Allianz's business as an international financial services provider involves active use of and interaction with the capital markets for itself and for clients.
Allianz invests 200 million euros of its own money newly on the capital markets every day, and in the last 20 years made a substantial part of its operating profit through capital markets driven investments. The lifeblood of Allianz's business in insurance, asset management and banking, and the solutions it offers clients in these segments, are strongly connected to the capital markets.
This was the starting point of Allianz's press workshop held on July 10 in Frankfurt. One aim of the workshop was to show how Allianz is responding to the challenges and opportunities surrounding its relationship with the capital markets. The four speakers were Allianz SE board member Paul Achleitner, CEO of Dresdner Kleinwort Stefan Jentzsch, CEO of Allianz Global Investors Europe Elizabeth Corley and Thomas Puetter, managing director of Allianz Alternative Assets Holding.
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein may include 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 the Allianz Group'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) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro / US dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE’s filings with the US Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.
No duty to update
The company assumes no obligation to update any information contained herein.
This was the starting point of Allianz's press workshop held on July 10 in Frankfurt. One aim of the workshop was to show how Allianz is responding to the challenges and opportunities surrounding its relationship with the capital markets. The four speakers were Allianz SE board member Paul Achleitner, CEO of Dresdner Kleinwort Stefan Jentzsch, CEO of Allianz Global Investors Europe Elizabeth Corley and Thomas Puetter, managing director of Allianz Alternative Assets Holding.
Low impact through CDO and CLO investments for Allianz Group
Due to recent questions raised by media and investors Allianz informs about its investments in CDOs (Collaterized Debt Obligations) and CLOs (Collaterized Loan Obligations).
Allianz Group’s investments in CDOs and CLOs amount to 1.4 billion euros of which 1.3 billion are related to Dresdner Bank and 0.1 billion to the insurance business. This corresponds to less than 0.2 percent of our total assets. Of these investments approximately 50 percent are related to US-subprime. The overall rating profile of these investments is 76 percent AAA, 11 percent AA, 6 percent A, 4 percent BBB and 3 percent BB. We have impaired these investments by almost 70 million euros.
Dresdner Bank holds positions of notional 5.8 billion euros in super-senior CDO tranches, which are more secure than AAA rated CDOs. From these positions no charges are to be expected.
Dresdner Bank holds positions of notional 5.8 billion euros in super-senior CDO tranches, which are more secure than AAA rated CDOs. From these positions no charges are to be expected.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein may include 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 the Allianz Group'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) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro / US dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE’s filings with the US Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.
No duty to update
The company assumes no obligation to update any information contained herein.
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