Aegon N.V. has received a license from the Ministry of Finance of the Czech Republic to start life insurance activities.
Aegon is entering the life insurance market of the Czech Republic with a greenfield operation and intends to offer a range of products and services. Aegon aims to open branches in the largest cities in the Czech Republic and will also use the services of tied agents and independent brokers to sell and distribute its products.
Mr. Boris Cuchran, who has wide experience in the insurance industry in the region, has been appointed General Manager of the Czech operations.
“We are pleased with the opportunity to begin providing life insurance solutions to customers in the Czech Republic,” said Aegon Chairman Donald J. Shepard. “This continues Aegon’s previously stated growth strategy in the important Central and Eastern European market.”
Aegon’s well-established business in Hungary serves as a platform for cost efficient expansion in Central and Eastern Europe. In 2003 Aegon successfully entered the life insurance and pension market in neighboring Slovakia.