Exhibit 7.1

Ratio of earnings to fixed charges



|                             |  |                                                                                    |  |       |  |        |  |        |  |       |    |  |       |   
|---------------------------- |  | ---------------------------------------------------------------------------------- |  | ----- |  | ------ |  | ------ |  | ----- | -- |  | ----- | --
|Years ended December 31,     |  |                                                                                    |  | 2008  |  | 2007   |  | 2006   |  | 2005  |    |  | 2004  |   
|For the Allianz Group (IFRS) |  |                                                                                    |  | 3.1   |  | 4.5    |  | 4.8    |  | 1.0   |    |  | 1.0   |   
|                             |  |                                                                                    |  |       |  |       
|Years ended December 31,     |  |                                                                                    |  | 2008  |  | 2007   |  | 2006   |  | 2005  |    |  | 2004  |   
|                             |  |                                                                                    |  |  mn  |  |  mn   |  |  mn   |  |  mn  |    |  |  mn  |   
|For the Allianz Group (IFRS) |  | Income before income taxes and minority interests in earnings                      |  | 5,473 |  | 10,563 |  | 9,563  |  | 7,829 | 1) |  | 5,044 | 1)
|                             |  | Add: Fixed charges                                                                 |  | 2,641 |  | 2,984  |  | 2,513  |  | 788   |    |  | 760   |   
|                             |  |                                                                                    |  |       |  |        |  |        |  |       |    |  |       |   
|                             |  | Income before income taxes and minority interests in earnings before fixed charges |  | 8,114 |  | 13,547 |  | 12,076 |  | 788   |    |  | 760   |   
|                             |  |                                                                                    |  |       |  |       
|                             |  | Fixed charges:                                                                     |  |       |  |        |  |        |  |       |    |  |       |   
|                             |  | Interest expense                                                                   |  | 1,893 |  | 2,070  |  | 1,633  |  | 6,377 | 1) |  | 5,688 | 1)
|                             |  | Interest component of net periodic benefit cost                                    |  | 672   |  | 785    |  | 725    |  | 693   |    |  | 676   |   
|                             |  | Interest component of rental expenses                                              |  | 76    |  | 129    |  | 155    |  | 95    |    |  | 84    |   
|                             |  |                                                                                    |  |       |  |        |  |        |  |       |    |  |       |   
|                             |  | Total fixed charges                                                                |  | 2,641 |  | 2,984  |  | 2,513  |  | 788   |    |  | 760   |   
|                             |  | Ratio of earnings to fixed charges                                                 |  | 3.1   |  | 4.5    |  | 4.8    |  | 1.0   |    |  | 1.0   |   



|1) | Figures for the years ended December 31, 2005 and December 31,
2004 do not reflect changes resulting from the discontinued operations of Dresdner Bank
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