Principal Financial to buy AFP Cuprum for $1.51 bln

Mon Oct 8, 2012 4:24pm EDT

Oct 8 (Reuters) - Insurer and asset manager Principal Financial Group has agreed to buy Chilean pension company AFP Cuprum SA for about $1.51 billion to expand in emerging markets.

According to the deal Empresas Penta SA and Inversiones Banpenta Limitada will sell their 63 percent ownership in Cuprum.

Cuprum currently has about $32.1 billion in assets under management.