Aegon has completed its purchase of a 49% interest in Seguros Argos, a Mexican life insurance company specializing in the sale of life insurance to individuals through their employers.
The deal will see Dutch outfit Aegon extensively expand its Mexican footprint, drawing upon Seguros Argos’ stature as the seventh largest life insurance company in Mexico by market share.
Aegon and Seguros Argos have also signed an agreement to form a start-up pension fund management joint venture, which will be called Afore Argos. Aegon will own 49% of Afore Argos.
We look forward to combining Aegon’s expertise in providing innovative life insurance and pension solutions with the solid reputation of Seguros Argos to maximize the opportunities of the Mexican market, said Donald Shepard, chairman of Aegon’s executive board.