EXHIBIT 10.1

[KPMG LOGO]

The Management Board and Supervisory Board
Allianz Aktiengesellschaft

     We consent to the incorporation by reference in the Registration Statement
on Form S-8 relating to the Allianz of America, Inc. Employee Stock Purchase
Plan of Allianz Aktiengesellschaft ("Allianz") of our report dated June 25, 2002
relating to the consolidated balance sheets of Allianz and its subsidiaries
(collectively, the "Allianz Group") as of December 31, 2001, and 2000, and the
related consolidated income statements and cash flow statements for each of the
years in the three-year period ended December 31, 2001, and the financial
statement Schedules I, II, III and IV, which report is included in the annual
report on Form 20-F for the year ended December 31, 2001 of Allianz. Our report
refers to a restatement of the US GAAP reconciliation for 2000.

/s/ KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
    Wirtschaftsprufungsgesellschaft
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KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
Wirtschaftsprufungsgesellschaft

Munich, Germany
June 25, 2002