Operating profit € 10.4 bn Combined ratio in Property-Casualty insurance 92.9% Operating profit in Life/Health insurance € 2.6 bn Cost-income ratio in Banking 79.5% Operating profit in Asset Management € 1.3 bn
2) Total revenues and operating profit for the year ended December 31, 2003 do not reflect the reporting changes effective January 1, 2006. 3) Not presented, because total income and net income were the relevant performance measures used by the Allianz Group for 2002. 4) The Allianz Group uses operating profit to evaluate the performance of its business segments and the Group as a whole. 5) Effective January 1, 2005, under IFRS, and on a prospective basis, goodwill is no longer amortized. 6) Based on average shareholders’ equity. Average shareholders’ equity has been calculated based upon the average of the current and preceding year’s shareholders’ equity.
Implementation of our strategy is the key to success, and everyone in the organization knows it. In 2007 we will continue to work on creating value for your company. And what drives us, both now and in the future? The new businessmodel is gradually becoming a reality, especially in Germany. We intend to continue expanding ourmarket share and strengthening our financial results. We are also doing all we can to increase the willingness of our customers to recommend us to potential new customers and to refine our strategy for further growth and higher earnings.
The Supervisory Boardmet in total six times during financial year 2006. The Allianz AG Supervisory Board met in February, March, May and in September. The constitutive meeting of the Allianz SE Supervisory Board also took place in September. The first regular meeting of the Allianz SE Supervisory Board was held in December. In betweenmeetings the Management Board kept us informed in writing of important issues. In addition the chairman of the Supervisory Board was continually kept up to date onmajor developments and decisions.
Wewere kept continually up to date by the Management Board on current capital investment projects. In our September 2006 meeting we appraised ourselves of the main points of the reform of the health care system in Germany and possible consequences for private health insurance business; in addition we took a look at the planned reform of the law on insurance contracts. In our September and December meetings we were brought up-to-date on the current state of settlement of claims arising out of theWorld Trade Center loss. One of the subjects of our March and December meetings was also the completed concentration of our industrial insurance business in Allianz Global Corporate & Specialty AG and the objectives of this realignment. In addition to regular information updates on risk exposures the Management Board gave a presentation to our September meeting on riskmanagement at Allianz SE.
The Audit Committee held five meetings in financial year 2006 (four as part of Allianz AG and one as part of Allianz SE). Together with the auditors the committee discussed and checked the Allianz SE and Allianz Group annual accounts, themanagement reports, the auditor’s reports and the US Form 20-F report. In addition the committee checked the quarterly financial statements and together with the auditors went through details of the auditor’s review of the quarterly financial statements. After carrying out these checks the Audit Committee had no objections to raise. In addition the committee decided on the different audit assignments to be carried out and set themain audit objectives. Furthermore themeasures that are taken to bring about compliance with the provisions of the US Sarbanes Oxley Act in respect of efficiency of internal control systems for financial reporting were discussed. In the reporting year too, the company asked the auditors to check that the provisions of section 404 of the Sarbanes Oxley Act are being complied with. In addition assignments to the auditors for services not connected to the audit itself were discussed. The head of Group Audit reported to the committee on the audit plan for 2007 and on themain points that resulted from the audit process in financial year 2006.
KPMG Deutsche Treuhand-Gesellschaft AGWirtschaftsprüfungsgesellschaft, Munich, audited the financial statements of Allianz SE and Allianz Group as well as the respective management reports and issued their certification without any reservations. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS). In addition the quarterly financial statements were reviewed by KPMG.
The text of this declaration can be found on our website under www.allianz.com/corporate-governance.
The Chairman and Deputy Chairpersons of the Supervisory Board as well as the Chairman andmembers of its committees receive additional remuneration as follows: The Chairman of the Supervisory Board receives double, and his deputies one-and-a-half times the remuneration of an ordinary member of the Supervisory Board. Members of the Personnel Committee, Standing Committee and Risk Committee receive an additional 25%, and the Chairmen of each of these committees 50%. Members of the Audit Committee are entitled to a fixed sum of € 30,000 per year, the Committee Chairman
Corporation Act (Aktiengesetz, AktG). The Board of Management and the Supervisory Board will propose to the Annual General Meeting to grant remuneration corresponding to the regulation in clause 11 of the Articles of Association of Allianz SE. In order to avoid a double payment, remuneration for October 2006 is guaranteed only for the Supervisory Board functions assumed for the first time in that month. On that basis, the members of the Supervisory Board would receive the following remuneration: Remuneration of the Supervisory Board of Allianz SE
Dr. Henning Schulte-Noelle (Chairman) 16,667 8,000 8,000 16,333 49,000 Dr. Gerhard Cromme (Deputy Chairman) 14,584 7,000 7,000 16,918 45,502 Claudia Eggert-Lehmann (Deputy Chairman) 10,417 5,000 5,000 4,084 24,501
Our strategy for high-margin growth and efficient capital use is based on five fundamental principles: 1. We believe we can serve our shareholders best by making our customers the focus of our work.
