AEGON, a life insurance and pension group, has entered into an agreement to acquire 100% of Ankara Emeklilik Anonim Sirketi, a Turkish life insurance and pension provider, from Polis Bakim ve Yardim Sandigi.
Turkey life insurance and pension market offers long-term growth prospects for AEGON. The transaction is subject to regulatory approval in Turkey, and is expected to close in the first half of 2008.
As part of its overall growth strategy, AEGON aims to further expand its businesses in central and eastern Europe over the coming years. AEGON expects to more than double its number of pension fund members in central and eastern Europe by 2010 to 2.5 million.
Don Shepard, chairman and CEO of AEGON, said: We have consistently identified Turkey as a market where we believe we can leverage AEGON’s broad capabilities in life insurance and pension products. This acquisition provides AEGON an ideal platform to pursue growth in this increasingly important market.