FRANKFURT (Standard&Poor's) March 18, 2004--Standard&Poor's Ratings Services said today that its ratings and outlook on Germany-based Allianz AG (AZAG; AA-/Negative/A-1+) and related entities are unaffected by the group's full-year 2003 net earnings and strategic developments, which are broadly in line with expectations. Although key ratios indicate a substantial improvement in underlying operating performance, reflected particularly in the group's non-life combined ratio of 97.0% (105.7% in 2002), the results of improved but still loss-making Dresdner Bank AG (A/Negative/A-1) continue to remain a major weakness. The group's operating profit improved by €4.5 billion to €4.0 billion, to which particularly non-life contributed, with €2.5 billion. In addition, capital gains of €2.8 billion from the sale of most of the
