Aegon Enters Portuguese Market

Spain, August 22, 2014

Aegon has signed a 25-year agreement to distribute insurance products through Santander’s network of branches in Portugal. Banco Santander Totta has over 10% market share, around 630 branches and over 2 million customers.

This new agreement builds on an existing partnership with Santander in Spain, established in 2012. "Our decision to enter the Portuguese market at this moment in time was based on the success of our alliance with Banco Santander in Spain, the gradual improvement of the economy, and the growing demand we forecast for insurance products in Portugal," explains Jaime Kirkpatrick, CEO of Aegon Spain.

Santander is an extremely dynamic partner, and since signing the existing agreement, their Spanish client base has increased from 12 to 13 million. This latest partnership supports Aegon's strategic objective of investing in businesses offering high returns, strong growth opportunities and lasting value to customers.

Under the terms of the agreement, Aegon will acquire a 51% stake in Santander's Portuguese insurance activities. They will offer life , home , accident, commercial, liability, protection and temporary disability insurance products. Automotive insurance, savings products, and health cover fall outside of the agreement.

Written by: Aegon