Allianz on lookout for takeovers in US and Europe

German insurer Allianz has said it is in the market for "big takeovers" around Europe and in the US.

Chief executive Oliver Baete told daily newspaper Süddeutschen Zeitung the focus in Europe was on property insurance, investment management and credit insurance.

He refused to comment on reports Allianz was interested in Swiss rival Zurich.

"Only a big takeover would help us. Buying smaller companies does not make sense for us," Baete said, in a translation by Reuters.

"We would have to look at who would be a good match for us, who has a clean balance sheet, and is affordable," he added.