SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For October 8, 2004
Commission File Number: 1-15154
ALLIANZ AKTIENGESELLSCHAFT
Koeniginstrasse 28
80802 Munich
Germany
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-13462) OF ALLIANZ
AKTIENGESELLSCHAFT AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT
IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY
FILED OR FURNISHED.
ING TO ACQUIRE ALLIANZ OF CANADA, ALLIANZ TO KEEP ALLIANZ GLOBAL RISKS (AGR)
IN CANADA
ING Group and Allianz Group announced today that ING Canada has concluded a
definitive share purchase agreement for the acquisition of Allianz's property
and casualty (P&C) insurance operations in Canada.
Under the terms of the agreement, ING will acquire Allianz of Canada Inc. and
its subsidiaries Allianz Insurance Company of Canada, group insurer Trafalgar
Insurance Company of Canada as well as Canada Brokerlink, a network of insurance
brokerages operating in Ontario and Alberta. Allianz will however retain its
Canadian industrial lines business, which is part of Allianz Global Risks (AGR).
These transactions will be subject to regulatory approvals.
As a result of the acquisition, ING's gross written premiums in Canada will
increase by approximately CDN$ 600 million to reach more than CDN$ 4 billion.
ING will also expand its network of independent distribution partners. More than
800 employees from Allianz Canada will transfer to ING, which currently has a
workforce of more than 5,600 employees across the country. Also involved in the
transaction are Canada Brokerlink's 525 employees.
The Allianz acquisition with its portfolio of personal and small to medium
commercial lines business reinforces ING's position in its preferred segments of
the market. "The acquisition allows us to continue expanding our activities
within the P&C insurance industry, especially in Ontario and Alberta", said
Claude Dussault, President and Chief Executive Officer of ING Canada. "As we
increase the scale of our activities, we will also be in a better position, in
collaboration with our distribution partners, to improve our offering of
innovative solutions to consumers."
"With its solid performance, ING Canada continues to be the leading provider of
P&C insurance in Canada. Its past success and future growth potential were
decisive factors in the decision to grow our market share in Canada", said Fred
Hubbell, Member of the Executive Board of ING Group and responsible for
Insurance Americas.
"This transaction enables Allianz to achieve two objectives: In selling our
Canadian personal lines, some of the commercial lines operations and the
brokerage business, we stick to our strategy to focus on core business and
markets and to reduce complexity. Secondly, retaining the industrial lines
operations will allow us to successfully support Canadian and international
clients of Allianz Global Risks," explained Jan Carendi, Board Member of Allianz
AG, responsible for the Americas.
Amsterdam-based ING Group is a global financial institution offering banking,
insurance and asset management to over 60 million private, corporate and
institutional clients in more than 50 countries. In Canada, ING is the leading
provider of property and casualty insurance with projected premiums of
approximately CDN$ 3.6 billion in 2004. Assets at the end of last year amounted
to CDN$ 7.6 billion. ING Canada offers its insurance products and solutions
through ING Insurance, ING Novex, BELAIRdirect and Nordique.
Allianz Group, with its head office in Munich, is present in over 70 countries
providing its customers worldwide with a comprehensive range of services in the
areas of property and casualty insurance, life and health insurance, asset
management and banking. Allianz Canada is the thirteenth largest property and
casualty insurance company in the country with premiums of CDN$ 898 million and
CDN$ 1.9 billion in assets.
These assessments are, as always, subject to the disclaimer provided below.
Allianz
Cautionary Note Regarding Forward-Looking Statements 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 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-U.S. 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 involve risks and uncertainties described from time to time in Allianz AG's
filings with the U.S. 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.
ING
Certain of the statements contained in this release are statements of future
expectations and other forward-looking statements. These expectations are based
on management's current views and assumptions and involve known and unknown
risks and uncertainties. Actual results, performance or events may differ
materially from those in such statements due to, among other things, (i) general
economic conditions, in particular economic conditions in ING's 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, (viii) general competitive factors, (ix) changes in
laws and regulations, and (x) changes in the policies of governments and/or
regulatory authorities. ING assumes no obligation to update any forward-looking
information contained in this document.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ALLIANZ AKTIENGESELLSCHAFT
By: /s/ Dr. Reinhard Preusche
-----------------------------
Dr. Reinhard Preusche
Group Compliance
By: /s/ Dr. Giovanni Salerno
-----------------------------
Dr. Giovanni Salerno
Group Compliance
Date: October 8, 2004