NEW YORK (AP) -- MetLife Inc. agreed to buy a Mexican retirement savings company to expand the insurer's foothold in Mexico, the company said Wednesday.

MetLife's Mexican subsidiary, MetLife Mexico S.A., is buying AFORE Actinver S.A. de C.V. for an undisclosed sum.

AFORE Actinver, which has 1.1 million clients, offers savings management and pension products. MetLife said this deal is part of an overall strategy to grow its business in Mexico.

MetLife has 7 million customers in Mexico and offers life insurance, medical expense insurance and retirement plans there.

The deal must be approved by the National Commission of Savings for Retirement and the Federal Competition Commission, two regulatory agencies in Mexico. The company did not say when it expects the deal to close.

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