Allianz SE (ALV.XE) is sizing up potential acquisitions in property & casualty insurance, having a better grasp of future capital requirements for the business under Europe's planned Solvency II regime, Chief Executive Michael Diekmann told shareholders Wednesday.

The insurer is mainly taking a look at potential targets in Europe that would support the property and casualty insurance business. And it will continue to scan Asia and central and eastern Europe for targets, but prices there are still too high, Diekmann said.

Allianz, which sold loss-making Dresdner Bank to Commerzbank AG (CBK.XE) in early 2009, has refrained from making acquisitions for several years. It confirmed in late April that it is in exclusive negotiations with French Groupama on brokerage-related activities of its Gan Eurocourtage insurance unit, excluding transport.

Management board member Dieter Wemmer told shareholders that the French business would well supplement Allianz's operations.

Chief Financial Officer Paul Achleitner told shareholders that no decision has been made as to whether Allianz will actually list in China and that approval from China's regulators enabling foreign companies to do so is still pending, but added Allianz's share would benefit from such a move.

Shareholders are being asked to approve that previously authorized capital be used for a listing on the Shanghai stock exchange, once that becomes possible for foreign issuers.

CEO Diekmann also said he will neither raise nor lower the current operating profit guidance for 2012 when he presents the full set of first-quarter earnings next week. The comment was in response to criticism by shareholders that the guidance--of an operating profit between EUR7.7 billion and EUR8.7 billion--could be too conservative, given the good start in the first three months.

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com