Ras Group Full Year Results 2005

March 13th, 2006

Agenda

• Full year results 2005

• P+C business

• Life business

• PFS business

• Capital Allocation

Group

Full Year Results 2005

4

Group

Growth in consolidated Premiums (+1.6%) driven by Life production in Italy (in particular through Agents and Financial Advisors) and by a 2.3% P+C growth, substantially aligned with the market

Combined Ratio improvement overall (-60 b.p.), mainly due to a 100 b.p. decrease in Italy

Increase in Life New Business Value (+14.9%), also thanks to expansion of recurring-premium products in Italy

Increase in Group Net Income to Euro 905 million (+27.9%), reflecting good operating results and positive impact of investment income

Shareholder value grows to Euro 8.478 (+14.9%) due to an increase of 10,2% in Life and 19,6% in P+C

FY05 Results

5

2005

16,392 +1.6%

97.3 -60bp

905 +27.9%

14.6 +220bp

24.4 +370bp

0.88 +10.0%

Group

2004

16,132

97.9

708

12.4

20.7

0.80

209 +14.9%182

Mln euro - IAS/IFRS

Premiums

P+C combined ratio (%)

Life NBV

Group net income

ROE (%)

RORAC (%)

Dividends (PS)

2005 Highlights

growth

6

Gross premiums writtenMln euro - Direct and Indirect Business

Group

+ 1.1%Life GPW + Inv. Contracts YoY growth

+ 2.3%

Abroad

Italy

2004 2005

7,463

4,039

3,425

+2.2%

+2.4%7,297

3,952

3,345

8,929(1)

7,209

1,720

+3.2%

- 7.0%

2004 2005

8,834

6,984

1,850

P+C GPWYoY growth

(1) Includes euro 4,825 million of Investment Contracts, of which euro 4,719 million in Italy and euro 106 million abroad

7

2004 2005Mln euro - IAS/IFRS

Net Premiums and management fees

YoY

Earnings before taxes & minorities

Claims & Change in Technical Reserves

Taxes and minorities

Group Net Income

Group

Net financial income

Operating expenses

Other Income & Charges

Statutory results IAS/IFRS

- 9,438

10,727 + 2,5%

1,135 + 29.3%

- 427

708 + 27.9%

- 9,824

10,999

1,467

- 562

905

1,969 2,378

- 2,012 - 2,050

-111 -36

+4.1%

+1.9%

+20.8%

8

Total Shareholder Value

2004 2005

1,837(2)

4,084

...

Life and PFS Embedded Value (1)

3,7062,127

In-force Value

EV Nav

2004 2005 2004 2005

….

5,512

8,478

6,351

1.869

2,127

P+C Net Asset Value

Total ShareholderValue

+14.9%

1,957

4,394

3,675

1,869Adj.

Shareholder Equity

7,381

(1) Tillinghast has provided an independent opinion on and review of the EEV

Mln euro - net of minority interests, taxes and cost of capital

Group

(2) Compared to 2004 Euro 143 mln are restated to P+C as “holdings” are all moved to P+C segment

+10.2% +19.6%

P+C Business

10

GroupFY05 Results

Premiums growth of 2.3% through selective underwriting policy; 60 b.p. improvement in combined ratio despite impact of floods in Switzerland and Austria

Growth in Italy led by non-motor lines (+5.4%), which benefited from strong performance in “Personal” and “SME” lines (+6.1%), through significant marketing efforts mainly in Agencies

Combined ratio improvement in Italy (-100 b.p.) through selective growth in Motor business and cost control

Sizeable improvement in net profit (17.3 million euro) at Genialloyd

11

Other countries

Italy

Mln euro - direct + indirect business

2004 2005

P+C GPWYoY growth

+2.3%

Group

Switzerland

Spain

Austria

GPWYoY

growth

Portugal

Focus by country

Total P+C GPW

7,463

4,039

3,425

+2.2%

+2.4%7,297

3,952

3,345

+2.2%

+6.3%

+1.0%

1,281

905

934

- 3.5%304

12

Combined Ratio Group

Group Consolidated

Combined Ratio (1)

Focus by Country - %

Switzerland(2)

Spain

Austria(2)

Italy

(1) Net of reinsurance business, including “other technical items”, calculated on Net Earned premiums

2004 2005

97.9%97.3%

98.3

100.2

98.6

91.5

2004

98.9%97.3

101.2

99.4

91.2

IT-GAAP IAS - IFRS

IT-GAAP IAS - IFRS

99.1

101.4

100.0

92.6

(2) The combined ratio in Switzerland and Austria reflected the negative impact of floods, for 56 million euro and 9 million euro respectively. Net of these effects, the combined ratio was 96.6% and 98.2% respectively.