The 21.0% rise in our stock’s value means that it did significantly better than the Dow Jones EURO STOXX Insurance (+16.3%). This index tracks the share performance of themajor insurance companies in the Euro zone and is consequently our most important benchmark. In a comparison of the share performance of our stock with the standard indices, the Allianz share also performed well in 2006. It performed along similarly positive lines as the DAX (+22.0%) and significantly better than the Dow Jones EURO STOXX 50 (+15.1%), particularly in the second half of the year, in which the value of our share increased from € 123.52 to € 154.76. Impressive business figures, conclusion of the RAS deal and successful investor conferences and roadshows substantially boosted demand for Allianz shares during that period. Our share was themost heavily traded DAX stock in 2006.
Since the end of 2000, Allianz shares have been traded on the New York Stock Exchange in the form of American Depositary Receipts (ADR). Ten ADRs are the equivalent of one Allianz share. For detailed information, visit www.allianz.com/investor-relations.
Number of shares outstanding as of December 31 432,150,000 406,040,000 385,775,000 Weighted number of shares outstanding 410,871,602 389,756,350 365,930,584 Share price as of December 31 € 154.76 127.94 97.60 High for the year € 156.75 129.70 111.15 Low for the year € 111.20 89.72 73.87 Share price performance in the year % 21.0 31.1 (2.5) Market capitalization as of December 31 € bn 66.9 51.9 35.9 Average number of shares traded per day mn 3.3 3.1 2.6
In 2006, non-operating items included a charge of € 429 million due to reclassification of policyholder participation in tax benefits arising in connection with tax-exempt income in the Life/Health segment. In the segment reporting, this item is presented within operating items.
Income (loss) before income taxes and minority interests in earnings 7,560 2,700 1,275 735 (987) (960) 10,323
We assume that the dynamics of global economic development will slacken slightly in 2007. Both industrialized countries and emergingmarkets will grow more slowly than in 2006. Uncertainties still arise from the United States’ foreign trade imbalance. Since the danger of inflation is low, we are not counting on amore restrictive monetary policy; in fact, the key rate in the United States may rather be lowered. This means that the macroeconomic framework conditions have a rather positive impact on financial service providers’ business.
Slight slowdown Our economists predict a global economy growth of approximately 3% in 2007, which is about half a percentage point less than last year. This will mean a breathing space after the strong growth in previous years. Development in emergingmarkets should be
particularly dynamic again; we expect an increase of 5.75%. We estimate growth in industrialized countries at 2.25%, after nearly 3% in 2006.
The Banking segment, whose activities are more sensitive to the business cycle than the insurance sector and which had a very good financial year in 2006, will have to cut back in 2007 against the background of slowing economic expansion. We do not expect any additional drivers from the lending sector, as demand from private households should shrink, especially for house-building.
In 2006, our underwriting strategy of putting profitability ahead of volume was again successful. Gross premiums written were flat at € 43,674 million reflecting average constant prices and a slightly increased sales volume, with considerably varying developments across our different markets. Increases in gross premiums written were primarily achieved within Spain (+ € 140 million) and the United States (+ € 115 million), as well as our emergingmarkets of New Europe (+ € 117 million) and South America (+ € 153 million). Lower gross premiums written were recorded within Germany, in Switzerland at Allianz Risk Transfer (or “ART”) and within our specialty lines at Allianz Global Corporate & Specialty. On an internal growth basis, gross premiums written grew marginally by 0.3%.
