AMSTERDAM Aug 25 Dutch insurer Delta Lloyd has
hired external advisors to prepare a bid for the insurance
operations of financial services company SNS Reaal, newspaper de
Telegraaf reported on Monday.
The insurance arm of SNS Reaal, which was renamed Vivant
after SNS Reaal was nationalized last year, is estimated to be
worth between 700 million and 1 billion euros ($923.73 billion -
$1.32 billion), the newspaper said, without naming sources.
The Dutch insurance sector, with six major competitors, is
ripe for consolidation after a wave of bailouts resulting from
the 2008 financial crisis.
SNS Reaal was required to split off its insurance operations
and sell them as a condition of its $5 billion bailout in 2013.
Main competitor ING Bank spun off and listed NN
Group, its insurance arm, earlier this year in order to fulfil
one of the conditions imposed on the bancassurer when it was
SNS Reaal's insurance activities posted sharply lower net
profit, excluding one-off items, of 124 million euros last year,
compared to 402 million euros in 2012.
The newspaper said Delta Lloyd had hired former SNS Reaal
chief financial officer Ference Lamp, who now works for Merrill
Lynch in Amsterdam.
Delta Lloyd declined to comment. Calls to SNS Reaal were not
($1 = 0.7578 Euros)
(Reporting By Anthony Deutsch and Thomas Escritt, editing by