Exhibit 7.1



Statement regarding ratio of earnings to fixed charges



|                                                        |  |                                                                                    |  |        |  |        |  |        |  |        |  |        |  
|------------------------------------------------------- |  | ---------------------------------------------------------------------------------- |  | ------ |  | ------ |  | ------ |  | ------ |  | ------ | -
|Years ended December 31,                                |  |                                                                                    |  | 2006   |  | 2005   |  | 2004   |  | 2003   |  | 2002   |  
|                                                        |  |                                                                                    |  |  mn   |  |  mn   |  |  mn   |  |  mn   |  |  mn   |  
|For the Allianz Group (IFRS)                            |  | Income before income taxes and minority interests in earnings                      |  | 10,323 |  | 7,829  |  | 5,044  |  | 3,812  |  | (4,044 | )
|                                                        |  | Add: Fixed charges                                                                 |  | 6,639  |  | 7,165  |  | 6,448  |  | 7,600  |  | 11,598 |  
|                                                        |  |                                                                                    |  |        |  |        |  |        |  |        |  |        |  
|                                                        |  | Income before income taxes and minority interests in earnings before fixed charges |  | 16,962 |  | 14,994 |  | 11,492 |  | 11,412 |  | 7,554  |  
|                                                        |  | Fixed charges:                                                                     |  |        |  |        |  |        |  |        |  |        |  
|                                                        |  | Interest expense(1)                                                                |  | 5,759  |  | 6,377  |  | 5,688  |  | 6,871  |  | 10,951 |  
|                                                        |  | Interest component of net periodic benefit cost                                    |  | 725    |  | 693    |  | 676    |  | 640    |  | 591    |  
|                                                        |  | Interest component of rental expenses                                              |  | 155    |  | 95     |  | 84     |  | 89     |  | 56     |  
|                                                        |  |                                                                                    |  |        |  |        |  |        |  |        |  |        |  
|                                                        |  | Total fixed charges                                                                |  | 6,639  |  | 7,165  |  | 6,448  |  | 7,600  |  | 11,598 |  
|                                                        |  | Ratio of earnings to fixed charges                                                 |  | 2.6    |  | 2.1    |  | 1.8    |  | 1.5    |  | 0.7    |  
|                                                        |  |                                                                                    |  |        |  |       
|Years ended December 31,                                |  |                                                                                    |  | 2006   |  | 2005   |  | 2004   |  | 2003   |  | 2002   |  
|                                                        |  |                                                                                    |  |  mn   |  |  mn   |  |  mn   |  |  mn   |  |  mn   |  
|For the Allianz Group adjusted to accord with U.S. GAAP |  | Income before income taxes and minority interests in earnings                      |  | 9,457  |  | 6,556  |  | 5,581  |  | 2,840  |  | (1,746 | )
|                                                        |  | Add: Fixed charges                                                                 |  | 6,674  |  | 7,087  |  | 6,468  |  | 7,600  |  | 11,598 |  
|                                                        |  |                                                                                    |  |        |  |        |  |        |  |        |  |        |  
|                                                        |  | Earnings from ordinary activities before fixed charges                             |  | 16,131 |  | 13,643 |  | 12,049 |  | 10,440 |  | 9,852  |  
|                                                        |  | Fixed charges:                                                                     |  |        |  |        |  |        |  |        |  |        |  
|                                                        |  | Interest expense(1)                                                                |  | 5,794  |  | 6,299  |  | 5,708  |  | 6,871  |  | 10,951 |  
|                                                        |  | Interest component of net periodic benefit cost                                    |  | 725    |  | 693    |  | 676    |  | 640    |  | 591    |  
|                                                        |  | Interest component of rental expenses                                              |  | 155    |  | 95     |  | 84     |  | 89     |  | 56     |  
|                                                        |  |                                                                                    |  |        |  |        |  |        |  |        |  |        |  
|                                                        |  | Total fixed charges                                                                |  | 6,674  |  | 7,087  |  | 6,468  |  | 7,600  |  | 11,598 |  
|                                                        |  | Ratio of earnings to fixed charges                                                 |  | 2.4    |  | 1.9    |  | 1.9    |  | 1.4    |  | 0.8    |  

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|(1) | The decrease of interest expenses in 2003 from 2002 resulted to a large extent from the deconsolidation of Deutsche Hyp
in August 2002 and a general decline in interest rates and loan volumes.
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