Operating profit showed a strong increase of 21.9% to € 6,269 million. The top three contributing operations to our operating profit growth were Allianz Global Corporate & Specialty at € 658 million, the United States at € 328 million and France at € 193 million. In Italy and Switzerland we also experienced strong increases of € 75 million each. The decrease within Germany by € 286 million stemmed from declines of a similar magnitude at both Allianz Sach and Allianz SE. Lower gross premiums written, previously described, were the primary factor for the decline in operating profit at Allianz Sach. At Allianz SE, operating profit was downmainly due to lower premium income as a result of decreased internal cessions from Allianz Group companies outside of Germany, as well as increased loss estimates for Hurricane Katrina in the United States in 2005.
5) Represents claims and insurance benefits incurred (net) divided by premiums earned (net). 6) Represents acquisition and administrative expenses (net) divided by premiums earned (net).
Within Germany Life, statutory premiums excelled to € 13,009 million, primarily a result of strong new business production in both our individual and group life business.
Realized gains/losses (net) decreased by € 529 million to € 491 million, primarily due to a reduced number of significant sale transactions compared to a year ago. Realized gains in 2006 included a tax-exempt gain from the sale of Dresdner Bank’s remaining 2.3% shareholdings in Munich Re to Allianz SE (formerly Allianz AG) as well as a gain from the disposal of our remaining participation in Eurohypo AG.
Operating revenues Operating profit (loss) Cost-Income ratio € mn € mn € mn € mn € mn € mn
The following table sets forth Corporate’s operating profit and non-operating items by activity for the years ended December 31, 2006, 2005 and 2004. Consistent with our general practice, these figures are presented before consolidation adjustments, representing the elimination of transactions between Allianz Group companies in different segments.
Liquidity planning is an integral part of the overall financial planning and capital allocation process and is based on strategic decisions which include solvency planning, our dividend target, and expected merger and acquisition activities. The Board of Management of Allianz SE, the holding and ultimate parent company of the Allianz Group, decides, after consultation with local management of the Allianz Group companies, on how to allocate capital among the Group.
Interest expense € mn 1) Bonds and exchangeable bonds issued or guaranteed by Allianz SE in the capital market, presented at nominal and carrying values. Excludes € 85.1 mn of participation certificates at each December 31, 2006 and 2005, with interest expense of € 6.2 mn and € 6.3 mn, respectively.
As of December 31, 2006, our regulatory capital required by the FCD amounted to € 26.1 billion in comparison to our admissible capital of € 50.5 billion.
Complementing our pro-active local management approach, operational losses are collected in a central loss database and an analysis of the causes for significant losses is used to enable the operating units to implementmeasures to avoid or reduce future losses. Themeasures adopted may include revising processes, improving failed or inappropriate controls, installing comprehensive security systems and strengthening emergency plans. This structured reporting is designed to provide comprehensive and timely information to senior management of the relevant local operating units.
In our Property-Casualty segment, our product range consists of, among others, individual motor, injury, liability, homeowner and accident insurance. Furthermore, we are a leading provider of commercial and industrial coverage to enterprises of all sizes, includingmany of the world’s largest companies.
We distribute our banking products mainly through 952 (as of December 31, 2006) branch offices, of which 902 are located in Germany and 50 outside of Germany. Furthermore, the distribution of Dresdner Bank products through our insurance agents network is increasing in importance. While Dresdner Bank focuses on selected geographic regions worldwide, Germany is its primary market, which, as of December 31, 2006, made up 73% of Dresdner Bank’s operating revenues. Similarly, on the same date, 61% of Dresdner Bank’s loan portfolio represented loans to German counterparties. The largest credit exposures to borrowers in Germany are loans to private individuals (including self-employed professionals) at 55%; this category represented 34% of total loans outstanding as of December 31, 2006.
In 2006, we further consolidated our major German insurance subsidiaries (Allianz VersicherungsAktiengesellschaft, Allianz LebensversicherungsAktiengesellschaft, and Allianz Private Krankenversicherungs-Aktiengesellschaft), under the new holding company Allianz Deutschland AG (whollyowned by Allianz SE). In the course of this reorganization, which we announced in September 2005, Frankfurter Versicherungs-AG and Bayerische Versicherungsbank AG were merged into Allianz VersicherungsAktiengesellschaft. The tied agent sales activities of the German property-casualty and life/health business, 1) See Note 4 to our consolidated financial statements for information on changes in the scope of consolidation in the years ended December 31, 2) Please see “Executive Summary and Outlook – Outlook – Significant Expected Investments” for further information on these contemplated transactions.
