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CORRESP
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Correspondence Letter

 December 27, 2005

 By EDGAR, “CORRESP” designation, with paper courtesy copies.

 Mr. Jeffrey Riedler

 Assistant Director,

 Division of Corporation Finance,

 Securities and Exchange Commission,

 100 F Street, N.E.,

 Washington, D.C. 20549.

Re:

Allianz Aktiengesellschaft

Amendment No. 1 to Registration Statement on Form F-4

File No. 333-128715

 Dear
Mr. Riedler:

 On behalf of Allianz Aktiengesellschaft
(“Allianz”) I am writing in response to the Staff’s comment of December 23, 2005 on Amendment No. 1 to the Registration statement on Form F-4 of Allianz, which was filed on December 12, 2005 (the “F-4”).

 The following is Allianz’s response to the Staff’s
comment:

1.
We note your response to comment two. Please provide us with the detailed calculations for your investment and income tests that link back to the financial information provided
in the filing. Please confirm whether the total GAAP purchase price that will be allocated to target assets and liabilities acquired was used for the investment test given that it does not appear that the exchange ratio has been established at this
point in time. Provide a calculation of the GAAP purchase price based on the terms of the deal including any potential contingent consideration. Please be aware that significance should measured using U.S. GAAP amounts.

 As requested, attached hereto is supplemental information detailing the
calculations made by Allianz with respect to the investment and income tests under both IFRS and U.S. GAAP. The transaction in question is the acquisition of Allianz’s remaining 44% interest in RAS, for which the exchange ratio was publicly
announced on September 11, 2005 as being between 0.153 and 0.161 Allianz shares per RAS share, and which was thereafter fixed on December 16, 2005 at 3 Allianz shares per 19 RAS shares (or approximately 0.1579). For purposes of the
investment test, Allianz’s December 12, 2005 response to Comment 2 used a merger exchange ratio of 0.155, which was within the publicly-announced range,

 -1-

 Mr. Jeffrey Riedler

 Securities and Exchange
Commission

 along with the prices
for the completed cash tender offer (which prices were also publicly announced in September, 2005) of Eur. 19 per RAS ordinary share and Eur. 55 per RAS savings share; as indicated in the attached, use of the final merger ratio only
changes the investment test outcomes from 0.62% (IFRS) and 0.61% (U.S. GAAP) to 0.64% and 0.63%, respectively, in each case still well below the 20% threshold. The transaction did not involve any contingent consideration, and the attached indicates
that the total purchase price will be € 2,734 million in respect of the cash tender offer (completed in November, 2005) plus 25,123,259 Allianz shares to be issued in connection with the merger on the basis of the final merger
exchange ratio of 3 Allianz shares per 19 RAS shares. Further information on the transaction terms also appears in the F-4 on pages 43-48.

 *        *        *

 On behalf of Allianz, we would like to thank you for the cooperation you and
the Staff are extending with the review of the F-4. Please do not hesitate to call me at (011) (331) 7304-5890 with any questions or comments on the foregoing.

Very truly yours,

 /s/ William D. Torchiana

William D. Torchiana

(Sullivan & Cromwell LLP)

 (Enclosures)

cc:

Paul M. Dudek, Esq.

Craig C. Olinger

Vanessa Robertson

James Atkinson

Sonia Barros

(Securities and Exchange Commission)

Burkhard Keese

Dr. Susanne Kanngiesser

Dr. Rainer Husmann

Jonathan A. Wismer

Jon Nielsen

Dr. Peter Hemeling

(Allianz AG)

 -2-

 Mr. Jeffrey Riedler

 Securities and Exchange
Commission

 Dr. Frank
Ellenbürger, Partner – KPMG Deutsche Treuhand-Gesellschaft AG

 Robert Overstreet, U.S. Filing Review Partner – KPMG LLP

 -3-

 Attachment

Significance Test F4 Filing for RAS Merger

 Allianz Group Accounting 27-12-2005

 Contents

 ¨ Investment RAS

Investment Test (Final)

 ¨ Investment RAS

Investment Test (Preliminary)