13

Total P+C GPW

Motor

Non-Motor

Mln euro - direct business

P+C GPWYoY growth

+2.6%

Italy

Combined ratio - % Focus by LoB

Total

Motor

Non Motor

97.398.3

FY04IAS - IFRS4,021

1,551

2,470

+5.4%

+0.9%

2004 2005

3,920

1,472

2,448

FY05IAS - IFRS

99.0

95.7

99.8

97.1

14

Mln euro - Direct Business

Genialloyd Italy

ResultsGPWYoY growth

+7.3%

203

218 Combined ratio 90.7%

2004 2005

Expense ratio 14.7%

Net Income 17.3

2004 2005

96.5%

17.0%

12.0

15

Life Business

16

Group

Growth led by Italy (+3.2%). Performance abroad (-7.0%) influenced by an extraordinary single premium in Spain in 2004 and by a different consolidation perimeter in Austria and Spain

Strong performance by Agents (+29.5%) and Financial Advisors (+32.6%) in Italy, with focus on recurring-premium products (+24.4%). Agency re-organisation produced significant results

Negligible slowdown in the bancassurance channel (-2.4%), due to downturn in single premiums at Allianz Subalpina. Performance steady at Creditras, with good progress in recurring premiums (+10.9%)

Significant increase in New Business Value in Italy (+15.4%); bancassurance channel achieves higher margin target through a different business mix

FY05 Results

17

Mln euro

Switzerland

Spain(2)

Austria(1)

Mln euro

YoY growth (2)

Life GPW + Inv. ContractsYoY growth

+ 1.1 %

Life GPW

Portugal

Group

Abroad

Italy

8.929

7,209

1,720

+3.2%

- 7.0%

2004 2005

8.834

6,984

1,850

(1) With the adoption of IAS-IFRS, Pensionkasse is no longer consolidated; the YoY change on a like-for-like basis was +2.4% for Austria

(2) With the adoption of IAS-IFRS, Amaya is no longer consolidated; the YoY change on a like-for-like basis was -21.6%. Furthermore in 2004 Spain recorded an extraordinary single premium for 163 million euro for outsourcing of the Banco Popular Espanol pension fund

- 0,2%

- 23,1%

- 13,8%

1.057

236

343

- 2,4%83

18

Italy

Mln euro - Individual policies

Ras

669

Growth %

Life new business volumes A

gen

tsFA

sB

an

ks

2004

2005

434

2004

2005

4,263

2004

2005

Mkt (1)

Mkt share %

2005

+29.5 +18 7.2

+32.6 -23 12.9

-2.4 +15 10.5

(1) Source: ANIA new business premium

2004

6.6

7.8

12.4

517

327

4,368

19

Life new business – Agents & FAs

+33.9%

+32.3%

FAsYoY growth +32.6%

327

434

52

70

275

364

844

180

664

1,103

224

879

+32.4%

+24.4%

2004 2005

TotalYoY growth +30.7%

2004 2005

517

669

128

154

389515

+20.5%

+32.4%

AgentsYoY growth +29.5%

Annual Premium

Single Premium

Mln euro - Individual policies

Italy

20

High potential

Agencies Upgrading

Top

Small medium

2005

38%

100%

32%

30%

2004

45%

100%

27%

28% 2005 recruitment

Team Manager

Life Specialist

2004

Total

2005

New entries (net)

156

2,814

33

220

Number

%

+21%

+8%

Ras Agencies 880 827

RAS SpA

21

Results by Agency segment

Life New Business

312 +38%

+18%135

2004 2005

Top

High potential

2004 2005

•Recurrent

•Single

+25%

+25%

+42%

+16%

New Business growth

227

114

RAS SpA

•Recurrent

•Single

Mln euro - Individual policies

22

Bancassurance: new business premiums ItalyMln euro - Individual business – gross of minorities

Life NB PremiumsYoY growth

2004 2005

106

4,262

4.263

118

4,145

4.368

-2.4%Creditras YoY growth +0.2%

2004 2005

106

3,996

4.112

117

3,995

4.102+10.9%

-2.7%

Recurrent Premium

Single Premium

+10.9%

0.0%

23

Abroad

Italy

209

Spain

Austria

Switzerland

2005

8

9

3

18224

2004

Portugal 4

Mln euro - net of minorities, taxes and cost of capital at year-end

8

5

5

3

+14.9%Life New Business ValueYoY growth

2004 2005

+15.4%

+11.3%21

185161

Focus by country

Life New Business Value by country Group

24

FAs

Banks

2004 2005NBV/PVNBP (1)

