UPDATE: Allianz's Booth: No Need For Buys To Meet '11 Targets
January 20 2009 - 8:26AM
Dow Jones News
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; +49 69 29725 500;
vladimir.guevarra@dowjones.com
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