UPDATE: Allianz's Booth: No Need For Buys To Meet '11 Targets

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

It wasn't immediately clear which targets Booth was referring to - whether they are group-wide targets, or referring to a specific region or business unit.

Allianz spokespeople weren't immediately available to comment.

"I believe that to keep to our 2011 targets, we don't need to buy anything (other companies)...we want to grow organically," Booth told a reporters roundtable in London. "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.

Company Web site: www.allianz.com

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

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