Agents

+16%

3.7%

1.3%

7.2%

5.6%

+12%

+30%

+9%

Italy Mln euro - net of minorities, taxes and cost of capital at year-end

(1) Present value of new business premiums

155

2004

77

49

29

2005

180

84

32

64

New Business ValueYoY growth

3.5%

1.1%

7.3%(2)

6.0%(2)

New Business Value and margins - Individual

(2) Restated after change in model

25

Life In-force Value Group

2004

1,575

2005

1,753

1,289Italy

Abroad 286

Life In-force ValueYoY growth

+11.3%

Mln euro - net of minority interests, taxes and cost of capital

1,410

343

2004 2005

26

Life Embedded Value roll-forward Group

Variance from

Assumptions

Change in Assumptions

New Business Value

78 209-26

1,575

Opening Embedded

Value 1/1/2005

NAV

VIF

3,336

1,761

UnwindingEnding

Embedded Value

31/12/2005

3,416

182

Capital movements

-172

1,753

1,663

-191

Ending Embedded

Value 31/12/2004

Initial Adj.

3,145

Mln euro

ROEV = 14.1%

Embedded Value EarningsEuro 443 mln

PFS Business

28

Italy

Significant growth in net inflows (+27.1%) with a

strong surge in the last quarter (+97.9%)

Improvement of 69% in gross operating result thanks

to increase in assets under management

Integration of BNLI network achieved; improvement of

the network profile with exits of FAs with marginal

portfolios

FY05 Results

29

RasBank FAs performance

Net Inflows and Life New business (1)

+27.1%Assets under administration +11.0%

Mln euro

Italy

Asset Mgmt

Banking

Life New business

(1) Net Inflows: Assets under Management and banking assets

761

238

523

434

1,195

578

388

190

362(2)

940

2004 2005

(2) Includes corporate business for 35 million euro

18,219

3,026

15,193

4,776

22,995

16,315

2,835

13,480

4.400

20,715

2004 2005

30

RasBank FAs results by LoB(1) ItalyMln euro - Including Life business through FAs

Gross margin

Asset mgmt commission margin

YoY growth

Banking margin

Life technical margin

General expenses

Sales & marketing expenses and others

Gross operating result

Net income(2)

2004 2005

235

134

318

192

45 56

145

61 90

56 70

+35%

-124 -140

-25 -33

+69%

+48%

+13%

+29%

+24%

+24%

+44%

86

YoY growth

(1) Includes Rasbank, Ras Private Bank Suisse, Rasfin Sim, Investitori Sgr, Investitori Holding Sgr, Ras Asset Management, RB Vita, Darta Saving Life Assurance e RB Fiduciaria

(2) Including BNLI, 2004 Net income was Euro 31.4 million

31

FAs exits on marginal portfolios Italy

Change 04-05

2005AUM(1) per FA

> 10 mln

5-10 mln

2-5 mln

0-2 mln

Total -232

+57

-1

-56

-232

2,696

643

512

587

954

2004

2,928

586

513

643

1,186

(1) Under management, under administration, Life

%

100

20

18

22

40

%

100

24

19

22

35

Number of FAs

32

Capital Allocation

33

Group

Increase in capital absorption (+15.5%) in line with

business development and mainly due to higher volatility

of strategic investments in Italy (Unicredito equity

investment)

Strong rise in RORAC at 24.4% (+370 b.p.) well above

the 3 year plan target

FY05 Results

34

Capital Requirement

Mln euro

Group

Italy

Abroad

2004

3,441

2005

Life

P+C

2,390

1,051

Strategicinvestments

PFS

Diversif.

TOTAL

235

864

1,382

1,044

(620)

2,9052005

3,974

2,905

1,069

2004

185

706

1,340

653

(494)

2,390

Risk-Based CapitalYoY growth +15.5%

+21.5%

+1.8%

35

Return on invested capital Group

2005

24.4

RORAC

2004

20.7

2005

14.6

ROE

2004

12.4

IAS/IFRS - %

36

Euro

2000

0,31

0,80

2004

0,88

2005

Dividend policy Group

Dividend Per ShareYoY growth +10%

Euro 0.88 DPS will be distributed on ordinary shares in May 2006, for a pay-out of 592 million euro

Dividend policy

37

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in RAS Holding Spa’s core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro - U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in law and regulations, including monetary convergence and the European Monetary Union, (x) changing in the policies of central banks and/or global basis.The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz’s filings with the U.S. Securities and Exchange Commission Allianz assumes no obligation to update any forward-looking information contained in this release.

Cautionary Note Regarding Forward-Looking Statements