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## Overview of Spain 

Aegon entered the Spanish market in 1980 with the purchase of local insurer Seguros Galicia. In recent years, Aegon’s activities in Spain have developed through distribution partnerships with Spanish banks. 

Until 2010, Aegon Spain operated through two subsidiaries, Aegon Seguros Salud and Aegon Seguros de Vida, which merged to form Aegon Espana S.A. de Seguros y Reaseguros, as of January 1, 2011. Aegon Administracion y Servicos A.I.E., a separate legal entity, provides administration and operations services to all Aegon companies in Spain, including joint ventures with third parties. In addition, Aegon operates through partnerships with the financial entities Banco Santander, Cajatres and Liberbank. 

Aegon sold its stake in the partnership with Unnim on June 3, 2013, and with Caja Mediterraneo on July 19, 2013. 

## Organizational structure 

Aegon Spain’s main subsidiaries and affiliates are: 

■ Aegon Espana S.A. de Seguros y Reaseguros; 

■ Aegon Administracion y Servicos A.I.E.; 

■ Caja Badajoz Vida y Pensiones (50%), in partnership with Cajatres; 

■ Cantabria Vida y Pensiones (50%), in partnership with Liberbank; 

■ Liberbank Vida (50%), in partnership with Liberbank; 

■ Aegon Santander Generales Seguros y Reaseguros (51%), in partnership with Banco Santander; 

■ Aegon Santander Vida Seguros y Reaseguros (51%), in partnership with Banco Santander. 

## Overview of sales and distribution channels 

The challenging economic situation in Spain, which is expected to continue in 2014, has affected all channels, particularly bancasurance. The banking sector has undergone deep change since 2012, when a structural reform program was implemented in Spain. This resulted in the restructuring of the banking sector and triggered a wave of mergers and acquisitions aimed at consolidation, an ongoing process which continues to affect Aegon’s partners Liberbank and Cajatres. 

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The main distribution channel in the Spanish market is bancassurance, which accounts for 72% of life sales, compared to 27% for brokers and a negligible share for direct customers. 

Aegon Spain distributes its products nationwide through partner branches and its own sales network. 

## Caja Badajoz Vida y Pensiones 

Under Aegon’s partnership with Caja Badajoz, agreed in 2005, Aegon and Caja Badajoz set up a 50/50 joint company to sell life insurance and pensions. Caja Badajoz has a network of 229 branches, primarily in the western region of Extremadura, which adjoins Spain’s border with Portugal. In 2011, Caja Badajoz Vida entered into a SIP (Institutional System of Protection) named Grupo Cajatres, currently integrating Caja Inmaculada, Caja Circulo de Burgos and Caja Badajoz. 

## Cantabria Vida y Pensiones and Liberbank Vida 

Caja Cantabria is one of the largest savings banks in northern Spain, located primarily in its home province of Cantabria. In 2011, Caja Cantabria Vida y Pensiones entered into a SIP named Liberbank, currently integrating Cajastur (320 branches), Caja Extremadura (225 branches) and Caja Cantabria (152 branches). 

## Aegon Santander Generales Seguros y Reaseguros and Aegon Santander Vida Seguros y Reaseguros 

In December 2012, Aegon and Banco Santander entered an alliance for the distribution of certain insurance products. This became fully operational in June 2013 following completion of the precedent conditions and administrative authorizations. 

Banco Santander is the largest financial institution in Spain, with 4,548 branches nationwide. Aegon’s agreement with Banco Santander concerns the business lines of pure life risk and the general insurance products accident, home and commercial multi-risk insurance, and sickness. These are to be sold through two insurance entities, Aegon Santander Vida for pure life risk products, and Aegon Santander Generales for general insurance products. Aegon’s share in each entity is 51%. 