We are continuing this reorganization plan and expect to have the new businessmodel in place by 2008. The new businessmodel will require approximately 5,700 fewer staff. In connection with this reorganization we took the following steps in 2006: • Created the German insurance holding company Allianz Deutschland AG.
• Districts organized into four regions. • Distribution centralized. • Property-Casualty companiesmerged.
In our riskmanagement we also constantly analyze fundamental political and economic trends that impact on our business and the risks to which our customers are exposed. This is aimed at enabling us to take countermeasures in good time if a pre-determined danger level is reached. Our risk policy, which applies to the whole Group, stipulates these tolerance limits for the entire risk portfolio (more details on page 73 to 87 of this Annual Report).
Products and Distribution The primary products sold in these countries are mandatory motor third-party liability andmotor own damage coverage.
1) Source: Own estimate based on published annual reports. 2) Please see “Allianz Group Success Factors – Important Group Organizational Changes – Reorganization in the United States” for further information.
At Mondial Assistance Group, we seek to enter in new markets and develop new products. A variety of sales channels including the internet is used to achieve this goal.
Changes – Merger of Industrial Insurance Business within Allianz Global Corporate & Specialty” for further information on this newly created subsidiary.
Expected Investments” and “Allianz Group Success Factors – Important Group Organizational Changes – Reorganization of German Insurance Operations” for further information.
France Operations In France, through the companies of AGF Group, we are the eighth-largest life insurance provider based on statutory premiums in 2005.2)
organized under the umbrella of Allianz of America Inc. In August 2006, Allianz Life United States sold its health insurance business to HCC Insurance Holdings Inc.
the Audit Committee. Group Compliance and KPMG report to the Audit Committee periodically with respect to services performed.
Direct or indirect interests in the share capital of Allianz SE that exceed 10% of the voting rights have not been reported to Allianz SE, nor is it otherwise aware of any such interests.
The service contracts of themembers of the Allianz SE Board of Management contain a “change-of-control” clause. If, within 12months after acquisition of more than 50% of the share capital by one shareholder or several shareholders acting in concert (change of control), the appointment as amember of the Board of Management is revoked unilaterally by the Supervisory Board, themandate is ended bymutual agreement, or themandate is ended by the Management Board member through resigning his office because the responsibilities as a boardmember are significantly reduced without the boardmember’s fault, the member of the Board of Management member shall receive his contractual remuneration for the remaining term of the service contract in the form of a one-off payment. To the extent the remaining term of the service contract is less than three years, the one-off payment is generally increased with regard to fixed remuneration and the annual bonus in line with a term of 3 years. This applies accordingly if a boardmandate that is coming to an end and is not extended within two years of a change of control. Please refer to the Remuneration Report on pages 15 to 20 for further details.
2) During the year ended December 31, 2006, realized gains/losses (net) transferred to net income on disposal are net of income tax charge of € 308 mn (2005: 3) Includes € 2,005 mn unrealized gains from the investment in Industrial and Commercial Bank of China (“ICBC”) as of December 31, 2006.
Securities borrowing transactions generally require the Allianz Group to deposit cash with the security’s lender. Fees paid are reported as interest expense.
General allowances are established to provide for incurred but unidentified losses for individually significant loans that do not have a specific allowance. Loans are segmented into groups of loans with similar risk characteristics and general allowances are calculated using statistical methods of credit risk measurement based on historical loss experience and the evaluation of the loan portfolio under current events and economic conditions.
Deferred acquisition costs Deferred acquisition costs (“DAC”), present value of future profits and deferred sales inducements comprise the deferred acquisition costs in the balance sheet.
Real estate held for use (e.g., real property and buildings, including buildings on leased land) is carried at cost less accumulated depreciation and impairments. The capitalized cost of buildings is calculated on the basis of acquisition cost and depreciated on a straight-line basis over a maximum of 50 years in accordance with their useful lives. Costs for repairs andmaintenance are expensed as incurred, while improvements if they extend the useful life or increase the value of the asset are capitalized. An impairment is recognized when the recoverable amount of these assets is less than their carrying amount. Where it is not possible to identify separate cash flows for estimating the recoverable cost of an individual asset, an estimate of the recoverable amount of the cash generating unit to which the asset belongs is used.
