AEGON expands Latin American presence through joint venture with Brazilian life insurer
AEGON has signed an agreement to acquire a 50% interest in Mongeral SA Seguros e Previdência, Brazil’s sixth largest
independent life insurer. This strategic joint venture will strengthen AEGON’s presence in Latin America, identified by the
Group as a strategic market given its potential for growth.
Mongeral specializes in individual and group life insurance as well as pension and savings products and is Brazil’s leading
distributor of worksite and labor union pension plans. AEGON’s partnership with Mongeral is part of a broader strategy
designed to expand the Group’s international presence and target more of its financial resources toward businesses that offer
attractive growth and higher returns.
“We’re delighted with this opportunity to partner with one of Brazil’s leading life insurance and pension providers,” said
AEGON CEO Alex Wynaendts. “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
In recent years, AEGON has sought to expand its presence in Latin America. In 2006, the Group signed a joint venture
agreement with Seguros Argos, one of Mexico’s leading independent providers of life insurance. This latest joint venture will
complement AEGON’s existing operations in Brazil, which include AEGON Direct Marketing Services and its life reinsurer,
Formed in 1835, Mongeral is Brazil’s oldest life insurance company. It has 44 offices across the country and distributes
products through more than 3,000 registered brokers, serving some 350,000 customers. In 2007, Mongeral had total revenues of
approximately EUR 121 million.
“This is an exciting step for us,” said Mongeral CEO Helder Molina. “AEGON will provide additional strength and expertise that
we can use to further develop our