Germany's Allianz SE (AZ) will focus on maintaining a solid capital base in 2009, Chief Executive Michael Diekmann said in the letter to shareholders in the annual report published Friday.

"Risk management and investment of capital are of particular importance this year," Diekmann wrote. "In 2009, it is also important that opportunities and risks should be managed with a particular focus on maintaining the solid capital base of Allianz."

In the annual report, Allianz also reiterates its inability to give a reliable profit guidance for 2009, pointing out that it expects the difficult conditions in the capital markets to continue throughout 2009.

"We are in the midst of the toughest economic downturn for decades, and reliable statements about profit levels for 2009 are not possible in this environment."

Company Web site: www.allianz.com

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