Consolidation in the global insurance sector "will gain momentum in 2010," and some of that will also be visible in Europe, Allianz SE (AZ) Chief Executive Michael Diekmann said Friday.

Speaking in a conference call with journalists following the release of second-quarter earnings, Diekmann declined to be more specific as to whether Allianz, Europe's largest primary insurer by market capitalization, will participate in the sector's merger and acquisition activity.

Diekmann also said that Allianz won't reach a full-year operating profit of EUR8 billion in the next six to 12 months, a goal that it issued for normal years in terms of the capital market environment, but scrapped earlier this year.

Company Web site: www.allianz.com

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