Insurer Aegon Teams up with Banco Santander

AMSTERDAM--Dutch insurance company Aegon NV (AGN.AE) said Thursday it has teamed up with Banco Santander SA (SAN.MC) to distribute insurance products in the euro zone's fourth-largest economy.

Aegon said it will start a 25-year partnership with Spain's largest bank and that it will use the lender's network of over 4,600 branches to sell protection and general insurance products. Under the deal, Aegon said it will pay 220 million euros ($291.5 million) to acquire 51% stakes in both a life and non-life insurance company.

"Aegon has a firm commitment to Spain," Chief Executive Alex Wynaendts said in a statement. "With Santander we look forward to reaching and serving an even greater number of potential customers seeking long-term financial security in these uncertain times."

Aegon, the owner of U.S. insurer Transamerica, is currently active in Spain through a number of joint-ventures with local savings banks, or cajas. It said in June it will exit some of these partnerships because of Spain's weak economic outlook.

Write to Maarten van Tartwijk at [e-mail]

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