Aegon Buys Into Brazil’s Mongeral

Aegon, the insurance direct marketer, will buy a 50% interest in Mongeral SA Seguros e Previdancia, a Brazilian life insurer.

Terms were not disclosed.

The transaction is expected to close by the end of the first quarter and requires approval from Brazil's regulatory authorities.

“We're delighted with this opportunity to partner with one of Brazil's leading life insurance and pension providers,” said Aegon CEO Alex Wynaendts, in a statement. “Brazil is the largest market for life insurance in Latin America. This step strengthens our position in this growth region and enables us to extend Aegon's financial strength and expertise for the benefit of a broad customer base.”