AMSTERDAM (AP) — Dutch-based insurer Aegon NV says it has entered a long-term deal with Banco Santander, Spain's largest financial group to distribute insurance products throughout Santander's 4,600 retail offices.

Under the terms of the 25-year deal, Aegon will buy a 51 percent stake in Santanders' insurance business for €220 million ($291 million), Aegon said Thursday.