Exhibit 7.1
Statement regarding ratio of earnings to fixed charges
| Years ended December 31, |
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||
| € mn | € mn | € mn | € mn | € mn | |||||||||
| For the Allianz Group (IFRS) |
Income before income taxes and minority interests in earnings |
10,323 | 7,829 | 5,044 | 3,812 | (4,044 | ) | ||||||
| Add: Fixed charges | 6,639 | 7,165 | 6,448 | 7,600 | 11,598 | ||||||||
| Income before income taxes and minority interests in earnings before fixed charges |
16,962 | 14,994 | 11,492 | 11,412 | 7,554 | ||||||||
| Fixed charges: | |||||||||||||
| Interest expense(1) |
5,759 | 6,377 | 5,688 | 6,871 | 10,951 | ||||||||
| Interest component of net periodic benefit cost |
725 | 693 | 676 | 640 | 591 | ||||||||
| Interest component of rental expenses |
155 | 95 | 84 | 89 | 56 | ||||||||
| Total fixed charges | 6,639 | 7,165 | 6,448 | 7,600 | 11,598 | ||||||||
| Ratio of earnings to fixed charges | 2.6 | 2.1 | 1.8 | 1.5 | 0.7 | ||||||||
| Years ended December 31, |
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||
| € mn | € mn | € mn | € mn | € mn | |||||||||
| For the Allianz Group adjusted to accord with U.S. GAAP | Income before income taxes and minority interests in earnings |
9,457 | 6,556 | 5,581 | 2,840 | (1,746 | ) | ||||||
| Add: Fixed charges | 6,674 | 7,087 | 6,468 | 7,600 | 11,598 | ||||||||
| Earnings from ordinary activities before fixed charges |
16,131 | 13,643 | 12,049 | 10,440 | 9,852 | ||||||||
| Fixed charges: | |||||||||||||
| Interest expense(1) |
5,794 | 6,299 | 5,708 | 6,871 | 10,951 | ||||||||
| Interest component of net periodic benefit cost |
725 | 693 | 676 | 640 | 591 | ||||||||
| Interest component of rental expenses |
155 | 95 | 84 | 89 | 56 | ||||||||
| Total fixed charges | 6,674 | 7,087 | 6,468 | 7,600 | 11,598 | ||||||||
| Ratio of earnings to fixed charges | 2.4 | 1.9 | 1.9 | 1.4 | 0.8 | ||||||||
| (1) |
The decrease of interest expenses in 2003 from 2002 resulted to a large extent from the deconsolidation of Deutsche Hyp in August 2002 and a general decline in interest rates and loan volumes. |