The interest rate assumptions used in the calculation of aggregate policy reserves were as follows: Longduration
Other liabilities Other liabilities include payables, unearned income, provisions, deposits retained for reinsurance ceded, derivative financial instruments for hedge accounting purposes that meet the criteria for hedge accounting and firm commitments, financial liabilities for puttable equity instruments, disposal groups held for sale, and other liabilities. These liabilities are reported at redemption value.
Investment advisory fees are recognized as the services are performed. Such fees are primarily based on percentages of themarket value of the assets under management. Investment advisory fees receivable for private accounts consist primarily of accounts billed on a quarterly basis. Private accounts may also generate a fee based on investment performance, which is recognized at the end of the respective contract period if the prescribed performance hurdles have been achieved.
Derivative financial instruments that do not meet the criteria for hedge accounting are reported at fair value as financial assets held for trading or financial liabilities held for trading. Gains or losses from these derivative financial instruments arising from valuation at fair value are included in income from financial assets and liabilities held for trading. This treatment is also applicable for bifurcated embedded derivatives of hybrid financial instruments.
• The line items in the consolidated balance sheets are relatively displayed in a liquidity format as required by IAS 1.
Total liabilities and equity 997,881 (8,593) 989,288 1) Includes investments in associated enterprises and joint ventures previously reported as a separate balance sheet line item. 2) Includes loans and advances to banks and loans and advances to customers previously reported as two separate balance sheet line items. 3) Formerly “Amounts ceded to reinsurers from reserves for insurance and investment contracts”.
Scope of the consolidation As of December 31, 2006, in addition to Allianz SE, 143 (2005: 169; 2004: 156) German and 824 (2005: 840; 2004: 907) foreign subsidiaries have been consolidated. As of 21 (2005: 26; 2004: 29) foreign investment funds and 46 (2005: 35; 2004: 24) SPEs were also consolidated.
Cadence Capital Management Inc., Delaware 8/31/2005 17 5 39 DresdnerGrund-Fonds, Frankfurt am Main 12/22/2005 — 85 —
Present value of future profits 1,227 1,336 Deferred sales inducements 547 515
• the acquisition of 100.0% participation in Home & Legacy Limited, London,
Changes recorded in consolidated income statements 2,393 927 Novation of reinsurance agreements (420) — Dividends allocated to policyholders 1,029 198 Other changes (15) (3)
In most of these markets, the effective interest rates being earned on the investment portfolio exceed these guaranteedminimum interest rates. In addition, the operations in thesemarkets may also have significant mortality and expensemargins. As a result, as of December 31, 2006 and 2005, the Allianz Group does not believe that it is exposed to a significant risk of premium deficiencies in its Life/Health segment. However, the Allianz Group’s life/health operations in Switzerland, Belgium, South Korea and Taiwan, have high guaranteed minimum interest rates on older contracts in their portfolios and, as a result, may be sensitive to any declines in investment rates or a prolonged low interest rate environment.
Senior bonds: Money market securities: Contractual interest rate 5.13% — — — — —
Certificated liabilities: Contractual interest rate — — — — — 2.22% Money market securities: Contractual interest rate 3.51% — — — — —
Shareholders’ equity Issued capital 1,106 1,039 Capital reserve 24,292 20,577 Revenue reserves 14,070 9,930 Treasury shares (441) (1,351) Foreign currency translation
Income (expense) from financial assets and liabilities held for trading 32 (324) 1,170 3 (441) (3) 437 Income from financial assets designated at fair value through
Net Claims and insurance benefits paid (24,002) (17,708) — (41,710) Change in loss and loss adjustment expenses (670) 83 — (587)
Claims and insurance benefits paid (26,674) (18,470) (27) (45,171) Change in loss and loss adjustment expenses (726) (96) (1) (823)
Underwriting business (4) — (4) — — — — — —
Net tax exempt income (884) (503) (426) Amortization of goodwill — — 296 Effects of tax losses (50) (73) (68) Effects of German tax law changes (571) — — Other tax settlements 167 19 103
The aggregate amount of certificates of deposit and other time deposits in the amount of € 100,000 or more issued by the Allianz Group’s non-German offices at including banks and customers.
