A large U.S. insurer is expanding its operations in Latin America.
MetLife Mexico S.A., Mexico City, a unit of MetLife Inc., New York, has agreed to acquire AFORE Actinver S.A. de C.V., Mexico City, from Actinver S.A. de C.V.
MetLife already has about 7 million insurance and retirement savings customers of its own in Mexico.
AFORE Actinver, founded in 2003 with the assets of an older retirement savings operation, has about 1.1 million savings and retirement planning clients, according to Actinver.
MetLife and Actinver are not disclosing the price of the deal.
The deal is subject to approval by the National Commission of Savings for Retirement and the Federal Competition Commission in Mexico.