LA MONDIALE, the mutual French life insurance company, a specialist in life insurance and pensions, and AEGON, the multinational life insurance group, have agreed to enter into an alliance for pensions in Europe.
This agreement establishes a close partnership between the two companies and will focus on:
The creation of the first specialized European group pension network. This network will allow parties to meet the demands of large international clients and to seize the opportunities created by upcoming regulatory developments in the European Union.
La Mondiale joining forces with AEGON in developing new pension ventures in those European countries in which both groups are currently not present.
The introduction in other European countries of the model developed by LA MONDIALE PARTENAIRE to distribute specialized savings products through third-party distributors, such as banks and financial advisor networks.
The sharing of skills, especially in the field of asset management, information technology, and the development of new distribution channels.
This alliance is based on the strong belief of both groups that the need for supplemental pension provision will be increasingly important in Europe. The two groups expect strong growth in this sector in the years to come.
Clients of both groups will benefit from this alliance through the sharing of experience and resources of these leading pension providers in their respective markets, namely:
AEGON in The Netherlands and the UK.
LA MONDIALE in France.
This agreement is reinforced by the two groups taking stakes in activities related to the partnership. LA MONDIALE will take a stake in future European pension ventures of AEGON.
AEGON will become a minority shareholder in LA MONDIALE PARTICIPATIONS, the holding company under which the non-mutual activities of LA MONDIALE have been grouped. Initially, AEGON will take a 20% stake in the capital of LA MONDIALE PARTICIPATIONS.
Donald J. Shepard, chairman of the Executive Board of AEGON, stated « I am very excited about this partnership with a leading French insurance mutual. We share a common vision on the business opportunities in the European pension markets. »
Patrick Peugeot, chairman and CEO of LA MONDIALE, said « The European pension market will experience a strong development. » He further indicated that « this agreement was reached because our two groups share the same values. Through this alliance we will be able to extend the range of services offered to our respective clients in a number of European countries.
(source: Aegon)