 ¨ Assets RAS

Asset Test

 ¨ Income USGAAP

Income Test

 ¨ Income IFRS

Income Test

 Overview of Tests (US-GAAP)

 Investment

RAS

0.63
%

 Asset

RAS

7.58
%

 Income US-GAAP

RAS

13.93
%

 Income IFRS

RAS

14.91
%

 -4-

Investment Test - Final Exchange Ratio

Allianz Group Accounting 27-12-2005

 Transaction Volume for acquired
Share (44,33%) of RAS:

 Current Investment:

RAS

55.67
%

6,585

Mio EUR

 Acquired Investment:

5,900

Mio EUR

 Total Investment in RAS after Acquisition:

12,485

Mio EUR

 Acquired Investment (Details)

 Tender Offer

2,734

 Remaining RAS-Shares after TenderOffer

159,113,971

 Exchange Ratio (3 AZ for 19 RAS)

0.157894737

 Assumed Allianz StockPrice (in EUR)

126

 Exchanged Allianz Shares

25,123,259

 Acquisition Costs (in Mio EUR)

3,166

 Total Acquisition Costs

5,900

 Group Consolidated Assets (Based on
F-1 and F-121 of Form 20F 2004)

USGAAP

IFRS Reformatted

IFRS

 2004

 Mio EUR

 2003

 Mio EUR

 2004

 Mio EUR

 2003

 Mio EUR

 2004

 Mio EUR

 2003

 Mio EUR

 Allianz Group

1,011,330

924,622
(1)

976,179

919,586
(1)

990,318

933,213
(2)

 without RAS

940,107

861,499

905,103

856,546

919,242

870,173

 RAS

71,223

63,123
(4)

71,076

63,040
(3)

71,076

63,040
(3)

 Source:

(1
)

Form F4 Page F-136

(2
)

Form F4 Page F-4

(3
)

Form F4 Page F-157

RAS SubGroup Allianz IFRS StandAlone

(4
)

Figures from (3) plus Total Effect of US GAAP Adjustments on Equity (Form F4 Page F-208)

 Cross-Check with IFRS figures from
RAS perspective (Italien IFRS)

 RAS

73,622

—

 Comparison

 A. Comparison of Allianz Group Consolidated Assets (without RAS) to Total
Investment (12.485 Mio EUR) in RAS after Acquisition

USGAAP

IFRS Reformatted

IFRS

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

 RAS

1.33
%

1.45
%

1.38
%

1.46
%

1.36
%

1.43
%

 B. Comparison of Allianz Group
Consolidated Assets (without RAS) to acquired Investment (5.900 Mio EUR) in RAS

USGAAP

IFRS Reformatted

IFRS

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

 RAS

0.63
%

0.68
%

0.65
%

0.69
%

0.64
%

0.68
%

 -5-

Investment Test - Preliminary Exchange Ratio

Allianz Group Accounting 12-12-2005

 Transaction Volume for acquired
Share (44,33%) of RAS:

 Current Investment:

RAS

55.67
%

6,585

Mio EUR

 Acquired Investment:

5,743

Mio EUR

 Total Investment in RAS after Acquisition:

12,328

Mio EUR

 Acquired Investment (Details)

 Tender Offer

2,734

 Remaining RAS-Shares after TenderOffer

159,113,971

 Exchange Ratio

0.155

 Assumed Allianz StockPrice (in EUR)

122

 Exchanged Allianz Shares

24,662,666

 Acquisition Costs (in Mio EUR)

3,009

 Total Acquisition Costs

5,743

 Group Consolidated Assets (Based on
F-1 and F-121 of Form 20F 2004)

USGAAP

IFRS Reformatted

IFRS

 2004

 Mio EUR

 2003

 Mio EUR

 2004

 Mio EUR

 2003

 Mio EUR

 2004

 Mio EUR

 2003

 Mio EUR

 Allianz Group

1,011,330

924,622
(1)

976,179

919,586
(1)

990,318

933,213
(2)

 without RAS

940,107

861,499

905,103

856,546

919,242

870,173

 RAS

71,223

63,123
(4)

71,076

63,040
(3)

71,076

63,040
(3)

