Exterior view of Dutch Insurer Aegon's head office in The Hague, Netherlands. (AP Photos/Peter Dejong)

Multinational insurer Aegon has announced that it will acquire Fidem Life, a Ukranian life insurance company.

Aegon will acquire 100 percent of Fidem Life from Horizon Capital, a private equity firm. The transaction is expected to close in the first quarter of 2013, pending regulatory approval. At which point Fidem Life will become Aegon Ukraine and will be folded into the governance and management structure of Aegon CEE.

Aegon Ukraine’s initial priority will be to grow its life insurance operations in the rapidly-developing Central and Eastern European market as well as extending its agency network.

Gabor Kepecs, CEO of Ageon CEE said, “Given the sizable population and low penetration of  life insurance in the country, Ukraine offers Aegon an attractive long-term growth opportunity.”