“Aegon welcomes the opportunity to partner with one of Brazil’s leading life insurance and pension providers, strengthening our position in this important growth region.”
Aegon has completed its acquisition of a 50% interest in Mongeral S.A. Seguros e Previdência, Brazil’s sixth largest independent life insurer, originally announced on October 1, 2008.
This strategic joint venture strengthens Aegon’s presence in Latin America, identified as a strategic region given its potential for growth. Establishing this partnership is part of a broader strategy to allocate more of Aegon’s financial resources toward businesses that offer attractive growth and higher returns.
“Aegon welcomes the opportunity to partner with one of Brazil’s leading life insurance and pension providers, strengthening our position in this important growth region,” said Aegon CEO Alex Wynaendts.
The joint venture complements Aegon’s existing operations in Brazil, which include Aegon Direct Marketing Services and its life reinsurer, Transamerica Reinsurance.
Formed in 1835, Mongeral is one of the five oldest companies in Brazil and a pioneer in the life insurance and pension plans market in Brazil. With more than 170 years of uninterrupted business, Mongeral was recognized by the government as the first social security initiative in Brazil. Today Mongeral has more than 500 employees, more than 3,000 registered brokers and 55 branches throughout Brazil, serving some 350,000 customers. In 2008, Mongeral had total revenues of approximately EUR 107 million. The company stands out in the life insurance and pensions market due to its core values: excellence, transparency, valorization of employees, social responsibility and innovation.