Aegon finalizes acquisition of Turkish insurance firm

"In June, when we presented our new Group strategy, we said we wanted to build scale in emerging markets like Central and Eastern Europe - markets that offer sustainable, profitable growth in the years ahead. The acquisition of Ankara Emeklilik is very much part of this strategy," Gabor Kepecs, the member of Aegon's Management Board said in a company statement.

Upon completion of the acquisition, Aegon has appointed Ugur Tozsekerli, former Assistant General Manager of Yapi Kredi Emeklilik as CEO designates of Ankara Emeklilik.

Earlier in February, Aegon had agreed to buy Ankara Emeklilik. This acquisition that marks the company's first step in the Turkish life insurance market complements the recent expansion of the Group's business in Central and Eastern Europe.

Aegon now has its operations in six countries in the European region --- Hungary, Poland, Slovakia, the Czech Republic, Romania and Turkey. With headquarters in The Hague, the Netherlands, Aegon companies employ approximately 30,000 people worldwide

Ankara Emeklilik has about 58,000 pension fund members and approximately 35 million euros in assets under management. Aegon said it aims to achieve a 10 percent share of the mandatory pension market in Central and Eastern Europe by 2010.