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SAO PAULO, Brazil-Aetna Inc. plans to enter the Brazilian life and health insurance market through a joint venture with Sul America Seguros, a Rio de Janeiro-based insurer.Aetna will invest $300 million in the venture, called Sul America Aetna, giving it a 49% stake in the new company. The Hartford, Conn.-based insurer may invest an additional $90 million depending on future performance.Its Brazilian partner will bring all of its existi ng life and health business, which in 1996 generated $1.2 billion in premiums, to the joint venture.The new company, which will be based in Sao Paulo, aims to take advantage of the growing market for group and individual private li fe and health insurance in Brazil, said Rony Lyno, president of Sul America Seguros. Only about 3% of Brazil's population buys private health insurance, he said."However, as Brazil continues to move to a combined public and privat e system of health care, we expect that private health plans will play an increasingly significant role," Mr. Lyno said.