Allianz eyes boost in property investments
FRANKFURT Nov 13 (Reuters) - Allianz is eyeing a 10 billion euro ($12.7 billion)boost in property investments over the next five years as it seeks to offset low yields from conventional investments, it said on Tuesday.
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 per 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.
($1 = 0.7867 euros) (Reporting by Jonathan Gould)