Real State sells to Chinese insurer – Parool.nl

Real State sells to Chinese insurer – Parool.nl

16-02-15 7:42 pm – Source: Reuters

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The state-owned insurer Vivat, formerly Real, in the hands of the Chinese counterpart Anbang. Paid 150 million for the shares and also puts a some 1.3 billion euros in strengthening the balance sheet and repayment of internal loans within the group SNS Reaal

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What is Vivat Insurance?
Brands: Vivat Insurance is the name of a holding company which includes six different brands. These are pension insurer Swiss Life, non-life and life insurer real, asset Actiam, dog and cat insurance Proteq Animal & amp; Care, roadside assistance service Route Mobiel and internet insurance Self
Head office. Utrecht
History Vivat was last year split from SNS Reaal and is therefore now separate from SNS Bank. The bank and the insurer were nationalized in early 2013 together because SNS REAAL perish threatened to go to large losses on real estate investments. The sales process of Vivat was last summer put in motion. It became apparent very quickly that the proceeds would be significantly lower than the book value of the activities
Results:. Vivat booked in the first nine months of 2014, a net loss of 337 million euros, which was mainly caused by the extremely low interest rates. Consequently deteriorated solvency, the extent to which the company can meet long-term commitments.

That Minister Jeroen Dijsselbloem (Finance) to let the House know. The acquisition is still subject to approval of regulators. Moreover, the deal can still be canceled if the financial position of Vivat the coming months deteriorates significantly.

The acquisition price is far below the book value of 2.4 billion euros. Therefore, the sale will result in a significant loss for SNS REAAL. Given its impact on the structure of the business is the publication of the annual results, which was scheduled on 12 March, was postponed until further notice.

A total of 86 parties interested in acquiring Vivat, two years ago came into state hands. ASR, the insurer who came into government hands with the nationalization of Fortis / ABN AMRO in 2008, was long one of the main candidates. The company said, however, that it did not bid.

CNV Services calls the sale of Vivat ‘a promising possibility for the survival of the insurer. But the ongoing restructuring will continue to include Zwitserleven and real and there will certainly new track. Another owner changes nothing on, though it’s obviously good news that they have found “

(Edited by: Editorial).