German insurer Allianz is not interested in raising additional capital, one of its board members said on Tuesday.

Clement Booth, a board member at the company said the company was one of the best capitalized insurers in Europe and the world and had no need for more capital, according to Reuters.

Booth also said it would not add more capital to Hartford Financial Services Group.

While denying interest in acquisitions he said the company's priority was on sticking to the basics of offering good service and security in its core business.