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Allianz will remain active in Spain, with about 7 billion euros of assets outside the Allianz Popular joint venture. (Photo: Martin Leissl/Bloomberg) Allianz will remain active in Spain, with about 7 billion euros of assets managed outside the Allianz Popular joint venture. (Photo: Martin Leissl/Bloomberg)

Banco Santander SA agreed to pay 937 million euros ($1.1 billion) to buy Allianz SE out of an insurance joint venture in Spain, more than halving the value of the German insurer’s assets under management in the country.

Aegon NV and Mapfre SA are now set to become Santander’s insurance partners in Spain. Aegon is expected to purchase 51% in a joint venture that will sell life risk, health, accidents, home and other non-life products through Santander’s network. Mapfre is acquiring a 50% stake in a partnership to sell car insurance and insurance for small- and medium-sized businesses.

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