March 7, 2018 / 8:31 AM / in a year

Dutch insurer Vivat reports profit rise, looking for acquisitions

AMSTERDAM, March 7 (Reuters) - Dutch insurer Vivat, a subsidiary of China’s Anbang, reported a 4.3 percent rise in annual underlying earnings to 168 million euros ($221 million) on Wednesday and said it was on the lookout for acquisitions.

“Given the trend in market consolidation and consideration of economic scale, Vivat continues to be interested in value accretive add-on acquisitions if opportunities arise,” CEO Ron van Oijen said in a statement.

Vivat reported a fall in its solvency ratio to 162 percent from 174 percent a year earlier as a result of a higher volatility adjustment under Europe’s Solvency II rules.

Anbang purchased Vivat, the former insurance arm of failed financial services company SNS REAAL, from the Dutch state in 2015 for 1 euro and a 1.35 billion euro cash injection.

Dutch newspaper Financieele Dagblad reported last month that Anbang is considering selling Vivat in the wake of its takeover by China’s insurance regulator in February.

Anbang said on Feb. 26 it remains committed to the development of its overseas subsidiaries.

Vivat ended the year with a book value of 3.54 billion euros, down from 3.70 billion euros a year earlier.

$1 = 0.8053 euros Reporting by Toby Sterling; editing by Jason Neely

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