Aegon, Sony Sell Life Insurance in Japan

THE HAGUE, Netherlands — Hague-based insurer Aegon and Sony Life Insurance said Thursday they will start a life insurance company in Japan in an equal joint venture.

The company will develop annuity products that will be distributed through Sony Corp.'s Sony Life Insurance Co. Ltd.'s Lifeplanner channel as well as through banks and other financial institutions, the companies said in a statement.

Financial details of the transaction were not disclosed.

"The Japanese market presents a significant opportunity for companies that are able to develop innovative products and services that can effectively respond to the developing need," Aegon NV Chief Executive Donald Shepard said.

The annuity market in Japan has been rapidly growing. Variable annuity assets totaled more than $85 billion at the end of March 2006, and sales were $17 billion in the first half of fiscal 2006, the company said.