Allianz Takaful and MedGulf announce partnership in Bahrain and Qatar

Today, Allianz Takaful announced a partnership with MedGulf for the markets of Bahrain and Qatar to further develop their insurance platforms. To start the partnership Allianz Takaful will transfer 75 percent of Allianz Takaful to MedGulf BSC (Bahrain). In this new partnership, Allianz Takaful will continue to sell the whole range of takaful and insurance products in the market of Bahrain and Life and Health products in Qatar.

“This is a positive move for both parties. With MedGulf as partner, I believe that our clients and employees will benefit from the know-how and experience of one of the leading insurers in the region,” commented Bruce Bowers, Regional CEO of Allianz in Central and Eastern Europe, Middle East and North Africa.

Mr. Lutfi F. El Zein, Chairman of the Board of Directors of MedGulf, said that “this development in Bahrain/Qatar is one step forward providing access for MedGulf to the takaful markets and emphasizing the commitment of MedGulf Group to the region. The combining of the resources of MedGulf and Allianz in Bahrain and Qatar will position our companies to deliver exceptional customer service and innovative products. These benefits will be reaped by our stakeholders.”

The parties involved have agreed not to disclose further details of the agreement, which is also subject to regulatory approval.

Notes for editors

> Allianz Takaful

Allianz Takaful BSC (AZT) is 100%-owned by the Allianz Group. AZT is headquartered in Bahrain and licensed for Life/Health under the Central Bank of Bahrain. Additionally, AZT has a branch in Qatar which operates under the Qatar Financial Centre (QFC) regime. The company started its operations in Bahrain in 2008 and in Qatar in 2010. AZT has developed know-how to provide the whole range of Islamic financial service solutions in Life, Health and General to retail and corporate customers in Bahrain and Life and Health products in Qatar.

MedGulf Group

MEDGULF started its activities in 1980 and expanded in the Middle East, specifically in the Kingdom of Saudi Arabia, the Kingdom of Bahrain, and Lebanon. Leading investment groups and major players in the financial and insurance sectors pooled their resources to create one of the largest insurance groups in the Middle East. With its entrepreneurial spirit, Medgulf Group enjoys presence in nine markets: Saudi Arabia, Lebanon, Bahrain, Jordan, Turkey, the UAE, Egypt, and the UK.

Manama, September 21, 2011

For further information please contact:

Eduard Stipic Tel. +49.89.3800-5665

Cristina Opferkuch-Antolin Tel. +973.17.568-250

These assessments are, as always, subject to the disclaimer provided below.

>About Allianz

Together with its customers and sales partners, Allianz is one of the strongest financial communities. More than 76 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks.

In 2010, around 151,000 employees in 70 countries achieved total revenue of 106.5 billion Euros and an operating profit of 8.2 billion Euros. Benefits for our customers reached 91.4 billion Euros.

This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an ageing society and the challenges of climate change. Transparency and integrity are key components of sustainable corporate governance at Allianz SE.

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