2nd UPDATE:Allianz's Booth:No Need For Buys To Meet '11 Goals

German insurance giant Allianz SE (AZ) sees no need for acquisitions to meet its 2011 targets, management board member Clement Booth said Tuesday.

When asked about the 2011 targets, Booth said Allianz aims to become "the world's leading property and casualty insurer and a very significant life player." Booth was speaking at a reporters roundtable in London. He said the company also wants to grow its market capitalization, but added that market capitalization "probably wouldn't be a good measurement on its own right now until things stabilize."

Booth said Allianz used to be among the top 10 financial services groups in the world in term of market capitalization. "After 2002, we've dropped quite far down the ranking ladders and we've been coming up again."

"I believe that to keep to our 2011 targets, we don't need to buy anything (other companies)...we want to grow organically," Booth said. "I don't even know what 'cheap' is now in today's kind of market. We'll focus on organic growth and customer service," he added.

Booth is the board member responsible for Allianz's Anglo broker markets, NAFTA markets and global lines.

Booth also said that buying assets from American International Group Inc. (AIG) "is not mission critical."

AIG is selling off assets, including the third-party management business, in order to repay a loan of as much as $60 billion from the U.S. federal government. The company was bailed out by the government last year as it faced a possible bankruptcy filing.

Booth said Allianz is well capitalized and doesn't need to boost its capital.

"We're one of the best capitalized insurers in Europe. We don't see a need to raise extra capital," Booth said. He added that Allianz keeps a strong 150% solvency margin.

Company Web site: www.allianz.com

-By Vladimir Guevarra, Dow Jones Newswires; [phone]; [e-mail]

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