Traditionally, insurance companies invest in real estate, trying to take advantage of real estate as an investment asset. Global economic and cultural changes created the need for new offers of insurance companies and, consequently, a new investment policy. The authors outline trends of real estate investment activity of insurance companies in the UK, Germany and Poland. Having these frameworks, they attempt to analyze real estate investment of selected insurance companies on different European markets. The choice of individual companies was directed by the idea of comparison of companies belonging to the same capital groups and operating in different countries (Ergo in Poland and Germany, Aviva in Poland and UK). The study aimed at demonstrating the specificity and limitations of the Polish real estate market as an investment area.