Table of Contents
Investment thesis .....................................................................3
Change in rating...........................................................................................................3
Main underlying trends................................................................................................3
Reserve releases – we believe these have peaked and will now start to decline..........6
Low 2010E ROE..........................................................................................................7
Allianz........................................................................................8
Key trend: selling equities and derisking .....................................................................8
We forecast lower dividend in 2009e ..........................................................................9
1Q 09 results preview ................................................................................................10
Estimate revision: DPS 09e cut to