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This case focuses on broad-gauge strategic positioning and implementation in the global financial services sector. Allianz AG, as summarised in the case, is a major German insurance company with its strongest footprint in the domestic property and casualty business, but also occupying market positions in life and health insurance, and in insurance-like savings products such as variable and fixed annuities as well as reinsurance. This case focuses on the strategic options facing management across clients, products and geographies at the German, European and global levels following a disastrous 2002 and resignation of the Group CEO and the chief executive of Dresdner Bank. The key questions facing Allianz management are: (1) what kind of strategy?; (2) how to implement and market that strategy both inside and outside the firm?; (3) what kinds of strategic positioning and execution alternatives seem most promising from the perspective of market share, profitability and shareholder value?; and (4) what models are there in the financial sector, ranging from multifunctional finance conglomerates like Citigroup, to much more focused but global firms like AIG and AXA, to local but string competitive players like Lloyds TSB, Vanguard or Gerling?