The interest rate swaps used by the Banking segment in fair value hedges of the interest rate risk of certificated and subordinated liabilities had a total net fair value as of December 31, 2006 of € 247 mn (2005: € 507 mn). Thereof, interest rate swaps with a positive fair value of € 305 mn (2005: € 537 mn) are recorded in the Allianz Group’s consolidated balance sheet in other assets, and interest rate swaps with a negative fair value of € 58 mn (2005: € 30 mn) are recorded in other liabilities. During the year ended December 31, 2006, the fair value of the interest rate swaps decreased by € 184 mn (2005: increase by € 43mn), whereas the certificated and subordinated liabilities hedged increased in fair value by € 187 mn (2005: decrease by € 24mn), resulting in a net ineffectiveness of the hedge of € 3 mn (2005: € 19 mn) that is recognized in the Allianz Group’s consolidated income statement as income (expense) for financial assets and liabilities held for trading. For detailed information about certificated and subordinated liabilities, see Note 21 and Note 22, respectively.
As of December 31, 2002, foreign exchange hedging transactions in the form of foreign currency forwards with a total fair value of € 107 mnwere outstanding with respect to hedges of currency risks related to a net investment in a foreign entity. This hedging strategy was terminated in the second quarter of 2003. Total unrealized gains of € 182 mn related to this hedging strategy remain in other reserves.
Letters of credit and other financial guarantees Themajority of the Allianz Group’s letters of credit and other financial guarantees are issued to customers through the normal course of business of the Allianz Group’s Banking segment in return for fee and commission income, which is generally determined based on rates subject to the nominal amount of the guarantees and inherent credit risks. Once a guarantee has been drawn upon, any amount paid by the Allianz Group to third-parties is treated as a loan to the customer, and is, therefore, principally subject to collateral pledged by the customer as specified in the agreement.
Group Equity Incentives Plans The Group Equity Incentives Plans (“GEI”) of the Allianz Group support the orientation of senior management, in particular the Board of Management, toward the longterm increase of the value of the Allianz Group. The GEI include grants of stock appreciation rights and restricted stock units.
The restricted stock units are accounted for as cash settled plans as the Allianz Group intends to settle in cash. Therefore, the Allianz Group accrues the fair value of the restricted stock units as compensation expense over the vesting period. During the year ended December 31, 2006, the Allianz Group recognized compensation expense related to the nonvested restricted stock units of € 85mn (2005: € 49 mn; 2004:
The Class B equity units issued under the Class B Plan vest over three to five years and are subject to repurchase by AGI L.P. upon death, disability or termination of the participant prior to vesting. As of January 1, 2005, AGI L.P. has the right to repurchase, and the participants have the right to cause AGI L.P. to repurchase, a portion of the vested Class B equity units each year. The call or put right is only exercisable sixmonths after the initial vesting of each grant. On the repurchase date, the repurchase price will be based upon the determined value of the Class B equity units being repurchased. As the Class B equity units are puttable by the plan participants, the Class B Plan is accounted for as a cash settled plan.
The following table provides the grant date fair value and the assumptions used in calculating their fair value: Assumptions: Expected life (years) 7 7 Risk free interest rate 3.4% 3.3% Expected volatility 18.0% 17.0% Dividend yield 7.1% 6.8%
On the effective date of themerger between Allianz SE and RAS, the RAS share option plan wasmodified. The outstanding share options, which were granted in 2005, on the date of themerger were replaced with Allianz SE share options on the basis of 1 Allianz SE option for every 5.5 RAS share options outstanding. The Allianz SE share options have the same service period of 2 years; however, themarket conditions noted above were replaced with a performance condition, which was already achieved on the date of themodification.
Principal accountant fees and services For a summary of fees billed by the Allianz Group’s principal auditors, see page 109. The information provided there is considered part of these consolidated financial statements.
Important examples of derivative financial instruments are options, futures, forwards and swaps.
Dipl.-Kfm. Holger Strait Managing Partner J. G. Niederegger GmbH& Co. KG
Prof. Dr. Renate Köcher Membership in other statutory supervisory boards in Germany BASF AG, Infineon Technologies AG, MAN AG
Jörg Reinbrecht since October 27, 2006 Membership in other statutory supervisory boards in Germany SEB AG
AGF Brasil Seguros 104 Allianz Companía de Seguros y Reaseguros 103, 106 Allianz Cornhill Insurance plc. 103 Allianz Deutschland AG 5, 92, 105 Allianz Global Corporate & Specialty 43, 93 Allianz Global Investors 58-60