This graduate course presents major investment classes and their characteristics from the viewpoint of insurance companies. The course also reviews the portfolio theory and its implications for the investment decision. The course presents international financial markets and their main institutions with the focus on their roles in risk management. Empirical methods for evaluating different investments are taught. The course gives a deep overview of how to invest various funds generated from insurance activities. The legal and operational challenges faced when investing in different markets are also reviewed. Furthermore, venture capital investments and investments in the real estate are presented. Special emphasis is put on the recent research findings from behavioural finance.