Source:

(1)

Form F4 Page F-136

(2)

Form F4 Page F-4

(3)

Form F4 Page F-157

RAS SubGroup Allianz IFRS StandAlone

(4)

Figures from (3) plus Total Effect of US GAAP Adjustments on Equity (Form F4 Page F-208)

 Cross-Check with IFRS figures from
RAS perspective (Italien IFRS)

 RAS

73,622

—

 Comparison

 A. Comparison of Allianz Group Consolidated Assets (without RAS) to Total
Investment (12.328 Mio EUR) in RAS after Acquisition

USGAAP

IFRS Reformatted

IFRS

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

 RAS

1.31
%

1.43
%

1.36
%

1.44
%

1.34
%

1.42
%

 B. Comparison of Allianz Group
Consolidated Assets (without RAS) to acquired Investment (5.743 Mio EUR) in RAS

USGAAP

IFRS Reformatted

IFRS

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

 RAS

0.61
%

0.67
%

0.63
%

0.67
%

0.62
%

0.66
%

 -6-

Asset Test

        Allianz Group Accounting 12-12-2005

 Acquired Share of Total Assets

Current GroupShare

Acquired Share

Target Share

 RAS

55.67
%

+

44.33
%

=

100.00
%

 Group Consolidated Assets

USGAAP

IFRS Reformatted

IFRS

 2004

 Mio EUR

 2003

 Mio EUR

 2004

 Mio EUR

 2003

 Mio EUR

 2004

 Mio EUR

 2003

 Mio EUR

 Allianz Group

1,011,330

924,622
(1)

976,179

919,586
(1)

990,318

933,213
(2)

 without RAS

940,107

861,499

905,103

856,546

919,242

870,173

 RAS (100%)

71,223

63,123
(4)

71,076

63,040
(3)

71,076

63,040
(3)

 acquired Share (44,33%)

31,573

27,982

31,508

27,946

31,508

27,946

Source:

(1)

Form F4 Page F-136

(2)

Form F4 Page F-4

(3)

Form F4 Page F-157

RAS SubGroup Allianz IFRS StandAlone

(4)

Figures from (3) plus Total Effect of US GAAP Adjustments on Equity (Form F4 Page F-208)

 Cross-Check with IFRS figures from
RAS perspective (Italien IFRS)

 RAS

73,622

—

 Comparison

 A. Comparison of Allianz Group Consolidated Assets (without RAS) to acquired
Share (44,33%) of RAS’s Total Assets

USGAAP

IFRS Reformatted

IFRS

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

 RAS

3.36
%

3.25
%

3.48
%

3.26
%

3.43
%

3.21
%

 B. Comparison of Allianz Group
Consolidated Assets (without RAS) to 100% of RAS’s Total Assets

USGAAP

IFRS Reformatted

IFRS

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

Ratio 2004

Ratio 2003

 RAS

7.58
%

7.33
%

7.85
%

7.36
%

7.73
%

7.24
%

 -7-

Income Test (US-GAAP)

Allianz Group Accounting 12-12-2005

 Net Income US-GAAP before Taxes,
Extraordinary Items and Cumulative Effect of Changes in Accounting Principles

Source:

Form F4 Page 3 / Form 20F 2004, 2003 and earlier

Form F4 Page F-126 Condensed Income Statement Information

 Allianz Group

 2004

 Mio EUR

 2003

 Mio EUR

 2002

 Mio EUR

 2001

 Mio EUR

 2000

 Mio EUR

 1999

 Mio EUR

Average 00-04
Mio EUR

 Net Income US-GAAP

2,881

2,245

-1,260

4,246

6,519

2,870

 Income Taxes

 (Negative Sign = Tax Benefit)

1,441

-163

-1,077

-4,350

-3,870

635

 Net Income US-GAAP before Taxes

4,322

2,082

-2,337

-104

2,649

3,505

1,811

   IFRS Net Income

2,266

+ IFRS Taxes (Reformatted)

1,609

+ US-GAAP-Adjustments (before Tax)

