Exhibit 7.1



Ratio of earnings to fixed charges



|                             |  |                                                                                    |  |        |  |        |  |        |  |        |  |       
|---------------------------- |  | ---------------------------------------------------------------------------------- |  | ------ |  | ------ |  | ------ |  | ------ |  | ------
|Years ended December 31,     |  |                                                                                    |  | 2007   |  | 2006   |  | 2005   |  | 2004   |  | 2003  
|For the Allianz Group (IFRS) |  |                                                                                    |  | 2.5    |  | 2.6    |  | 2.1    |  | 1.8    |  | 1.5   
|                             |  |                                                                                    |  |        |  |       
|Years ended December 31,     |  |                                                                                    |  | 2007   |  | 2006   |  | 2005   |  | 2004   |  | 2003  
|                             |  |                                                                                    |  |  mn   |  |  mn   |  |  mn   |  |  mn   |  |  mn  
|For the Allianz Group (IFRS) |  | Income before income taxes and minority interests in earnings                      |  | 11,568 |  | 10,323 |  | 7,829  |  | 5,044  |  | 3,812 
|                             |  | Add: Fixed charges                                                                 |  | 7,586  |  | 6,639  |  | 7,165  |  | 6,448  |  | 7,600 
|                             |  |                                                                                    |  |        |  |        |  |        |  |        |  |       
|                             |  | Income before income taxes and minority interests in earnings before fixed charges |  | 19,154 |  | 16,962 |  | 14,994 |  | 11,492 |  | 11,412
|                             |  | Fixed charges:                                                                     |  |        |  |        |  |        |  |        |  |       
|                             |  | Interest expense                                                                   |  | 6,672  |  | 5,759  |  | 6,377  |  | 5,688  |  | 6,871 
|                             |  | Interest component of net periodic benefit cost                                    |  | 785    |  | 725    |  | 693    |  | 676    |  | 640   
|                             |  | Interest component of rental expenses                                              |  | 129    |  | 155    |  | 95     |  | 84     |  | 89    
|                             |  |                                                                                    |  |        |  |        |  |        |  |        |  |       
|                             |  | Total fixed charges                                                                |  | 7,586  |  | 6,639  |  | 7,165  |  | 6,448  |  | 7,600 
|                             |  | Ratio of earnings to fixed charges                                                 |  | 2.5    |  | 2.6    |  | 2.1    |  | 1.8    |  | 1.5