Brazilian insurance company Mongeral Aegon reportedly has partnered with microfinance institution Finsol to begin selling microinsurance policies in January 2012 [1]. Details on the terms and pricing of the policies to be offered are not available.
Mongeral Aegon is a joint venture between Aegon, a Dutch insurance group, and Mongeral, a Brazilian company involved in the insurance and pension markets. As of 2010, Mongeral Aegon reported total assets of BRL 382 million (USD 212 million), approximately 214,900 clients and BRL 362 million (USD 201 million) in premiums collected from January to December 2010 [2]. The company has signed a number of distribution partnerships in 2011 and has opened 20 new points of sale. The strategy reportedly resulted in a 13 percent growth in new clients and a 20 percent increase in revenue for 2011 [1].
Founded in 2006, Instituto Finsol Brazil is a microfinance institution (MFI) based in Recife, Brazil. In 2010, it was acquired by Mexican MFI Financiera Independencia. For the nine months ending September 30, 2011, Finsol Brazil reported a net loss of MXN 70.4 million (USD 5.18 million), net operating revenues of MXN 51.9 million (USD 3.82 million) and interest income of MXN 180 million (USD 13.2 million).
By Kristha Abores, Research Associate
About Mongeral Aegon: Mongeral Aegon is a joint venture between Aegon, a Dutch insurance group, and Mongeral, a Brazilian company involved in the insurance and pension markets. As of 2010, Mongeral Aegon reported total assets of BRL 382 million (USD 212 million), approximately 214,900 clients and BRL 362 million (USD 201 million) in premiums collected from January to December 2010.
About Instituto Finsol: Founded in 2006, Instituto Finsol Brazil is a microfinance institution (MFI) based in Recife, Brazil. In 2010, it was acquired by Mexican MFI Financiera Independencia. For the nine months ending September 30, 2011, Finsol Brazil reported a net loss of MXN 70.4 million (USD 5.18 million), net operating revenues of MXN 51.9 million (USD 3.82 million) and interest income of MXN 180 million (USD 13.2 million)
Sources and Additional Resources:
[1] “Mongeral Aegon teaming up with Finsol to sell microinsurance policies,” http://www.bnamericas.com/news/insurance/mongeral-aegon-teaming-up-with-…
[2] “Mongeral Aegon,” http://www.aegonins.com/Company.aspx?co=MNGRL
MicroCapital.org article, March 1, 2010, “MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Financiera Independencia Closes $41m Acquisition of Financiera Finsol,” https://www.microcapital.org/microcapital-brief-mexican-microfinance-inst…
MicroCapital Universe Profile: Mongeral Aegon, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mongeral+Aegon
MicroCapital Universe Profile: Instituto Finsol, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ins…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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