Exhibit 7.1



Statement regarding ratio of earnings to fixed charges



|                                                        |  |                                                        |  |        |  |        |  |        |  |        |   |  |  |  |        
|------------------------------------------------------- |  | ------------------------------------------------------ |  | ------ |  | ------ |  | ------ |  | ------ | - |  |  |  | -------
|Years ended December 31,                                |  |                                                        |  | 2005   |  | 2004   |  | 2003   |  | 2002   |   |  |  |  | 2001(1)
|                                                        |  |                                                        |  |  mn   |  |  mn   |  |  mn   |  |  mn   |   |  |  |  |  mn   
|For the Allianz Group (IFRS)                            |  | Earnings from ordinary activities before taxes         |  | 7,880  |  | 5,096  |  | 3,866  |  | (3,991 | ) |  |  |  | 1,768  
|                                                        |  | Add: Fixed charges                                     |  | 7,158  |  | 6,463  |  | 7,600  |  | 11,588 |   |  |  |  | 8,468  
|                                                        |  |                                                        |  |        |  |        |  |        |  |        |   |  |  |  |        
|                                                        |  | Earnings from ordinary activities before fixed charges |  | 15,038 |  | 11,559 |  | 11,466 |  | 7,597  |   |  |  |  | 10,236 
|                                                        |  | Fixed charges:                                         |  |        |  |        |  |        |  |        |   |  |  |  |        
|                                                        |  | Interest expenses(2)                                   |  | 6,370  |  | 5,703  |  | 6,871  |  | 10,941 |   |  |  |  | 7,861  
|                                                        |  | Interest component of net periodic benefit cost        |  | 693    |  | 676    |  | 640    |  | 591    |   |  |  |  | 553    
|                                                        |  | Interest component of rental expenses                  |  | 95     |  | 84     |  | 89     |  | 56     |   |  |  |  | 54     
|                                                        |  |                                                        |  |        |  |        |  |        |  |        |   |  |  |  |        
|                                                        |  | Total fixed charges                                    |  | 7,158  |  | 6,463  |  | 7,600  |  | 11,588 |   |  |  |  | 8,468  
|                                                        |  | Ratio of earnings to fixed charges                     |  | 2.1    |  | 1.8    |  | 1.5    |  | 0.7    |   |  |  |  | 1.2    
|                                                        |  |                                                        |  |        |  |        | 
|Years ended December 31,                                |  |                                                        |  | 2005   |  | 2004   |  | 2003   |  | 2002   |   |  |  |  | 2001   
|                                                        |  |                                                        |  |  mn   |  |  mn   |  |  mn   |  |  mn   |   |  |  |  |  mn   
|For the Allianz Group adjusted to accord with U.S. GAAP |  | Earnings from ordinary activities before taxes         |  | 6,556  |  | 5,581  |  | 2,840  |  | (1,746 | ) |  |  |  | 1,806  
|                                                        |  | Add: Fixed charges                                     |  | 7,080  |  | 6,483  |  | 7,600  |  | 11,588 |   |  |  |  | 8,554  
|                                                        |  |                                                        |  |        |  |        |  |        |  |        |   |  |  |  |        
|                                                        |  | Earnings from ordinary activities before fixed charges |  | 13,636 |  | 12,064 |  | 10,440 |  | 9,842  |   |  |  |  | 10,360 
|                                                        |  | Fixed charges:                                         |  |        |  |        |  |        |  |        |   |  |  |  |        
|                                                        |  | Interest expenses(2)                                   |  | 6,292  |  | 5,723  |  | 6,871  |  | 10,941 |   |  |  |  | 7,947  
|                                                        |  | Interest component of net periodic benefit cost        |  | 693    |  | 676    |  | 640    |  | 591    |   |  |  |  | 553    
|                                                        |  | Interest component of rental expenses                  |  | 95     |  | 84     |  | 89     |  | 56     |   |  |  |  | 54     
|                                                        |  |                                                        |  |        |  |        |  |        |  |        |   |  |  |  |        
|                                                        |  | Total fixed charges                                    |  | 7,080  |  | 6,483  |  | 7,600  |  | 11,588 |   |  |  |  | 8,554  
|                                                        |  | Ratio of earnings to fixed charges                     |  | 1.9    |  | 1.9    |  | 1.4    |  | 0.8    |   |  |  |  | 1.2    

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|(1) | We prepare our consolidated financial statements in accordance with 2005 IFRS, which introduced a number of new and revised IFRS effective January 1, 2005. Some of these new and
revised IFRS required retrospective application to all years of a company's financial statements. The financial data for the year ended December 31, 2001 is, however, presented in accordance with pre-2005 IFRS and accordingly does not reflect the
retrospective application of 2005 IFRS, due to the unreasonable expense or effort required to provide such information.
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|(2) | The increase in interest expenses in 2002 from 2001 resulted primarily from the first-time inclusion of interest expenses of Dresdner Bank in the Allianz Group's
consolidated financial statements for an entire year, following the acquisition of the bank at July 23, 2001. 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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