UPDATE 1-SNS Reaal to repay 250 mln euros in aid

* Follows Sept. 24 announcement

* Will pay 185 mln euros to state

* Will pay 65 mln euros to Stichting Beheer SNS Reaal (Adds background)

AMSTERDAM, Nov 3 (Reuters) - Dutch bancassurer SNS Reaal (SR.AS) on Tuesday said it would repurchase 250 million euros ($369.3 million) of core Tier 1 securities it received from the Dutch government and its largest shareholder in a 2008 bailout.

SNS Reaal said on Sept. 24 it would pay back a portion of the 750 million euros in state aid, and 500 million euros in aid from Stichting Beheer SNS Reaal, received in October 2008, selling 26 million new shares to finance it. [ID:nLO486642]

The company said it would repurchase 185 million euros in securities issued by the government and 65 million euros issued by Stichting Beheer SNS Reaal.

The amount over and above the proceeds from the 135 million euros stock offering would come mostly from excess solvency in the insurance business, the company said.

SNS Reaal had said paying back part of its state aid ahead of schedule would save it some 125 million euros. ($1=.6769 Euro) (Reporting by Ben Berkowitz; editing by Simon Jessop)