02-04-15 8:31 pm – Source: Reuters
SNS was nationalized in early 2013. © epa
SNS Reaal reported in 2014 a net loss of 712 million euros. This was mainly due to depreciation in the insurance business, which is sold in the course of this year to the Chinese insurance Anbang. That made the nationalized bank and insurer known today
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SNS Bank, which remained in the hands of the government, won last year net profit of 151 million euros. That profit was impacted by one-time contribution to the nationalization of SNS REAAL and amortization. Excluding non-recurring items, net profit of 31 million euros compared to 2013, to 294 million.
Insurance Part Vivat ended in 2014 by non-recurring costs EUR 605 million in the red. Adjusted for non-recurring expenses, net profit fell from the parent company of Real Insurance and Zwitserleven by 37 percent to 85 million.
Minister Jeroen Dijsselbloem (Finance) announced in February announced that Vivat sold to Anbang. SNS today indicated that the sale is likely to be completed in the third quarter. SNS Bank is then transferred to the Dutch State, after which SNS REAAL is dismantled. Ensure that transactions expected in 2015 for a substantial book loss.
SNS Bank grew last year net 98,000 new customers and managed to double its market share in mortgages to nearly 4 percent. The bank managed nearly 11 percent of total private savings in the Netherlands. The bank profits this year expected economic recovery, making loan write-offs “gradually” fall.
For Vivat remain difficult, expected market conditions, SNS. In the first months of the year were the developments in the financial markets that, but low interest rates remains a problem for the insurer
. (Edited by: Editorial)
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