Aegon expands insurance partnership with Santander in Spain
Dutch insurance group Aegon has signed an agreement to expand its partnership with Banco Santander in Spain.
The expansion covers term life and selected lines of non-life insurance following Banco Santander’s acquisition of the Banco Popular franchise in 2017.
Aegon has agreed to an upfront consideration of €215 million and an additional amount of up to €75 million to be paid after 5 years, depending on the performance of the partnership. The consideration will be funded from holding excess cash. The final terms, including closing and date of payment, of the transaction are subject to regulatory approval, several other conditions and to the process of terminating the existing alliances of Banco Popular.
Aegon said its joint venture with Banco Santander in Spain has been commercially successful, with an average yearly growth in gross written premiums of 12 percent over the period 2014-2017. It expects the new agreement to lead to more growth going forward. Products provided by the joint venture include term life, household, accident and health insurance.
“I am delighted to announce an expansion of the existing relationship with Banco Santander, which will give us access to an additional client base of four million customers in Spain,” said Alex Wynaendts, CEO of Aegon. “From the very start of the partnership, Santander and Aegon have created a successful collaboration in Spain, generating healthy returns and remittances to the group.”
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