SMG
buys Principal Life |
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Argentine insurer SMG Life has
bought Principal Financial Group's local insurers Principal Life and Principal
Retiro, SMG reported in a statement. |
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"The purchase of both
companies, dedicated to life insurance for individuals and companies and to
annuities, is within Swiss Medical Group's strategy for diversification and
increasing the range of products and services offered," Swiss Medical
Group president Claudio Belocopitt said. |
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With the purchase of Principal
Retiro, SMG will enter into the retirement business, a market with high
estimated expansion in the country, SMG Life general manager Eduardo Iglesias
said. |
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Argentine insurer Masslife
changed its name to SMG Life on April 15 of this year. MassLife Argentina life
insurance formed part of the international division of US-based MassMutual
Financial Group, which specializes in individual insurance, personal accident
insurance and collective life insurance. |
The company was sold to local
Swiss Medical Group in mid-December last year and targets the ABC1 and C2 socio-economic
sectors.
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