407

+ US-GAAP-Adjustments Minorities

40

= US-GAAP Net Income before Taxes

4,322

 Acquired Share

Current GroupShare

Acquired Share

Target Share

 RAS

55.67
%

+

44.33
%

=

100.00
%

 Earning from ordinary Activities
before Taxes of acquired Entity

 2004

 Mio EUR

 Earnings from ordinary Activities before Taxes (IFRS)

1,113
(5)

 Effect of US GAAP Adjustments before Taxes and Minorities

43
(5)

 Earnings from ordinary Activities before Taxes (US-GAAP)

1,156

 Form F4 Page F-208

IFRS

Reco

USGAAP

 Earnings

1113

43

1156

 Taxes

-293

-1

-294

 Minorities

-144

4

-140

 Net Income

676

46

722

 -8-

 Acquired Share of Net Income

 before Taxes and before Minorities

 100% of Net Income

 before Taxes and before Minorities

 Current Share of Net Income

 before Taxes and before Minorities

 2004

 Mio EUR

 2004

 Mio EUR

 2004

 Mio EUR

 RAS

44.33%

512

RAS

100.00%

1,156

RAS

55.67%

644

Source:

(5)

Form F4 Page F-158 / F-208

RAS SubGroup Allianz IFRS StandAlone

Line Item: Earning from ordinary Activities before Taxes

 Comparison

 A. Compare acquired Share of RAS Net Income to AZ Group Net Income (excluding acquired
Share of Net Income from RAS)

 Income

 Mio EUR

Ratio

 AZ Group

4,322

 - RAS Net Income (44,33%)

512

3,810

 RAS (44,33%)

512

13.45
%

 B. Compare acquired Share of RAS Net
Income to AZ Group Net Income (excluding current AZ Group Share of Net Income from RAS)

 Income

 Mio EUR

Ratio

 AZ Group

4,322

 - RAS Net Income (55,67%)

644

3,678

 RAS (44,33%)

512

13.93
%

 -9-

Income Test (IFRS)

Allianz Group Accounting 12-12-2005

 Net Income IFRS before Taxes,
Extraordinary Items and Cumulative Effect of Changes in Accounting Principles

 Source: Form F4 Page 3 / AZ Group Consolidated Financial Statements 2004 and earlier

 Allianz Group

 2004

 Mio EUR

 2003

 Mio EUR

 2002

 Mio EUR

 2001

 Mio EUR

 2000

 Mio EUR

 1999

 Mio EUR

 Average 00-04

 Mio EUR

 Net Income IFRS

2,266

2,691

-3,243

1,585

3,448

2,317

 Income Taxes

 (Positive Sign = Tax Benefit)

-1,662

-249

1,073

1,106

-170

1,513

 Net Income IFRS before Taxes

3,928

2,940

-4,316

479

3,618

804

2,193

 Acquired Share

Current GroupShare

Acquired Share

Target Share

 RAS

55.67
%

+

44.33
%

=

100.00
%

 Earning from ordinary Activities
before Taxes of acquired Entity

 Acquired Share of Net Income before

 Taxes and before Minorities

 100% of Net Income

 before Taxes and before Minorities

 Current Share of Net Income

 before Taxes and before Minorities

 2004

 Mio EUR

 2004

 Mio EUR

 2004

 Mio EUR

 RAS

44.33%

493

RAS

100.00%

1,113(3)

RAS

55.67%

620

Source:

(3)

Form F4 Page F-158

RAS SubGroup Allianz IFRS StandAlone

Line Item: Earning from ordinary Activities before Taxes

 -10-

 Comparison

 A. Compare acquired Share of RAS Net Income to AZ Group Net Income (excluding acquired Share of Net Income from RAS)

 Income

 Mio EUR

Ratio

 AZ Group

3,928

 - RAS Net Income (44,33%)

493

3,435

 RAS (44,33%)

493

14.37
%

 B. Compare acquired Share of RAS Net
Income to AZ Group Net Income (excluding current AZ Group Share of Net Income from RAS)

 Income

 Mio EUR

Ratio

 AZ Group

3,928

 - RAS Net Income (55,67%)

620

3,308

 RAS (44,33%)

493

14.91
%

 -11-