RNS Number:3993S
Allianz AG
24 November 2003






                           Allianz Aktiengesellschaft

                  Capital Increase - Employee Share Programme


The company announces that in accordance with their Articles of Association the
Board of Management has resolved to increase the share capital by EUR
2,824,320.00 by issuing 137,625 new non par value shares (with a stated value of
EUR 2.56 each) fully entitled to dividends for the year 2002 and 965,625 new non
par value shares (with a stated value of EUR 2.56 each)fully entitled to
dividends for the year 2003.



These shares which rank pari passu with the existing shares in issue have been
underwritten by Deutsche Bank AG at an offering price of EUR 114.00 in 2002 and
at an offering price of EUR 82.95 in 2003 for the purpose of issuing shares to
the employees of the group of companies of Allianz AG under the Employee Shares
Programme. Employees in Germany were able to subscribe for these shares at EUR
79.80 per share in 2002 and at EUR 66.36 in 2003.



The 137,625 shares were listed on the German Stock Exchange on November 22, 2002
and are quoted since November 25, 2002. Application has been made for the
965,625 shares to be listed on the German Stock Exchanges on Monday 24 November
2003 trading to start on Wednesday 26 November 2003. Application has now been
made to the London Stock Exchange and UK Listing Authority for their admission
to the Official List on this date.








                      This information is provided by RNS
            The company news service from the London Stock Exchange
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