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Dutch SNS Reaal narrows losses as it seeks to sell insurance arm
August 28, 2014 / 6:36 AM / 3 years ago

Dutch SNS Reaal narrows losses as it seeks to sell insurance arm

AMSTERDAM, Aug 28 (Reuters) - SNS Reaal, the Dutch financial services group nationalised last year, narrowed losses in the first half of 2014 as it transforms into a stand-alone bank under the terms of an emergency bailout.

The group posted a net loss of 125 million euros ($165 million), due mainly to provisions in its insurance operations, it said in a statement on Thursday.

SNS Reaal lost 1.59 billion euros in the same period a year earlier after losses in its property division.

The group has been focusing on separating its banking and insurance activities. It is expected to sell its insurance division in the coming year.

“We expect to take the final steps in this process in the course of 2015. Furthermore, we have taken important steps in preparing for the sale of the insurance activities,” it said.

It did not provide details about the process, or comment on media reports in recent days that Delta Lloyd, a smaller Dutch insurer, is interested in acquiring the insurance operations.

Net profit at SNS Bank fell by nearly half in the six-month period to 114 million euros from 218 million euros, it said. (Reporting By Anthony Deutsch; editing by David Clarke)

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