Around 12% (EUR 1.3 billion) of this amount is invested in real estate occupied by the insurers themselves. The greater part (EUR 9.4 billion) of their total real estate portfolio is held as an investment. Life insurers are the largest direct investors in real estate, accounting for 93% of the real estate owned by insurers.
Residential property makes up 32% of the real estate held as an investment, with notably office and business premises comprising the remainder. The volume of the total real estate portfolio has generally shown little change since 2007, despite active trading by insurers. Some EUR 446 million in real estate was sold, and EUR 283 million bought, in the first three quarters of 2008.