Exhibit 7.1
Ratio of earnings to fixed charges
| Years ended December 31, |
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||
| For the Allianz Group (IFRS) |
3.1 | 4.5 | 4.8 | 1.0 | 1.0 | |||||||||
| Years ended December 31, |
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||
| € mn | € mn | € mn | € mn | € mn | ||||||||||
| For the Allianz Group (IFRS) |
Income before income taxes and minority interests in earnings | 5,473 | 10,563 | 9,563 | 7,829 | 1) | 5,044 | 1) | ||||||
| Add: Fixed charges | 2,641 | 2,984 | 2,513 | 788 | 760 | |||||||||
| Income before income taxes and minority interests in earnings before fixed charges | 8,114 | 13,547 | 12,076 | 788 | 760 | |||||||||
| Fixed charges: | ||||||||||||||
| Interest expense |
1,893 | 2,070 | 1,633 | 6,377 | 1) | 5,688 | 1) | |||||||
| Interest component of net periodic benefit cost |
672 | 785 | 725 | 693 | 676 | |||||||||
| Interest component of rental expenses |
76 | 129 | 155 | 95 | 84 | |||||||||
| Total fixed charges | 2,641 | 2,984 | 2,513 | 788 | 760 | |||||||||
| Ratio of earnings to fixed charges | 3.1 | 4.5 | 4.8 | 1.0 | 1.0 | |||||||||
| 1) |
Figures for the years ended December 31, 2005 and December 31, 2004 do not reflect changes resulting from the discontinued operations of Dresdner Bank |