Aegon has signed a deal to acquire a 49% interest in Seguros Argos, a Mexican life insurance company specializing in the sale of life cover to individuals through their employers. The price of the stake has not been disclosed.
According to Aegon, Seguros Argos is the seventh largest life insurance company in Mexico. At the end of 2005 Argos had more than 420,000 policies in force and MXN1,266 million (E86.6 million) in premium income.
We welcome this opportunity to further expand into Mexico’s life insurance market with one of the country’s leading providers of individual life insurance and related savings and investment products, said Don Shepard, chairman of Aegon’s executive board.
This investment is consistent with Aegon’s strategy to expand into countries that offer long-term growth opportunity for the products and services we deliver.
The transaction is expected to close in the third quarter of 2006 after gaining final approval from Mexico’s regulatory authorities and is subject to normal closing requirements.