Aegon, in a Joint-venture agreement, has acquired 50% stake in Mongeral S.A. Seguros e Previdencia, a Brazilian life insurer. The joint venture is likely to bolster Aegon’s presence in Latin America.

Alex Wynaendts, CEO, Aegon, said: 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.

The joint venture aligns with Aegon’s strategy to direct more of its financial resources towards businesses which offer good growth and higher returns. The deal complements the company’s present operations in Brazil. At present, the company operates in Brazil through Aegon Direct Marketing Services and Transamerica Reinsurance.

Aegon is a life insurance, pension and investment company. In addition to life insurance, Mongeral also offers pension plans in Brazil.