Aegon has agreed to buy a 49 percent stake in Industrial Fund Management Co, a medium-sized Chinese fund manager, the Dutch insurer said today.

China's Industrial Securities Co will have control with 51 percent of the company, which will be renamed Aegon-Industrial Fund Management Co.

Senior executives of Aegon flied to Shanghai yesterday for an official announcement of the deal today.

Aegon has already set up an insurance joint venture in China.

Premium at AEGON-CNOOC Life Insurance Co grew 80 percent last year as the insurer grew on the country's growing demand for financial protection. AEGON-CNOOC's premium topped 459 million yuan (US$59 million) in 2006 from 2005's 255 million yuan.