Aegon Buys Stake in Brazilian Life Insurer

Fri. October 03, 2008; Posted: 02:18 PM

RIO DE JANEIRO, Brazil, Oct 03, 2008 (A. M. Best via COMTEX) -- AEG | Quote | Chart | News | PowerRating -- Dutch insurer Aegon N.V. said it bought a 50% stake in Brazilian independent life insurer Mongeral SA Seguros e Prevedência.

According to Aegon, Mongeral specializes in individual and group life insurance, as well as pensions and savings. The company is also Brazil?s leading distributor of work site and labor union pension plans.

Aegon said that it has been looking to expand its presence in Latin America for several years. In 2006, the group signed a joint venture agreement with Seguros Argos, one of Mexico?s leading providers of life insurance. In addition, two Aegon companies, Aegon Direct Marketing Services and Transamerica Reinsurance, already have businesses in Brazil.

Helder Molina, chief executive officer of Mongeral, said the partnership with Aegon would provide ?additional strength and expertise that we can use to further develop our business in Brazil.?

(By Marc Jones, London news editor: marc.jones@ambest.com)

For full details on AEGON N.V. (AEG) click here. AEGON N.V. (AEG) has Short Term PowerRatings of 6. Details on AEGON N.V. (AEG) Short Term PowerRatings is available at This Link.

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