Dutch insurer Aegon (NYSE: AEG) has purchased a 50% stake in Brazilian insurer Mongeral, the former said in a statement.
Mongeral announced it intended within five years to reach the top five in terms of market share in the local life and pension market through the partnership.
The move marks another joint venture stake for Aegon, which bought a 49% stake in Mexican life insurance company Seguros Argos in 2006. At that time, Aegon announced its intentions to build its presence in Brazil.
Aegon also owns life reinsurer Transamerica Reinsurance, which has operations in Mexico, Brazil and Chile.
Overall, Aegon had 276mn euros (US$387mn now) in profits in 2Q08, down 56.7% from the same quarter last year.
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