16 Mln euro Switzerland Spain (3) Austria Mln euro Life GPW + Inv. Contracts YoY growth + 7.6 % Life GPW Portugal Group 6,173 Abroad 6,640 (1) +12.0% - 7.1% 4,738 5,306 1,334 Italy 1,435 9M049M05 870 249 160 55 +0.5% -6.7% -30.8% +0% (3) In 2004, Spain recorded a one-off single premium of 163 million Euro relating to the outsourcing of the Banco Popular Espanol pension fund (1) Of which 3,671 million Euro of investment contracts in Italy and 41 million Euro abroad (2) On like-for-like basis YoY growth (2)

17. New Business Premiums 206 3,703 3,496 4,163 226 3,938 +9% +12% +13% Mln euro Recurrent Premium Single Premium 9M049M05 Total 9M05 YoY growth Italy

18. 18 Mln euro - Individual policies 353 455 Growth Life new business volumes Agents Italy FAs Banks 9M04 9M05 252 298 9M04 9M05 3,097 3,410 9M04 9M05 Mln euro 9M05 APE Growth +29%125+19% +18%61+8% +10%221+8% (1) 10% single premiums + 100% recurrent premiums (1) RasMarket (2) +21% -21% +25% (2) Mkt data source: Ania statistics as of August 2005, Bancassurance includes Postevita

19. 19 Focus Recurrent Premium YoY growth Agents: new business premiums Italy Recurrent Premium Single Premium 9M049M05 78 353 275 455 89 366 +33% +14% Mln euro - Individual business Life NB Premiums YoY growth +29% +10% 1Q052Q05 30 3Q05 35 +10% 24 +26% 89 9M05 +14%

20. 20 Bancassurance: new business premiums Italy Mln euro - Individual business Recurrent Premium Single Premium 9M049M05 94 3,003 3,410 102 3,308 +10% +9% Life NB Premiums +10% 3,097 Significant growth of Recurrent Premiums thanks to the launch of new products with a larger insurance component Restyling of Single Premiums product range

21. 21 RasBank FAs performance

22. 22 RasBank 3rd quarter results Italy Continued growth in Assets Under Administration, reaching Euro 22.4 billion (+12%), with total net inflows gaining 4% on the YoY period Strong progress in Life New Business in the third quarter (+103%) Recovery of net inflows to Euro 326 million on Assets Under Management in the third quarter, reversing the negative trend of the first six months (Euro -104 million)

23. 23 RasBank FAs performance Net Inflows and Life New business (1) +4% Mln euro Italy 9M05 259 9M04 458 309 149 252 710 Asset Mgmt Banking Life New business 442 220 298 740 (1) Net Inflows: Assets under Management and banking assets 222 Assets under administration +12% 9M05 15,644 2,459 9M04 13,185 4,291 19,935 17,698 3,046 14,651 4,658 22,356

24. 24 Recurrent Premium Single Premium RasBank FAs: Life new business premiums Italy 1H041H05 28 209 181 209 23 186 -19% 44 7 37 89 12 77 +77% Mln euro - Individual business only 3rd quarter YoY growth +103% +0% 3Q043Q05 1st half YoY growth 9M049M05 252 35 218 298 34 264 -1% Total 9M05 YoY growth +18%

25. 25 RasBank FAs: Asset Mgmt net inflows Italy 1Q041Q05 28 -47 -57 Mln euro 2Q042Q05 29 Focus by quarter 3Q043Q05 92 326 +254% 78 222 149 +49% 9M049M05 Total at 3Q YoY growth

26. 26 Outlook

27. 27 Outlook Group On the basis of the results obtained in the first nine months of 2005, and subject to exceptional events and unforeseeable market difficulties, Ras is able to confirm that it will reach its 2005 profitability target, with a strong improvement in results compared with 2004

28. 28 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 RAS Spa’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 law and regulations, including monetary convergence and the European Monetary Union, (x) changing in the policies of central banks and/or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz’s filings with the U.S. Securities and Exchange Commission Allianz assumes no obligation to update any forward-looking information contained in this release. Cautionary Note Regarding Forward-Looking Statements