Spanish lifer Mapfre eyes European property bargains

Spanish insurance group Mapfre is poised to allocate €1.6 billion ($1.9 billion) to alternative assets by 2023, with a particular eye on real estate bargains in Europe, as it seeks to diversify its investment portfolio and source decent yields in an ultra-low rate environment. The plans mirror the diversification desire of many life insurers across the world, including those in Asia. Korean life insurance companies in particular appear keen to return to property investments in Eur…