FRANKFURT (Reuters) – Allianz is looking to invest about 10 billion euros ($12.7 billion) in property over the next five years as it seeks to offset low yields from conventional investments.
Europe's biggest insurer has an investment portfolio of 498 billion euros, more than 90 percent of which is invested in fixed-income securities that have seen their yields cut in the wake of the financial crisis.
Allianz would like to invest about 2 billion euros each year in property over the next five years to bring the total to 30 billion, Maximilian Zimmerer, Allianz's board member responsible for the insurer's investment strategy, told a journalist briefing.
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